Developments to Follow This Week for Cryptocurrency

cryptocurrency developments
Developments to Follow This Week for Cryptocurrency

Bitcoin and cryptocurrency have been keeping their relatively slow progress since last week. However, in the next week’s calendar, besides good news from El Salvador, there may be developments that may unsettle the market.

G7 Summit

There is the G7 summit this week, and the leaders will meet. Joe Biden’s National Security Advisor, Jake Sullivan, talked at a press conference at the White House today before the G7. He said that the President will address the role of cryptocurrency in ransomware attacks at the summit. As it is known, all oil flow was stopped due to a cyber attack in the Colonial Pipeline, one of the largest in the USA. It was a ransomware attack, and the company paid the hackers 75 BTC, worth $4.4 million at the time. Recently, ransom attacks are one of the main items on the agenda of the USA, and recently, the US Department of Justice announced that from now on, ransom attacks will be equated with terrorism. In most ransomware attacks, payments are requested in cryptocurrency. The G7 summit will take place on 11-13 June.

European Central Bank’s Interest Rate Decision and Press Release

The European Central Bank (ECB) will announce its interest rate decision this week, and the bank will issue a press release on June 10th. The ECB is not expected to change rates. In addition, developments regarding the bond purchase program will be closely followed by global markets.

Possible Explanation from El Salvador

At the Bitcoin 2021 conference held in Miami over the weekend, El Salvadoran President Nayib Bukele announced that he will send a bill to Congress next week to make Bitcoin the official currency. So this week, we can see developments on this issue from El Salvador.

Ripple Case

There is a new development in the Ripple case almost every day. Finally, the SEC requested an additional time until June 11th to respond to Ripple’s submission of documents showing its XRP assessments within the SEC. XRP investors, in particular, should follow the developments in the case as closely as possible, day by day.

Highlights in Altcoins

TRON Airdrop

The APENFT team plans to ship APENFT NFTs to TRX, BTT, TRC20-TUSD, TRC20-ETH, TRC20-BTC, TRX, and JST holders for free. According to the statement, a picture will be taken on 10 June at 12:00 UTC, and 5 percent of the whole APENFT stock will be airdropped to token holders in the form of NFT rewards. At the start, 1 percent of the whole APENFT supply will be sent in the 1st month. The remaining 4 percent will be distributed in parts every month for 2 years. In addition, users holding any of these coins on exchanges will be eligible to receive NFT AirDrops if the exchange supports APENFT AirDrop. Details are in the official statement.

Automatic Swap to Mainnet ICX Tokens

The ICON team announced that starting June 8th, ERC-20-based ICX tokens can be automatically exchanged for main net tokens. Anyone who still owns old Ethereum-based ICX tokens will be able to trade them through the ICONFi app from June 8th.

OGN Buyback Program

The Origin group announced that they will receive OGN tokens using the profits from NFT sales. The team plans to buy $1.3 million worth of OGN from the open market next week. Considering the OGN trading volume and market cap, the impact of this buyback is expected to be minor.

SEE ALSO: Swedish Central Bank Governor: We Now Have a Good Reason for Regulation

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Caroline Tetra

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