Market overview: July 13 — 17, 2020

Friday is finally here, and as usual, here’s our brand new weekly digest for you. Check out our market updates with the biggest stories of cryptocurrency and blockchain spheres.

Wednesday’s epic Twitter attack

Twitter was thrown into chaos on Wednesday after accounts of celebrities (Elon Musk, Bill Gates, and Jeff Bezos) and giant companies (like Apple) starting tweeting out links with Bitcoin scams.

Apple on Twitter was hacked

On Wednesday evening, Twitter team revealed that its own internal employee tools were hacked and used in the attack. This may explain why even accounts that were protected with 2FA were still attempting to fool followers with the bitcoin scam.

Lawmakers blame Twitter. They are calling on Twitter to answer for a hack, pointing at its weak cybersecurity.

PayPal confirms interest in digital assets

Digital payments company PayPal has confirmed that it is trying to enter the cryptocurrency industry. In a letter to the European Commission, the company admitted that it is monitoring digital assets and their evolution, also it is developing cryptocurrency implementation in its products. However, PayPal didn’t specified about cryptocurrency integration.

Not so long ago CoinDesk reported that PayPal and its affiliated project Venmo will allow their users to buy and sell cryptocurrencies. It was expected to see a built-in wallet functionality so you can store it there. It was expected that PayPal would start cryptocurrency support in the next three months.

ZCash and its hard fork

Privacy cryptocurrency ZEC has successfully hard forked in the planned network update called“Heartwood.” 

According to the Electric Coin Company (ECC), it occurred on July, 16. This hard fork was supported by both the ECC and Zcash Foundation.

With this brand new update, miners can receive coinbase transactions right to a private address. In addition, Flyclient was implemented there. So a novel transaction verification allows users to verify transactions with the smallest amount of information.

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