Despite the most recent price dump where BTC lost about $2,000 from its price per coin, the number of people who own at least one full BTC is at an all-time high. There are currently over 800,000 ‘wholecoiners.’ Bitcoin investors seem unbothered by recent price swings.
America’s tax collection agency, the IRS, is offering a $300,000 contract to anyone who can trace transactions occurring via Monero and Bitcoin’s Lightning Network. Anyone looking to take up the challenge has until Wednesday the 16th to present their proposal.
Switzerland maintains its leading role in the mainstreaming of crypto by passing a comprehensive set of regulations around cryptocurrency. The Swiss Senate passed a draft of financial and corporate regulations aimed at promoting crypto. One such example would allow companies to create crypto shares and assets.
Bitcoin’s hash rate hit a new milestone. According to estimates, bitcoin mining computing efforts now consume around 68 terawatt-hours per year. This is close to the energy consumed by the entire Czech Republic.
The liquidity mining pool project, Yfdexf.Finance, exit scammed with $20 million in user funds. The project pulled its website and social media accounts before vanishing.
Meanwhile, the founder of the Sushi DeFi token dumped his coins for Ethereum, crashing the price from over $11 last week down to just over $2 this week. The founder has since reappeared to return the $14million in ETH he gained into the project’s treasury.
And now, this week’s Bitcoin Quick Question is: What is yield farming? Yield farming is definitely one of the hottest topics in the industry today, as the world of DeFi, which we explained in our last Crypto Whiteboard Tuesday episode, is attracting widespread interest.
Briefly, yield farming is the shorthand for sophisticated trading strategies which includes locking cryptocurrencies as collateral on Ethereum-based DeFi applications, and earning fixed or variable interest against it.
The coins can be allocated towards liquidity pools and decentralized exchanges, money markets, or other financial instruments that are usually found in traditional finance – and have now arrived to the cryptocurrency space in their decentralized versions.
Yield farming involves many risks and the strategies required to implement are complicated to execute. It is important to keep that in mind before you attempt to participate yourself.
If you want to learn more about the possible DeFi applications, visit the link in the description below.
Have a question you want us to answer? Just leave it in the comment section below.
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That’s what’s happened this week in Bitcoin. See you next week.