Author: Dren.H

Tether minted $1 billion USDT for future use, sparking community skepticism and highlighting its market growth and strategic diversification. Tether, the organization behind the world’s most prominent stablecoin USDT, has enhanced its reserves by minting an additional one billion USDT. This action, carried out on December 25, was part of a strategic move for inventory replenishment. Tether’s CEO, Paolo Ardoino, clarified that these funds are set aside for future issuance demands and are not yet circulating in the market. Blockchain analysis service Whale Alert first reported this development on X, the platform succeeding Twitter. They noted that Tether Treasury executed…

Paxos receives DFS approval to launch its stablecoin on the high-speed, low-cost Solana blockchain, expanding beyond Ethereum. Recently, Paxos, a renowned stablecoin issuer, has recently obtained the green light from the New York Department of Financial Services (DFS) to expand its operations to the Solana blockchain. This marks a pivotal step for Paxos, primarily known for its Pax Dollar (USDP) stablecoin, which until now was exclusively issued on the Ethereum network. Expansion to Solana The DFS’s approval for Paxos to operate on the Solana blockchain represents a strategic advancement for the company. Previously, Paxos had to adhere to DFS restrictions,…

The UK Supreme Court rules AI cannot be named as an inventor, impacting AI’s role in intellectual property rights. In a landmark ruling, the UK Supreme Court declared that artificial intelligence (AI) systems cannot obtain patent rights as inventors. This decision echoes the stance of lower courts on the matter. The ruling came to light following the unsuccessful attempt of Stephen Thaler, a prominent U.S. computer scientist, to secure patents for inventions claimed to be the brainchild of his AI system, DABUS. Stephen Thaler’s AI, DABUS, reportedly invented a new type of light beacon and a unique container for food…

Solana DEXs surpass Ethereum in volume, driven by meme coins and lower fees, signaling a shift in the DeFi market. Solana decentralized finance (DeFi) platforms have outpaced Ethereum in terms of transaction volume for the first time. This shift is largely attributed to the explosive trading of meme coins like BONK and Dogwifhat on Solana’s decentralized exchanges (DEXs). Solana’s recent surge in DEX activity marks a notable moment in the crypto industry. Data from DeFi Llama indicates that over the past week, Solana’s DEXs have witnessed a whopping $9.03 billion in transactions. In comparison, Ethereum’s decentralized exchanges logged transactions worth…

Crypto community criticizes SEC chair Gary Gensler for his remarks on compliance, calling for clearer regulatory guidelines. The cryptocurrency community has been actively engaging with recent comments made by Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC). On December 22, Gensler took to a social media platform, presumably Twitter, to express concerns about widespread noncompliance within the crypto sector. Moreover, he suggested that such noncompliance erodes trust in the industry and leaves those affected by recent crypto bankruptcies with limited recourse, only able to seek remedies through legal channels. Ripple CEO and Crypto Figures Respond…

Coinbase emerges as a key crypto investment hub for traditional finance investors, offering diversified market exposure. The latest insights from Reflexivity Research co-founder Will Clemente point towards Coinbase, a renowned cryptocurrency exchange, as a potential ‘index play’ for these investors. This concept indicates that diverse offerings of Coinbase might make it a representative sample of the broader crypto market, offering a safer, more comprehensive investment option for those accustomed to traditional finance. Clemente, during a discussion hosted by Bitcoin enthusiast Anthony Pompliano on Dec. 21, emphasized the multifaceted nature of Coinbase. The platform’s diverse verticals offer a comprehensive exposure to…

Many crypto analysts predict nearly one billion global crypto users by 2024, driven by bullish market conditions and investment growth. Experts predict a potential surge in the number of crypto users. Bitfinex, a cryptocurrency exchange, has put forth an optimistic forecast, suggesting that the global user count could skyrocket to an impressive range of 850 to 950 million by 2024. This projection comes amid a bullish trend in the market, which, if it persists, could catalyze this unprecedented growth. In 2023, the cryptocurrency industry experienced its fair share of challenges. Despite these obstacles, the sector has shown remarkable resilience, with…

Spot Bitcoin ETF approval is anticipated by early January 2024 despite recent proposal amendments and SEC’s cash-only requirement compliance. The buzz around the expected approval of a spot Bitcoin ETF in the United States is gaining momentum. The start of 2024 could mark a significant milestone with analysts predicting the U.S. Securities and Exchange Commission’s (SEC) green light for these much-awaited investment vehicles. This development comes amidst a flurry of amendments and compliance efforts by ETF applicants. In the closing month of 2023, entities vying for spot Bitcoin exchange-traded funds (ETFs) hurried to integrate new cash-only requirements into their proposals.…

Hong Kong SFC approves spot crypto ETFs, enhancing the city’s status as a global crypto-friendly financial hub. The Hong Kong financial landscape could evolve with the introduction of spot crypto Exchange-Traded Funds (ETFs). The Securities and Futures Commission (SFC) of Hong Kong, in conjunction with the Hong Kong Monetary Authority (HKMA), has officially opened the gates for these innovative financial instruments. Hence, this move, announced on December 22, marks a significant shift in the region’s approach to virtual assets. The SFC’s announcement signals a readiness to consider applications for the authorization of Virtual Asset Spot ETFs (VA Spot ETFs). This…

Bitcoin transaction fees soar, driving miners’ profits and spotlighting the need for layer-2 solutions. Bitcoin has witnessed a significant surge in transaction fees, reaching a 20-month peak. This trend has particularly favored Bitcoin miners, with their revenues mirroring the heights seen when Bitcoin soared to $69,000. Currently, the average cost of a Bitcoin transaction hovers around $40, a rate not observed since April 2021. Impact of High Fees on Bitcoin Transactions These escalating fees are primarily driven by the influx of Bitcoin Ordinals inscriptions, impacting all network users. While this surge in fees has sparked debates within the Bitcoin community,…