Tuesday, December 7

News of the week: Taproot hits Bitcoin and BTC marks another all-time high

Key facts:
  • Spain “gray lists” Binance, Coinbase and other bitcoin exchanges.

  • Besides bitcoin, altcoins are also breaking their all-time highs.

Among the outstanding news of the week is the Taproot update in the Bitcoin network, a protocol that was activated during the early hours of this Sunday, November 14, at the height of block 709,632 mined by the company F2pool.

Meanwhile, the price of BTC continues to rise and this week the cryptocurrency again marked a new all-time high (ATH), reaching USD 68,641 on November 9. On average, their progress was 4.3%. At the time of writing, the cryptocurrency is trading at USD 65,201, as reflected in the market price of Latin America and Spain, according to the CriptoNoticias price calculator.

With CriptoNoticias, those interested can keep up to date on price changes in the bitcoin and ether market in relation to their local currency. To do this, they can visit the BTC and ETH Prices section, which has a calculator to make conversions quickly and easily to their national currency.

These are the most outstanding news:

  • This November 14, when activating the Taproot protocol, the company F2Pool registered in block 709,632 the gm taproot message, or “good morning taproot.” Taproot is one of the most complex transactions, with a focus on the efficiency and privacy of Bitcoin. For this reason, bitcoiners are celebrating and highlighting their importance. Some of them, such as Pieter Wuille and Nicolás Bourbon, renowned bitcoiner of the Argentine community, applauded the event on Twitter.
  • Due to the operational changes that it brings to the network, companies that provide technology solutions, such as wallets and payment processors, must prepare to support this new update. Some companies that develop bitcoin wallets have started working on this change for months. One of them is Muun Wallet, which since last November 12 already offered an update of the application. So did Sparrow Wallet and Blockstream, which develops the Green wallet. Other wallets such as Samourai Wallet and Trezor announced that they will incorporate it soon.
  • Meanwhile, the price of bitcoin continues to rise. The cryptocurrency hit a new all-time high on November 9, breaking above $ 68,641. Among the reasons for the rise is the fall in real bonds in the last ten years, together with the galloping world inflation, the growth of financing rates and the activity of large investors. Additionally, an important group of cryptocurrencies, including avalanche and solana, have also been exceeding their ATHs. According to a report by CoinShares, investment flows towards cryptocurrency-related products in 2021 exceed 39% what was invested in 2020.
  • This growth of cryptocurrencies is encouraging countries to create regulations to integrate them into their economy without escaping the control of the State. In Europe, the European Union Commissioner for Financial Services, Mairead McGuinness, called on European countries to speed up regulations; and in the United States the Treasury office has made its regulatory intentions on stablecoins explicit and expressed its support for the FATF. For its part, the Basel Committee on Banking Supervision said last Tuesday, November 9, that it will review the capital forecasts of banks to cover potential losses from operations with cryptocurrencies.
  • In Spain, the National Securities Market Commission (CNMV) released a list of companies that offer investments in Spanish territory without having their authorization for such activity. This list is usually called a “gray list” and in it exchanges such as Binance and Coinbase were listed, among others. Meanwhile, the attorneys general of Honduras and Colombia agreed to make joint plans to combat cryptocurrency crime. On the other hand, in the Argentine provinces of Córdoba and Tucumán, it will not only be mandatory to inform the government of the funds stored in these assets, but a tax must also be paid on them as Gross Income (IIBB).

If you want to know the meaning of several words in the crypto world terminology, you can consult them in the extensive CryptoNews Glossary.

DYOR (Do your own research): acronym in English for “Do your own research.” It implies that you should never trust, much less invest in any project before investigating it in depth ELI5 (Explain it Like I’m 5): acronym in English for “Explain it as if it were 5 years old.” It is especially said when someone introduces a new technology or cryptocurrency to indicate that it must be described in a much easier way.


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