The biggest crypto news of the past week
12h18 ▪
4
min of reading ▪ by
Between revolutionary announcements, technological evolutions, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovations and a battleground for regulatory and economic struggles. Here is a summary of the most significant news from the past week around Bitcoin, Ethereum, Binance, and Solana, etc.
The spectacular rebound of stablecoins with a 25% increase
Stablecoins have recently experienced a spectacular 25% increase in their market capitalization. This notable increase, observed between mid-October and mid-April, reflects a massive influx of capital into cryptos. Investors use stablecoins as a safe haven during periods of volatility, which demonstrates renewed confidence in the cryptocurrency market. The recent stabilization of these assets’ capitalizations could indicate a waiting phase for investors before new significant moves.
1 Bitcoin per day: El Salvador’s visionary bet for its economic future
The Salvadoran president Nayib Bukele reaffirms his commitment to Bitcoin by announcing that the country will continue to buy one Bitcoin per day until crypto becomes unaffordable with fiat currencies. Since September 2021, El Salvador has 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, representing over $360 million, with a gain of $57 million. The government has also set up a cold wallet to secure these holdings. This ambitious strategy reflects El Salvador’s confidence in Bitcoin’s economic potential, despite a still limited adoption among the population.
Chainlink revolutionizes fund tokenization with the support of major 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, named 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 across various blockchains. This initiative promises to transform fund management and improve financial transaction efficiency through smooth and secure data integration.
5 Years in Prison for the 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 application. This highly controversial decision penalizes Pertsev for allowing the malicious use of his open-source code for illicit activities, although Tornado Cash is a non-custodial application without direct control over the funds. This verdict raises questions about the responsibility 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), carried out as part of the Fintech Supervisory Sandbox of the Hong Kong Monetary Authority (HKMA). This test focused on the tokenization of carbon credits, using atomic swaps to ensure 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 integrating blockchain technologies into the financial sector.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
