Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
Tesla Confirms $1.5B Bitcoin Purchase, BTC Cruises Through $42k
Tesla Inc has announced via an official filing that it has invested an aggregate of $1.5 billion into the leading cryptocurrency bitcoin (BTC).
On Monday morning, Feb 8, global financial messaging service First Squawk revealed that Tesla Inc. (TSLA) had joined an elite group of firms to hold bitcoin on their balance sheets. To read more about this story, click here.
Grayscale Purchases 53,000 ETH in One Day 
Cryptocurrency analytics company Glassnode points out that Grayscale has bought 195,000 ETH in February.
Grayscale continues to have an appetite for cryptocurrency, according to Glassnode. Since the beginning of 2021, the value of Grayscale’s Ethereum under management has doubled. Glassnode tweeted that the ETH under Grayscale’s management now equals $5.5 billion. To read more about this update, click here.
Nigeria SEC Freezes Crypto Proposals After CB Ruling
The Securities and Exchange Commission of Nigeria (SEC) announced on Feb. 11 that it put on hold certain procedures until it coordinated with the Central Bank of Nigeria (CBN).
The move comes after the CBN issued a Feb. 5 circular regarding the legality of cryptocurrency in Nigeria. As a result, the SEC is halting processes connected to bringing people and products under the SEC Regulatory Incubation Framework. What do you think about this? You can read more about this story by clicking here.
Attack on CREAM Sees $37.5 Million Stolen
Popular DeFi project CREAM saw a massive $37.5 million flash loan exploit take place on Saturday. While the story is still developing, the team announced the attack. They stated that they are working on a post mortem through relevant parties.
It appears the exploit took place using Alpha Homora through the borrowing of sUSD from IronBank. To read more about this attack, click here.
IOTA Announces Competitive Smart Contract Alpha
The IOTA dev team has published their monthly update, and some key developments are on the cards.
Chief among the changes are the final touches to be added to the smart contract alpha. The alpha stage in software development refers to the early programming and design stages and typically has many bugs. Smart contracts are vital for IOTA tangle technology, necessary to compete with other leading blockchains like Ethereum (ETH) and Polkadot (DOT).
To read more about this story, click here.
Miami Mayor Announces Bitcoin Adoption Resolution Green Light
Retail and institutional investors aren’t the only ones getting caught up in the Bitcoin hysteria. Major cities are now rolling out the red carpet for the foremost digital asset.
The city of Miami looks set to become the first major Bitcoin hotspot in the United States. The city’s mayor, Francis Suarez, endorsed the digital asset in a video which he shared on Twitter.
According to Suarez, his resolution to implement Bitcoin has been officially approved by the City of Miami commission. As a result, Miami is now the first Bitcoin municipal in the United States. To read more about this exciting story, click here.
Jack Dorsey and Jay-Z Team Up to Offer Bitcoin Development Trust
Twitter CEO and Bitcoin bull Jack Dorsey is creating a new Bitcoin development fund alongside rapper and entrepreneur Jay-Z.
Dorsey initially announced the “?trust” Bitcoin fund via a tweet on Feb. 12, 2021, which he describes as a “blind irrevocable trust.”
The 500 BTC endowment will initially focus on Bitcoin development in Africa and India. Attached to the tweet, Dorsey added a short document where people can apply to join as a board member, of which they will be choosing three. To read more about this, click here.
Grayscale Dives Deeper Into DeFi with Yearn, SushiSwap Trust Filings
Less than a month after institutional crypto fund giant Grayscale first pivoted to decentralized finance (DeFi), it has filed a number of new trust filings, including Yearn Finance and SushiSwap.
The world’s largest crypto asset trust for institutional investors, Grayscale, is diving deeper into the DeFi sector, with more trust flings in addition to Aave and Polkadot which it filed last month.
The new filings include DeFi aggregator Yearn Finance, Uniswap clone SushiSwap, Compound Finance, crypto lending stalwart MakerDAO, synthetic asset platform Synthetix, and decentralized storage platform Blockstack. To read more about this, click here.
PayPal to Expand Crypto Business Beyond the US and Into the UK
On Feb 11, during its Investor Day, PayPal announced that it would be bringing cryptocurrency to the UK.
According to New York City (NYC) journalist Carl Quintanilla, the company is planning to enter the UK market in the coming months.
The strategic move will allow PayPal UK-based customers to access crypto-related features through their Venmo wallets. Early indications suggest that should take place before the end of the first half of 2021. To read more about this, click here.
Russian Miner Imports 20k Bitcoin Rigs, The Largest-Ever Batch
Russian miners have made a remarkable move by purchasing a massive number of Bitcoin mining rigs. This is the largest figure in the country’s history.
According to a Kommersant report, BitRiver imported the largest set of Bitcoin (BTC) mining equipment in December. This is the largest single batch to make its way into the country. With an estimated 70 Megawatts (MW) of capacity, it will accommodate retail operations for at least three months.
To read more about this story, click here.
Indian Government to Discuss Bill Proposing Private Cryptocurrency Ban
India’s parliament will discuss a bill that would ban private cryptocurrencies. Meanwhile, the government is examining a potential Central Bank Digital Currency (CBDC).
Local media outlets in India are reporting that the Indian government plans to ban all private cryptocurrencies. According to a report from Medianama published on Feb. 9, Finance Minister Nirmala Sitharaman told the Parliament that cryptocurrencies were not legal tender.
Instead, the government is hoping to shift the focus on a digital rupee if need be. To read more about this, click here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!
