Two weeks after the cryptocurrency prices witnessed a swift drop, there has been yet another great fall, with Bitcoin falling to almost 30k point. But this time, the reasons were different. It was neither some crackdown from China nor some tweet from the techno-king Elon Musk.
Until last week, crypto pundits termed these two as the most dominant forces behind the fate of the cryptocurrency market, but all of a sudden, there’s a new entrant. Here are more details on what caused the great impact, what could not, and the most positive news around cryptocurrency in the last few days.
Colonial Pipeline Ransom – DarkSide
Bitcoin fans would have loved the situation more if the FBI had failed to get back the ransom Bitcoins from the hacker group DarkSide. The cyberattack forced a shutdown of Colonial Pipeline systems, which was so massive that the management had no option but to pay a ransom of $4.4 million in Bitcoins. That totals around 75 Bitcoins.
The IT team at Colonial Pipeline was left with no answers to the ransomware attack, and the CEO had to give in to the demands of the hackers. More drama followed as the FBI claimed to have recovered $2.2 million soon and almost the full amount after some time with the help of an encrypted chat app called ANOM that was being used only by hackers and organized crime gang members from 90 countries across the world.
The FBI had been working on the leads about DarkSide, the hacker's group behind the cyberattack, and lured them with the help of the ANOM chat app, leading to over 100 arrests. The drama led to a big price crash in the cryptocurrency market where at one point in time, it seemed like Bitcoin will go below $30000.
The top thing to note here – the bodies that have been sharing their concerns over the lack of traceability of cryptocurrency transactions have to come up with a different reason for not adopting cryptocurrencies. And they need to justify this particular case differently, which of course, seems impossible.
Breakup tweet from Elon Musk
The moment a new tweet came from Elon Musk’s Twitter handle with a Bitcoin hashtag, everybody moved their eyes to cryptocurrency price charts expecting a downward spiral. But surprisingly, that did not happen.
Many termed it as ‘Elon Musk falling out of love with Bitcoin,’ but it might not have hurt the Bitcoin price that much because of the preparedness of the investors with any such tweet from Musk. A drop certainly happened… but only a drop and not a disaster. The news matters because it proves that the big price rattlers can go blunt if they overuse their command over a certain market force.
Anonymous threatens Elon Musk
We have seen plenty of hate messages from different people across the world on Elon Musk’s Twitter page. That’s natural, as he seems to have done more harm than benefit to the common investors and crypto traders with his tweets. There are plenty of tweets asking him to tweet in favor of Bitcoin and Dogecoin and some requesting him to stay off the grid and let the market run the way it should.
And then someone took it too seriously and decided to take matters into their own hands. Too displeased with Elon Musk’s market manipulation tactics, Anonymous, the well-known internet legion, threatened him through a tweet linking to a YouTube video. It’s still not confirmed if it was actually the Anonymous legion or someone else, but one thing is for sure, Musk has made enemies because of his gameplay. As stated in the video, he’s on target and how it will harm him is unknown.
IRS reaching lawmakers for tighter reporting rules
Here’s yet another new entry to the cryptocurrency turmoil show. It's the IRS. As per IRS, the very design of the crypto is such that it stays off the radar, and with 8600 cryptocurrency exchanges worldwide, it is almost impossible to track the cryptocurrency transfers.
IRS seeks tighter rules, and to begin with, they want to have a firm hand on every transaction valued at over $10000. The $60k mark that Bitcoin hit has certainly got many parties on their feet, and IRS just joined the bandwagon!
El Salvador makes Bitcoin a legal tender
That’s the most promising news around cryptocurrency in recent times. El Salvador has become the first country to adopt cryptocurrency as a legal tender.
The president of El Salvador expressed his intentions to adopt cryptocurrency through a video at the Bitcoin 2021 conference in Miami. Experts term it an inevitability as they see more countries coming up with a similar transformative tech-based financial system in the near future.
