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Highlights
- Bitcoin received a major upgrade over the weekend rolling out the long-awaited taproot code on Sunday
- Indonesia has banned cryptocurrency for 88 per cent of the population
- Ethereum is priced at US$4,595 after recently posting an all-time high close to US$4,850
Bitcoin Upgrade
Bitcoin received a major upgrade over the weekend rolling out the long-awaited taproot code on Sunday.
Will Bitcoin Taproot Upgrade trigger another price rally?
The upgrade boosts security and privacy for the world’s number one cryptocurrency by making its transaction signatures look like any other exchange.
The upgrade will allow the crypto to handle larger transactions and help accommodate newcomers to the Bitcoin blockchain.
Bitcoin is currently settled at US$64,500.
Indonesia Declares Crypto as Anti-Islam
Indonesia has banned cryptocurrency for 88 per cent of the population.
On Friday, the National Ulema Council, Indonesia’s religious council identified crypto as “haram”, meaning it’s forbidden under sharia law.
The ruling mainly pertains to the massive rises and falls commonly found in crypto markers, equating it to wagering – a practice deemed a sin under Islamic law.
However, Asrorun Niam Sholeh, head of religious decrees, offered a caveat, saying if crypto can offer a clear benefit to society, then it can be traded.
Furthermore, the remaining 12 percent of Indonesia’s population, which are not Muslim are free to participate in crypto trading and investing.
Altcoin News
In altcoin news, many signs are suggesting that altcoin season is well on its way. Altcoin season is an extended period where the top Altcoins outperform Bitcoin.
The most important of the early signs has been Ethereum’s price rally. Ethereum is well-known for being a catalyst for an incoming alt season. Currently, Ethereum is priced at US$4,595 after recently posting an all-time high close to US$4,850.
With Solana also reaching an all-time high last week, many are pointing to this as a sign that the market is heading to an altcoin season.
Winners and Losers
Source: Coinmarketcap.com, based on top 100 cryptos.
Image Source @ 2021 Kalkine Media
