Web3🌕Monday News: Bitcoin Soars, NFT Regulations, Bitcoin Ransomware Alert, Iggy Azalea's MOTHER Token Revolutionizes Phone Purchases!
1. Bitcoin receives $2B inflows, Ether sees peak institutional buying.
2. South Korea classifies specific NFTs as standard crypto assets.
3. Singapore warns businesses about the dangers of Bitcoin ransomware.
4. Iggy Azalea announces plans to integrate MOTHER tokens for phone purchases.
Stay tuned for further updates and insights!✨
Welcome to today's #Web3 roundup! From soaring Bitcoin inflows to regulatory shifts in South Korea and Singapore's Bitcoin ransomware alert, we've got the latest updates. Plus, stay tuned for exciting news from Iggy Azalea about using MOTHER tokens for phone purchases. Let's dive into the dynamic world of cryptocurrency and blockchain technology!
1. Bitcoin receives $2B inflows, Ether sees peak institutional buying.
A trader forecasts ETH prices to soar to $10,000 in 2024, up from $3,600. Crypto investment products had $2 billion in inflows last week, extending a five-week run to $4.3 billion, per CoinShares. Bitcoin led with $1.97 billion inflows, while ETH saw its best week since March at nearly $70 million. The uptick follows the SEC's approval of spot ether ETFs, which drove ETH buying. With ETH becoming deflationary and $5-10 billion fresh capital expected, traders anticipate a year-end rally. ETH ETFs from major firms like VanEck and BlackRock are set to list on top exchanges.
Shaurya Malwa
2. South Korea classifies specific NFTs as standard crypto assets.
South Korea's financial regulator introduced guidelines to differentiate NFTs, considering their unique qualities. Certain NFTs may be regulated as cryptocurrencies if they lose distinctive features, while non-transferable tokens with minimal economic value remain regular NFTs. The guidelines aim to prevent illicit activities in the crypto market. The new rules precede South Korea's Virtual Asset User Protection Act, effective from July 19, aiming to eradicate fraudulent practices and ensure user fund protection. This initiative reflects South Korea's effort to establish a comprehensive regulatory framework for the crypto industry.
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3. Singapore warns businesses about the dangers of Bitcoin ransomware.
Singaporean authorities caution businesses about the Akira ransomware, which targets over 250 global organizations, now threatening Singaporean firms. Victims are advised against ransom payments, as they don't ensure data retrieval or prevent future attacks. The Cyber Security Agency of Singapore emphasizes reporting incidents promptly and implementing security measures like multifactor authentication and network filtering. Akira's advanced backdoor capabilities enable command execution and data extraction. Vigilance and robust cybersecurity protocols are urged to combat the evolving threat landscape effectively.
Arijit Sarkar
4. Iggy Azalea announces plans to integrate MOTHER tokens for phone purchases.
Iggy Azalea's MOTHER tokens are poised to serve as payment for phones and services in her telecom company. This development follows the announcement of a MOTHER merchandise store, which drove a rally in the token's value. With a surge of 18%, MOTHER now boasts a market valuation exceeding $200 million. Azalea's relaunch of the telecommunications firm promises purchases of phones and month-to-month cell plans using MOTHER or Sol tokens. Unreal Mobile, the service provider for the phones, offers plans ranging from $20 to $80 monthly, tailored to data usage and network spectrums. Phones sold on the Solana blockchain, bundled with BONK tokens, previously sold out due to growing interest in Solana-based meme tokens, underscoring potential demand for MOTHER. Despite initial volatility and skepticism, Azalea's token is gaining traction, affirming its potential for broader adoption and long-term growth in the crypto market.
Shaurya Malwa
Thank you for joining us as we explored the latest developments in the world of Web3. From significant cryptocurrency inflows to regulatory updates and innovative token integration, today's headlines offer valuable insights into the evolving landscape of digital assets. Stay informed and stay connected for more updates on the exciting journey of Web3. Don't forget to subscribe for future insights and analysis. Until next time, keep exploring, learning, and embracing the possibilities of the decentralized future!
