Bitcoin Halving: Less than 50,000 Blocks Remaining
Bitcoin (COIN:BTCUSD) halving is approaching, with less than 50,000 blocks to go. Slated to take place on April 22, 2024, the event will cut the mining block reward in half. The Bitcoin community is looking forward to it, as previous halvings have been linked to a possible rise in price. However, it is important to consider that only three halvings took place and that macroeconomic uncertainty can influence the results.
Bitcoin Cash Upgrades Network to Support CashTokens
Bitcoin Cash (COIN:BCHUSD) underwent an update on May 15 that allows the creation of CashTokens, expanding the possibilities on the network. Tokens can be used in various applications such as payments, commodities and tickets. The upgrade comes amid the growth of BRC-20 tokens, which have surpassed $1 billion in market capitalization. However, increased fees and network congestion have been challenges since this upgrade.
BlockFi seeks liquidation of its loan operations
Bankrupt cryptocurrency lender BlockFi seeks court authorization to sell its lending business and pay off creditors. The company unsuccessfully tried to sell the platform and said it did not receive offers that maximized the value. BlockFi has released its Chapter 11 restructuring plan, subject to court approval. Furthermore, the company revealed that the claims against the FTX Group are the main recovery factor for creditors and customers. This includes FTX, Alameda Research, Three Arrows Capital, Emergent and Marex. BlockFi’s Committee of Lenders has disputed the company’s claims that it was wronged by bankrupt cryptocurrency firms FTX and Alameda Research, labeling them a “false case narrative.”
SEC Asks Judge to Reject Coinbase’s Request for Clarification
The SEC has asked a judge to deny Coinbase Global Inc’s (NASDAQ:COIN) request for a response to the company’s cryptocurrency regulation petition. The SEC stated that Coinbase is not entitled to extraordinary relief and that regulatory changes take time. “Coinbase’s preference for faster or different regulatory action by the commission does not entitle it to extraordinary relief from this court,” the attorneys wrote of the commission in the process. “The request must be denied.” The relationship between the two entities has deteriorated, and the SEC has stepped up its enforcement actions against cryptocurrency exchanges, raising concerns about the impact on Coinbase.
Justin Sun accuses brother of Huobi founder of freeloading on HT
Justin Sun, CEO of Tron (COIN:TRXUSD), accused Li Wei, the brother of the founder of exchange Huobi, of acquiring tons of Huobi Tokens (COIN:HTUSD) for free and selling them for millions. Sun pledged to retrieve and destroy the remaining tokens with the help of the Huobi Global Advisory Committee and the HT DAO community. Huobi founder Li Lin asked for evidence of the allegations and promised 10 times compensation if they were true. HT posted a 2.5% increase following the news.
Binance CEO unfollows Elon Musk on Twitter, but retains investment in social media site
Binance CEO unfollowed Elon Musk on Twitter, but maintains investment in the platform. Speculation arises about the relationship between the decision and Musk’s partnership with eToro. In November, Zhao shared that there were “very strong reasons” why the exchange invested in the social media platform: “Number one is that we want to be extremely supportive of free speech,” he said, adding that Twitter is ” where people express their opinions. It’s an important free speech platform – that’s reason number one.” CZ, with 8.4 million followers, claims to be a big Twitter user and reveals that Binance intends to be a long-term investor in the platform.
Valkyrie Files Application for Leveraged Bitcoin Futures ETF with Interesting Symbol
Asset management firm Valkyrie has applied to the US SEC for approval of a leveraged bitcoin futures ETF, called the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD). The name, BTFD, is also known in the crypto community as “buy the damn dip”. The fund aims to profit from increases in the price of bitcoin futures contracts, aimed at sophisticated investors. “Bitcoin and bitcoin futures are a relatively new asset class and are subject to unique and substantial risks, including the risk that the value of the Fund’s investments could rapidly decline, including to zero,” the company said. “Bitcoin and bitcoin futures contracts have historically been more volatile than traditional asset classes. You must be prepared to lose your entire investment.”
Origin Protocol launches OETH to boost DeFi yields
Origin Protocol launches Origin Ether (OETH) to earn ether staking returns on other DeFi protocols. OETH holders can stack it with native staking rewards, earn trading fees and token rewards on Curve and Convex protocols. OETH offers daily yields with no gas fees, providing access to high yields in DeFi. The strategy includes exposure to betting derivatives and DeFi lending to further increase user yields.
e-CNY continues to expand
The autonomous region of Guangxi Zhuang, which borders Vietnam, promises to lead e-yuan use in trade with Southeast Asia, underlining Beijing’s efforts to internationalize its digital currency. Guangxi Zhuang will implement e-CNY in nine national functions and test it in eight local scenarios, including the China-Asean Expo, according to the South China Morning Post. China continues to lead digital yuan testing in several cities, with Nanning recording 430,000 wallets and transactions worth 402 million yuan. The aim is to strengthen economic cooperation with ASEAN, China’s largest trading partner.
