Bitcoin
The biggest crypto news from the past week
12:18 pm ▪ 4 min read ▪ by Luc Jose A.
Between revolutionary announcements, technological evolutions and regulatory turbulence, the crypto ecosystem continues to prove that it is both a land of limitless innovation and a battleground for regulatory and economic struggles. Here is a summary of the most significant news from the past week regarding Bitcoin, Ethereum, Binance and Solana, etc.
The spectacular recovery of stablecoins with a 25% increase
Stablecoins have recently experienced a spectacular 25% increase in their market capitalization. This notable increase, observed between mid-October and mid-April, reflects a massive influx of capital into cryptocurrencies. Investors use stablecoins as a safe haven during periods of volatility, demonstrating renewed confidence in the cryptocurrency market. The recent stabilization of the capitalizations of these assets may indicate a waiting phase for investors before new significant movements.
1 Bitcoin per day: El Salvador’s visionary bet for its economic future
Salvadoran President Nayib Bukele reaffirms his commitment to Bitcoin by announcing that the country will continue to buy one Bitcoin per day until crypto becomes inaccessible with fiat currencies. Since September 2021, El Salvador has adopted Bitcoin as legal tender and launched a daily purchase program in November 2022 to build long-term reserves. Currently, El Salvador holds 5,748 BTC, representing more than US$360 million, with a gain of US$57 million. The government has also created a cold wallet to protect these assets. This ambitious strategy reflects El Salvador’s confidence in Bitcoin’s economic potential, despite still limited adoption among the population.
Chainlink revolutionizes fund tokenization with support from top banks
The Depository Trust and Clearing Corporation (DTCC) has successfully conducted a fund tokenization pilot in collaboration with Chainlink and several major US banks, including JPMorgan and BNY Mellon. The project, called Smart NAV, aims to standardize and accelerate the tokenization of traditional assets using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to integrate net asset value (NAV) data across multiple blockchains. This initiative promises to transform fund management and improve the efficiency of financial transactions through smooth and secure data integration.
5 years in prison for Tornado Cash developer
Alexey Pertsev, the developer of the Tornado Cash protocol, was sentenced to 5 years and 4 months in prison by a Dutch court for facilitating the laundering of $1.2 billion through his app. This highly controversial ruling penalizes Pertsev for allowing malicious use of his open source code for illicit activities, although Tornado Cash is a non-custodial application with no direct control over funds. This ruling raises questions about the responsibility of developers of decentralized applications and the implications for the future of cryptographic anonymity tools.
💳 Crypto: the revolutionary test between Mastercard and Standard Chartered
Mastercard and Standard Chartered have successfully conducted the first live trial of the Multi-Token Network (MTN), held as part of the Hong Kong Monetary Authority’s (HKMA) Fintech Supervisory Sandbox. This test focused on the tokenization of carbon credits, using atomic swaps to guarantee simultaneous and irreversible transactions. This initiative demonstrates the potential of tokenization to improve the flexibility and security of financial transactions. Mastercard and Standard Chartered thus demonstrate their role as pioneers in the integration of blockchain technologies in the financial sector.
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Lucas José A.
Graduated in Science from Toulouse and holder of a blockchain certification consultant delivered by Alyra, I am back on the Cointribune adventure in 2019. Harness the potential of blockchain to transform various sectors of the economy, and gain price engagement to raise awareness and inform the big public about this constantly evolving ecosystem. My goal is to enable you to better understand blockchain and take advantage of the opportunities it offers. I strive now to provide an objective to analyze current affairs, to decipher market trends, to convey the latest technological innovations and to measure in perspective the economic and social countries of this revolution in March.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.