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The biggest crypto news of the past week
12:18 p.m. ▪ 4 min reading ▪ by Luc José A.
Between revolutionary announcements, technological developments and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovations and a battlefield of regulatory and economic struggles. Here is a summary of the most notable news from the last week around Bitcoin, Ethereum, Binance, Solana, etc.
The spectacular rebound of stablecoins with an increase of 25%
Stablecoins recently experienced a spectacular 25% increase in market capitalization. This notable increase, observed between mid-October and mid-April, reflects a massive influx of capital into cryptos. Investors are using 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 could indicate a waiting phase for investors before further significant movements.
1 Bitcoin per day: El Salvador’s visionary bet for its economic future
Salvadoran President Nayib Bukele Reaffirms Commitment to Bitcoin by announcing that the country will continue to buy one Bitcoin per day until crypto becomes unaffordable with fiat currencies. As of September 2021, El Salvador 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, worth over $360 million, with a gain of $57 million. The government has also set up a cold wallet to secure these assets. This ambitious strategy reflects El Salvador’s confidence in the economic potential of Bitcoin, despite still limited adoption by the population.
Chainlink revolutionizes fund tokenization with support from big banks
The Depository Trust and Clearing Corporation (DTCC) successfully conducted a pilot project on fund tokenization 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 into various blockchains. This initiative promises to transform fund management and improve the efficiency of financial transactions through seamless 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 decision penalizes Pertsev for allowing the malicious use of his open source code for illicit purposes., although Tornado Cash is a non-custodial app with no direct control over funds. This verdict raises questions about the liability of decentralized application developers and the implications for the future of crypto-anonymization tools.
💳 Crypto: The revolutionary test between Mastercard and Standard Chartered
Mastercard and Standard Chartered have successfully conducted the first live test of the Multi-Token Network (MTN), conducted 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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Luc José A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.
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.