OKX, a cryptocurrency exchange, has announced that its wallet will soon support Bitcoin (BTC) Ordinals and BRC-20 tokens trading. In a statement released on May 16, the exchange stated that it will allow support for BRC-20 token trading and BTC cross-chain swap this week, with support for Ordinal inscriptions and token casting to follow in
According to CoinShares’ latest crypto fund flows report, crypto-backed investment funds experienced net outflows for the fourth week in a row, with a total outflow of $200 million over the four-week period. Last week, outflows totaled $53.8 million, a similar amount to the previous week’s outflow of $53.7 million. The outflows were primarily driven by
Bitcoin (BTC) experienced consolidation during today’s trading session as investors awaited the publication of the latest US retail sales figures. Inflation has fallen, and analysts are predicting that sales for April will rise by 0.8% following two months of declines. BTC/USD hit an intraday low of $26,878.95 on Tuesday after an earlier high of $27,646.35.
The BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, are currently working on developing guidelines for countries interested in joining the economic bloc. South Africa’s Minister of International Relations and Cooperation, Naledi Pandor, recently made this announcement, stating that the BRICS nations are receiving a lot of interest from other countries and
South Korean authorities have raided two major digital asset exchanges, Upbit and Bithumb, along with blockchain platform Kakao Klip, as part of an investigation into suspicious cryptocurrency transactions made by National Assembly member Kim Nam-kuk. The politician has been accused of owning around 800,000 Wemix coins worth $4.5m in 2021 and transferring them between the
Brad Garlinghouse, CEO of Ripple, took to Twitter to express his frustration with the US Securities and Exchange Commission (SEC) for its “hypocrisy” in public statements about the cryptocurrency industry. Using a meme from The Office, Garlinghouse criticized the SEC for issuing statements from its “bully pulpit” without providing clear guidance to the industry. He
Bitcoin has recently taken on functionalities that were traditionally associated with the Ethereum blockchain. It has started innovating new tokens and generating non-fungible token assets. Impressive Valuation of $497.75 Million On May 16th, the BRC20 token economy achieved a valuation of $497.75 million, which is a significant milestone. The market capitalization of its 24,677 digital
The European Union has given its final approval for the world’s first comprehensive set of rules to regulate crypto assets, known as the Markets in Crypto-Assets (MiCA) regulation. This decision has put pressure on countries like the United States and the United Kingdom to follow suit. The regulations, which are expected to take effect from
The cryptocurrency market has been experiencing turbulence lately, with XRP, the cryptocurrency by Ripple, being hit the hardest. XRP’s aggressive downtrend from mid-April has left it hovering around the mid-$0.42s, reflecting a nearly 10% drop this month and a 28% drop from March’s highs. The looming legal battle between the US Securities and Exchange Commission
The crypto industry is no longer just a backlash to traditional finance as it has recreated both fractional reserve banking and a shadow banking crisis. While people in crypto were initially distrustful of traditional banks, they still wanted the benefits of maturity transformation, hence the rise of crypto shadow banks. However, these companies operate without