Bitcoin

The latest gold reserves survey by the World Gold Council shows that central banks are less optimistic about the future role of the U.S. dollar while their confidence in gold has risen. “There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold,” said the council’s director of Central Banks and Public Policy. Central Banks’ Confidence in US Dollar Drops The World Gold Council (WGC) published the results of its 2023 Central Bank Gold Reserves Survey Tuesday. “Following a historical high level of central bank gold buying, gold continues to be viewed favorably by central banks,” the gold industry body described, adding that 24% of central banks surveyed intend to increase their gold reserves holdings in the next 12 months. Last year, central banks bought a record 1,136 tons of gold. In contrast, the council noted: Central banks’ views towards the future role of the U.S. dollar were more pessimistic than in previous surveys. According to the su

On Wednesday, Bitcoin reached a new milestone as its mining difficulty increased by 3.4% at block height 792,288, setting a fresh record. The difficulty level surpassed the 50 trillion mark for the first time in Bitcoin’s history, hitting an unparalleled 51.23 trillion. Bitcoin Mining Difficulty Jumps 3.4% Higher Data reveals that around 373 exahash per second (EH/s) of hashrate is committed to the Bitcoin blockchain, and the network’s hashpower has been consistently growing. For instance, on May 2, 2023, at block 787,895, the network’s hashrate reached an all-time high of 491.15 EH/s. Due to this escalated hashrate and quicker block intervals , the difficulty rose by 3.22% on May 18 at block height 790,272. The most recent difficulty adjustment transpired at block height 792,288 with a 3.4% increase . The difficulty climbed from 49.55 trillion to the present 51.23 trillion after Wednesday’s surge. This is the first time Bitcoin has registered a difficulty above the 50 trillion ma

In the wake of Binance’s departure from Canada, cryptocurrency exchange Bybit has announced its exit from the nation as well, citing “recent regulatory development” as the reason. Effective May 31, Bybit stated that it would cease accepting applications from Canadian residents. Bybit to Pause Operations in Canada According to a Tuesday announcement , Bybit is withdrawing from Canada and has suspended new registrations from Canadian residents as of Wednesday. Starting July 31, Canadians will be unable to deposit funds; however, they can still withdraw and reduce their trading positions for the time being. “Canadian Customers who are implicated by these measures should take steps by September 30, 2023, 8AM UTC to wind down and manage their positions,” Bybit said. “Failing which, open positions in any margin products and derivative contracts — will be liquidated and the liquidated funds will be available for withdrawal.” While Bybit explained it has always prioritized compliance, it

What is wrong with the current P2E market Since most P2E projects do not create long-playing products, the Free-to-Play model of the past decade is breaking down, threatening to disrupt a $100B+ industry. The main lessons learned before 2023 are: NFTs were misused for trading and farming, not for gaming, Pay-to-play model anyway to engage in a full-featured game, Low quality graphics and lack of unique generated content, Farming and breeding decrease economy in a long run, Complex onboarding of Web2 gamers. Here’s where Junkineering comes into play, with the goal to improve the model, align incentives between developers and players in a virtuous cycle, as well as deliver a quality product, engaging and Fun-to-Play. The approach they offer is as follows: Game design based on the NFT Utility, Fair free-to-play and Digital Ownership, User Generated Content, No breeding, no farming mechanics, Familiar experience for Web2 audience. What is Junkineering Junkineering is a

The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence since the 1970s. Tinubu: Nigeria Needs Lower Interest Rates to Increase Investment and Consumer Spending The recently sworn-in Nigerian president, Bola Ahmed Tinubu, has chastised the Nigerian central bank’s aggressive interest rate policy which has seen the benchmark rate rise to 18.5%. According to Tinubu, the Nigerian economy needs lower interest rates if it is “to increase investment and consumer purchasing.” The remarks by the new Nigerian president came just over a week after the Central Bank of Nigeria (CBN)’s monetary policy committee voted to raise the benchmark rate by 50 basis points. The CBN has argued that its aggressive interest rate policy is intended to tame inflation, which rose to a 17-year-high o

