A good way to stay up to date on the most important innovations and advances in the field.
Below is an update of cryptocurrencies main events for the week of April 29 to May 05, 2023, an overview of the main landmarks of the cryptocurrency and Blockchain universes.
As the world of cryptos is highly volatile and completely unpredictable, it is always best to do your own research before making important investment decisions.
In the Face of American Banking Jitters, What About Bitcoin?
Since March, the US banking sector has been weak. Several of the so-called regional banks have gone bankrupt and the massacre does not seem to be stopping.
The last path to date is that of the First Republic Bank, which could be followed by other locals, who helplessly witness the flight of their deposits to the big banks considered safer.
This phenomenon gives rise to various interpretations, and it questions the place of Bitcoin as an alternative to a failed system.
“BREAKING: 100% of all regional banks in the United States have their stocks in the red today, for the first time ever. This comes a day after Federal Reserve Chair Jerome Powell said the US banking system was stronger than ever,” tweeted the account of cryptocurrency outlet Whalewire on May 4.
After the Federal Reserve raised interest rates this week, market expectations shifted towards predicting an end to the rate hike. According to CME Group’s FedWatch Tool, the next rate decision, scheduled for mid-June, will not trigger another hike.
Curve – Official Test of Its Stable Coin crvUSD
The Curve Protocol had announced its upcoming release in September of last year. And after a few months of quiet development their crvUSD decentralized stablecoin has just been deployed on the Ethereum testnet called Sepolia. There is an operation under close surveillance to estimate its viability and proper functioning before its official launch, the date of which has not yet been communicated.
As reported in the media on May 4, Curve’s crvUSD differs from the now-defunct Terra Luna (UST) stablecoin in that it employs a design similar to MakerDAO’s DAI stablecoin.
Following the launch of the new stablecoin, the protocol’s native Curve DAO (CRV) token increased by approximately 7%.
Cryptomining: Between Punitive Taxes in the United States and Incentives in Bhutan
There is a large geostrategic gap currently led by the United States and Bhutan, with different approaches and expected results.
On the one hand, The White House has championed the idea of applying a 30% tax on the cost of energy to crypto mining companies. It alleged that such activities involve high energy consumption and provide few benefits.
On the other hand, Bhutan has invested millions of dollars in cryptocurrencies, including Bitcoin and Ether, over the past year, according to Forbes.
Coinbase Q1: Results Beating Expectations, Despite a $79 Million Net Loss
The cryptocurrency market has rallied since the beginning of the year. However, this trend is still fragile for its main centralized players, faced with a notable increase in regulatory attacks against them during the same period.
This is a complex situation for the Coinbase platform, leader in this market in the United States, the subject of official investigations by the Securities and Exchange Commission (SEC). Against all odds, though, the company records a positive balance in the first quarter. And its CEO, Brian Armstrong, claims to be “100% committed to the United States.”
By Audy Castaneda
