The price of Bitcoin Cash, experienced a sharp but short-lived increase in value this Friday. Following the publication of a fraudulent press release claiming that US supermarket giant Kroger would be accepting cryptocurrency as payment this Christmas season.
The cryptocurrency increased more than 4.6% from around $ 602.63 to $ 630.70 less than 15 minutes after the publication of the fraudulent announcement. Subsequently, BCH returned all of its earnings to fall below the price it had been before the announcement. At the time of writing, it was priced at $ 601.74.
This fraud is similar to the one in September, which fraudulently claimed that Walmart would start accepting Litecoin.
Eric Adams promised to take the first three checks as mayor of New York in Bitcoin
Through his Twitter account, the now mayor of New York, Eric Adams announced that he will receive his first three checks as mayor of the city in Bitcoins.
“In New York, we always go big. So I’ll take my first THREE Bitcoin paychecks when I’m mayor, ”Adams added Thursday. NYC will be the hub of the cryptocurrency industry and other fast-growing innovative industries, wait!
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become older. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
– Eric Adams (@ericadamsfornyc) November 4, 2021
Adams, 61, who will take over from Bill de Blasio, is a Bitcoin advocate who promised to turn New York City into a “Bitcoins hub” during his campaign. New York City has been a place that has previously welcomed companies that started with this disruptive technology. Although later it changed due to all the regulations.
With this fact, Eric Adams would join the initiative of the mayor of Miami, Francis Suárez. Who we announced months before that they would receive payment for their services in the market’s leading cryptocurrency.
Paytm, a major Indian payment company, considers BTC services
Paytm, India’s leading digital payments company, said on Thursday that it would consider Bitcoin services if the country’s regulatory framework for cryptocurrencies were more defined.
Speaking to Haslinda Amin and Rishaad Salamat during an interview on Bloomberg TV, Paytm CFO Madhur Deora stated that the regulations surrounding Bitcoin (BTC) remain in a ‘gray zone’ in India.
The Reserve Bank of India (RBI) had initially banned cryptocurrencies. But the Supreme Court of India reversed the decision in March 2020. Since then, there have been few concrete actions from the government or the RBI regarding cryptocurrency regulations.
Square posted good gains in Bitcoin in the third quarter
Amid a flurry of companies reporting positive results from their Bitcoin investments during the third quarter. Digital payments giant Square has also reported $ 1.81 billion in revenue generated by Bitcoin during this time. The company has also expressed interest in expanding its investments and presence in the digital asset industry in its third quarter earnings.
Square reported an 11% year-over-year increase in Bitcoin revenue, along with a gross profit of $ 42 million, which is roughly 2% of Bitcoin’s revenue. While BTC’s $ 1.81 billion revenue accounted for 47% of Square’s total sales, it generated just 3.7% of the company’s third-quarter gross profit. Both revenue and gross profit generated by the cryptocurrency had declined quarter over quarter compared to the second quarter of 2021.