View moreIn This Week’s Recap:
- Bitcoin Soars past 64k
- BitGo Joins Hedera GC
- TBC Sues DOE
- BankSocial Corner
- Hot Topics
The Big Idea
BTC Breaks 64k
Bitcoin’s price surged past $64,000 in Wednesday’s U.S. trading, hitting its highest level since November 2021. The recent rally seems fueled by significant inflows into U.S.-based spot ETFs, with over 12,000 bitcoin added on Tuesday alone, following an addition of around 10,000 on Monday. The total crypto market capitalization has reclaimed the $2 trillion level for the first time since April 2022.
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Adoption News
BitGo Joins Hedera GC
BitGo Trust Company Inc., known for its digital asset trust and security solutions, has joined the Hedera Council to drive innovation and contribute to the future growth of the Hedera network. Established in 2013, BitGo boasts over 1,500 clients globally spanning 50 countries. As the 32nd member of the Hedera Council, BitGo joins a diverse group of organizations dedicated to network innovation, stability, and decentralization. Council members, responsible for running initial network nodes, hold equal voting rights in shaping Hedera’s software and services..
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CEX, Rugs, Block and Roll
TBC + RIOT sue DOE
Last week, the Texas Blockchain Council (TBC) and Riot Platforms, in collaboration with the New Civil Liberties Alliance (NCLA), filed a lawsuit against the Department of Energy (DOE). They were granted a 14-day temporary restraining order, halting the DOE and the Energy Information Administration from mandating bitcoin mining companies to provide information for an emergency survey. Lee Bratcher, president of the TBC, expressed confidence in the legal case, emphasizing the importance of protecting the rights of blockchain entities.
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BankSocial Corner
BankSocial Announces Partnership With Cornerstone Resources
BankSocial® has formed a strategic partnership with Cornerstone Resources to link credit unions with a cryptocurrency exchange tailored for their needs. BankSocial, a division of Fivancial, Inc., introduces innovative solutions to address challenges encountered by credit unions, offering an easy-to-implement crypto exchange supporting major tokens like Bitcoin, Ethereum, MATIC, and HBAR. As part of the BankSocial platform, credit unions enrolled in the BankSocial charter agreement gain access to additional features, providing an evolution in financial services and technological infrastructure. Cornerstone represents over 600 credit unions.
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While anyone can access the BankSocial ecosystem, certain features including the exchange require Verifiied®- our simple KYC solution. Login to My.BankSocial.io and start the process now.
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Hot Topics
What’s on everyone’s mind?
Users on X reacted as an outage at Coinbase led to a large drop in crypto prices on Wednesday afternoon.
El Salvador could pocket a profit of approximately $41.6 million, an increase of over 40%, if it were to sell its bitcoin holdings today as stated by the country’s president. Taking to social media, Bukele highlighted the contrast in media coverage, noting the shift from focusing on potential losses during low market prices to the significant profit potential with current high Bitcoin prices.
The US government moved $922 million worth of Bitcoin from seized Bitfinex wallets on the same day Bitcoin surged past $60,000 for the first time in over two years. The transfers included various amounts, ranging from 1 Bitcoin test transfer to over 12,000 Bitcoin.
All The Love and All The Power!
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