Crypto Flipsider News July 5th Bitcoin, Investors, Grayscale, Cardano, ADA, DAO in Wyoming, Hermitage – DailyCoin

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Hello dear cryptorists,

Welcome to the sleepless world of digital assets. Grab your headphones and go: Ride the Bitcoin roller coaster, then climb to the top with Cardano, celebrate with America’s first DAO, and welcome the world’s greatest art masters to NFT.

This is our guide to today’s crypto galaxy hitchhiker:

Bitcoin roller coaster: Biggest drops, but institutional investors are still there

The Bitcoin party is on! Hashrate drops, whales are back, investors are rubbing their hands

Bitcoin lost around 45% of its value in the second quarter. This is one of the worst quarters for Bitcoin since Q1 2018, when it lost almost 60% of its value.

At the same time, the major crypto’s mining difficulty has dropped by almost 28%, due to Bitcoin’s hashrate dropping sharply to 2019 lows.

The main factors behind a tough season for Bitcoin were China’s ban on cryptocurrency mining and trading, Tesla’s pullback from accepting Bitcoin payments, problems with durability.

Slow and Steady wins the race: Cardano hits grayscale

The world’s largest cryptocurrency manager Grayscale has officially adopted Cardano (ADA). The company announced that it has adjusted its Digital Large Cap fund to include the fifth largest cryptocurrency in the family.

Cardano is now the third largest large cap fund, accounting for 4.26% of the fund’s total weight. Bitcoin and Ethereum are still the most dominant, operating at 67.47% and 25.39% respectively.

Currently, Grayscale claims to have $ 29.8 billion in total assets under management.

Fall of the wall: the first DAO was legalized in the United States

The US CryptoFED DAO became the first legally recognized Decentralized Autonomous Organization (DAO) in the United States. The US CryptoFed DAO aims to create a monetary system without inflation, deflation and zero cost transactions.

The state became the first in the United States to recognize DAOs as limited liability companies (LLCs) earlier this year. The law entered into force on July 1, 2021.

DAOs offer a new blockchain-based organizational working model, where the community (not the central governor) makes decisions by voting on smart contracts. Since DAO itself is a collection of smart contracts, decisions are automatically executed whenever they gain majority support.

Another victory for democracy, but still being a young working model and purely a set of smart contracts, DAOs are vulnerable to various risks: code failures, manipulative behavior, or ignorance. But as a system of governance DAO probably should never turn into something like Mao.

Former Cryptopie employee admitted to stealing hundreds of cryptos

The former Cryptopia exchange employee has pleaded guilty to stealing up to $ 250,000 (the exact number is counted) in crypto and customer data from the New Zealand cryptocurrency platform.

The employee copied the private keys of Cryptopias clients’ wallets to USB and made illegal crypto withdrawals from several wallets, representing nearly 13 Bitcoins.

The crypto exchange was among New Zealand’s most promising startups, until 2019 when it suffered the massive $ 24 million theft. The hack was unrelated to the private key theft mentioned. Since then, Cryptopia has been put into receivership.

Russian Hermitage Museum plans to issue NFT on works of art

The Hermitage Museum opens up to symbolic art. The world’s second largest fine arts museum, based in St. Petersburg, Russia, has announced plans to host the NFT exhibition later this year.

The museum will exhibit NFTs for works of art in the Hermitage collections. He has already started collaborative talks with Binance crypto exchange regarding the issuance of NFT.

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