Crypto Scoop: Bitcoin Breaks Past $50K resistance hovers at $55,000

Here are the highlights of this week's crypto scoop:

• Bitcoin breaks past 50K resistance
• Coinbase hack affects over 6000 users
• MoneyGram and Stellar Blockchain announce a partnership

Bitcoin breaks past $50,000 resistance

After weeks of gloomy trading, Bitcoin burst over the $45,000 resistance level. Bitcoin appears to be maintaining its upward trend, having broken through the $50,000 barrier and is presently hovering around $55,000. Bitcoin's bullish trajectory has been aided by the continued adoption of cryptocurrencies in several countries worldwide.

Despite China's increased restriction on bitcoin mining and transactions, bitcoin appears to thrive and maintain a bullish trend. It's still early in the month to tell whether this will be a bearish or bullish month. Crypto fans, on the other hand, are anticipating a bullish surge.

Coinbase hack affects over 6000 users

A flaw in the Coinbase system allowed hackers to access customers' SMS two-factor authentication code and break into their accounts. At least 6000 users were affected by this breach. Coinbase sent a notification letter to the customers notifying them of the breach. The hackers had, through the breach, transferred funds out of these accounts. Coinbase notes that the hackers didn't gain access through their system put through a phishing scheme.

Coinbase reports that the victims are being compensated for their losses, and it is doing all in its power to mitigate the effects of the hack. This is one of the most significant breaches to affect Coinbase as it exposed the customers' emails, phone numbers, and other details. For now, Coinbase is doing all it can to mitigate the effects of the breach.

Read Also: What is Phishing?

MoneyGram and Stellar Blockchain announce a partnership

MoneyGram announces a partnership with Stellar blockchain network to enable instant money transfer using Circle's USDC stablecoin. According to the release, MoneyGram has also added support for crypto wallets connected to the Stellar Network, allowing them to access its global retail platform. "MoneyGram's network, which is connected with the Stellar blockchain and powered by Circle's USD Coin (USDC), will provide cash financing and payout in local currency for consumers using USDC, as well as near-instant backend settlement capabilities," the company said.

Traditional cross-border payment providers like MoneyGram have to worry about their survival with the emergence of Bitcoin's layer two solutions, the Lightning Network, which provides for instant cash completion at zero cost on the Bitcoin blockchain. This is obvious in El Salvador, where the government-issued wallet, Chivo, has onboarded over 3 million residents in just four weeks, accounting for nearly half of the country's population. CEO of MoneyGram, Alex Holmes, notes, "As crypto and digital currencies rise in prominence, we're especially optimistic about the potential of stablecoins as a method to streamline cross-border payments. Given our expertise in global payments, blockchain, and compliance, we are extremely well-positioned to continue to be the leader in building bridges to connect digital currencies with local fiat currencies." This marks notable growth in the crypto space as notable traditional finance systems embrace crypto adoption.

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