News of the week: Bitcoin fund approved in El Salvador and Arbitrum comes to Ethereum

Among the highlights of the week is the debate held in the Legislative Assembly of El Salvador to approve a bill that will allow the creation of a trust fund of USD 150 million. This amount will be used to deliver a bond to the public and allow users of the Chivo Wallet, created by the government, to convert bitcoin to dollars automatically and instantly.

The price of Bitcoin (BTC) managed to surpass USD 50,000 this week, as part of a new bull cycle. On average, the pioneering cryptocurrency gained 7.5% over these seven days. At the time of this writing, BTC is trading at USD 51,699, as reflected in the market price in Latin America and Spain, according to the CryptoNews price calculator.

With CryptoNews, interested parties can keep up to date on price changes in the bitcoin and ether market relative to their local currency. To do so, they can visit the BTC and ETH Prices section, which features a calculator for quick and easy conversions to their home currency.

Here are the most important news:

  • El Salvador’s Legislative Assembly approved a bill for the creation of a bitcoin trust, which will initially be USD 150 million. Meanwhile, the government made public the first images of the expected bitcoin wallet, Chivo wallet. In this context, it was learned that 65% of Salvadorans disapprove of the use of bitcoin as a currency in the country, according to a survey conducted by a local media.
  • Arbitrum, a second layer solution for Ethereum, was launched to the public this week and can already be accessed from the main network. In this way, both money transfers and decentralized applications (dApps) can be executed without the need to pay the blockchain’s often high commission costs. The activation caused a significant rise in the price of ether (ETH), the price of which approached the all-time high reached last May.Ethereum’s first daily negative issue since the implementation of the EIP-1559 was recorded on September 3.
  • On September 3, Ethereum recorded its first negative daily issue since the implementation of EIP-1559. On that date, more ETH was burned than was minted. In a 24-hour period, supply growth turned negative with 13,840 tokens being burned, which was more than the 13,507 ETH miners issued. In data from The Block Research in 30 days the network has managed to reduce the annual coin issuance by more than 35%.
  • The Swiss subsidiary of the Spanish bank BBVA announced the launch of a 100% digital investment account called New Gen (New Generation), which will allow its users to trade with bitcoin, and soon with ether. The bank made its requirements more flexible and offers the services to its clients from the European Union, Mexico, Colombia, Argentina, Peru and Chile with a minimum net worth of USD 10,000.
  • In Venezuela, the Superintendencia de Criptoactivos y Actividades Conexas (SUNACRIP) signed an agreement with the Oficina Nacional Contra la Delincuencia Organizada y Financiamiento al Terrorismo (ONCDOFT), in order to join efforts to fight organized crime. Meanwhile, in Mexico, the president of the National Banking and Securities Commission (CNBV), Juan Pablo Graf, ratified that banks in that country cannot operate with cryptoassets.
  • This week, the ASIC mining equipment manufacturer, Bitmain, announced a 20% increase in the price of its products. The increase would take place from 2022, and its main reason is the increase in components used to manufacture chips for bitcoin mining equipment.

If you want to know the meaning of several words of the crypto-world terminology, you can check them out in the extensive CryptoNews Glossary.

Cryptojacking: the word comes from “crypto” (for cryptocurrency) and “hijacking”. This method involves the unauthorized use of your computer (whether PC or mobile) and, therefore, your electricity, for mining cryptocurrencies that go straight to the attacker.