Weekly Flip Thru: BTC Price Hits 6-Week High, Apple and Google Come Under Scrutiny for Crypto Apps
Summer festival season is underway! While crowds are flocking to outdoor music venues, we’ll be keeping you up to date with the latest vibrations from the world of crypto. Below, you’ll see the biggest stories in crypto for the week of August 1, 2022.
Markets looking a tad bullish as BTC price hits 6-week high (CoinTelegraph) Bitcoin prices continued to rally as the final week of July drew to a close. The momentum wasn’t siloed to BTC, either. The price of ETH broke above $1,700 for the close of the month, with positivity abounding ahead of the ethereum merge that’s planned for September 2022.
California will allow cryptocurrency donations to candidates running for state and local offices (LA Times) A committee in California’s state legislature approved new rules that will allow cryptocurrency contributions to local and state political campaigns. Candidates running for federal office are allowed to accept cryptocurrency contributions, but prior to last week California was one of nine states that prohibited candidates running for local and state office to accept campaign contributions in crypto. With the new set of rules in place, California joins a list of states and Washington, DC that allow political candidates to accept crypto donations as they run for local office. One caveat for politicians who accept those contributions, though, is that they must immediately convert the cryptocurrency into U.S. dollars.
Apple and Google face scrutiny over crypto mobile app review process (The Verge) U.S. Senator Sherrod Brown (D - OH) sent letters to Apple CEO Tim Cook and Google CEO Sundar Pichai last week asking for clarification on their app review process when it comes to crypto apps available in either Apple’s App Store or the Google Play Store. Although there are some common crypto scams that consumers should learn about to better protect themselves and their assets, the recent rise in fraudulent crypto apps is a focal point for law enforcement. The FBI released a cybercrime report in the days leading up to Sen. Brown’s missive to the tech giants, and in it they estimate losses totaling $42.7 million in less than a year due to fraudulent investment apps that are posing as legit.
Just goes to show that although many apps might purport to be convenient and trustworthy, consumers would be wise to thoroughly vet any app that they’re using to buy or send crypto. Need assistance with your crypto purchases? You can always look to CoinFlip’s Order Desk for help in purchasing or selling crypto with help from real human beings.
Solana fans find good company in sleek NYC storefront (Fortune) Is that a new Apple store in New York’s glitzy Hudson Yards shopping mall? Not quite. Although the minimalist design and clean lines are reminiscent of one of Apple’s retail stores, this one is a Solana store. The store has interactive displays that simulate real-time data from the Solana blockchain and a gallery displaying Degenerate Ape Academy NFTs on its walls. Of course there’s merch to be found, and store patrons can pay for everything in SOL.
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