The global blockchain gaming market will grow significantly during the next seven years and is expected to reach a market cap of $301.53 billion by 2030, according to a report issued by markets and intelligence firm Grand View Research. The “Blockchain In Gaming Market Size” report, found that this growth will be powered by the transition from traditional to blockchain gaming. Entertainment Market to Shift to Blockchain-Based Games The blockchain gaming market will grow significantly during the next seven years according to some predictions. A report issued by Grand View Research, a California-based markets research firm, predicts that the global blockchain gaming market will reach a market cap of $301.53 billion by 2030. According to the report, this growth will be incentivized by the shift from traditional gaming to alternatives that allow ownership of assets, transparency, and gaming monetization. These traits of blockchain gaming could also cause the sector to rise at a compou

According to a report published by the cybersecurity research team known as 0d, a division of Dwallet Labs, researchers discovered a critical vulnerability in the Tron network’s native multi-sig mechanism. The cybersecurity experts explained that the vulnerability could have impacted more than $500 million worth of digital assets held in Tron multi-sig accounts. 0d specified that Tron’s development team addressed the problem by creating a patch for the bug. Cybersecurity Researchers Summarize Bug Found Tied to Tron’s Multisig Mechanism, Tron Devs Patch the Vulnerability On May 30, 2023, the research team 0d from Dwallet Labs published a report that uncovers a vulnerability in Tron’s native multisig scheme. The vulnerability enables any signer of a multi-sig account to bypass the network’s security measures, irrespective of the designated threshold and number of signers. “This vulnerability impacts over $500M in digital assets that are held in Tron multi-sig accounts,” 0d reported o

After announcing its plan to invest 15% of profits into bitcoin, the company Tether Limited has taken another step toward its crypto goals. Tether, the stablecoin issuer, has revealed its latest venture: “sustainable bitcoin mining operations in Uruguay.” Tether has partnered with a licensed local company to make this happen, as it believes Uruguay is the ideal location for bitcoin mining production. Tether’s Bitcoin Mining Operations Take Root in Uruguay Tether, the issuer of the largest stablecoin in terms of market capitalization, said it is gearing up to invest in energy production resources and establish sustainable bitcoin ( BTC ) mining operations in Uruguay. Paolo Ardoino, the CTO of Tether, elaborated on their vision, expressing that the team behind energy production and bitcoin mining is actively seeking talented individuals to join their venture. In a recent blog post , Tether revealed that it has partnered with a local company in Uruguay to kickstart these operations.

The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses “a future threat to the participation of South African financial institutions in the global financial system.” Central Bank Tasked With ‘Protecting and Enhancing Financial Stability’ The South African Reserve Bank (SARB) has said the country’s “non-aligned stance” on the war between Ukraine and Russia could “pose a future threat to the participation of South African financial institutions in the global financial system.” According to the central bank, the possibility of secondary sanctions being imposed on South Africa over its alleged pro-Russia stance further threatens financial stability. In its recently released Financial Stability Review (FSR) report , the SARB noted that U.S. Ambassado

The government of Russia is preparing to regulate the establishment and action of crypto exchanges, abandoning its earlier proposal of the creation of a unique national platform. Anatoly Aksakov, head of the Russian State Duma Financial Markets Committee, stated that crypto exchanges could help Russia to bypass sanctions by using crypto to settle international payments. Russia to Enact Cryptocurrency Exchange Rules Soon The government of Russia will focus on establishing a framework to regulate the establishment and action of crypto exchanges, according to recent statements of Anatoly Aksakov, head of the Russian State Duma Financial Markets Committee. The legislative body abandoned the earlier proposal of creating a unique national cryptocurrency exchange. The proposal of a unique exchange presents a fundamental flaw: it might be targeted by Western sanctions at some time in the future, Aksakov explained. In a recent interview on Izvestia, a Russian magazine, Aksakov explained:

