Bitcoin News

2023-03-31 07:58:02 SEC Chair Gensler: Existing rules regulate crypto, legislation unnecessary

The Securities and Exchange Commission takes the lead in defining what a security is, not necessarily legislation, the regulator's Chair Gary Gensler said. After a House Appropriations Committee hearing on Wednesday, Gensler told reporters that existing securities laws "cover most of the activity that's happening in the crypto markets.". Lawmakers have introduced legislation over the years to regulate crypto.

Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., have plans to reintroduce legislation next month that would, in part, assert that the Commodity Futures Trading Commission has control over digital asset commodities, such as bitcoin. The hearing came days after the CFTC sued the world’s largest crypto exchange, Binance, for unregistered trading activity and highlighted some major revelations in its 74-page complaint. Some of those include Binance possibly knowing that it helped facilitate illegal transactions. Gensler declined to answer whether the agency planned to bring its own actions.

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2023-03-30 04:42:03 Analysts say Binance’s $2.2 billion outflows don’t suggest a bank run yet

After the CFTC sued Binance on March 27, all eyes have been on the exchange’s publicly available list of wallets holding its clients’ crypto funds. Since the announcement, the exchange has seen $2.2 billion of cryptocurrency flow out of the exchange (a period of around 45 hours), according to data collected by The Block Research. Part of this was caused by an initial flurry of small withdrawals in the first hour following the news.

Lee noted that Binance has seen higher than normal withdrawals over the last few weeks, with average daily withdrawals of $385 million — in terms of Ethereum-based tokens. He added that $1.3 billion of withdrawals took place on the day of the CFTC news, but this was well under the $3 billion that left the exchange on Dec. 13, 2022. “I've seen a lot of bombastic headlines about the outflows Binance has experienced but they are actually less than normal,” said Tom Dunleavy, founder of Dunleavy Investment Research and former senior research analyst at Messari, in a Twitter DM. Binance's wallets are largely filled with stablecoins and top cryptocurrencies.

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2023-03-29 04:31:02 DAO token holders are plausibly liable, judge rules in bZx class action

A U.S. judge denied a motion to bZx DAO token holders as defendants in a class action lawsuit filed by some victims of the protocol’s $55 million hack from November 2021. The Court’s ruling classified bZx DAO as a general partnership. It stated that the plaintiffs provided sufficient facts to qualify defendants who hold the DAO’s governance tokens as members of the general partnership.

bZx is a DeFi margin trading protocol. The platform’s creators transitioned the protocol to a DAO controlled by bZx DAO in August 2021. Another community called Ooki DAO soon succeeded bZx DAO, taking ownership of the protocol. Members of Ooki DAO moved their assets to this new community. Ooki DAO is currently the subject of a lawsuit by the U.S. Commodity Futures Trading Commission. The court cited comments issued by the project team when transitioning to a DAO structure as grounds for its ruling. At the time, the bZx protocol founders stated that the move to a DAO.

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2023-03-28 04:32:02 Arbitrum TVL Soars 22% Weekly Following Much Anticipated ARB Airdrop

The total value locked in Arbitrum is soaring following the distribution of its much-anticipated ARB airdrop. The total value locked in decentralized protocols on Ethereum’s popular layer-2 scaling solution – Arbitrum – is soaring. This comes shortly after the protocol released its much-anticipated ARB token through an airdrop to early adopters.

Data from DeFi Llama shows that the total locked value (TVL) in Arbitrum is up more than 22% during the past seven days alone. With this, Arbitrum is currently the fourth-largest network by means of TVL, with $2.18 billion, sitting right after Ethereum, Tron, and the BNB Chain. Diving a bit deeper, the decentralized exchange with the highest TVL on Arbitrum is GMX, with $502 million, followed by Uniswap’s V3, with $292 million. Interestingly enough, Uniswap’s trading volume on the protocol soared by around 60% during the past week. The above comes after Arbitrum finally distributed its much-anticipated ARB token through an airdrop to early adopters, This took place on March 23rd.

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2023-03-27 04:54:02 Ex-Coinbase CTO Claims US Dollar is No Longer Too Big to Fail, Touts Bitcoin

Coinbase former CTO Balaji Srinivasan said the US Dollar (USD) is not too big to fail and expects Bitcoin (BTC) to replace it as the global reserve currency. Srinivasan pointed out that unlike in the past when investors have flocked to dollar-denominated assets during a time of stress, this is a different time. He noted that historical data shows that people exit devaluing currencies, which is where USD falls into.

“Dalio has a different definition of historical reserve currencies. He says it’s the US dollar, then before that the British pound, then before that the Dutch guilder. But the point remains that reserve currency status doesn’t last,” Balaji added. This continues his earlier views that Bitcoin could reach $1 million in 90 days as the US financial system suffers from hyperinflation. Meanwhile, many believe Balaji’s predicted changes take generations to happen, not 90 days. While not everyone believes BTC will replace USD, there are clear signs that the US dollar is weakening against other cryptocurrencies. The US Dollar Index is down 8.9% in the last 6 months and has lost 1.34% of its value in the past year.

