News of the week: Bitcoin hashrate recovers and protests in El Salvador

Key facts:
  • Processes at Argentina’s main port will be tokenized on a blockchain.

  • China’s hashrate moves to the U.S., according to new Cambridge Center study.

Among the week’s notable news is the recovery of Bitcoin’s hashrate this July. Thus, the processing power of the blockchain takes a new upward momentum back to levels not seen since early June.

Meanwhile, the price of bitcoin was sideways in a range that oscillated between USD 30,000 and USD 35,000, despite the fact that on July 20 it traded below that threshold. This week the cryptocurrency rose 11%. At the time of writing, BTC is trading at USD 38,787, a level not reached since mid-June, 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:

  • China’s miner migration process, which began last May amid a government crackdown, already seems to be positively impacting the blockchain’s hash rate. For the entire month of July 2021, the hash rate measurement seems to have stabilized at around 100 TH/s, after dropping below 60 TH/s in June. On this topic, the Cambridge Centre for Alternative Finance research team presented new data that hints at the geographic shifts in mining. The analysis shows that China’s share has been declining even before the crackdown, while the U.S. share is increasing.
  • Several non-governmental organizations active in public life in El Salvador this week called on Salvadoran President Nayib Bukele to clarify whether or not his administration is planning to create a digital currency called a “cryptocurrency. Shortly thereafter, a group of demonstrators demanded thatthe president of El Salvador, NayibTheypresented a proposal to repeal the legislation passed in June. They ask that the money be invested in “solving the problems of poverty and marginalization of 40% of the country’s population”.
  • The European Commission proposes to make a regulatory adjustment so that all transactions with bitcoin and other cryptocurrencies are not only traceable, but also identifiable with user data. The body is looking for all digital asset providers to apply the FATF’s “travel rule” to transactions. Meanwhile, in the United States, a working group comprised of the Federal Reserve and Congress, published a document that urges to regulate the use of stablecoins.
  • According to Willy Woo’s recent analysis, owners of more than 10,000 BTC hold about 3.75% of the total supply of coins in existence, He concludes that “coins are moving to the masses.” In other words, more and more entities are holding bitcoins. For its part, the firm Messari notes that one of the areas with the most striking growth in the last quarter were decentralized exchanges (DEX), which moved more than $400 billion. In addition, a global survey conducted by Fidelity Digital Assets found that seven out of ten institutional investors expect to invest in bitcoin and other cryptocurrencies in the future.
  • The state-run information portal, Argentina.gob.ar, reported that Argentina’s main container port in Buenos Aires will use a modern platform for processes that will be tokenized on a blockchain. The platform will be called e-PuertoBUE. Meanwhile, in Colombia, a bond will be issued, placed, negotiated and settled in a blockchain. The idea is to incorporate a new technology for the processes of the Colombian stock market, promoted by Davivienda bank and the IDB group, which includes the Inter-American Development Bank, IDB Invest and IDB Lab.
  • As part of The B Word event, held on July 21, a panel that discussed how to support the open development of Bitcoin, shared their opinion about the current state of this technology and talked about the initiatives that exist to support the development of Bitcoin. At the same event, Elon Musk said that it was very likely that <a href=”https://www.criptonoticias.com/comunidad/elon-musk-probable-tesla-acepte-bitcoin-nuevamente/”>Tesla will once again accept bitcoins as a payment method.

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

Rekt: term referring to the word “wrecked”, originating from a user’s misspelling, which means ‘ruined’ and refers to when an investor loses all their money due to a change in the price of a cryptoasset.

CryptoNews Glossary.