TradingView, the globally renowned charting platform and social network for traders and investors, has announced the integration of $VERSE token and Verse DEX within its platform. This milestone in the adoption of Verse is a clear signal that Verse as the gateway to DeFi resonates with a great many people. TradingView, used by over 50 million traders and investors worldwide, ranks as the #1 website in the Investing category according to Similarweb rankings. With a 4.9 rating from over 500,000 reviews, TradingView is now the highest-rated finance app on the Apple App Store. The addition of VERSE and Verse DEX to its platform underscores the impressive growth the Verse ecosystem has experienced in a short time. Bitcoin.com ‘s decentralized exchange, Verse DEX, has surged in Total Value Locked (TVL). Since March, Verse DEX’s TVL has increased by more than 290%, surpassing $16 million, placing it among the top 20 DEXs on Ethereum. Verse DEX’s boosted pools offer enticing rewards, with A

Over the past week, Litecoin has experienced a sustained increase in daily confirmed transactions. Following a record-breaking peak of 585,415 daily confirmed transactions on May 10, the blockchain has consistently handled a range of 172,000 to 532,000 transactions per day. Litecoin’s Daily Transaction Rise Continues Since May 2, 2023, the Litecoin ( LTC ) network has been witnessing an unprecedented surge in daily transactions . Bitcoin.com News first reported this development 11 days ago on May 18, and the momentum of LTC transactions has shown no signs of slowing down. To put it in perspective, the previous highest number of confirmed daily transactions for Litecoin was on September 26, 2022, with a total of 211,014 transactions recorded on that day. Before that, the previous record was set on June 24, 2021, reaching 196,191 transactions. Throughout the majority of 2022 and the initial months of 2023, Litecoin’s daily transaction volume ranged between 90,000 to 130,000 transac

On May 29, Huobi HK announced its expansion of services after Hong Kong implemented its new crypto exchange license system. The platform now provides spot and custodial services to both retail and institutional customers in Hong Kong. Huobi’s update comes shortly after Huobi Global faced regulatory hurdles in Malaysia, where authorities prohibited the operation of its crypto trading platform without a proper permit. Huobi HK Launches Spot Trading and Managed Services in Hong Kong Huobi Global’s Hong Kong trading arm Huobi HK has announced it is offering spot trading services and custodial solutions to retail and professional traders. Hong Kong’s new licensing regime was launched in May with help from Hong Kong’s Securities and Futures Commission (SFC) CEO Julia Leung. Leung said at the end of April that the effort could make Hong Kong “more attractive [and] more competitive” for “international and Mainland capital.” Crypto trading platforms will be regulated by the regulator’s Fin

Bitcoin mining company U.S. Bitcoin Corp (USBTC) has announced its intention to employ the mining assets of Celsius, the defunct crypto lender. The development follows the acquisition of application-specific integrated circuit (ASIC) machines from the bankrupt company by the Fahrenheit coalition, of which USBTC is a member. USBTC said it aims to revive the fleet of 121,800 Celsius machines and foresees a 12.2 exahash per second (EH/s) boost to its mining operations. US Bitcoin Corp Assumes Control of Restructured Celsius Mining Unit According to an announcement on May 25, 2023, U.S. Bitcoin Corp (USBTC) has plans to utilize the mining assets of the now-bankrupt crypto lender, Celsius . After multiple rounds of bidding for the restructured mining division of Celsius, USBTC submitted a winning bid for the Fahrenheit coalition. The Fahrenheit coalition is a group that consists of Ravi Kaza, Steven Kokinos, Proof Group Capital Management, Arrington Capital, and USBTC. Following the res