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2023-03-26 04:42:02 DeFi TVL Reaches 2023 Highs as Lido Liquid Staking Expands Its Lead

Total value locked (TVL) in the decentralized finance (DeFi) sector has surpassed $63 billion, with Lido Liquid Staking expanding its TVL beyond $10 billion. Based on data by DefiLlama, this is a record high in 2023 when including the staking market in the DeFi TVL. However, without staking, this is the second time this month that the TVL.

The largest liquid staking protocol, Lido, has expanded its TVL on five chains. It has gained close to 3.6% in the past day, with a dominance of 16.9% in the DeFi market. The TVL of the Decentralized Autonomous Organization (DAO) includes staked tokens on various chains. Lido has the highest presence on Ethereum, with a value breakdown of $10.75 billion. The rest of the liquidity is distributed on Solana, Moonbeam, Moonriver, and Terra Classic. Notably, Lido increased its TVL from $1 billion in April 2021 to $10 billion for the first time in November of the same year.

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2023-03-25 05:22:03 El Salvador To Build A Tax-Free Paradise For AI Development And Bitcoin

El Salvador focuses on technological innovation, including tax elimination on tech advancements. This move attracts a huge number of developers and investors in every corner of the world. President Nayib Bukele has been at the forefront of this drive, embracing financial technology through Bitcoin and, more recently, with his plan to obliterate all taxes on technological advancements.

In a recent tweet, Bukele announced that all taxes, including income, property, capital gains, and import tariffs, will be eliminated. This move is aimed at encouraging the growth of the tech industry in El Salvador, particularly in the areas of AI development, coding, and apps, among others. The President plans to send a bill to Congress next week to make this a reality. This latest move by the El Salvadoran government is unsurprising, given Bukele’s previous focus on Bitcoin. Last week, the country even launched a Bitcoin/Lightning developer training program, and the much-awaited Bitcoin bonds are expected to roll out sometime between June to September.

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2023-03-24 18:42:12 ​Introducing CribX: The Next Generation of Web3 Entertainment

Ready to earn while enjoying movies?

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Musical Performances
Viewing Parties
Metaverse VR Avatar Experiences

CribX has teamed up with Polygon Labs to bring unmatched virtual experiences to the Metaverse!

Our platform features:

Smart TV & Mobile App
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Original Blockbuster Movie Series
P2E Gaming Adventures
Watch2Earn Streaming Service
Live AR Concerts with Top Artists
NFTs
Major Metaverse Partnerships
Comprehensive Roadmap
Transparent Team
Smart Contract Audited by Solidproof
Marketing Alliance with Ninjapromo.io

Even though the launch of CribX's token took place on 23.03.2023, there's still a chance for you to be a part of it and experience the excitement

This micro-transactional token will play a pivotal role throughout the ecosystem, enabling:

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P2E
Live concert tickets and merchandise
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A solid business strategy and watch-to-earn mechanics will encourage widespread adoption, making an investment in CribX tokens a wise decision.

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2023-03-24 05:54:02 DRPC launches decentralized RPC network for Ethereum apps

Ethereum infrastructure provider DRPC launched a decentralized RPC network for Ethereum-based apps to boost security, cost-efficiency, and reliability for decentralized applications in the crypto space. RPC stands for remote procedure call; a protocol used by crypto apps to communicate with blockchain networks. RPCs form a major part of the infrastructure layer for many blockchains, including Ethereum.

DRPC says it solves this problem by offering a decentralized RPC stack with a network of globally distributed providers. This group of decentralized providers can spread the RPC load of crypto apps among themselves more efficiently, DRPC stated in its announement. DRPC stated that its decentralized RPC currently supports Ethereum-based apps. The team has plans to expand its coverage to other EVM-based networks including Arbitrum, Polygon, and Optimism in the coming months. The project crossed the milestone of processing one billion RPC requests last month.

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2023-03-23 05:40:04 Nimiq integrates gas-abstracted USDC transactions on Polygon

Blockchain payments ecosystem Nimiq is integrating gas-abstracted USDC transactions for Polygon users within its native wallet. The feature makes it easier for users to process stablecoin transactions without having to hold a secondary token for fees. Nimiq Wallet users can now send and receive USDC without requiring Polygon’s native matic cryptocurrency to cover gas fees.

Nimiq is one of the first self-custodial wallets to implement Polygon gas-abstracted transactions, combining the simplified crypto experience with Polygon's low-cost, high network throughput. It’s powered by the open-source Gas Station Network protocol, which enables decentralized-application users to pay blockchain fees in any token. Users only need to hold USDC. The wallet's built-in smart contract automatically converts gas fees from USDC into matic under the hood — significantly reducing friction in using USDC for everyday payments.

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