Crypto News Recap: Musk Threatened by Anonymous, Market Cap Loses $140 Billion in Just One Day

Published June 7th, 2021 - 06:30 GMT
Crypto News Recap: Musk Trageted by Hackers, Market Cap Loses $140 Billion in Just One Day
A group of 'hacktivist' Anonymous group has released a video revealing their plans to target multi-millionaire Elon Musk for manipulating the crypto market with his tweets that seems to be deterring other mainstream investors to join in. (Shutterstock)
Here are the market highlights for the week.

The crypto markets continue to be irked by a guy named Elon Musk, AKA 'Technoking of Tesla'. So it's no surprise that the ‘I hate Elon Musk’ club still rules the cryptocurrency community as the international hacktivist group, Anonymous, threatened to hack Musk because of his manipulation of bitcoin’s price and the crypto market in general with his tweets, and trolling the miners' efforts to find other sources of income. Subsequently, the market capitalization of all crypto nosedived losing $140 billion in a day, while BTC dumped almost $4,000.

No surprises here, and we can definitely say that the cryptoland is looking for another king (or queen?😌) to push the crypto enthusiasm more into the mainstream. At this point, some fans argue that Twitter’s CEO, Jack Dorsey, seems to be the right runner-up as he has crypto ambitions and frequently writes bullish tweets about bitcoin. He's the one who said at the Bitcoin 2021 Conference: “Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on.” The billionaire is also working to create a crypto wallet on his social media platform.

While all that goes on, Google decided to open its arms wide to welcome crypto-related ads out of the blue! This has shrugged off questions among crypto enthusiasts who wonder if the tech giant is really digging into crypto or is it trying to find a new way to boost the company’s advertising sales!

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Elon Musk Threatened by Hackers for His Manipulation of Crypto Market

The hacktivist group, Anonymous, has released a video revealing their plans to target the billionaire entrepreneur Elon Musk for manipulating the crypto market with his tweets that seems to be deterring other mainstream investors to join in. 

Last Thursday, Elon tweeted a meme that users interpreted as his ‘divorce’ or ‘break-up’ from bitcoin as the tweet included the bitcoin logo and a broken heart emoji: 

Following this tweet, bitcoin dipped from almost $40k to $34k losing 7% of its value just after a few days of consolidation. The hacktivist commented that they’re fed up with Musk saying his tweets “this week shows a clear disregard for the average working person. As hardworking people have their dreams liquidated over your public temper tantrums, you continue to mock them with memes from one of your million dollar mansions’.

Google Embraces Crypto Ads Again

It looks like Google has revised its advertisements policies allowing crypto wallets and exchanges to advertise using Google as long as they are ‘either registered with the Financial Crimes Enforcement Network (FinCEN) or a federal or state-chartered bank entity, comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level, and ensure their ads and landing pages comply with all Google Ads policies’, the announcement reads.

However, Google said it’s not going to accept any ads for ‘initial coin offerings (ICOs), Defi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products’.  The new policy will be enforced starting August and will be applied globally to Google search and its third-party sites, including YouTube, Gmail, or Blogger

It’s worth noting that Google has banned all crypto ads in March 2018 due to the ‘lack of appropriate consumer protections for highly speculative and complex trades’, the BBC reported back then. The question remains whether Google really thinks that cryptocurrencies are safe now or are they looking for a way to maximize their revenues!

El Salvador to Declare Bitcoin Legal Tender Next Week

El Salvador president Nayib Bukele announced that his country is going to be the first-ever nation to adopt bitcoin (BTC) as legal tender. This announcement was made at the Bitcoin 2021 conference in Miami.

The president eyes partnering with Strike, a digital wallet and Lightning Network payments company, to build up a modern financial infrastructure using bitcoin technology.

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Podcasts Worth Listening to 

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