Category: crypto

ESMA urges EU lawmakers to enhance crypto regulations by requiring external cybersecurity audits for companies due to rising cyberattacks risking consumer protection. This proposal, part of amendments to the MiCA regulation by December 2024, aims to secure crypto platforms amidst significant financial losses and increasing incidents of hacks in the industry.

Bitcoin demand has surged, pushing its price above $67,000, driven by heightened institutional interest and whale purchases. Last week saw a 177,000 BTC increase, marking optimism after months of sluggish performance. Market trends suggest continued growth, although caution is advised due to potential regulatory and macroeconomic impacts.

Ripple has committed $1 million to enhance cash relief and fund transfers in crisis zones through its RLUSD stablecoin and blockchain technology. Partnering with the International Rescue Committee (IRC), they aim to transform humanitarian aid delivery, supporting vulnerable communities with efficient resource access during crises.

Siam Commercial Bank (SCB) has launched stablecoin-based cross-border payment and remittance services in Thailand, partnering with fintech Lightnet. This initiative aims to reduce fees and enhance transfer speeds. It demonstrates blockchain technology’s growing influence in finance, especially in areas with weak banking systems, promoting Thailand’s digital economy and financial services.

The a16z “State of Crypto 2024” report highlights the crypto industry’s role in decentralizing AI access amid rising development costs and centralization. With 34% of crypto projects now incorporating AI, technologies like Gensyn democratize computing resources, fostering innovation and transparency while restoring public trust in AI.

Tether reported that 330 million on-chain wallets received USDT by Q3 2024, reflecting significant user engagement. The user base grew by 9% quarterly, with 36.25 million new users in Q3. USDT dominates the stablecoin market, utilized widely across various blockchains, notably experiencing rapid growth on Layer 2 networks.

Truth Terminal, an AI by Andy Ayrey, spurred the creation of the GOAT memecoin, which surged to a $290 million market cap. The AI’s autonomous tweets about the “Goatse Gospel” influenced human developers. This situation highlights AI’s role in shaping financial markets and the interplay between technology and human behavior.

Marathon Digital Holdings secured a $200 million credit line backed by its Bitcoin holdings to pursue strategic opportunities and support corporate initiatives. This enables the company to capitalize on its Bitcoin without issuing shares. They aim to expand their hash rate amidst increased production, holding nearly 27,000 BTC valued at $1.8 billion.

Cosmos developers are removing the Liquid Staking Module (LSM) after links to North Korean agents were revealed. An emergency alert by All in Bits cited security vulnerabilities and developer transparency issues. The token price dropped over 2.5%, prompting calls for audits and possible blacklisting of involved individuals.

Italy plans to raise the capital gains tax on cryptocurrencies, including Bitcoin, from 26% to 42%, according to Deputy Finance Minister Maurizio Leo. This move contradicts earlier promises by Prime Minister Giorgia Meloni against broad tax hikes, causing backlash in the crypto community, with users considering relocation for better tax conditions.