On Friday, authorities in Sichuan ordered mines in the region to shut down by Sunday. The Cambridge Centre for Alternative Finance reports that the province accounted for roughly 9.66% of China’s hash rate as of April 2020.
Coinbase’s decision to list Shiba Inu (SHIB)— a token launched in 2020 by an anonymous team with the aim of mimicking Dogecoin— highlights crypto exchanges’ incentives to list questionable projects.
Stablecoins outside of the crypto ecosystem have a number of competitors offering more traditional digital solutions, such as Cash App, Venmo, and Interac.
Last week CFTC Commissioner Dan Berkovitz said DeFi exchanges offering derivatives aren’t legal and that “we should not permit DeFi to become an unregulated shadow financial market.”
Solana Labs, the firm behind the Solana blockchain, has raised USD 314 million via a sale of its native SOL coin with the aim of expanding the smart contract network. With a market cap of USD 11 billion, SOL is now the 12th largest crypto by that metric.
BTC transaction fees priced in the asset have remained well below highs from 2017. This is despite network usage metrics that surpassed those from 2021.
The increase in correlation between assets as diverse as DOGE, ETH, XRP, and BTC suggests that adoption hasn’t been accompanied by a more sophisticated differentiation between usage metrics and technical maturity of varying blockchains and their associated assets.
Arguably, BTC gives local authorities a greater overview of its monetary policies than the EUR or USD, whose management is designed to favor the countries issuing those currencies. BTC has now emerged on a list of currencies which nations can choose to adopt if they’re unable to manage domestic currencies.
The BTC network hasn't shown any obvious reactions to reported crackdowns on mining activity in China. At the same time, Chinese BTC mining hardware producer Canaan has reported that 78% of Q1 revenue came from overseas markets.
The Cardano network’s ADA token achieved a record market cap of USD 73 billion in mid-May. The network, which has limited functionality, has benefited from the narrative-driven investing that’s typical in crypto markets.