FameEX Morning Crypto News Recap | June 20, 2023
China and Malaysia Collaborate on AI Research for Trade Applications in Blockchain
Malaysian blockchain developers are teaming up with Chinese counterparts to leverage artificial intelligence (AI) in foreign trade. As part of a China-led global research initiative, this collaboration aims to enhance the efficiency of cross-border transactions by applying AI technology.
Zimbabwe's Central Bank to Introduce P2P Platform for Streamlining Gold-Backed Digital Currency Transactions
The Reserve Bank of Zimbabwe is nearing the launch of a peer-to-peer platform to facilitate transactions involving digital gold tokens. This initiative aims to decrease reliance on the US dollar by providing an alternative digital currency linked to the London Bullion Market Association. The platform is expected to enhance the local economy.
Bitcoin Network Prepares for Fourth Surge in Mining Difficulty as Miners Remain Resolute Amid Record Highs
The Bitcoin network is gearing up for its fourth consecutive mining difficulty surge, set for June 27, 2023. With an average block generation time of less than ten minutes, the difficulty is projected to rise by around 2.1% to 2.33% based on recent data.
Bank of France Governor Advocates for Regulation of Crypto Conglomerates, Calls for MiCA 2
The Governor of the Bank of France emphasizes the need for international collaboration in regulating crypto conglomerates. At a technology forum in Paris, Governor Villeroy de Galhau proposes the consideration of a revised version of the EU's recently implemented cryptocurrency legislation, known as MiCA, to effectively address the challenges posed by these conglomerates.
Bitcoin Achieves 50% Market Dominance Milestone, First Time in 2 Years
As of June 19, Bitcoin's dominance in the cryptocurrency market briefly exceeded 50%, settling at 49.9% at the time of reporting. This indicates that Bitcoin contributes to half of the overall $1.1 trillion market capitalization in the crypto space. The current market capitalization of Bitcoin stands at $519 billion, based on Coingecko data.
Crypto Investment Products Witness 9th Consecutive Week of Outflows
According to CoinShares' "Digital Asset Fund Flows Report," cryptocurrency investment products faced outflows amounting to $5.1 million in the previous week. These outflows extended the ongoing trend for nine consecutive weeks, accumulating a total of $423 million in outflows.
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