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FameEX Morning Crypto News Recap | May 8, 2023

2023-05-08 11:31:20

Russia Generates 1 Billion Rubles in Digital Assets within a Month
Local news reports state that in April, platforms approved by the Russian government issued digital assets worth nearly a billion rubles. This surge in volume is said to be due to Russian companies exploring new financial instruments, as they have restricted access to traditional capital.

722 Banks Report Unrealized Losses Over 50% of Capital, Raising Concerns Over US Banking Crisis: Fed
According to the Division of Supervision and Regulation of the US Federal Reserve, 722 banks had unrealized losses that exceeded 50% of their capital by the end of Q3 2022. The main reason behind these losses was the rise in interest rates, which led to significant losses in investment securities and in some cases, reduced the tangible equity of banks.

BRC20 Token Economy of 
Bitcoin Soars 192% to $279 Million within Four Days
Platforms built on top of the Bitcoin network, known as BRC20 tokens, saw a 192% increase in market capitalization from $95 million to $279 million within four days due to their rising usage and popularity. Over 15 BRC20 tokens have been developed and are being used in various industries, such as DeFi, gaming, and social media.

Kazakhstan Collects $7 Million in Taxes from Crypto Mining in 2022
Local media reports indicate that the Kazakhstani government has earned around $7 million in tax payments from crypto mining entities in 2022. This is a result of the implementation of a revised law that regulates the financial responsibilities associated with mining cryptocurrencies. The reported tax collection amounted to approximately 3.07 billion tenges, according to the same reports.

Calls for European Regulators to Drop Smart Contract Laws That Threaten DeFi Expansion

A source has revealed that European regulators intend to encourage the use of smart contracts through the Data Act and do not plan to regulate ledger technology. Industry concerns regarding the proposed regulation's potential impact on the growth of decentralized finance (DeFi) will be addressed in the coming weeks.

MicroStrategy Continues Its Streak of Adding to Bitcoin Holdings for 11 Consecutive Quarters

MicroStrategy, which was co-founded by Michael Saylor, has been steadily buying Bitcoin every quarter since August 2020. The company now holds 140,000 BTC, making it the largest corporate holder of the cryptocurrency. The average purchase price of its Bitcoin is $29,803, which has resulted in a minor unrealized loss.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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