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Square bitcoin DeFi business; Elon Musk dogecoin tweets

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The highest cryptocurrencies by market worth, together with bitcoin and ether, remain in the red on Monday, extending losses from the previous week. Dogecoin is also down over 18% within the final seven days.

However rather a lot remains to be occurring within the crypto world. From Jack Dorsey asserting that Sq. is constructing a bitcoin centered decentralized finance enterprise to Elon Musk persevering with to tweet about dogecoin, listed here are six issues price figuring out in crypto from the previous week.

1. Federal Reserve chairman Jerome Powell requires extra stablecoin regulation

In his testimony to the House Financial Services Committee on Wednesday, Federal Reserve chairman Jerome Powell known as for stricter regulations surrounding stablecoins, that are cryptocurrencies which can be presupposed to be pegged to order belongings like gold or fiat foreign money.

“If they’re going to be a big a part of the funds universe, which we do not suppose crypto belongings will likely be, however stablecoins is likely to be, then we’d like an applicable regulatory framework, which frankly we do not have,” Powell mentioned.

Powell additionally shared his case for the creation of a central financial institution digital foreign money, or CBDC, within the U.S. If the U.S. had a digital foreign money, “you would not want stablecoins. You would not want cryptocurrencies,” he mentioned. “I feel that is one of many stronger arguments in its favor.”

On Friday, U.S. Treasury secretary Janet Yellen mentioned she’d meet with the President’s Working Group on Monetary Markets on Monday to discuss the role stablecoins could play in the financial system.

2. The co-creator of dogecoin doesn’t plan to return to crypto

Jackson Palmer, the co-creator of the meme-inspired cryptocurrency dogecoin, made a uncommon return to Twitter on Wednesday with some harsh phrases about crypto generally.

In 2013, Palmer and Billy Markus created dogecoin as a joke based mostly on the “Doge” meme, which portrays a shiba inu canine. They didn’t intend for dogecoin to be taken severely. Regardless of its latest surge in recognition, Markus and Palmer have not profited, as they both sold out earlier than dogecoin’s meteoric rise.

“I’m usually requested if I’ll ‘return to cryptocurrency’ or start commonly sharing my ideas on the subject once more. My reply is a wholehearted ‘no,'” Palmer tweeted on Wednesday.

In his Twitter thread, Palmer criticized these in energy within the cryptocurrency house, saying that it’s “managed by a strong cartel of rich figures” who “have advanced to include most of the identical establishments tied to the present centralized monetary system they supposedly set out to replace.”

3. Sq. is constructing a DeFi enterprise utilizing bitcoin

On Thursday, Jack Dorsey introduced that his monetary companies firm Square is creating a new business centered on “decentralized monetary companies” utilizing bitcoin.

Decentralized finance, or DeFi, applications intention to recreate traditional financial systems, similar to banks and exchanges, with cryptocurrency. Most run on the ethereum blockchain.

“Sq. is creating a brand new enterprise (becoming a member of Vendor, Money App, & Tidal) centered on constructing an open developer platform with the only aim of creating it simple to create non-custodial, permissionless, and decentralized monetary companies,” Dorsey tweeted. “Our main focus is #bitcoin. Its identify is TBD.”

After this announcement, Cathie Wooden’s funding agency ARK Make investments bought another 225,937 shares of Sq. price round $53.6 million, The Avenue reported.

4. Malaysian police destroy 1,069 bitcoin mining rigs

On Friday, native Sarawak information outlet Dayak Day by day posted a video of Malaysian police destroying 1,069 bitcoin mining rigs, and the video went viral.

Within the video, Malaysian authorities used a steamroller to crush all of the rigs, which had been specified by a parking zone at police headquarters. Assistant Commissioner of Police Hakemal Hawari told CNBC this got here after miners allegedly stole $2 million price of electrical energy siphoned from Sarawak Vitality energy traces. 

5. A co-founder of ethereum is quitting crypto on account of security considerations

Anthony Di Iorio, a co-founder of ethereum, told Bloomberg that he is leaving crypto. He plans to promote his software program firm Decentral Inc., which is centered on blockchain applied sciences.

“It is obtained a danger profile that I’m not too enthused about,” Di Iorio mentioned. “I do not really feel essentially protected on this house. If I used to be centered on bigger issues, I feel I would be safer.”

Earlier than beginning Decentral in 2014, Di Iorio co-founded ethereum in 2013 with eight others, including Vitalik Buterin.

“I wish to diversify to not being a crypto man, however being a man tackling advanced issues,” Di Iorio mentioned. “I’ll incorporate crypto when wanted, however plenty of occasions, it isn’t. It is actually a small share of what the world wants.”

6. Elon Musk continues to tweet about dogecoin

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