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Monero’s Hashrate Experienced Its Largest Single Day Gains Ever

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August 6, Monero (XMR) has experienced its biggest increase in hashrate since the network’s creation in 2014.

Monero hashrate. Source: Coin Metrics.

The Monero hashrate increased from 1.67 GH/s on August 5 to 2.2 GH/s on August 6. That 0.52 GH/s single day gain is the highest in the project’s history. Prior to this, most significant daily percentage gains came in the project’s early days when the base was much smaller.

Banks should embrace privacy coins to protect their clients

On August 3, Coin Center submitted comments to the Office of the Comptroller of the Currency on National Bank and Federal Savings Association Digital Activities. These comments suggested that banks should embrace privacy coins rather than fighting them:

“We argue that Banks should not only be able to use trustless mixing tech (coinjoin) or privacy-enhanced crypto (zcash/monero) but that they may be obligated to do so in order to protect the privacy of their customers.”

Monero presents a unique value proposition?

It is unclear what has led to this explosion in Monero hashing power. In a world where many feel that they are becoming subject to an ever-increasing level of surveillance, Monero may simply present a unique value proposition. 

A number of recent reports have indicated that Monero remains the best major privacy-preserving cryptocurrency. Whereas other privacy coins like Dash (DASH) and Zcash (ZEC) can be traced with relative ease, Monero presents more of a challenge. This has led to several exchanges delisting it.

Monero trails only Bitcoin (BTC) in its adoption rate amongst Dark Web dealers, for whom the privacy-preserving features of crypto are sometimes quite literally a matter of life and death.





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SEC Investigates Tesla’s CEO Elon Musk over Tweets Promoting DOGE

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Shortly after Klarna CEO Sebastian Siemiatkowski expressed his concern over tweets promoting Bitcoin, reports revealed that the SEC is investigating Musk over DOGE tweets.

The price of DOGE has declined in reaction to the news that the US Securities and Exchange Commission (SEC) is currently investigating Tesla’s (NASDAQ: TSLA) CEO Elon Musk over Dogecoin tweets.

Recently, Elon Musk has been advocating for cryptocurrencies through his Twitter Inc (NYSE: TWTR) posts. Last month, the CEO of the electric vehicle company revealed his interest in the leading crypto asset, adding the Bitcoin hashtag to his Twitter bio. Musk’s action sparked several comments in the crypto community, fueling an increase in the price of BTC.

SEC vs Musk Promoting DOGE

Shortly after including the Bitcoin hashtag on his Twitter bio, Musk posted several tweets, along with images, promoting DOGE. While the CEO’s continuous tweets on DOGE appear as jokes, the posts have been influencing the price of the digital asset. The price of Dogecoin has continually increased in reaction to Musk’s several posts. Over the past month, DOGE has surged more than 500%.

The cryptocurrency, which started as a meme, now has a more than $6.6 billion market value. At the time of writing, DOGE is down 8.55% to $0.05113.

Following a series of tweets that fueled the price of DOGE, the SEC is now investigating Musk over potential security violations regarding the cryptocurrency. On the 25th of February, financial newswire First Squawk announced in a tweet.

Back in 2018, the SEC filed a lawsuit against Musk regarding a comment he made on Twitter, saying that he was considering a decision to take Tesla private. In the tweet, the CEO said:

“Am considering taking Tesla private at $420. Funding secured.”

The SEC reacted to Musk’s claim that the funding was secured. Eventually, the case was settled, with Tesla and Musk paying $20 million fines each.

Klarna CEO Calls For Regulations On Tweets Promoting Bitcoin

Recently, the CEO of European fintech giant Klarna, Sebastian Siemiatkowski, expressed his worry over tweets promoting Bitcoin. The CEO’s comment came about 24 hours before news on Musk’s investigation with the SEC.

In an interview with CNBC on the 24th of February, Siemiatkowski said he is “deeply worried” that such tweets could mislead retail traders. Speaking further in an interview with CNBC on the 24th of February, Klarna CEO called on regulators to caution such tweets to prevent people from potential losses.

As stated in a CNBC report, Siemiatkowski explained:

“It’s great that we can introduce new financial products and so forth. But they need to follow the standard regulations that we put in place and somebody needs to police that to make sure those are being met because otherwise what we will have is a lot of consumers losing a lot of money. And that’s just unfortunately what’s happening.”

Other news about cryptocurrencies can be found here.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.





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Focus on DeFi ‘fairness’ benefits Holochain, Orion Protocol and Dodo

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Bitcoin’s (BTC) strong bull run and the immense popularity of the decentralized finance space have attracted several new investors to cryptocurrencies. A report from Crypto.com shows a massive increase in crypto users as the figure rose from 66 million in May 2020 to 106 million by January this year. 

Crypto market data daily view. Source: Coin360

Contrary to the popular notion that new crypto users are mostly speculating on the price, data from Unchained Capital shows that investors who bought in the past three to five years are still holding and are not yet tempted to book profits.

Unlike the 2017 bull market where many low-cap altcoins rallied, the current bull trend has rewarded projects with strong fundamentals. Let’s have a look at three such tokens and also analyze their charts.