Crypto News Recap: Bitcoin Welcomes Taproot Soft Fork

Published November 14th, 2021 - 06:29 GMT
Crypto News Recap: Bitcoin Welcomes Taproot Soft Fork
This is bitcoin's first upgrade in four years. (Shutterstock)
Here's your weekly round-up of the most important articles on crypto and blockchain in one link!

Anyone familiar with the cryptocurrency sphere knows that Bitcoin has taken another leap forward this week in terms of privacy and scalability with the long-anticipated Taproot Soft Fork. 

Based on this news, the crypto market's sentiment re-entered the positive zone as the power of enthusiasm is keeping the traders going subsequently pumping the prices up. One of the wildest stories of the week involves Footballer Luis Suarez venturing into the world of crypto with a new partnership!

Without further ado, let's take a closer look at charts then check out all major bitcoin and crypto news events of the past week.

Bitcoin Chart

Bitcoin's price is trading $65,718 at the time of writing. Bitcoin’s dominance is at  43.28%, an increase of 0.08% over the past day.



Crypto Charts

Cryptocurrencies are mostly trading in the green after a long week of mixed trading. The global crypto market cap is at  $2.86 trillion, increasing 1.42% from yesterday.
While the overall market volume over the last 24 hours is $88.17 billion, decreasing 6.87%


Bitcoin Successfully Implement Taproot Soft Fork

The long-anticipated soft fork dubbed Taproot has been finally done successfully. Activated at block 709,632, this new upgrade has brought features that improve the network’s privacy, scalability, and security. Also, the Taproot upgrade unlocks the potential for smart contracts which cuts the middle man in bitcoin transactions.

A fork occurs when a blockchain splits creating an alternative version of the blockchain, thus making 2 blockchains run simultaneously. Forks happen when a radical change in the blockchain code occurs and there are two potential coding paths forward. As a result, blockchain users must decide and show support for one chain over the other. This might cause a huge rift in the crypto community leading to a permanent split thus creating a different currency. Example: Bitcoin cash coin resulted from a fork on Bitcoin’s blockchain. 

This is bitcoin's first upgrade in four years. 

The notable thing here is that any miner who doesn’t accept the new upgrade will miss out on the rewards as he won’t be able to mine on the network successfully.

Luis Suarez Teams up with Binance

Famous football layer Luis Suarez has tweeted an image of himself promoting crypto exchange Binance. Also, Binance announced new NFT collections of him and former players who were successful in the Italian league.

In the tweet, the player is one of the best-known strikers in the world of football claims that the exchange "makes it easier for all of us to learn and buy cryptocurrencies."

Recently, the CEO of the crypto exchange Changpeng Zhao (CZ) has hinted at venturing into the world of sports.

While still there are no official announcements from Suzarez nor Binance, the posts suggested a partnership between the player who scored more than 400 goals in his career and the largest cryptocurrency exchange in the world with a daily trading volume of over US$30 billion.

Twitter launches Team Dedicated for Crypto

Social media giant owned by crypto advocate Jack Dorsey has hired Tess Rinearson to lead the new Twitter Crypto team and “set the strategy for the future of crypto at (and on) Twitter”, the Financial Times reported.

Lately, Jack Dorsey has revealed his intentions to integrate Lightning Network into Twitter or BlueSky. Although he confirmed these plans, his answer is still vague as he didn’t provide any timeline or details.

 Earlier this month, the tech juggernaut unveiled that his other company, Square, is developing an open-source non-custodial Bitcoin hardware wallet.

Indonesia Deems Crypto Haram for Muslims

The National Ulema Council (MUI), which is Indonesia’s council of religious leaders has ruled that the use of cryptocurrency is haram for Muslims.

 Due to its uncertainty and wagering, crypto was deemed forbidden by Indonesia’s authority.

According to Indonesia’s commodity futures trading regulator Bappebti, there were about 4.5 million crypto investors in the country as of May, Coindesk reported.

Arguing that cryptocurrencies can be halal if it was traded as commodities provided that it abides by Shariah law and demonstrate clear benefits, Asrorun Niam Soleh, head of religious decrees said.

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