Bitcoin L2 Network Resumes Operations; Coolpad Group Invests in Crypto Mining; Central Banks Explore Digital Currencies
Summary:
The Bitcoin L2 network, Stacks, resumed activity after a nine-hour shutdown, stemming from unanticipated mining alterations. The network's token, STX, saw a value drop afterwards. Coolpad Group plans to invest $13.5 million in cryptocurrency mining rigs, and the Bank for International Settlements reports that 94% of central banks are exploring digital currencies. Lastly, the adoption rate of U.S. Bitcoin ETFs has been slowed by cautious financial advisors, and over $100 billion has been raised by crypto startups in the last decade.
After an unexpected interruption in operation, the Bitcoin (BTC) level-2 network known as Stacks went back online this weekend. The encoder encountered a stagnation in its block production due to unforeseen modifications in mining activities and reorganization of Bitcoin's network. The issue manifested at Stacks Block #153,917 which happened at 4:13 am UTC on June 14 and persisted until 1:20 pm UTC of the same day. Coincidentally, the network's token, STX, experienced a drop of 8% to $1.89 in the consecutive seven hours as from the time the block generation resumed. So far, the network's worth has seen a reduction, currently at $1.85, and an overall decline of 17.8% in the past week from its peak of $2.45 on June 12.
Coolpad Group, a telecom company based in Shenzhen, recently made public its plans of investing around $13.5 million on a set of cryptocurrency mining rigs. Coolpad will acquire 2700 cryptocurrency mining specific computer servers from a company located in Hong Kong, with the intention of raising its computing power from 873,000 terahashes per second (TH/s) to over 1.5 million TH/s.
According to the Bank for International Settlements (BIS) - also known as "bank for central banks" -, a steep increase has been noted in the experimental phase and piloting of wholesale central bank digital currencies (CBDC). A recent survey by BIS indicates that 94% of central banks are actively considering venturing into the world of CBDC.
According to the Chief Investment Officer of ETF and index investments at BlackRock, Samara Cohen, the slow adoption of U.S. spot Bitcoin ETFs stems from the cautiousness exhibited by financial advisers. Cohen stated that individual investors, mostly via online brokerage accounts, have possibly made about 80% of Bitcoin ETF purchases.
In other news, over the last 10 years, startups related to cryptocurrency have seen a total fundraising amount of over $100 billion. Finally, in a recent political move, Donald Trump pledged to halt the alleged assault by Joe Biden on cryptocurrencies, ensuring their survival and growth in America. The creator of Axie Infinity, known as Web3 Gamer, also expressed his intention to abandon Discord, which would significantly enhance gaming revenue as per SocialFi's projection.
Published At
6/17/2024 9:09:31 AM
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