2021-06-04

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On this week's episode of Crypto scoop:

  • Bitcoin suffers another hit following a tweet from Tesla's CEO
  • Impossible Finance (DeFi project) raises $7 million in seed capital
  • Norton adds a new feature to support Ethereum mining
  • Paxful launches new feature that supports bitcoin payment to businesses across the globe
  • Coinbase lists Dogecoin as one of its tradeable assets

Bitcoin suffers another hit following a tweet from Tesla's CEO

It seemed bitcoin was finally on a healthy recovery path to its previous ATH. However, Elon Musk's, CEO of Tesla, recent tweet that suggests a breakup with the bitcoin has sent bitcoin traders into a panic that resulted in sell-offs. Elon Musk tweeted a broken heart with the bitcoin logo attached with a couple's picture in the middle of a breakup.

The bitcoin community took it as an indication that suggested Tesla was distancing itself from bitcoin and probably would soon be offering its $1.5 billion worth of bitcoin for sales. This prompted another round of sell-offs that had bitcoin almost hitting $33K. After the bitcoin dip, other currencies like Ether, Dogecoin, Polkadot, among others, seemed to follow suit suffering more significant losses than bitcoin.

Since then, bitcoin has been able to rally upward and even reach about $39,319. However, analysts are concerned about what this means for the crypto community. This is because recent tweets have amplified the fear of crypto traders in bitcoin and other cryptocurrencies.

Impossible Finance (DeFi project) raises $7 million in seed capital

Through its recent seed funding, DeFi protocol Impossible Finance (IF) has raised $7 million. The seed funding was launched on the Binance Smart Chain just last month under the leadership of notable investors such as CMS Holdings, Hashed, True Ventures, and Alameda Research, among others.  The funds raised would be used to develop its DeFi offerings. Like other DeFi projects, the seed funding would be used to build a multi-chain ecosystem that would promote DeFi liquidity. The project would serve as an incubator on which other DeFi protocols can be built.

Norton adds a new feature to support Ethereum mining

The popular anti-virus service provider Norton has launched a new feature that would allow its thousands of users to mine cryptocurrencies directly through its platform. NortonLifeLock, the Norton Antivirus services company, announced its latest introduction, Norton Crypto, in a press release on Wednesday. It noted that select Norton 360 customers have begun to mine Ethereum directly.

Interested adopters can join the Norton mining pool from their personal computers without disabling their anti-virus, protecting them from malicious software and persons. Participants who partake in the mining pool can receive their rewards periodically on a Norton Crypto Wallet or a personal wallet designated by the participant.

However, according to its terms and conditions, miners would have to pay 15% of the total crypto sent to their wallets to enjoy the benefits of Norton. Norton stressed that miners can enjoy the software built into the platform even when the computer is idle.  Ethereum mined can be stored in Norton's wallet via the cloud or extracted to Coinbase, a crypto exchange.

Paxful launches new feature that supports bitcoin payment to businesses across the globe

Paxful, the peer-to-peer exchange, announced its launch of a tool that would convert customer's payments into bitcoin and have them forwarded to their selected merchant's digital wallet. This new feature would allow businesses worldwide to receive bitcoin in payment. The company noted that in time they would enable conversion to other cryptocurrencies. Its latest initiative would allow its customers to pay for goods and services with cryptocurrencies with ease.

Paxful noted that this is just one of the many features it would be rolling out soon. The company also hinted at rolling out a new feature that would enable direct or automatic conversions into stablecoins like Tether (USDT)

Coinbase lists Dogecoin as one of its tradeable assets

Earlier last month, Coinbase announced its intention to add dogecoin to its tradeable assets. True to their word, dogecoin has officially been listed as one of its tradeable assets. Coinbase customers can now buy, sell and store Dogecoin on the platform.

In a bid to promote and educate its users on Dogecoin, it has included web pages on Dogecoin on its website and created a section that addresses frequently asked questions on Dogecoin. The crypto exchange has also stirred interest in Dogecoin through a $1.2 million giveaway promotion. Investors who wish to participate in the giveaway promotion must purchase $100 worth of Dogecoin to be eligible for the giveaway promotion