Bitcoin kickstarts lively week above $42K in a promising week for cryptos

Let’s take a look at some of the past week’s major events.

  • Litecoin has launched its highly anticipated Mimblewimble upgrade, enabling more privacy-oriented transactions on the network. Users on the network can opt-in to confidential transactions, improving the coin’s viability as a fungible currency used for everyday transactions. LTC has surged 15% since the network announced the upgrade.
  • India’s Finance Minister Nirmala Sitharaman has proposed the introduction of a 30% cryptocurrency tax, targeting all transfers of digital assets. According to the Finance Minister, no deductions will be allowed, except the cost of acquisition. India’s Finance Secretary revealed that the country will not be following El Salvador’s footsteps in declaring cryptocurrencies such as Bitcoin and Ether as legal tender.
  • The Wormhole token bridge, which allows users to send and receive cryptocurrencies between Ethereum, Solana, Binance Smart Chain, Polygon, Avalanche, Oasis and Terra has experienced security exploit last week. The hack marked the largest crypto hack so far in 2022, and the second-largest decentralized finance exploit to date.

Bitcoin tackles $40K resistance

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