FameEX Morning Crypto News Recap | May 8, 2023
Russia Issues 1 Billion Rubles Worth of Digital Assets in a Month
According to local news reports, digital assets worth around a billion rubles were issued by Russian government-approved platforms in April. The reason for the increase in volume has been attributed to Russian companies trying out new financial instruments as they have limited access to traditional capital.
US Banking Crisis Concerns Grow as Fed Reveals 722 Banks Reported Unrealized Losses Over 50% of Capital
The US Federal Reserve's Division of Supervision and Regulation reported that 722 banks had unrealized losses exceeding 50% of their capital at the end of Q3 2022. The losses were caused by rising interest rates, which led to significant losses in investment securities and in some cases, reduced tangible equity.
Bitcoin's BRC20 Token Economy Surges by 192% to Reach $279 Million in Just Four Days
The market capitalization of all BRC20 tokens on the Bitcoin network increased from $95 million to $279 million in just four days, a 192% surge. The growth in valuation was seen due to increased usage and popularity of the tokens. As of now, more than 15 BRC20 tokens have been created, which have found use cases across various industries, including DeFi, gaming, and social media.
Kazakhstan Earns $7 Million in Crypto Mining Taxes in 2022
According to local media reports, the government of Kazakhstan has collected 3.07 billion tenges (approximately $7 million) in tax payments from crypto mining entities in 2022, following the implementation of a revised law that regulates the fiscal burden of mining cryptocurrencies.
European Regulators Urged to Abandon Smart Contract Laws That Could Hinder DeFi Growth
According to a source, European regulators plan to promote the use of smart contracts via the Data Act and do not intend to regulate ledger technology. Industry concerns regarding the proposed regulation's impact on decentralized finance (DeFi) growth will be addressed in the coming weeks.
MicroStrategy Adds to Bitcoin Holdings for 11th Straight Quarter
MicroStrategy, co-founded by Michael Saylor, has been purchasing bitcoin every quarter since August 2020. As of now, the company owns 140,000 BTC, making it the largest corporate holder of the cryptocurrency. The average purchase price of its bitcoin is $29,803, resulting 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.