Day: May 8, 2023

Bitcoin’s unexpected chain fork results in double spending of 10 BTC

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied According to Fork Monitor, a platform dedicated to tracking chain forks, the Bitcoin network recently experienced an unexpected chain fork at the block height of 788686. The unforeseen event resulted in the double spending of almost 10 bitcoins (BTC). Prominent Chinese blockchain reporter Colin Wu called attention to the development in a tweet today, citing data from Fork Monitor.  According to ForkMonitor, a chain fork with a length of 2 occurred at block height 788686 of…

Baidu to Make Its First Entry into Smartphone Market Next Week

The move appears to signal the intent of Baidu to create a hardware ecosystem that will complement its already prominent internet services. Beijing-based internet company Baidu might be only a week away from launching the brand’s first-ever smartphone. According to a Bloomberg report, the smartphone represents another addition to Baidu’s growing portfolio of smart gadgets. However, the move appears to signal the intent of Baidu to create a hardware ecosystem that will complement its already prominent internet services. In a similar manner to Google and Amazon, the firm had recently…

European Lawmakers to Review Smart Contract Laws that Threaten to Kill DeFi

Three top European regulators will get together to discuss the implications of the Data Act and provide more clarity with the goal of not stifling DeFi innovation. As Europe embarks on its journey to bring clear crypto regulations in place, the blockchain industry is making a final push in preventing laws that would crush the smart contracts underpinning the decentralized finance (DeFi) protocols. The lawmakers are currently having negotiations over the Data Act, which will be concluded by the end of June. This Data Act seeks to regulate data shared…

Chinese Supreme Court Allows Use of Virtual Assets to Settle Basic Debts Despite Cryptocurrency Ban

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The apex Chinese court has ruled that virtual assets can be used to settle basic debts, despite the country’s ban on cryptocurrency transactions. The decision was made during a conference held by the Supreme People’s Court of China earlier this year, media reports said.  According to the court, cryptocurrencies share some similarities with virtual properties, and if the parties involved in a case agree to use small amounts of cryptocurrencies to settle their debts, the contract will be considered valid by the Chinese courts. However, if the cryptocurrency transaction cannot…

Tech Observers Show Little Faith in UK IPO Market Following Arm Snub

The UK IPO market has come under scrutiny as analysts believe it has lost its appeal in attracting big-name tech listings.    Tech investors have questioned the UK market as a veritable IPO destination after native semiconductor giant Arm shunned the country. The British designer recently opted to list in New York at London’s expense, which many fear could have ripple effects for other IPOs down the line. According to industry analysts and observers, London could miss out on additional lucrative tech initial public offerings. Analysts also cited the capital city’s perceived lack of finesse in treating high-growth…

Liechtenstein explores bitcoin payment option for government services

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Liechtenstein’s Prime Minister, Daniel Risch, has announced plans to allow citizens to pay for government services using bitcoin. In a May 7 interview, Risch stated that a bitcoin payment option is coming, without providing further details. The European microstate plans to accept payments in bitcoin and immediately convert them to Swiss francs, its national currency. This move follows similar initiatives by Swiss communities Zug and Lugano, where local authorities have made bitcoin payments legal for certain…

Defending against SEC to cost Ripple $200M, CEO Brad Garlinghouse says

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Ripple has spent $200 million defending the case brought against it by the United States Securities Exchange Commission (SEC), according to CEO Brad Garlinghouse.  Garlinghouse dropped the figure during a fireside chat at the Dubai Fintech Summit on May 8. He stated that the U.S. is stuck compared with the regulatory progress of the United Arab Emirates virtual asset regulatory authority and the recent Markets in Crypto-Assets (MICA) bill in the European Union. He went on to share that by the time the case is decided, Ripple will have spent…

Binance ‘FUD’ meets CPI — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts a new week at the center of new crypto industry drama as the highest fees in two years pressure price action. Downside volatility is greeting traders thanks to a full mempool, and explanations point the finger at multiple parties. The largest exchange, Binance, is adding to the confusion, pausing BTC withdrawals several times over what it calls network “congestion.” Amid the turmoil, BTC/USD is showing signs of strain, breaking down from $28,000 to threaten an exit of its broader trading range. The events mark a flustered start…

European Indices Inch Forward as Investors Digest Economic Realities

The growth in the European indices recorded an encompassing ripple effect that spread to other major Asia-Pacific markets. Indices in the European stock market opened the week with promises of growth as economic realities for the near future became more visible. Besides, earnings from publicly traded firms have been seen to be a major catalyst in boosting sentiments as well as the expectations of monetary actions from the Bank of England (BoE) this week. Effectively, the FTSE 100 Index (INDEXFTSE: UKX) inched upward by 0.98% to 7,778.38 on Friday. The…