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It was the fourth consecutive week of flat prices. A generally slow news cycle meant that market leaders Bitcoin and Ethereum remained where they were last weekend.

Bitcoin depreciated a nominal 0.5% and currently trades at $26,815, while Ethereum rose 1% over the seven days and now enters the weekend at $1,829.

On Monday, an AI-generated photo depicting a fabricated explosion at the Pentagon briefly caused a selloff in stocks and Bitcoin.

Markets were decidedly flat across the board, with no top thirty cryptocurrency posting significant gains except TRON, which rallied 8% to $0.076778.

TRONs rally this week appears to have been driven by the climbing market capitalization of the U.S. dollar-pegged stablecoin Tether (USTD), as the latter inches towards overtaking its all-time high of $83.2 billion, set in May last year.

According to CoinGecko, Tether may set a new high watermark any day now.

TRON and USDTs joint rally appears to be linked to the fact that the majority of USDT, approximately $46 billion, is issued on Tron, surpassing the $36 billion on Ethereum. Recent data shows a steep rise in USDT on the TRON network throughout 2023 so far.

The biggest losses among cryptocurrencies this week were posted by Internet Computer (ICP), which fell 6% to $4.88, and Lido DAO (LDO), which dropped 7.1% to $1.96.

Ron DeSantis Banned CBDCs in FloridaThese States Could Be Next

Crypto is already a major talking point in Bitcoin-friendly Florida Governor Ron DeSantiss campaign as he gets ready to run as the GOPs candidate in next years U.S. presidential elections.

DeSantis headlined an otherwise disastrous Twitter Spaces the day he announced his candidacy and told his host, Twitter/Tesla CEO Elon Musk, that Bidens administration [has] it out for Bitcoin, and if it continues for another four years, theyll probably end up killing it.

On Tuesday, The International Organization of Securities Commissions (IOSCO) released a report outlining policy recommendations for global crypto regulation as part of the public consultation process.

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In a nod to the fall of FTX, the IOSCO recommendations warn regulators about crypto companies "combining certain functions in a single legal entity or group of affiliated entities, such as one entity running exchanges, trading firms, and custody businesses under one roof.

On Thursday, watchdog the European Systemic Risk Board (ESRB) released a report concluding that the industrys economic impact is minimal, but advising vigilance and policymaking that monitors leveraged trading and the industrys financial contagion risks.

That same day, the European Securities and Markets Authority (ESMA) and National Competent Authorities (NCAs) issued a statement saying that cryptocurrencies must be clearly labeled as unregulated and both investors and investment firms should understand the financial risks involved in trading them.

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This Week in Coins: Bitcoin and Ethereum See Fourth Flat Week as TRON and Tether Surge - Yahoo News

The controversial BRC-20 standard and Ordinals protocol that made it possible keeps growing its footprint in the Bitcoin ecosystem. The latest: Stably USD, which is being billed as the first BRC-20 stablecoin.

After all, two of the largest stablecoinsTether (USDT) and USDCoin (USDC)do most of their volume on the Ethereum network as ERC-20 tokens. Although now both tokens are available on a handful of other networks like Solana, Avalanche, and TRON.

Like ERC-20 tokens, BRC-20s are a lot like NFTs. They allow for arbitrary, non-financial information to be added to the Bitcoin blockchain without the need for a sidechain or additional token. BRC-20 tokens have been at the center of an intense debate within the Bitcoin community, with important figures taking favorable and unfavorable positions.

Now U.S.-based Stably, which calls itself a fiat onramp for crypto trading, has announced its BRC-20 U.S. dollar-backed stablecoin on Twitter. But there are a few red flags.

For starters, the total supply: $69.420 trillion, according to the companys website. Thats more than double the U.S. national debt and likely a nod to meme culture. And things seem to be off to a slow start. Their documentation links to a reserve wallet with a $220 balance at the time of writing.

While Stably claims its subsidiary, Stably Trading LLC, is a registered money transmitter, the registration number and address on their website dont match whats listed on the FinCEN website under Stably Trading, LLC.

The company tweeted that #USD is backed and redeemable 1-to-1 for USD collateral managed by our regulated custodian adding that a third party firm will be conducting monthly attestations to ensure the collateral always matches whats been issued.

StablyUSD isnt technically a new stablecoin. Its been around since 2019 and only recently got converted into a BRC-20 token on Bitcoin. The latest attestation report shows its got a market capitalization of $7 million across 11 different blockchains, including Ethereum, BNB Chain, and Arbitrum.

The USDS listing on CoinGecko shows that its price hit an all-time high of $9.89 on November 30, then crashed days later to $0.05 on December 9, 2022. The token has about $5,000 worth of liquidity on decentralized exchange UniSwap split between two trading pairs.

According to Stablys website, its regulated custodianPrime Trustholds the reserves for Stably USD. But it seems more likely that Prime Trust doesnt hold the reserves directly, as it explains on its website that it isnt FDIC-insured and uses accounts at a handful of banks that are.

That said, Stably said it will enforce a know your customer (KYC) and anti-money laundering process (AML) for users who want to redeem stablecoins for actual dollars.

Neither Stably nor Prime Trust immediately responded to a request for comment from Decrypt.

Although Stably has been quick to claim they were the first USD stablecoin on the Bitcoin network, USDT was initially launched on OMNI, a Bitcoin sidechain, in 2014. There are also several U.S. dollar-backed stablecoins, such as DoC on Rootstock, currently available on the network.

