MicroStrategy CEO Michael Saylor confirms the company will continue its Bitcoin investment strategy after having one of its best quarters. Spartan Protocol loses $30 million in a new exploit to BSC DeFi protocols. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍Michael saylorCEO microstrategy, confirmed that the company will continue the strategy of buying bitcoins, after revealing the profits obtained in the first quarter of the year from its investment in this cryptocurrency. MicroStrategy published its first-quarter financial results, noting that thanks to its investment in crypto, the publicly traded company had one of its strongest quarters ever, with an increase of more than 52% on a non-GAAP constant currency basis.
“MicroStrategy’s first quarter results were a clear example that our two-pronged corporate strategy to grow our enterprise analytics software business and acquire and hold bitcoin is generating substantial shareholder value… We will continue to acquire and hold additional bitcoin as we seek to create additional shareholder value.”
Cybersecurity
📍The protocol DeFi Spartan Protocol, based on the BSC, joins the list of exploits of this blockchain, with a loss of 30 million dollars. The research team of the firm peckshield published a report to report that the decentralized protocol had been the victim of a security exploit on May 1.
The exploit occurred due to a malfunction in the protocol's smart contract, which led to incorrect calculations of the protocol's liquidity share; a vulnerability that hackers exploited to siphon off $30 million from the project by inflating the pool's liquidity prior to the token burning process.
Miners
📍The difficulty Bitcoin mining fell to 20,6 B (trillion), after reaching an all-time high above 23,5 B. This adjustment in Bitcoin's difficulty is the largest this year, and came after the fall of the hash rate, a result of power cuts among miners in China following coal mine accidents.
Development and Technology
📍On May 1, Bitcoin developers began activating tap root, the most anticipated upgrade for Bitcoin. Taproot started via Speedy Trial, a speedy activation trial combining Bitcoin Core code with Taproot and giving miners on the network a 3-month window to adopt the new upgrade. As reported by the team, if the Speedy Trial is successful, then Taproot will be coming to Bitcoin by November of this year. Otherwise, the upgrade will not go live and developers will have to come up with a new activation schedule for this upgrade.
📍The American investment management company, Fidelity Investments, announced the launch of a new digital platform that will allow investors to access accurate data and analysis on cryptocurrencies and digital assets. Fidelity shared a release press reporting that its solution Sherlock It is designed to provide comprehensive data and in-depth analysis of digital assets to its institutional investors, to assist them in their investment decisions.
NFT and DeFi Markets
📍Beeple's, the digital artist who currently holds the record for NFT sales, released a new piece of crypto art called Gigachad, which shows Elon Musk walking a Shiba Inu dog, the face of the meme cryptocurrency Diogecoin (DOGE). The crypto artist sold 100 NFTs of this crypto art for $1. Those who bought the NFT had to answer a questionnaire correctly to access this price. Now, NFTs showing Musk with his Shiba dog are up for auction for more than $200.000.
📍The auction house Goldin Auctions sold a physical trading card of American football star Tom Brady in Litecoin (LTC)Although the auction was not conducted with a tokenized asset on the blockchain, but rather with the physical card, the sale reached $1,7 million.
On the other hand, Brady announced At the beginning of April, the creation of a platform for NFT which brings together some of the biggest names in sports, entertainment, fashion and pop culture to present unique and exclusive crypto collectibles as non-fungible tokens.
Rules and Regulations
📍The Turkish government issued a new decree where it demands the exchanges and cryptocurrency exchanges to require KYC (Know Your Customer) records and proof of residency for their customers and users. The measure is intended to hold all cryptocurrency service providers accountable to ensure they know every user who makes use of crypto assets for trading, and to ensure that they are not used in illegal activities such as money laundering.
📍Meanwhile, in Uzbekistan, the government is considering lifting bans on cryptocurrencies that have been in place since 2019. According to a Valid identity document Recently issued by NAFT, the National Agency for Project Management under the President of the Republic of Uzbekistan, the nation wants to develop new regulations that will foster the growth of the digital economy.
For example, NAFT proposes to approve the licensing of cryptocurrency exchanges in the country, allow the issuance of digital tokens and assets, and allow the population to legally negotiate, operate and trade crypto assets.
📍In China, it appears that regulators in the country are considering regulating Bitcoin and cryptocurrency mining, citing environmental concerns. Local reporter Wu Blockchain noted on his Twitter account that the Beijing government's Data Collection Center was conducting Bitcoin mining activities to further their research, and to understand the energy consumption implications of this activity.
📍Ethiopia confirms a strategic alliance between the country's Ministry of Education and the firm IOHK, which aims to promote the formation of knowledge that improves the quality of education in the country.
The ministry is working directly with the company, which is responsible for the development of Cardano. Both seek to develop a digital system based on blockchain technology that will allow the tracking of student performance in the country's schools, and encourage the creation of ideas that optimize the quality of education.
At the time of this writing, the price of Bitcoin is $56.700 per unit.
Continue reading: US Bank and other banks bring Bitcoin closer to investors, clients and users
