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BEWARE: Fake Ledger Devices | This Week in Crypto – Jun 21, 2021

BEWARE: Fake Ledger Devices | This Week in Crypto – Jun 21, 2021

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Users are receiving fake Ledger devices, Paraguay to follow in El Salvador’s footsteps in adopting Bitcoin and a Fidelity executive says he believes the bottom is in? These stories and more this week in crypto.

Scammers are sending fake replacement devices to Ledger customers exposed in a recent data breach. The device came in an authentic-looking packaging, with a poorly written letter explaining that the device was sent to replace their existing one, however, it is rather used to steal cryptocurrency from the wallets. Always use Ledger’s official guide to make sure your Ledger device is genuine.

Shortly after El Salvador accepted Bitcoin as legal tender, another South American country is eyeing the possibility of crypto adoption. A Paraguay official hinted, the country is planning to introduce Bitcoin legislation in July. The news comes after Grupo Cinco, one of Paraguay’s largest entertainment companies revealed, that it is planning to accept cryptocurrencies next month.

American broadcasting giant Fox has launched a new $100 million fund for non-fungible token (NFT) creators. The money will reportedly go towards supporting content creators, IP owners, and advertising partners in building, launching, and selling NFTs and digital experiences. The multimillion-dollar seeding is part of Fox’s greater Blockchain Creative Labs unit, first announced in May.

Grayscale, the world’s leading crypto asset manager, is looking to add more than 10 new crypto assets to the existing crypto investment products it already offers. The announcement includes three top 20 cryptocurrencies by market cap: Solana (SOL,) Polygon (MATIC), and Internet Computer (ICP) tokens along with 10 other altcoins.

Wall Street investment bank Goldman Sachs plans to offer investors options and futures trading in Ether. The bank said that clients see current price levels following the recent rout as a good entry point and that the bank also plans to facilitate trades with exchange-traded notes that track ether as part of a relaunch of its cryptocurrency trading desk which reopened after a three-year hiatus.

According to a survey by the Financial Times, large hedge funds expect to increase their cryptocurrency holdings to 7% within the next five years. The survey was conducted among officers from over 100 global hedge funds and concluded that such an allocation would “represent a large increase” in funds put in various digital assets.

Popular cryptocurrency exchange Coinbase has announced it will be occupying a 30,000-square foot office in New York, a region known for being particularly unopened to crypto businesses. Following the establishment of the restrictive BitLicense measures in 2015, many blockchain firms left New York, though perhaps Coinbase can pave the way for New York’s crypto future.

Jurrien Timmer, director of the asset manager giant Fidelity, expressed his perspective on current bitcoin prices. According to Timmer, the “bottom is in”, believing bitcoin’s price has dropped to its lowest point already. Fidelity has increased its Bitcoin activities in recent times, releasing a dedicated analytics platform and even applying to launch an exchange-traded fund (ETF) this year.

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

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El Salvador Approves Bitcoin As Money | This Week in Crypto – Jun 14, 2021

El Salvador Approves Bitcoin As Money | This Week in Crypto – Jun 14, 2021

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Bitcoin is now official money in El Salvador, China takes further steps to halt crypto and Americans made the most of BTC profits last year. These stories and more, this week in crypto.

The nation of El Salvador has become the first country in the world to declare bitcoin as legal tender. That means BTC can be used like a credit card or fiat currency to officially purchase goods and services. Up to this point, El Salvador has relied heavily on the U.S. dollar.

China has taken further steps to halt the spread of crypto and has shut down the accounts of several bitcoin influencers on Weibo, a China-based social media platform. Furthermore, China’s Ministry of Public Security has arrested more than 1,000 people on charges of utilizing crypto for money laundering purposes, claiming to have collapsed 170 criminal gangs within the country.

Software firm MicroStrategy has unveiled a plan that will allow it to borrow up to $400 million, which will then be used to purchase bitcoin. MicroStrategy is arguably the world’s biggest institutional fan of BTC, having bought more than $2 billion worth of the asset in less than a year.

Crypto trading platform Coinseed is closing its doors for good, following a lawsuit initiated by the New York Attorney General’s Office earlier this year. Attorney General Letitia James has been after the company since 2017, claiming that the firm engaged in a phony initial coin offering and sold its investors useless tokens.

Clients of 401(k) provider ForUsAll will be able to invest part of their retirement plans in cryptocurrency as a result of a new partnership with Coinbase. Coinbase will manage trading and custody of the crypto through its institutional unit and workers will have the option to invest up to 5% of their contributions in crypto.

Investment management firm Invesco has announced plans to launch two crypto-based exchange-traded funds (ETFs). Executives claim that 85 percent of the funds—which are known as the Invesco Galaxy Blockchain and Crypto Economy ETF will be allocated to “crypto-linked equities.” Invesco manages more than $1 trillion in assets.

The Federal Bureau of Investigation (FBI) has managed to recover $2.3 million worth of a bitcoin ransom payment stemming from Colonial Pipeline, which fell victim to a cyberattack initiated by a hacking group. While the FBI did not go into specific details, it seems the agency got the private keys from the custodian of the account.

According to a recent study conducted by blockchain analysis firm Chainalysis, Americans made the most bitcoin profits in 2020, with traders in the U.S. garnering more than $4 billion in returns. In second place was China, which saw more than $1 billion in returns, while other nations in the top ten included Japan, the U.K., Germany, and Russia.

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

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