Blockchain and Cryptocurrency News Roundup

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  • June 20, 2022
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20th June 2022

Here’s a short summary of some of the biggest headlines in Crypto: “Stop Looking at the Graph and Enjoy Life”: El Salvador’s President on BTC Price Slump, Bitoasis Layoffs 5% Workforce as Bear Market Concern Grows, and finally, Altcoins Expanding DeFi Ecosystem but Can’t Beat Layer 1 King Ethereum: Chainalysis

“Stop Looking at the Graph and Enjoy Life”: El Salvador’s President on BTC Price Slump

El Salvador’s bitcoin-friendly President Nayib Bukele has shared a piece of advice to all Bitcoiners as the cryptocurrency ecosystem has continued to take a deep dive down.

Over the weekend, the price of Bitcoin slumped further from its earlier 18-months low to $17,708.62. With the price of Bitcoin going below what was earlier envisaged, altcoins like Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and Cardano (ADA) amongst others also saw multi-year lows, signaling a full-blown crypto winter.

With this bearish outlook in place, Nayib Bukele took to Twitter and asked his followers with interests and investments in Bitcoin to forget about the charts and explore other things. Per his words:

“I see that some people are worried or anxious about the #Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.”

Those who have been following events in the space will recall that El Salvador under Nayib Bukele became the first country to legalize Bitcoin and make it a legal tender on its shores back in 2021. Since then, Bukele has been buying Bitcoin dips, with many other proposed projects anchored on Bitcoin.

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Bitoasis Layoffs 5% Workforce as Bear Market Concern Grows

United Arab Emirates-based cryptocurrency exchange BitOasis announced on Sunday that it has laid off nine employees as part of its cost-cutting plan.

Ola Doudin, the CEO of Middle East-focused crypto exchange BitOasis, commented: “Earlier this week, nine employees were made redundant across offices in Dubai, Abu Dhabi, and Amman.”

The firm stated that the job cut represented about 5% of the company’s workforce.

Founded in Dubai in 2015, BitOasis has continued to serve English and Arabic-speaking users in the Gulf region.

In 2021, the Financial Intelligence Unit of the UAE Central Bank approved BitOasis to operate a Multilateral Trading Facility at the Abu Dhabi Global Market – an international financial centre (IFC) located in the capital city of the United Arab Emirates – and was registered as a Virtual Asset Service Provider. The firm is the leading Virtual Asset Service Provider (VASP) by traded volume in the UAE.

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Altcoins Expanding DeFi Ecosystem but Can’t Beat Layer 1 King Ethereum: Chainalysis

Different Layer 1 blockchains are created to serve different goals. Bitcoin was designed to be a currency for simple, trustless transactions with enforced scarcity to preserve its value. However, its relatively simple structure limits what can be built on top of it.

Ethereum was the first mainstream blockchain to incorporate smart contracts, and it hosted the first wave of dApps and tokens that ushered in DeFi and Web3. But its Proof of Work (PoW) mining system and high gas fees have been an impediment to transaction speed and scalability within its DeFi ecosystem.

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