The International Monetary Fund (IMF) has recommended that Nigeria embrace the regulated use of digital assets by licensing international crypto exchanges. The watchdog made the proposal in its latest consultation report for Nigeria. The move aims to bolster the country’s economic stability while enhancing its status within the African crypto…
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US Congress to potentially vote on new legislation for crypto industry by end of May
House Financial Services Committee Chairman Patrick McHenry said new legislation that will give the crypto industry greater clarity regarding regulatory oversight is set for a potential House floor vote by the end of May. The proposed legislation — dubbed the Financial Innovation and Technology for the 21st Century (FIT21) Act…
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Even if this weekend’s solar storm destroyed civilization, Bitcoin would survive
The sun can produce massive flares of particles and radiation that can have a significant impact on Earth. Scientists have studied these flares for 150 years, focusing on what’s considered the largest such event of all time: the Carrington Event of 1859, named after British astronomer Richard Carrington. The sun…
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Ark Invest, 21Shares drop staking from spot Ethereum ETF proposal
Ark Invest and 21 Shares dropped staking plans in their updated spot Ethereum ETF proposal on May 10. The firms’ previous Feb. 7 filing added a clause detailing that the sponsor — 21 Shares — intended to stake a portion of the fund’s assets through third-party providers. 21 Shares expected…
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86% of Bitcoin supply still in profit despite recent price drops – Glassnode
Quick Take As Bitcoin pushed toward a new all-time high in March, a significant milestone was reached on Feb. 28, with over 99% of the Bitcoin supply in profit. This was the first time since November 2021 that over 99% of the supply had been in profit, according to Glassnode…
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Former President Donald Trump-related memecoin lead market following new crypto promises
Former President Donald Trump continued his advances toward the crypto community by hosting an event for holders of the Trump Cards NFT Gala on May 8 at his Mar-a-Lago resort in Palm Beach, Florida. During the event, Trump expressed his support for cryptocurrencies, announcing plans to accept digital asset donations…
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Core Scientific reports $210.7 million in Q1 net income, 2,825 BTC production
Core Scientific reported a $210.7 million net income for the first quarter on May 8. The change represents an increase of $211.1 million from the first quarter of 2023, when the company reported a net loss of $0.4 million. The company also reported $179.3 million in first-quarter revenue, including $150…
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Polkadot rolls out asynchronous backing to boost network efficiency and transaction speed
Polkadot has implemented asynchronous backing, a pivotal upgrade enhancing the network’s flexibility in blockspace allocation and overall performance. The upgrade is one of the three technological advancements, alongside Elastic Scaling and Agile Coretime, driving the blockchain towards its Polkadot 2.0 vision. Asynchronous Backing According to Polkadot, asynchronous backing provides an…
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NYSE Arca withdraws Grayscale’s futures ETH ETF 19-b4 filing
The US SEC reported a critical Grayscale withdrawal on May 7 that could have broad implications for spot Ethereum ETFs. Specifically, NYSE Arca withdrew a 19-b4 filing containing a proposed rule change through which it intended to list and trade shares of Grayscale’s Ethereum Futures Trust ETF. NYSE Arca withdrew…
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Polkadot developer proposes inflation upgrade to enhance transparency
Polkadot developer Kian Paimani has proposed a flexible inflation upgrade for the network to address the issues tied to the blockchain’s inflation logic. According to the proposal’s GitHub document, the Polkadot relay chain’s current state presents various challenges, including high inflation rates. These stem from outdated infrastructure and parachain slots’…