?Crypto goes to Space! | This Week in Crypto – May 30, 2022

In the yearJP Morgan is bullish on Bitcoin, SpaceX launches its first crypto satellite, and guess which CEO served pizza on the 12th Bitcoin Pizza Day? These stories and more this week in crypto.

JP Morgan is Bullish on Bitcoin

Global investment bank JP Morgan has published a positive note on cryptocurrencies. The bank’s strategists wrote that last month’s crypto market correction looks like a capitalization and will be bullish for bitcoin and crypto markets in general going forward. The company has declared cryptocurrency as a preferred alternative asset class with hedge funds.

SpaceX launched the first crypto satellite

SpaceX launched the world’s first crypto satellite. Crypto1 is a crypto-satellite module that will ride aboard a Falcon 9 rocket for SpaceX’s Transporter 5 mission. The coffee cup-sized module is created using over-the-counter materials and provides a physically inaccessible and non-detachable platform on which to launch blockchain and ledger applications.

The US has dropped the regulatory ball on Crypto.

According to Securities and Exchange Commissioner Hester Pearce, the US has dropped the regulatory ball on crypto. “We don’t allow innovation to flourish or experimentation to happen in a healthy way, and there are long-term consequences of this failure,” Pearce, who has previously criticized her SEC colleagues’ actions against crypto, said of the US.

ECB: Crypto links to banks risk stability

The European Central Bank has warned that the crypto industry’s ties to traditional banks could threaten financial stability. A spokesperson for the ECB admitted that so far investors have been able to handle a market loss of 1.3 trillion dollars, but this amount will reach the point where unbacked crypto assets represent a risk to financial stability.

Tether Launches Mexican Peso Stablecoin

Stablecoin issuer, Tether, has launched MXNT, a stablecoin pegged to the value of the Mexican peso. Tether’s announcement said the multi-billion dollar flow to Mexico and the problems with the money transfer created a unique opportunity for Statcoin usage and adoption.

A security threat threatens the Ethereum beacon chain.

This year, when a duplicate blockchain version of the Ethereum Beacon chain, which is critical to Ethereum’s integration update, is released, the blockchain faces a security risk known as “reorganization.” Although the reformation process has lasted long enough to raise concerns about malicious attacks, this may be unfortunate due to miners releasing outdated software.

A new Terra Network is coming.

After the collapse of TerraUSD and Luna, the Terra blockchain team announced plans to launch a new version of Genesis – this time an algorithmically stable coin. The management proposal called “Terra Ecosystem Revival Plan 2” was passed and a new code base was released to prepare for the new network.

Binance Celebrates Bitcoin Pizza Day

Binance celebrated the 12th anniversary of ‘Bitcoin Pizza Day’ in style. CEO CZ, from a pop-up pizza store in France, wears an apron for customers. 12 years ago, Bitcoin miner Laszlo Haniecz bought two pizzas from Papa John’s for 10,000 BTC, marking the first time crypto was used to buy real-world goods.

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That’s what happened in crypto this week, see you next week

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