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Strike Phasing Out USDT From Bitcoin-Based El Salvador Remittances, CEO Says
Strike, the digital wallet startup behind El Salvador’s bitcoin-based payment system, is phasing out its use of Tether’s USDT stablecoin as a U.S. dollar substitute, CEO Jack Mallers said. “The Hash” team explores the ongoing scandal around Tether and the wider repercussions of El Salvador’s currency law.
Roc-a-Fella Records Sues Dame Dash for Trying To Sell Jay-Z’s Debut Album as an NFT
The ongoing beef between Roc-a-Fella Records co-founders Jay-Z and Dame Dash continues into the cryptocurrency space. The record label is suing Dash for allegedly trying to sell Jay-Z’s debut album, “Reasonable Doubt,” as a non-fungible token (NFT). “The Hash” team unpacks the legal battle as part of a larger discussion about ownership and NFTs.
Stronghold Digital Mining Raises $105M to Turn Waste Coal Into Bitcoin
Digital asset mining firm Stronghold Digital Mining has raised $105 million to turn waste coal to bitcoin. This comes on the heels of rising concerns about bitcoin’s carbon footprint that have signaled pivots to more environmental, social, and governance (ESG)-friendly mining.
Author and Onetime Bitcoin Fan Nassim Taleb Publishes Paper Trashing the Cryptocurrency
Nassim Taleb, a former bitcoin admirer, has published a paper trashing the cryptocurrency. “[I]n spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government’ (it proved to not even be a currency at all),” he writes.
FATF Plenary Kicks Off Today
The Financial Action Task Force, a G7 initiative to develop policies against money laundering and terrorism financing, is holding an ongoing plenary session with cryptocurrency on its agenda. CoinDesk's Nikhilesh De sheds light on what to expect and the implications for the crypto community. He also discusses new observations about the Facebook-backed Diem project, formerly known as Libra.
Ethereum’s Fee Market Upgrade Explained
The most expensive blockchain to use is Ethereum, with users paying over $5 million per day in transaction fees, compared to Bitcoin's $1.5 million. This July, Ethereum's fee market is expected to undergo a radical change known as Ethereum Improvement Proposal (EIP) 1559. CoinDesk's Christine Kim breaks down her comprehensive report on the key findings and investment implications for the upgrade.
China Is Ramping Up Pressure on Crypto
Steve Ehrlich, CEO of Canadian cryptocurrency brokerage Voyager, discusses China’s pressure on crypto and impact on the activity on his platform. “We’re also seeing a lot more money coming into the platform again as people see this as another opportunity to buy again,” he added.
Cash for CBDCs at Beijing ATMs; Asia Sees New Unicorn in Amber Group
More than 3000 ATMs from ICBC, AgBank in China to offer CBDC-to-cash swap. ‘Crypto king’ nabbed in India as government re-evaluates regulatory bill. HK-based Amber Group becomes Asia’s latest unicorn after raising funds. More on that story and other news shaping the cryptocurrency and blockchain world in this episode of “The Daily Forkast.”
Could the Heat and Feared Blackouts in Parts of the U.S. Affect Bitcoin Mining Operations?
Texas and other U.S. states across the West are facing energy grid shortfalls this summer as severe drought reduces the amount of water available for hydroelectric power generation, says the Wall Street Journal. CoinDesk's Christie Harkin and Brad Keoun discuss the possible impact of power shortages for miners in the area and the wider crypto mining community.
NYDIG: Bitcoin's Most Valuable Property Is Non-Correlation to Existing Asset Classes
Bitcoin's most valuable property as a financial asset is its non-correlation to existing asset classes and other macro factors, according to NYDIG. Christine Lee breaks down the Chart of the Day.
