Day: June 26, 2023

zkSync unveils new network of ‘Hyperchains’ — Testnet by end of year

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Ethereum zero-knowledge proof scaling system zkSync Era has unveiled its answer to Optimism’s Superchain concept in the form of ZK Stack. It’s a modular framework for a series of ZK-powered custom blockchains called yperchains, which will operate as a new layer on top of the existing layer-2 protocol. The chains will be composable and interoperable, enabling almost-instantaneous transfers of liquidity and flash loans between protocols in the system, which is not possible between L1 blockchains. It shares some similarities to the Superchain network of L2s unveiled by Optimism when it…

The importance of ‘ghost rate’ in gauging meaningful adoption

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All day I talk to founders in the blockchain category, and all day I hear the same thing — the importance of adoption. Adoption is what everyone is chasing at all costs. This makes sense since the resiliency, overall network effect and ultimately the value of a blockchain rely on people using the infrastructure to transact with one another, at scale.  These founders have built roads that currently lead to a massive, undeveloped landscape. So, wanting to focus on adoption is perfectly sensible and reasonable. But what constitutes meaningful adoption?…

How could the Chinese economic crisis impact Bitcoin and crypto?

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On the latest episode of Cointelegraph’s Macro Markets, analyst Marcel Pechman explores how Turkey’s recent interest rate increase might attract hundreds of millions of new cryptocurrency investors, and how China’s looming economic crisis could affect Bitcoin (BTC) and crypto globally. Turkey’s central bank has increased the interest rate by 6.5% to 15% in a dramatic attempt to fight inflation. The move comes as the local currency, the lira, dropped by 80% against the United States dollar in five years. According to Pechman, whether the U.S. dollar holds its dominant position as…

HSBC Allows Hong Kong Users Trade Bitcoin And Ether ETFs On Local Stock Exchange

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Summary: Hong Kong’s largest bank HSBC now lets users trade Bitcoin (BTC) and Ether (ETH) ETFs available on the local stock exchange. Three of these exchange-traded funds are available on Hong Kong’s stock exchange including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. The move follows the introduction of a crypto licensing regime introduced in the Chinese special administrative region meant to pull digital asset businesses into the region and set up a global crypto hub. Hong Kong’s largest bank HSBC officially enabled the…

Binance Rescinds Decision to Delist Privacy Coins as It Complies with EU Regulations

Binance will not delist privacy coins in Europe, opting instead to review its classification of assets in line with EU law. Binance has reviewed its decision to delist several privacy coins in Europe. The exchange will no longer delist these coins as it works to comply with regulations stipulated by European authorities. Binance will now reclassify privacy coins to satisfy regulations. In a recent comment, Binance said: “After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply…

Berkshire Hathaway Sells 2.53 Million of China’s BYD Shares

Berkshire Hathaway purchased 225 million of the EV maker’s shares for $230 million in 2008. American multinational conglomerate Berkshire Hathaway (NYSE: BRK.B) sold 2.52 million shares of Chinese EV maker BYD listed in Hong Kong on the 19th of June. A stock exchange filing revealed that the investment company sold the shares for HKUS$ 675.80 million, equaling $86.3 million. Berkshire Cuts China’s BYD Shares Holdings Following the sale of the BYD share, Berkshire Hathaway’s holdings in the Chinese company’s issued H-shares reduced from 9.21 % to 8.98%. Notably, Berkshire Hathaway…

Bitcoin (BTC) Price Retreats Slightly From 12-Month High

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Belgium’s top markets regulator is ordering embattled crypto exchange Binance to immediately cease serving local customers, according to a Friday notice. The Financial Services and Markets Authority (FSMA) said Binance is “offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area,” which the regulator says is in violation of a prohibition. “The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services…

US Regulators Can Accommodate Spot Bitcoin ETF, Says Bernstein

As per Bernstein research, there is the “headroom for a compliant ETF to grow its share as a bitcoin on-ramp solving the pain of custody”. In its latest research report on Monday, June 26, private wealth management giant Bernstein stated that Grayscale‘s dominant position in the crypto market could be under threat following BlackRock‘s recent filing of the spot Bitcoin ETF with the US SEC earlier this month. Currently, Grayscale is the world’s largest crypto asset manager running a $19 billion BTC Trust (GBTC). Bernstein stated that Grayscale earns a…

the rise of bitcoin adoption across nations

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El Salvador’s decision to adopt bitcoin as legal tender in 2021 triggered a wave of interest worldwide. Now, with two other nations embracing cryptocurrency, could it evolve into a global trend? Liechtenstein’s recent plans to allow citizens to pay for government services using bitcoin and the news that Bhutan has been secretly mining crypto for years have sparked renewed interest and speculation about the future of cryptocurrency and its widespread impact on global finance. One nation adopting #bitcoin is chance. Two is a coincidence. Three is a trend. pic.twitter.com/sK05AkpCm2 —…

Cyprus Grants Crypto License to Bybit

Bybit’s move is in stark contrast with that of the leading crypto exchange, Binance. Earlier this month, Binance announced it would cease its operations in Cyprus. Crypto exchange Bybit has obtained a license from the Cyprus Securities and Exchange Commission (CySEC) to operate a crypto exchange and provide custody services in the island nation. Bybit announced the news on Monday, June 26, stating that it will offer a full suite of services to its Cyprus customers. This will include trading between crypto pairs and fiat currency pairs, financial services related…