The Multi-Billion-Dollar Saudi Arabian Oil Company, Saudi Aramco has debunked Bitcoin (BTC) mining rumors in the country. The news of the world’s largest oil producers gravitating towards the crypto sphere started floating over the weekend. Saudi Aramco is one of the top three oil-producing giants whose names were attached to crypto news. However, one of the Fortune Global 500’s most profitable companies has discredited headlines as “fake” news.
Four low-cap crypto assets are surging, up 90% or more over the course of one week.
As Bitcoin recovered this past week and summited $40,000 again, four altcoins jumped wildly in price, coming off their recent lows.
The Twitter boss Jack Dorsey’s crypto-keen payments venture Square has agreed a USD 29bn all-stock deal to buy the Australian buy now, pay later player Afterpay – in a merger that some believe will “create a global transactions giant.”
Bitcoin network’s mining hashrate has started to recover, seeing a continuous flow of over 110 THs over the past month. The network hashrate took a massive hit in May and June when the Chinese crypto crackdown was at its peak. However, now that miners from China have started to mine again outside the country, the network hashrate is back to normal and expected to rise further.
It seems most of the crypto market is on the rise. From DeFi platforms, DApps, to NFTs, the price of cryptos and tokens are all surging over the last few days. According to the weekly Revenue On Investment (ROI) reports, most altcoins have gone up by 20% – 25%.
Jack Dorsey’s Square has reported a 200% increase in Bitcoin revenue for the second quarter year-on-year (YoY).
The company announced the impressive earnings figures in its second-quarter shareholder letter on August 1. In the report, Square revealed its total gross profit grew 91% YoY to $1.14 billion.
Nigerian cryptocurrency adoption continues to rise in spite of government crackdown, with peer-to-peer (P2P) trade volume for Bitcoin posting its second strongest week on record last month.
South Korea’s top financial regulator, the Financial Services Commission, is reportedly planning to shut down a dozen local cryptocurrency exchanges amid fraud allegations.
The crypto market is now back on its feet once again and this time the altcoins are taking the center stage. Interestingly, these altcoins were able to record a growth rate of over +10% in the past 7 days. It is the same record that Bitcoin achieved in the past week. Truly, we can say that the crypto world shows no signs of slowing down despite the challenges it faces every day.
New stories about central bank digital currencies (CBDCs) continue to make the news, and this week the United Kingdom appears poised to jump on the CBDC bandwagon. U.K. Treasury insiders have confirmed that a task force has been established to explore how the CBDC, which some dubbed as ‘Britcoin,’ might work. The task force will report its findings to Chancellor Rishi Sunak by the end of the year.