BRICS Nations’ Bold Vision: New Global Currency Powered by Blockchain Technology
> As these countries collaborate to create a currency with the potential to transform the international financial landscape, the technological components of this project are essential for its success.
> Blockchain and Digital Currencies: The Backbone of the BRICS Currency
> Blockchain technology, the foundation of cryptocurrencies like Bitcoin and Ethereum, could play a crucial role in the design and execution of the BRICS’ novel global currency.
> This decentralized, secure, and transparent technology provides a more efficient and cost-effective method for processing transactions, controlling currency supply, and ensuring the stability of the financial system. More here.
Bank of England Explores Digital Pound: Assembling a 30-Member CBDC Dream Team
> Earlier this year, the UK’s central bank and finance ministry initiated further research and development into creating a digital version of the pound sterling, inviting public input on the proposal.
> While the media has referred to the project as “Britcoin,” the bank has clarified that no decision has been made regarding the use of distributed ledger technology for a digital pound.
> Recently, the bank’s career page posted job listings for a Digital Pound Security Architect and Digital Pound Solutions Architect, both offering salaries of up to £80,000 ($99,000). Continue here.
SushiSwap Smart Contract Exploit: DeFi Protocol Suffers $3.3M Loss
> The ‘RouterProcessor2’ contract, responsible for trade routing on the SushiSwap exchange, was specifically affected.
> PeckShield, a security firm, highlighted the issue during Asian morning hours on Sunday, stating, “It seems the SushiSwap RouterProcessor2 contact has an approve-related bug, which leads to the loss of >$3.3M loss.”
> Sushi developers later confirmed this finding.
> According to tweets from various security firms, the $3.3 million loss appears to have originated from a single user, @0xsifu, a well-known trader in Crypto Twitter communities.
> DefiLlama developer @0xngmi suggested on Sunday that the exploit only impacted users who approved Sushiswap contracts within the last 4 days. Details here.
Web3 Investment Opportunities: Hong Kong Finance Secretary Backs Digital Economy
> He believes that competent market participants who weather a “burst bubble” can focus on innovation and make significant progress.
> With the government hosting a two-day digital economy summit starting on Thursday, Chan remains optimistic about the future of the Web3 digital economy.
> Industry leaders from companies such as Alibaba, Baidu, and Huawei are set to headline the event.
> Chief Executive John Lee Ka-chiu, Cyberspace Administration of China deputy director Cao Shumin, and Chen Dong, deputy director of Beijing’s liaison office in the city, are also scheduled to speak at the summit. Full report here.
Ethereum’s $31 Billion Unlock: Shanghai Upgrade Marks New Era for Blockchain
> The release is a result of Ethereum’s latest upgrade, known as Shanghai, which frees nearly 18 million staked ETH from the blockchain—approximately 15% of the total supply.
> This massive token release signifies the completion of Ethereum’s most substantial upgrade to date—the Merge.
> Notably, the Merge eliminates the need for vast crypto-mining operations by integrating the original blockchain with a new network that relies on an eco-friendly transaction validation system called proof of stake. More here.
NFT Aggregator OpenSea Pro Takes the Lead: Rapid Growth in Active Addresses and Volume
> OpenSea Pro’s announcement of its new platform, targeting professional traders and rivaling emerging NFT marketplace Blur, led to a sharp increase in both new and active daily addresses.
> Dune’s data reveals that new addresses on OpenSea Pro peaked at over 1,800 daily before stabilizing around 1,000.
> Active addresses also experienced a surge, exceeding 3,500 daily and maintaining levels just below 3,000 since then.
> The rebranded platform’s daily volume saw a similar boost, exceeding $3 million and consistently remaining above $2.5 million. Details here.
The Elon Musk Effect: How the Entrepreneur Shaped Dogecoin’s Turbulent Journey
> With its origins deeply rooted in internet humor, Dogecoin’s ascent to fame is as captivating as it is puzzling.
> At the heart of this tumultuous affair is none other than Elon Musk, the enigmatic business magnate who has become inextricably linked with the cryptocurrency’s fate.
> Musk’s Connection to Dogecoin: Elon Musk, the CEO of Tesla and SpaceX, has consistently shown support for Dogecoin, regularly expressing his appreciation for the meme coin on social media platforms.
> His fervor has fueled the increase in its popularity, generating numerous headlines and extensive media attention. Continue here.
dYdX Decentralized Derivatives Exchange Closes Doors to Canadian Customers
> Starting today, new users will be unable to join the exchange, while trading support for existing Canadian customers will cease in a week.
> “On April 14th at 17:00 UTC, dYdX will transition all existing users in Canada to close-only mode, and users will retain the ability to withdraw funds from the protocol at any time,” the dYdX team stated in a blog post.
> The exchange cited Canada’s current regulatory environment as the reason for this decision. In recent months, Canada has taken a more restrictive approach towards exchanges in the country, a trend that intensified after the collapse of FTX. Details here.
Arkansas Passes ‘Right to Mine’ Bitcoin Bill: A Win for Crypto Miners
> This move aims to safeguard the rights of cryptocurrency miners in Arkansas.
> The Satoshi Action Fund, which played a crucial role in crafting the bill, shared the news of its passing. Arkansas’s decision follows a similar move by Missouri earlier this month, which unanimously approved the same ‘Right to Mine’ bill with a 12-0 vote.
> The burgeoning digital asset industry has sparked intense debate on the topic of cryptocurrency mining.
> The Satoshi Action Fund has been dedicated to advocating for crypto miners and protecting the significance of their work amidst these discussions. Continue here.
Bitcoin Stuck in Range: Awaiting Breakout as Market Uncertainty Lingers
The extended weekend has yet to bring any significant changes to Bitcoin’s price, as it continues trading within an increasingly narrow range.
> Bitcoin appears to be forming a third consecutive Doji candlestick pattern on its weekly chart, indicating uncertainty from both bulls and bears regarding its next directional shift.
> However, Bitcoin isn’t the only asset experiencing range-bound trading.
> On April 7, Jurrien Timmer, Fidelity Investments’ Director of Global Macro, tweeted that the S&P 500 Index had been confined within a range for the past nine months, suggesting that a breakout is imminent “sooner or later.”
> While Bitcoin’s inability to surpass the $30,000 mark has prompted profit-taking in several altcoins, some have only experienced modest pullbacks.
> This suggests that traders are maintaining their positions in anticipation of an upward movement.