This Week’s Hot Crypto Highlights
key trends in cryptocurrency: U.S. Bitcoin ETFs, global adoption, and market challenges, all captured in this engaging summary.
Cryptocurrency: Evolving Trends and Industry Challenges.
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Why proof of Solvency
Proof of Solvency combines two proofs—Proof of Reserves and Proof of Liabilities—to ensure assets exceed debts.
what you need to know about BRC20
In the crypto market, token standards specify how and where a coin can be used. There are different standards for crypto tokens on different blockchains. These include ERC-20 for Ethereum network, BEP-20 for Binance smart chain , TRC-20 Tron network, and now BRC-20.
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In cryptocurrency industry, Binance has taken the step of trimming its US workforce and implementing employee layoffs.
Binance, the world’s largest cryptocurrency exchange, is downsizing amid federal investigations. Dozens of employees have been terminated, with plans to reduce the US-based workforce, as reported by The Wall Street Journal.
SEC Chairman Gary Gensler discusses cryptocurrency exchanges and spot Bitcoin ETF applications.
SEC Chairman, Gary Gensler expresses doubt on crypto exchanges amid ETF approval requests. Concerns raised over lack of regulation, potential risks to investors, such as trading against their own clients or acting as market makers
SEC claims Coinbase knew about potential securities law violations.
New court documents reveal that the SEC accuses Coinbase of knowingly violating securities laws and deliberately continuing its operations to fuel business growth.
Microstrategy Stock Soars 7% After Berenberg Says Bitcoin Halving May Trigger Rally
Berenberg Capital Market believes that the fourth Bitcoin halving event could trigger a significant rally in the stock price of Microstrategy. Following this projection, Microstrategy’s share price saw a 7% increase. Berenberg has set a price target of $430 for Microstrategy’s stock (MSTR), which would represent an 18-month high.
XRP flips BNB for first time in 2 years after court ruling
XRP surpasses Binance’s BNB in market cap ranking for the first time in over two years. After a New York judge ruled XRP sales were not securities, BNB’s valuation falls behind XRP’s $42 billion. XRP’s market cap was higher than BNB’s briefly in April 2021.
https://blockworks.co/news/xrp-flips-binance-bnb
What Is Cardano’s Hydra Pay, and How Does It Revolutionise Micro Payments?
Cardano is working on Hydra, a Layer-2 solution, to become the fastest and most scalable network. They are now focusing on Hydra Pay, a decentralised payment system that aims to revolutionise blockchain micropayments. Hydra Pay allows near-instant, secure, and low-fee transactions off-chain, while maintaining functionality and security comparable to the main chain. It prioritises consumer protection and throughput with its unique proxy address structure. Overall, Cardano aims to reshape the landscape of blockchain micropayments with Hydra Pay.
XRP Ruling a ‘Landmark’ Judgment, Weakens SEC’s Stance Against Crypto: Bernstein
A U.S. court ruling states that Ripple’s XRP token sold through exchanges or programmatic sales should not be considered a security, bringing relief to XRP holders. While institutional sales were deemed to violate securities law, the ruling reduces the securities overhang for tokens sold on exchanges, according to analysts at Bernstein.
US Inflation Data Released: Impact on Cryptocurrency
The US consumer price index data has been released, showing that the monthly increase was slightly lower than expected at 0.2% instead of 0.3%. The annual increase was also slightly lower than expected, at 3% instead of 3.1%. The core consumer price index, which excludes volatile food and energy prices, had the same monthly and annual increases as the overall index, with the monthly increase at 0.2% and the annual increase at 4.8%. The annual increase in the core index was slightly lower than expected, as the expectation was 5%.
Scammers have been using Coinbase’s domain name in significant attacks
Scammers have been targeting Coinbase users through scams and phishing attacks, using the exchange’s domain name. A recent incident involved a Twitter user receiving fraudulent texts and emails from scammers using the domain Coinbase.com. The scammer obtained personal information, including address, social security number, and driver’s licence number. Stay cautious and vigilant to protect yourself from such scams.
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