Crypto News September 20: El Salvador government continues to buy Bitcoin Dip with news from Ripple, Cardano, Polkadex, Coinbase
Comments indicate that El Salvador continues to buy bitcoin dips to help Coinbase sign a technology development contract for the U.S. Department of Homeland Security. Here are some highlights from the crypto market.
Despite warnings from global authorities about the acceptance of Bitcoin (BTC), the government of El Salvador continues to seize the opportunities that the market offers.
When the price of Bitcoin fell below $ 46,000 on Monday morning, Salvadoran President Nayib Bukele announced on Twitter that the country had a “buy dip”.
They can never beat you if you buy the dips.
– Nayib Bukele (@nayibbukele) September 20, 2021
With 150 new coins, the country’s government in Central America currently holds 700 BTC, currently valued at nearly $ 32 million.
El Salvador’s introduction of Bitcoin has wowed the crypto universe, especially with its tax-free event for Bitcoin investors.
In addition to protests and marches against the government’s move to approve Bitcoin, rating agency Standard and Poor’s Global (S&P) said the introduction was having a “negative impact” on the country’s creditworthiness. S&P also claimed the move would hurt El Salvador’s chances of getting a $ 1 billion loan deal from the International Monetary Fund.
El Salvador made history by becoming the first country to recognize Bitcoin as legal tender on September 7th. At the time, the government held 400 BTC. By benefiting from two price drops in the past two weeks and buying 150 more coins each, El Salvador has increased its bitcoin holdings to 700 BTC.
The wallet with the amount of Bitcoin 9 years ago has awakened.
Another Bitcoin wallet that was last used in the early days was activated this year.
Data shared by the crypto tracking service Whale Alert shows that in the past 24 hours, an additional wallet of Bitcoins bought or mined 9 years ago was awakened after a long period of inactivity.
– Whale alert (@whale_alert) September 19, 2021
The wallet 1BamMXZBPLMwBT3UdyAAKy3ctGDbXNKoXk contains 616 bitcoins worth $ 29,470,042. In 2012, that BTC amount was only equivalent to $ 6,667.
The proposal to lower the minimum reserve requirement of the XRP ledger from 20 XRP to 10 XRP was passed after several weeks of voting.
To combat malicious attacks, the protocol requires holding a certain number of tokens in order to open new accounts on the ledger.
I am now personally advocating lowering the XRPL reserves from 20/5 to 10/2. (I haven’t discussed this with anyone at Ripple. (When I think about it, I probably should have.) It’s my personal position.)
– (@JoelKatz) April 27, 2021
Reserve requirements can be changed if there is consensus among the trusted validators on the network. These adjustments are needed if the XRP price increases significantly.
In addition, the obligation to reserve each address (payment channel, check, etc.) is reduced to 2 XRP instead of the previous 5 XRP.
Cardano founder Charles Hoskinson recently mock one of the viewers of his Q&A session when he mentioned the idea of destroying part of Cardano’s offering due to scarcity.
Hoskinson believes this suggestion was due to the “greed and stupidity” of the users.
Hoskinson went on to liken burning coins to stealing groceries from a supermarket, filling up gasoline from someone else’s car, or robbing someone’s wife.
Cardano has a maximum offer of 45 billion ADA and some critics think this is too high. For comparison: Bitcoin’s offer is set at 21 million coins.
On September 29th, the development team will publicly present the Polkadex blockchain, on which Polkadex products will be built and published one after the other.
The mainnet release brands Milestones most important to the Polkadex project and the community. From September 29th, anyone can earn PDEX and secure the network by running a validator node or staking their PDEX and nominating validators.
The leading US cryptocurrency exchange Coinbase has signed a technology development contract with the Department of Homeland Security worth $ 1.36 million.
follow agree, Coinbase has signed an agreement to provide “application development software” to the US Immigration and Customs Service (ICE).
The contract goes into effect on September 16, and Coinbase will receive $ 455,000 from the division. However, the contract can be extended for a total of up to 3 years and Coinbase will receive up to approximately $ 1.36 million.
This agreement is the second partnership between Coinbase and ICE. The exchange had previously secured a contract for 30,000 US dollars for the provision of “digital investigation services” for the agency in August.
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