🔴Crypto Goes to Space! | This Week in Crypto – May 30, 2022

JP Morgan is bullish on Bitcoin, SpaceX launches the first crypto satellite, and guess which CEO served pizzas on the 12th Bitcoin Pizza Day? These stories and more this week in crypto.

JP Morgan is bullish on Bitcoin

Global investment bank JP Morgan issued a positive note on cryptocurrencies. The bank’s strategists wrote that last month’s crypto market correction looks more like a capitulation, and they see upside for bitcoin and crypto markets in general going forward. The firm has also proclaimed cryptocurrency as its preferred alternative asset class alongside hedge funds.

SpaceX launched the first crypto satellite

SpaceX launched the world’s first crypto satellite. Crypto1 is a crypto-satellite module making a trip aboard a Falcon 9 rocket for SpaceX’s Transporter 5 mission. The coffee cup-sized module was built using off-the-shelf parts and, in space, will provide a physically unattainable and tamper-proof platform from which blockchain and ledger applications can be launched.

The US has dropped the regulatory ball on Crypto

Securities and Exchange Commissioner Hester Peirce says the US has dropped the crypto regulatory ball. Pierce, who has previously criticized his SEC colleagues’ view of crypto, said of the US: “We are not allowing innovation to develop or experimentation to occur in a healthy way, and there long-term consequences of this failure.”

ECB: Crypto ties to banks threaten stability

The European Central Bank has warned that the crypto industry’s deepening ties with traditional banks poses a risk to financial stability. An ECB spokesperson admitted that investors have so far been able to cope with the market’s loss of $1.3 trillion, but predicted that at this rate, a point will be reached where crypto assets unsupported represent a risk to financial stability.

Tether Launches Mexican Peso Stablecoin

Stablecoin issuer Tether has launched MXNT, a stablecoin that is pegged to the value of the Mexican peso. Tether’s announcement stated that the multi-billion-dollar flow of remittances to Mexico and difficulties related to money transfers have created a unique opportunity for the use and adoption of stablecoins.

Security Risk Threatens Ethereum Beacon Chain

Ethereum’s beacon chain, which will be crucial to the Ethereum Merge upgrade later this year, experienced a security risk known as a blockchain “reorganization” when a duplicate version of the block chain While the reorganization lasted long enough to raise serious concerns about malicious attacks, it may have been bad luck caused by miners running outdated mining software.

A new Terra network is coming

After the TerraUSD and Luna collapse disaster, the Terra blockchain team has announced plans to release a new version of genesis, this time without an algorithmic stablecoin. The government proposal called “Terra Ecosystem Revival Plan 2” has been approved and a new codebase has been released to prepare the new network.

Binance Celebrates Bitcoin Pizza Day

Binance celebrated the 12th anniversary of ‘Bitcoin Pizza Day’ in style. CEO CZ donned an apron and served customers at a pop-up pizzeria in France. 12 years ago, bitcoin miner Laszlo Hanyecz used bitcoin to buy two Papa John’s pizzas for 10,000 BTC, marking the first time crypto was used to buy real-world goods.

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That’s what happened this week in crypto, see you next week

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