Author: NBTC

Rep. Ritchie Torres (D-NY), one of the strongest pro-crypto voices within the Democratic Party, recently spoke about the legal status of Ethereum (ETH) during a congressional hearing, arguing that the second-largest cryptocurrency should not be classified as a security. “The textbook example of a security is a stock. If I invest in the Apple stock, it means that I am expecting a profit from the managerial efforts of Apple, the company. If I buy Ether, from whose managerial efforts am I expecting a profit,” Torres asked. Dan Gallager, a former commissioner of the Securities and Exchange Commission, stated that there…

Satoshi Protocol, a prominent stablecoin protocol that gets support from Bitcoin, has announced an exclusive collaboration with Soveryn. The partnership between Satoshi Protocol and the BOB chain-based DeFi protocol Sovryn will unveil a SAT-wBTC pool to boost the utility and liquidity of SAT in the BOB ecosystem. The platform disclosed the development on its official account on X. Partnership with @SovrynBTC​Our collaboration introduces a new SAT-wBTC liquidity pool, boosting $SAT utility and trading options on BOB.​Thrilled to announce our partnership with @SovrynBTC, the leading BTCfi Hub on the BOB chain. They offers secure, fast Bitcoin trading… pic.twitter.com/hV6n4rWj2K — Satoshi Protocol…

Bybit, the world’s second-largest crypto exchange by trading volume, has announced its sponsorship of Ethereum’s first-ever “Attackathon” with a 75 ETH contribution. The global audit contest and hackathon, organized by Immunefi and the Ethereum Foundation, aims to enhance the security of the Ethereum protocol. “At Bybit, we believe in the power of community and innovation to drive the future of blockchain technology. Our sponsorship of the Ethereum Attackathon aligns with our mission to support the security and sustainability of the ecosystems vital to the global crypto community,” Ben Zhou, co-founder and CEO of Bybit, stated. The eight-week Attackathon event is…

The $170 billion stablecoin supply could potentially underpin demand for tokenized Treasuries, Standard Chartered’s Alexander Deschatres said. The Fed will likely cut rates on Wednesday, starting the so-called liquidity easing cycle. The Federal Reserve will likely cut interest rates this Wednesday for the first time since 2020, ending the most aggressive monetary policy tightening in decades. According to several observers, including Arthur Hayes, chief investment officer of Maelstrom and co-founder of BitMEX, the impending low interest rate environment is likely to curtail demand for tokenized Treasuries or digital representations of U.S. treasury securities that can be traded on the blockchain.…

According to statistics, Paypal’s PYUSD stablecoin has surpassed Tron’s stablecoin USDD becoming the sixth largest dollar-pegged token by market capitalization. Over the past ten days, PYUSD’s supply has swelled by $140.9 million. Paypal’s PYUSD Nears $1B Milestone The stablecoin asset issued by Paypal is now the sixth largest stablecoin asset today after growing significantly over the past ten days. On Aug. 06, 2024, PYUSD’s market valuation was $651 million and today, it’s up to $791.9 million on Aug. 16, 2024. Metrics show that there’s more PYUSD on Solana now than the PYUSD on Ethereum as 449 million SOL-based PYUSD is…

The ongoing battle between the U.S. SEC and Coinbase has taken an unexpected turn. In a recent move, the SEC requested a four-month extension on the fact discovery deadline, pushing it to February 2024—right after the presidential elections. This delay has sparked speculation, especially as the SEC faces mounting challenges in the crypto space. Did the tables really turn? Let’s find out. Why the SEC Is Pressing Pause In a letter to Judge Katherine Failla, the SEC sought additional time to review over 133,000 documents, citing the extensive discovery process in its case against Coinbase. Both Coinbase Inc. and Coinbase…

Marathon Digital’s hash rate grew by 142% in Q1 2024, driving a 223% revenue increase to US$165.2 million. Marathon Digital plans to double its hash rate to 50 EH/s by the end of 2024 through new ASIC miners and acquisitions. Riot Platforms and Core Scientific, despite challenges, remain key players, with Riot increasing its revenue to US$79.3 million. Marathon Digital and top rivals are driving a Bitcoin mining boom in 2024, setting new records in North America. With massive expansions and cutting-edge tech, leading the next crypto revolution. Marathon Digital to Lead Bitcoin Mining Growth by 2024 Marathon Digital Holdings…

Matrixport’s recent report highlights bitcoin’s impressive performance, outpacing the Nasdaq Index by 73% over the past two years. The company emphasized on X that Bitcoin is increasingly seen as a strategic investment, offering diversification and risk mitigation in investment portfolios, as well as representing a stake in the future of technology. Bitcoin Outperforms Nasdaq Index Bitcoin has previously shown a correlation with the Nasdaq, a prominent index for U.S. technology companies. While there have been periods of high correlation between the two, the current is notably low, standing at just 9%. This low correlation indicates that bitcoin’s performance is largely…

The Fed’s upcoming decision on interest rates has sparked debate among former officials, with disagreements over whether to cut interest rates by 25 or 50 basis points. Former Cleveland Fed President Loretta Mester recently advocated a more cautious approach to quantitative easing, arguing that there was a solid case for a series of smaller, 25 basis point rate cuts. On the other hand, former St. Louis Fed President James Bullard believes that calls for a 50 basis point cut are overblown. Bullard advocates a 25 basis point cut today, suggesting that a modest cut would be more appropriate in the…

The Shiba Inu team has introduced a burn portal for the Shibarium lawyer-2 solution. Burning tokens to reduce the supply of a certain token is a common industry practice. Ethereum Improvement Proposal (EIP) 1559 was implemented as part of the London hard fork back in 2021 to burn a portion of transaction fees by introducing a flexible block size as a proxy for network demand. The upgrade introduced the so-called “base fee,” a mandatory fee that is determined by the algorithm based on the level of network usage. The base fee is always burned, meaning that it gets destroyed by…