The non-profit Human Rights Foundation is funding 4 more Bitcoin-focused projects, to ensure the cryptocurrency's development in the future. This and more news is in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Bitcoin and Blockchain Adoption
📍The Human Rights Foundation (HRF) Bitcoin Development Fund is supporting 4 new Bitcoin-focused projects. According to the publication Shared by the foundation, the fund is supporting open source software developers who are making Bitcoin a more private, decentralized and censorship-resistant network.
Those financed will be: the developer Jesse Posner, who will receive $25.000 USD in BTC to continue their work on the Lightning Network and focus on bringing DeFi to Bitcoin. Also, the team at the wallet mooun will receive $25.000 USD in BTC to continue developing their product and enable the use of Bitcoin in an intuitive way. Janine Roem, director of the monthly newsletter Bitcoin Privacy will receive $10.000 USD in BTC, in support of her project; and finally, the organization Blockchain Commons will also receive $10.000 USD in BTC to fund internships for college students who want to develop Bitcoin software, as well as be activists at HRF.
Cryptocurrencies and altcoins
📍The price of Bitcoin (BTC) It corrects about 6% this Thursday and reaches $46.400 USD, then rises another 2% and is located near the $47.300 USD at the time of this writing. Analysts point out that if the price fails to hold at the $48.000 USD level in the next few hours, a drop to $43.000 USD is possible. This will provide a buying opportunity for investors.
On the other hand, in Glassno and Wu Blockchain point out that despite the drop on Thursday, the price of Bitcoin is about to start a new bullish rally.
📍Meanwhile, the stablecoin USD Coin (USDC) is leveling up and may leave behind the most famous stablecoin on the market, Tether (USDT). According to a report As reported by Coin Metrics, USDC is $1.000 billion above its market cap of 7 days ago, so the stablecoin is gaining traction in the markets. Although it is still far from overtaking USDT, whose market cap is over $36 billion at the time of writing, CoinMetrics believes that its parabolic growth and behavior can lead the coin to achieve great things in the coming months. USDC’s rapid rise is leading to USDT’s dominance dropping to 70%, its lowest level to date.
Cybersecurity
📍The protocol DeFi Kava Kava suffered an inflation bug that delivered excessive profits to its yield farming participants, so it will be restarted. As explained by its developers, Kava version 5 has a high severity bug that paid profits to users far above what was established, which can unbalance the project and affect all users. However, user funds are safe and should only be returned to Kava version 4, to wait for the release of its version 6, where the error is corrected, in the next few hours.
CBDC and Central Banks
📍Ripple has just announced that it is launching a pilot test of a private version of the XRP Ledger, which provides central banks with a digital platform to launch their coins CBDC. In his releaseRipple explained that the platform is a secure, controlled and flexible solution for the issuance and management of digital currencies by central banks.
Development and Technology
📍The blockchain organization Global Blockchain Business Council (GBBC) has just appointed Albert Isola, Gibraltar's Minister for Digital and Financial Services, as the new ambassador. release Shared by the Government of Gibraltar, it states that it is strengthening ties with the Global Blockchain Business Council to further boost the development and potential of this developing technology.
Regulations
📍Former CEO of BitMEX Arthur Hayes, faces prison in the United States for violating the Bank Secrecy Act between 2015 and 2019. According to his lawyer, Hayes does not have residency in the country, but will surrender to the US authorities to appear before a New York court when he is due to go to trial. This way, Hayes will be able to live abroad and travel to the country when he is called to court, until the trial ends and his future is determined. Benjamin Delo will also surrender to the authorities at the end of the month.
Other former BitMEX executives accused of illegal practices by the CFTC, Gregory Dwyer and Samuel Reed, refused to surrender and will be extradited under a US court order.
📍Ripple is back in the news when lawyers for the company's CEO, Chris Larsen, are filing a motion to dismiss the charges brought against the executive by the U.S. Securities and Exchange Commission (SEC). According to Larsen's defense attorneys, the regulator has not presented evidence showing that the defendant committed the crimes alleged by the SEC "knowingly."
Recall that the regulator points out that Larsen, and the CEO of Ripple, Brad Garlinghouse, violated U.S. securities laws by trading with XRP as an unregulated value, and that both were fully aware of this. However, the letter The SEC, which was sent by Judge Analisa Torres of the U.S. District Court for the Southern District of New York, notes that the SEC has failed to demonstrate with evidence that Larsen was aware that XRP was considered a security at the time, and that therefore, the trading activities he was carrying out were improper.
📍In Colombia, several commercial banks are experimenting with cryptocurrencies and digital assets, to offer new services to their clients and users. The banks Bancolombia, Davivienda and Banco de Bogotá will begin to explore new business models for cryptocurrencies, under the supervision of the Colombian Financial Superintendence.
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