Weekly News in a Crypto World 🌏

Burency Global
3 min readDec 23, 2023

--

Bitcoin Hashrate Hits All-Time High

The seven-day Bitcoin mining hashrate has hit a new all-time high, signaling increased interest among miners and reflecting a secure network. The hashrate surge from September to November indicates miners expanding setups in anticipation of a potential BTC rally. Bitcoin’s security is bolstered by a higher hash rate, making malicious attacks more challenging, and the surge is influenced by both the crypto’s price and increased transaction fees amid growing popularity.

Shiba Inu Conducts Major Token Burn

The Shiba Inu team conducts its fourth major burn, removing approximately 33.6 billion SHIB tokens worth $363,600 from circulation. The burns, funded by transaction fees on the Shibarium network, aim to reduce the circulating supply and increase the token’s scarcity. Shibarium network experiences substantial growth, processing over 169.57 million transactions, approaching a new milestone of 170 million transactions, emphasizing the platform’s increasing usage and potential for more SHIB burns.

BlackRock Advances Bitcoin ETF Plans

BlackRock plans to inject $10 million in seed funding for its Bitcoin ETF on January 3, indicating progress towards regulatory approval. The asset management giant, alongside Hashdex and Pando Asset, has submitted revised S-1 filings. Market analysts anticipate spot Bitcoin ETF approval by January 10, with Bloomberg suggesting it could come as soon as next week. Bitcoin whale wallets returning to accumulation and institutions gearing up for marketing campaigns further signal positive developments for the cryptocurrency.

Challenges Facing Dubai’s Crypto Industry

Despite Dubai’s initial allure for crypto entrepreneurs, the city faces challenges in securing funding, launching projects, and dealing with regulatory uncertainty, impacting the sustainability of the crypto industry. While the government’s initiatives and funding have fueled excitement, the reality reveals a gap between announcements and tangible results, leading to stagnation and a post-pandemic brain drain. The Balkans emerge as an alternative, offering transparency and consistency, highlighting the need for Dubai to balance its flashy appeal with the substance entrepreneurs require for long-term success.

Argentina Embraces Bitcoin for Contracts

Argentina officially embraces Bitcoin for contracts under President Javier Milei’s administration, recognizing it as a valid currency in official agreements. The move aligns with Milei’s vision to combat financial inefficiencies and corruption through Bitcoin, amid challenges of hyperinflation and currency devaluation. The decree extends beyond Bitcoin to include other cryptocurrencies and commodities as permissible forms of payment. This signals a significant step towards broader crypto acceptance in Argentina, potentially influencing global cryptocurrency usage.

Nigeria’s Major Banks Collaborate on cNGN Stablecoin

Nigeria’s major banks collaborate on the cNGN stablecoin, aiming to complement the existing eNaira and support blockchain technology for economic enhancement. The cNGN, backed by a consortium of banks, ensures stability with a one-to-one correlation with the Naira and offers interoperability with various public blockchains, expanding its international usability. The initiative, supported by players like Access Bank and Sterling Bank, reflects a commitment to advancing digital currency solutions in Nigeria. The involvement of the Central Bank of Nigeria ensures regulatory compliance, marking a significant step in embracing blockchain and digital currencies in the country.

Arthur Hayes Warns Against Bitcoin ETF Approval

BitMEX founder, Arthur Hayes, warns that the approval of a spot Bitcoin ETF by the SEC could threaten the essence of Bitcoin. He cautions against traditional asset managers like BlackRock dominating the space, potentially making the Bitcoin blockchain outdated. Hayes predicts 2024 as a pivotal year for Bitcoin, with the approval of a spot Bitcoin ETF, increased global money printing, and significant elections as catalysts for its surge. He expresses concerns that the success of Bitcoin ETFs managed by traditional finance may lead to the abandonment of Bitcoin’s core principle of decentralization, potentially causing its disappearance.

PBOC Advocates Global Regulation for Crypto

The People’s Bank of China advocates global regulation for crypto and DeFi markets in its financial stability report, emphasizing a unified approach to protect investors. Virtual assets currently constitute 1% of the global financial market, with calls for coordinated regulation to address potential risks. The report highlights the inevitability of mixed financial markets as traditional finance increasingly integrates with digital assets, citing the tokenization of real-world assets and growing institutional interest. The PBOC underscores the need for consistent regulatory frameworks to prevent arbitrage and ensure uniformity across jurisdictions.

--

--

Burency Global

Building an insured ecosystem to help you learn, exchange, and invest in crypto This page is delicious with crypto goodness. Follow to scoop ‘em all.