The Nigerian gift card and crypto trading platform, Patricia, announced on May 26 that one of its trading applications had been breached and that BTC as well as naira assets were compromised. The crypto exchange platform said it has since suspended withdrawals and is presently “undergoing internal restructuring.” Patricia Says Customer and Merchant Assets ‘Secure’ The Nigerian gift card and crypto exchange platform, Patricia, revealed on May 26 that hackers had breached its retail trading application leaving an undisclosed amount of BTC and naira assets compromised. According to an update issued by the firm, other crypto balances were not affected by the breach. Patricia also reassured the public that the assets belonging to its customers and merchants were still secure. Hello Chief, We have a much needed update for you. #patriciatechnologies #cryptocurrencies pic.twitter.com/AcOIdIE8Vu — Patricia (@PatriciaSwitch) May 26, 2023 However, despite the statement which sough

Peter Schiff, the chief economist of Europac and best-selling author, has blasted the recent bipartisan deal regarding the United States debt ceiling. According to Schiff, the proposal fails to address the already inflated budget, allowing rises in several budget areas without supervision, which could increase the U.S. national debt by at least $4 trillion in the next two years. Peter Schiff Criticizes Debt Limit Deal Peter Schiff, gold bug and chief economist at Europac, has blasted the recently reached bipartisan agreement regarding the U.S. national debt limit. Schiff considers the proposed two-year deal, which is said to suspend the debt ceiling, insufficient, as it allows several budget lines to continue increasing, capping only specific expenses. On this, Schiff stated : The deal to raise the debt ceiling allows military and entitlement spending to increase, and only caps discretionary spending at 2023 levels for two years. Schiff, who has criticized the U.S. government

The South African fiat currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of 19.7640 per dollar on May 25 just moments after the South African Reserve Bank raised the benchmark interest rate to its highest since 2009. Although the currency has since made some recovery, prediction models show that the rand will soon breach the 20 rand per dollar mark. First Back-to-Back Rate Hike Since 2009 The South African currency — the rand — fell to a new of 19.7640 per dollar on May 25, moments after the country’s central bank raised the key interest rate to 8.25%. The rand’s latest plunge came some two weeks after the currency fell to what was then the new all-time low of 19.51 units of the rand per dollar. As reported by Bitcoin.com News, the rand’s plunge on May 12 followed U.S. allegations that South Africa had supplied weapons to Russia, which invaded Ukraine in February 2022. The allegations have raised fears that the United States might block South Africa’s a

Global cryptocurrency exchange Binance says it has created a new crypto trading platform for Japan residents that will be available this summer. The new exchange will fully comply with Japanese crypto regulations and will offer trading of a limited number of tokens initially, according to the exchange. Binance Has Created New Crypto Trading Platform for Japan Users Global cryptocurrency exchange Binance has announced that it is launching a local crypto trading platform for residents of Japan this summer. Binance wrote: We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations. “The new platform will be available this summer. We will inform the launch date and provide further details in the coming months,” the global crypto exchange continued. The services offered by Binance’s global platform will be discontinued for Japan residents on Nov. 30, the announcement adds. “Users of the global platform will be

Roughly three months ago, 74 AI-driven digital currencies boasted a market value exceeding $4 billion. However, since that time, the AI-centric crypto market has experienced a loss of more than $1 billion in value. The Decline in AI-Driven Cryptocurrencies: $1 Billion Wiped Out From Market At the start of the year, products incorporating artificial intelligence (AI) witnessed substantial demand with the rise of AI-focused software noted throughout 2023. This trend permeated into the cryptocurrency sphere, resulting in up to 74 AI-centric tokens amounting to a value of $4.03 billion by the end of February. At its peak, the AI crypto market recorded a $444.39 million 24-hour trade volume on February 27, 2023. Presently, both trade volume and market valuation within the AI crypto sector have significantly decreased. Data from cryptoslate.com reveals that a total of 89 crypto assets tied to AI are currently valued at $2.93 billion. Despite an additional 15 AI-centric tokens being i