On May 8, the Chairmen of the two major financial regulators in the United States, the SEC (Securities and Exchange Commission) and the CFTC (Commodities Futures Trading Commission) testified before Congress.
Cryptocurrency Market Updates
The cryptocurrency mining major Bitmain has seen a noticeable decline in its hashrate in the last 30 days. The company disclosed the data on May 7. According to the data, which analyzed all Bitmain-owned mining equipment, the company’s hashrate, which is calculated from the SHA256 hashing algorithm that is used in the BTC mining network, has fallen from 1692.35 quadrillion PH/s (hashes per second) to 237.29 PH/s in the last 30 days.
Pieter Wuille, the BTC (Bitcoin) developer, sent a message to the mailing list of bitcoin developers called bitcoin-dev on May 6, proposing 2 different solutions for a Taproot soft fork.
According to a news report, Professor Christian Catalini from MIT (Massachusetts Institute of Technology) is on leave and is purportedly working on developing a new token for Facebook.
Fidelity Investments, which is a financial services giant, has decided to hire a former executive of Barclays. It is none other than Chris Tyrer, the former head of digital assets at the investment bank. The new hire is expected to join the company at the end of the month. However, there are no further details suggesting what his exact role will be, except for the fact that his LinkedIn profile says “Digital Assets.”
Christian Catalini is known to be a big name in the industry. As of press time, he is said to be on leave from MIT. Interestingly, according to people who are familiar with the narrative, he is said to be working at Facebook.
Facebook is expected to have discussions with a handful of firms, two of which are Visa and Mastercard. The goal is to acquire funds that would support its very own fiat-backed cryptocurrency. The social media giant has been working on this project for quite some time now. Basically, it plans to bring forth a stablecoin-based payments platform.
It seems Bitfinex may just be successful in raising at least $1 billion through a token sale, which is expected to take place next week. A shareholder by the name of Zhao Dong said that the company is looking for the possibility of doing an initial exchange offering (IEO).
The crypto exchange based in Chicago called ErisX has officially revealed the public launch of its very own spot market. The announcement was made via press release. The spot exchange, in particular, is deemed to be the very first part of the company’s ongoing development of a single platform.
Bifinex, which is a crypto exchange based in Hong Kong, is looking at the possibility of issuing a proprietary exchange token. Dong Zhao, who is known for being an over-the-counter trader in China, reportedly announced it via weibo. The stakeholder at the company also confirmed that the exchange is interested in planning the said issuance.