Express Crypto News: 60-Second Recap, September 7th 2023

Last week in crypto, Bitcoin’s price jumped to nearly $28k on Tuesday, before dropping back to $26k on Thursday. Various theories have emerged, including the SEC’s opt to delay Bitcoin ETF deadlines. 

X, formerly Twitter, is obtaining a license to facilitate US crypto payments. Speculation hit the internet over whether X intends to accept crypto payments and a potential ‘X coin’, designed to reward creators. So far, Elon Musk has denied this. 

A Brazilian cryptocurrency streamer suffered a $50,000 loss after inadvertently revealing their private key. During a live stream on YouTube on August 29th, Ivan Bianco accidentally exposed his private key to a self-custody crypto wallet. Bianco shares content around blockchain games, and during the livestream opened a text file he was storing his Gala Games password, which also contained the seed phrase for his crypto Wallet. This security breach highlights the importance of safeguarding private keys to prevent unauthorized access and potential theft of digital assets. Fortunately, reports surfaced over the next couple of days that Bianco was able to recover some of his funds. Nonetheless, a painful lesson in private key security. 

Oprah Winfrey and Dwayne “The Rock” Johnson have launched the People’s Fund of Maui initiative which puts money directly into the pockets of those who are affected by the recent wildfires. The fund will accept crypto donations, an emerging trend in recent years. The Giving Block, a prominent crypto charity platform, has reported a significant increase in crypto donations. In 2021, crypto donations reached more than $69M, compared to $4.2M in 2020. Interestingly, the average donation size in crypto surpasses traditional donations with an average donation size of over $10,000 compared to $128 for traditional currency donations.

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