Bitcoin Continues to Break Records, Leaving Major US Banks in Its Wake

 

Attention all crypto enthusiasts! Brace yourselves for the most exciting news of the day — Today’s edition of Coinpedia’s daily news bulletin is hot off the press! The crypto market is ablaze with a global market cap of $1.18 trillion, and the OG crypto king, Bitcoin (BTC), leading the charge with a stunning surge past the $28,000 mark. But wait, there’s more! Ethereum (ETH), Ripple (XRP), Solana (SOL), and Litecoin (LTC) are all soaring high with gains across the board. And hold on to your hats, folks — Stacks (STX) token is stealing the show with an unbelievable 24-hour jump of over 13 percent! It’s not all sunshine and rainbows, though, as Render Token (RNDR) has unfortunately experienced a dip of nearly 3 percent. But fear not, the global crypto market cap has increased by 1.40 percent, and we can’t wait to see what the future holds. So don’t miss out on the action, stay tuned for more thrilling updates, only on Coinpedia!

Latest News

Game On: Binance and Circle Join Forces to Shape UK’s Crypto Regulation!

• Binance and Circle provided feedback to the UK government regarding new regulations for trading and lending of digital assets.
• Binance emphasized the need for balance between consumer protection, market integrity, financial stability, and innovation, cautioning against disproportionate regulation that could stifle growth and drive consumers to unregulated markets.
• Binance suggested that exchanges should handle listings/delistings and be held responsible for providing accurate information to consumers based on clear disclosure rules and sufficient due diligence.
• Circle called for more clarity on the distinction between cryptoasset activity and activity related to payment stablecoins involved in payment service provision, as well as simple and transparent registration processes with clear feedback from supervisors on good and bad practices.

Bitcoin Breaks Records: Daily Transactions Skyrocket to 3 Million, Setting All-Time High!

• Bitcoin transaction fees are increasing despite a dip in Bitcoin’s price.
• The increase in fees is due to the surge in Bitcoin Ordinals, with over 372,000 inscriptions created on the Bitcoin network in a single day.
• The BRC-20 token standard has allowed the creation of fungible tokens and NFT-like assets on the Bitcoin blockchain, contributing to the rise in inscriptions.
• While JPEGs are flooding the network, most inscriptions are still text-based, as they are lower cost and higher volume.

From Bitcoin Bet to Crypto Bull: The Tale of Tech Investor Balaji Srinivasan’s $1M Loss and Unwavering Faith in Cryptocurrencies

• Balaji Srinivasan withdrew from his $1 million Bitcoin bet, but still believes that the US dollar is heading towards hyperinflation and that the economy will not experience a “soft landing” as promised by the Federal Reserve chairman.
• Srinivasan sent a provocative signal by spending his own money to settle the bet upfront and providing on-chain evidence of three $500,000 payments to Medlock, charity organization Give Directly, and Bitcoin Core development.
• According to Srinivasan, the US debt ceiling is fast approaching, most US banks are near insolvency, and student loan debt and credit card debt are at all-time highs.
• Srinivasan believes that countries are “de-dollarizing” at a rapid pace and that a fiat crisis is expected, and people should be prepared for it. He cites examples of financial turmoil happening fast without warning from regulators or the government.

Skyrocketing Fees: Ethereum On-Chain Fees Surge by 153% in Just One Month!

• Ethereum on-chain fees have risen sharply by over 153% in the past 30 days following the implementation of the Shapella upgrade on April 12.
• The average cost of transactions on the Ethereum network has surged from $4.65 per transfer to an average of $11.80 per transaction.
• This surge in fees is indicative of a significant increase in on-chain activity, as more users are transacting on the Ethereum network.
• The L2 scaling solutions, Arbitrum and Optimism, have seen a surge in their daily transaction volumes since the Ethereum upgrade, with Arbitrum processing 1.1–1.5 million transactions per day and Optimism processing 240,000–550,000 transactions per day.

Powerless: Crypto Miners Left in the Dark as Canadian Province Denies Energy for Months

• New Brunswick’s power company started denying energy applications from crypto miners and other large-scale users in 2022 due to concerns over “additional load demand.”
• The moratorium was endorsed by the provincial government in March 2022, and a review of the crypto sector and its impact on the energy supply was ordered.
• The policy seemingly went unnoticed until the CBC’s coverage on May 1, and it is still in place.
• Other Canadian provinces, including British Columbia, Manitoba, and Quebec, and U.S. states, such as North Carolina and New York, have also imposed similar moratoriums on crypto mining.

That’s it for today’s News,Keep Your Crypto Game Strong with Coinpedia’s Electrifying Updates!