Author: NBTC

NBTC

NBTC is the editorial account for NBTC News, covering Bitcoin, Ethereum, DeFi, blockchain infrastructure, exchanges, mining, regulation and digital asset markets. The editorial team focuses on clear sourcing, timely updates and practical context for crypto readers.

Turkey Will Discuss Cryptocurrency Regulation in Parliament This Week: Here’s What to Expect

A regulation determining the legal framework of cryptocurrencies is coming to the agenda of the Parliamentary Planning and Budget Commission this week. With the changes to be made in the Capital Markets Law, the legal definition of crypto assets will be made. With this regulation, the establishment and activities of crypto asset service providers will need to obtain permission from the Capital Markets Board. Authority for the issuance, sale and distribution of crypto assets will be given to the Capital Markets Board. Making a statement last week, AK Party Group Chairman Abdullah Güler shared the details of the bill. According…

LegalMay 27

Binance Sells Gopax’s Genesis Asset Rights Leads to Controversial Losses

Key Points: Binance sold Gopax’s Genesis asset rights at a steep discount to compensate investors, causing significant losses for Gopax. Genesis’ bankruptcy compensation plan was approved, with creditors to receive 77% of their bond amount. Regulators are investigating Binance’s acquisition of Gopax due to legal and money laundering concerns. According to local news, Binance, the largest shareholder of Gopax, has come under scrutiny for selling Gopax’s Genesis asset rights for less than half their face value. Binance’s Discounted Gopax’s Genesis Asset Rights Initially, Binance pledged to fully compensate investors for their losses, estimated at around KRW 70 billion, following the…

ExchangesMay 27

Is Parallel EVM the Solution for Ethereum Scaling?

Ethereum’s scaling issue is not a new topic of discussion in the crypto realm; this pioneering smart contract blockchain is notorious for high gas fees due to its limited throughput during periods of high activity. One of the main reasons behind the limited scalability is the sequential nature of Ethereum’s runtime environment, the Ethereum Virtual Machine (EVM). To provide some more context, the EVM is designed to operate as a Turing-complete virtual machine, enabling the secure execution of smart contracts on the Ethereum blockchain. While this runtime environment has been efficient and reliable, it processes transactions sequentially. This means that…

BlockchainMay 27

Crypto Market Recovers After Iran-Israel Conflict Rocks Prices

Over the weekend, geopolitical tensions escalated dramatically following an unprecedented conflict between Iran and Israel. The events unfolding on Saturday evening momentarily shook global markets, including the crypto sector. However, there has been a noticeable recovery within the crypto market at the time of reporting. The swift rebound in crypto values demonstrates the market’s robustness and ability to withstand unexpected global events. Bitcoin Still Has Strong Support at $60,000 Level Fears of escalating tensions triggered a sharp downturn for Bitcoin (BTC), the cryptocurrency with the biggest market capitalization, which dipped as low as $60,800 during the conflict. Moreover, BeInCrypto previously…

BitcoinMay 27

Over $2 Billion in Tokens Set to Hit the Market

May 2024 is shaping up to be a significant month for crypto token unlocks, with over $2 billion worth of native tokens scheduled for release across eight major projects. Token unlocks can impact these cryptocurrencies’ price and market dynamics, and investors are closely monitoring the developments. Here’s a detailed list of the major token unlocks and their potential implications. May 1st: dYdX ($DYDX) The decentralized exchange dYdX will unlock 10% of its circulating supply, valued at approximately $71 million. This release represents a significant portion of DYDX tokens entering the market, potentially influencing its price and liquidity. May 3rd: Memeland…

AltcoinsMay 27

Russian Central Bank Flags Sharp Rise in Crypto-related Activity

The Russian Central Bank says it has noticed a significant rise in citizens’ transactions on crypto exchanges and peer-to-peer crypto trading platforms. Per the Russian media outlet RBC, the bank has published a financial stability report, making several observations on Russian citizens’ crypto transactions. The bank wrote about trends it had noticed from the fourth quarter of the Financial Year 2023 to the first quarter of FY2024. The regulator wrote that the “total web traffic of Russian users on the websites of the largest cryptocurrency platforms” increased by 16.4% “compared to the second and third quarters of 2023.” Russian Central…

LegalMay 27

We need to talk about the dangers of custody on exchanges

A decade has passed since the infamous hack of major exchange Mt. Gox. The exchange’s subsequent collapse lost 7% of all bitcoin at the time — the equivalent of approximately 45 billion dollars today. It was one of the first events to threaten the very existence of the crypto ecosystem, but certainly not the last. The industry hasn’t learnt from this catastrophe — rather quite the opposite. We’ve seen plenty more similar incidents in recent years. In 2023 alone, the industry suffered losses exceeding $1.8 billion due to hacks. Large platforms like Binance have given in to pressure from institutional…

ExchangesMay 27

VeChain Partners With Shanghai Environment Exchange To Improve Carbon Neutrality

VeChain celebrated the success of Shanghai Tanlian Technology Co., Ltd., the company behind VeCarbon, for its significant contributions to achieving carbon neutrality. This celebration marked the start of a new chapter for public blockchain VeChainThor in its mission to provide blockchain-based carbon management services on a global scale. VeChain has made progress in combining blockchain with dual carbon research to improve monitoring and management of carbon emissions across various sectors. Designed to improve the transparency and traceability of carbon emissions data, VeChain provides comprehensive support to governments, businesses and the public. Their strategies have been effectively applied in sectors such…

BlockchainMay 27

Crow-themed meme coin soars almost 600% in one week

The token CAW moved nearly $14 million on Monday, with most of its trading volume being on BitMart. The meme coin crow with knife (CAW) rose by almost 600% in the past seven days and is the crypto asset with the most significant growth in this period, according to data aggregator CoinGecko. The token is deployed on Cronos, the blockchain related to the crypto exchange Crypto.com. CAW was created on March 14 and didn’t see much upside until April 26. The reason behind the upside could be related to the token listing on Crypto.com app on the same day, prompting…

AltcoinsMay 27

South Korea Urged to Follow US Lead on Crypto ETFs After Ethereum Approval

The US Securities and Exchange Commission’s approval of spot Ethereum ETFs last week has ignited pressure on South Korea’s financial regulators to greenlight similar crypto exchange-traded funds. Last week’s approval of Ethereum ETFs marked a dramatic reversal for the US market. Up until then, most market participants were expecting a rejection for these ETFs, atleast in May. The Korea Times reported Monday that the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) are hesitant about allowing crypto assets to be traded on the traditional securities market. The FSC cited the Capital Markets Act to justify its skepticism towards…

LegalMay 27