Crypto News Recap: El Salvador to Build Bitcoin City Crypto News Recap: El Salvador to Build Bitcoin City
Areej Salem Published November 22nd, 2021 – 07:15 GMT Crypto haven El Salvador has announced the inauguration of a new “bitcoin” city fully funded initially by $1 billion Bitcoin bonds.(Shutterstock) Highlights Here’s your weekly round-up of the most important articles on crypto and blockchain in one link!
The last seven days were unfortunate for every crypto investor as they saw bitcoin (BTC) drop from $65K to $55K, switching their feelings from enthusiasm to fear.Also Read How to Buy Bitcoin With Credit Card
This, of course, is where FUD comes barging in.FUD (Fear, uncertainty, and doubt) leads to widespread confusion in crypto markets exacerbating an already nervous market mood.
However, for many HODLers, it’s just another day in the office.
Checking price charts? You know the drill😉 AlBawaba got you covered! Here is a brief recap of all major bitcoin and crypto news of the past 7 days.Bitcoin Chart
The first truly digital coin’s price is trading at $57,317 at the time of writing.Bitcoin’s dominance is standing still at 42.18%.
Source: coinmarketcap.com/tradingview Crypto Charts
Cryptocurrencies are mostly trading mix a long week of a seesaw in prices.The global crypto market cap is at $2.57 trillion, decreasing 2.89% from yesterday.
While the overall market volume over the last 24 hours is $111.69 billion, increasing 8.03%.
Source: coinmarketcap.com/tradingview El Salvador to Build Bitcoin City
Crypto haven El Salvador has announced the inauguration of a new “bitcoin” city fully funded initially by $1 billion Bitcoin bonds.While neighboring countries are introducing higher VAT, the young crypto advocate and President of El Salvador, Nayib Bukele, announced on Twitter his intention to build a “Bitcoin City” that would rely on bitcoin-backed bonds with zero taxes: “In #BitcoinCity we will have digital and technological education.Geothermal energy for the entire city and efficient and sustainable public transport”
Crypto exchanges and firms showed their support of the decision replying back to Bukele:
The famous crypto exchange Bitfinex will be a part of the project by launching a securities platform to hold the Bitcoin bonds, Bitfinex CTO Paolo Ardoino, told Cointelegraph:
“[The platform] will soon be home to many local and foreign digital assets offerings developing new digital asset regulation for the country! El Salvador, Bitfinex and Blockstream are making history together.”
Manchester City Halts Partnership with Crypto Firm
Just after two weeks of the announcement, English football club Manchester City suspended its newest partnership with a not-so-famous crypto company.The officials of the sixth most valuable football club in the world said that the halt was to conduct further inquiries regarding the partnership with 3key, a crypto start-up whose executives do not seem to appear on internet searches.’ Also Read What Are The 5 Best Bitcoin Miners? Jack Dorsey’s Square to Launch crypto exchange
Crypto enthusiast, Twitter and Square’s CEO Jack Dorsey has published the white paper for Square’s new decentralized crypto exchange! We made a white paper.
https://t.co/ffvYGjQQ7T — TBD (@TBD54566975) November 19, 2021
In the 18 pages document, Dorsey list the ambitions of new project which is “a protocol for discovering liquidity and exchanging assets (such as bitcoin, fiat money, or real-world goods) when the existence of social trust is an intractable element of managing transaction risk.” .