????Crypto Goes to Space! | This Week in Crypto โ€“ May 30, 2022

????Crypto Goes to Space! | This Week in Crypto โ€“ May 30, 2022

๏ปฟJP Morgan is bullish on Bitcoin, SpaceX launches the first crypto satellite and guess which CEO served pizzas 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, published a positive note on cryptocurrencies. The bankโ€™s strategists wrote that the past monthโ€™s crypto market correction looks more like capitulation and going forward they see upside for bitcoin and crypto markets in general. The firm has also proclaimed cryptocurrency as its preferred alternative asset class along with hedge funds.

SpaceX Launched the First Crypto Satellite

SpaceX launched the worldโ€™s first crypto satellite. The Crypto1 is a crypto-satellite module hitching a ride aboard a Falcon 9 rocket for SpaceXโ€™s Transporter 5 mission. The coffee mug-sized module was created using over-the-counter parts and in space, it will provide a physically unreachable and tamper-proof platform from which blockchain and ledger applications can be launched.

US Has Dropped the Regulatory Ball on Crypto

Securities and Exchange Commissioner, Hester Peirce, says the US has dropped the regulatory ball on crypto. Pierce, who has previously criticized her SEC colleaguesโ€™ take on crypto, said of the U.S. โ€œWeโ€™re not allowing innovation to develop or experimentation to happen in a healthy way, and there are long-term consequences of that failure.โ€

ECB: Crypto Links to Banks Threaten Stability

The European Central Bank has warned that the crypto industryโ€™s deepening ties with traditional banks pose a risk to financial stability. A spokesperson for the ECB admitted that so far investors have been able to handle the $1.3 trillion market loss but predicted that at this rate, a point will be reached where unbacked crypto assets represent a risk to financial stability.

Tether Launches Mexican Peso Stablecoin

Stablecoin issuer, Tether, has launched MXNT, a stablecoin that is pegged to the value of the Mexican peso. Tetherโ€™s announcement stated that the multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers have created a unique opportunity for stablecoin usage and adoption.

Security Risk Threatens the Ethereum Beacon Chain

The Ethereum beacon chain, which will be crucial to the Ethereum Merge upgrade later this year, experienced a security risk known as a blockchain โ€œreorganizationโ€ when a duplicate version of the blockchain emerges. Though the reorg lasted long enough to raise serious concerns for malicious attack, it may just have been bad luck caused by miners running outdated mining software.

A New Terra Network Is Coming

After the disaster of the TerraUSD and Luna collapse, the Terra blockchain team has announced plans to launch a new genesis version โ€“ this time without an algorithmic stablecoin. The governance proposal called โ€œTerra Ecosystem Revival Plan 2โ€ has been passed and a new codebase released to prepare for the new network.

Binance Celebrates Bitcoin Pizza Day

Binance celebrated the 12th anniversary of โ€˜Bitcoin Pizza Dayโ€™ in style. CEO CZ, donned an apron and served customers from a pop-up pizza store in France. 12 years ago bitcoin miner, Laszlo Hanyecz, used bitcoin to buy two pizzas from Papa Johnโ€™s for 10000 BTC marking the first time crypto was used to purchase real-world goods.

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Thatโ€™s whatโ€™s happened this week in crypto, see you next week