Developers Question Its Viability And Transparency Of Worldcoin
The Worldcoin crypto project, founded by Sam Altman, is seeking an additional $100 million in funding for its iris-scan-based global identification system. However, Hudson Jameson, former lead developer of Ethereum (COIN:ETHUSD), questioned the viability of the project, raising concerns about transparency and the token economy, as well as criticizing the lack of plans to deal with socioeconomic issues in different regions. Other developers, including Ethereum lead developer Tim Beiko, have also expressed doubts about the future of Worldcoin. “Last time I checked I saw 0 indications that they have publicly accessible plans to deal with the huge socio-economic issues that vary from region to region. There’s also no working group where they’re inviting experts on this. If there is, there is no publicity about it,” tweeted Jameson.
EU approves MiCA regulation for cryptocurrencies
The Council on Economic and Financial Affairs of the European Union approved the Markets in Crypto-Assets (MiCA) regulation, together with amendments to other regulations, after voting on May 16. The European Parliament also formally adopted the legislation on April 20. MiCA sets out clear regulatory guidelines and requirements for cryptocurrencies, digital assets, utility tokens and stablecoins across the EU. The legislation includes registration and authorization requirements for cryptocurrency issuers, exchanges and wallet providers, as well as prevention of market abuse and insider trading. MiCA will come into force in mid-2024.
FDIC slams cryptocurrency and mismanagement over bank collapse
FDIC blamed cryptography and mismanagement for the collapse of Signature Bank and two other banks. FDIC Chairman Martin Gruenberg pointed to ignorance of cryptocurrency risks as a reason for failure. Gruenberg highlighted the risky nature of cryptocurrency deposits due to the industry’s vulnerability to the contagion of the 2022 crisis. He also mentioned losses of $16.1 billion and $2.4 billion resulting from the failures of Silicon Valley Bank and Signature Bank, respectively. In addition, the subsequent closure of First Republic Bank resulted in a $13 billion loss. To ensure orderly resolutions, the FDIC chairman suggested long-term debt requirements and special attention for banks with more than $100 billion in assets. A report reveals lack of liquidity and bad management. Cryptocurrency exposure and rising interest rate are also mentioned as factors in bankruptcies.
Cormint Data Systems raises $30 million
Cormint Data Systems raised $30 million to build Bitcoin mining data center in Texas. The new capital, led by the chairman of Cormint and the chairman of Silicon Laboratories, brings computing power to 2.4 exahash/second and should be up and running by the end of 2024.
Asymmetry Finance raises $3 million for its DeFi protocol
Asymmetry Finance raises $3M in seed funding for its DeFi protocol and reaches $20M valuation. The project aims to offer a decentralized alternative to Ethereum betting services, mitigating risks and regulations. The platform will launch today and funds will be used for development and expansion. Asymmetry Finance’s flagship protocol project is Simple Asymmetry Finance Ethereum (safETH), a token issued to customers who stake ETH on the platform. The protocol bills itself as easy to use, with a “fee-free decentralized asset basket” that “directly mitigates risks, such as the central point of failure and a single dominant custodian, at risk of potential regulation.”
River raises $35 million in Series B funding round
Despite the Bitcoin market slump, American company River raised $35 million in a Series B funding round led by Kingsway Capital, with participation from Peter Thiel and other companies. San Francisco-based River is one of the largest providers of Bitcoin financial and technology services, and manages one of the largest Lightning Network nodes. The company believes that the renewed interest in Bitcoin is driven by commercial and institutional adoption and that Bitcoin is a sure path to a stronger and more transparent global economy.
Auradine raises $81 million in funding for security and scalability solutions
Blockchain and AI startup Auradine raises $81 million in funding led by Celesta Capital and Mayfield. The company is developing scalable, sustainable and secure solutions, with input from investors such as Marathon Digital Holdings and Stanford University. Auradine plans to launch its first product this summer, focusing on financial and healthcare sectors. The company says it is developing “revolutionary solutions for scalability, sustainability and security”. “Our first product will be a system-level solution with software and cloud management capabilities, focusing on blockchain security applications,” said Rajiv Khemani, co-founder and CEO of Auradine.