Cryptocurrencies continue to rise despite regulatory issues: Market wrap

RIYADH: Despite misconceptions and concerted efforts to stutter the growth of crypto coins over regulatory issues, the new currency continues to gain acceptance and make gains in international trading. 

Bitcoin, the leading cryptocurrency, traded higher on Sunday, rising by 0.11 percent to $47,930.91 at 7:05 p.m. Riyadh time while its close rival Ether traded at $3,413.33, up 0.51 percent, according to data from CoinDesk.

Nasdaq-listed cryptocurrency exchange Coinbase has revealed that more than 6,000 users this week have been victims of a hacking campaign.

Hackers took advantage of a flaw in Coinbase’s SMS account recovery process to gain access to user accounts.

“Unfortunately, between March and May 20, 2021, you were a victim of a third-party campaign to gain unauthorized access to the accounts of Coinbase customers and move customer funds off the Coinbase platform. At least 6,000 Coinbase customers had funds removed from their accounts,” the attorney general explained in a letter on the website.

Postponed

A spokesperson for the Central Bank of Nigeria, Osita Nwanisobi, said the launch of the central bank digital currency “e-naira” has been postponed to a later date.

“The planned unveiling on Oct. 1, 2021, has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence anniversary,” the Nwanisobi explained in a Facebook post.

Power crisis

Kazakhstan is suffering from electricity shortages, and plans to boost its power generation capabilities in the coming years, as a government official revealed at a press conference that consumption rose by 7 percent in 2021 compared to last year.

Referring to figures released by network operator KEGOC, Energy Minister Magzum Mirzagaliyev, told local media that the increase in demand is largely due to the growing number of data centers dedicated to cryptocurrency mining.

“We need to make a number of decisions. First, we must be able to ensure that system operators have the right to limit or reduce the consumption primarily of mining data centers at a time when there may be a shortage of electricity.”