The new stablecoin, however, appears to be the first of its kind using the BRC-20 standard.

Whether this is another BRC-20 fad to quickly fade away, or a new era of stablecoins ushered in by the contentious Ordinals protocol remains to be seen. As always, do your own research.

Originally posted here:

There's Now a Dollar-Backed Stablecoin on Bitcoin Using Ordinals ... - Decrypt

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Italian developer, Salvatore Leggiero, unveils plans for the Bitcoin Tower, an hotel chain in Dubai that combines blockchain technology, artificial intelligence, and material sustainability. It will offer guests the opportunity to earn interest on their suite rentals.

Leggiero envisions a hotel chain that embraces cutting-edge technologies like blockchain and artificial intelligence (AI) and prioritizes material sustainability. The project aims to celebrate bitcoins (BTC) significance, prominence, and values.

The team claims that its unique approach to pricing and guest experience sets this hotel chain apart. Leggiero explained that the rental price of a suite would be considered a form of staking cryptocurrency, allowing guests to earn an annual percentage yield (APY) on their investment.

Dubai, known for its progressive mindset and innovative spirit, continues to push the boundaries of technological advancement. With its vision of becoming a smart city, Dubai aims to leverage cutting-edge technologies to build a sustainable and efficient urban environment.

As part of this vision, the city embraces blockchain and cryptocurrencies, recognizing their potential to revolutionize various sectors of its economy. It aligns with Dubais broader strategy of becoming a global technological hub.

The city recognizes the transformative power of these technologies and aims to integrate them into its existing infrastructure. By adopting blockchain, Dubai seeks to enhance transparency, security, and efficiency in finance, supply chain management, and real estate sectors.

The Bitcoin Tower encapsulates Dubais vision for a sustainable and technologically advanced future. By prioritizing material sustainability, the hotel chain will contribute to Dubais efforts in environmental conservation. Integrating blockchain and artificial intelligence will also elevate the guest experience to new heights, allowing for seamless interactions, personalized services, and enhanced security.

This visionary project will undoubtedly captivate the imaginations of both cryptocurrency enthusiasts and technology buffs worldwide.

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Dubai deepens crypto ties with proposed Bitcoin Tower Hotel - crypto.news

Bitcoin and Ethereum revolutionised the financial market as the top cryptocurrencies. DogeMiyagi is making its own mark as an innovative meme coin.

Innovation knows no bounds in the crypto world. As the market leaders, Bitcoin (BTC) and Ethereum (ETH) set a standard for other cryptocurrencies to follow, leading the way for innovation in the crypto arena. DogeMiyagi (MIYAGI) is a new meme coin that has just entered presale and its riding the wave of crypto innovation, offering up one of the best new crypto coins of 2023.

This revolutionary new crypto coin is subverting our negative perceptions of meme coins and combining the spirit of meme coin culture with token utility. This presale is expected to move at record speed, and investors wont want to miss out on one best crypto presales this year.

As the pioneer itself, Bitcoin revolutionised the way we view currency. By introducing the world to the first ever digital currency, Bitcoin made crypto possible and started a wave in the financial market. Bitcoins innovative approach to finance eliminates the need for central authorities and intermediaries in financial transactions. Its scarcity and value determined by supply have turned it into a digital goldmine. As the most prominent cryptocurrency, Bitcoin paved the way for a new financial world of possibilities and many cryptocurrencies have followed.

After setting that new standard for finance, Bitcoin has been constantly developing to keep up with the best crypto coins. For example, this year Bitcoin introduced its own form of NFTs called Ordinals. Due to Bitcoins reputation, this was highly anticipated and this week, Ordinals are close to overtaking Ethereum NFTs in daily trading volume.

While Bitcoin holds the crypto crown, Ethereum proudly stands as the second largest player in the crypto market. Its defining contribution lies in the introduction of the revolutionary smart contracts. This has enabled further innovation including decentralised applications (dApps) and decentralised finance (DeFi), revolutionising how digital assets are created, traded and managed.

Transactions on Ethereums network are fueled by its native token, Ether, which serves as the lifeblood to its vibrant ecosystem. While Ethereum has faced challenges and criticism, it is constantly evolving.

Last year Ethereum moved to a proof-of-stake consensus mechanism to improve its scalability, speed issues and sustainability. In April this year Ethereum underwent the Shapella or Shanghai upgrade which has further enhanced these features and brought more traffic to Ethereums renowned network.

DogeMiyagi is looking to contribute to the crypto space by revolutionising meme coins and providing a utility driven token. Built on the robust foundations of the Ethereum network, DogeMiyagi offers a unique sense of stability, efficiency and scalability not found in other meme coins. It also has plans to further expand into the Web3 ecosystem with the launch of NFTs.

DogeMiyagi will also rely on the unbreakable spirit of community to spark growth. With enticing freebies, expanding benefits and a full-fledged DAO, the whole project is designed with community in mind. The DAO gives the community a unique chance to become more than a passive investor and every $MIYAGI holder will be able to vote on major project decisions.

To expand the community further, DogeMiyagi also has a referral program which allows users to earn a 10% bonus by inviting others to join the community, fostering increased engagement and growth. While DogeMiyagi has all the entertaining features of a meme coin, it's innovating the category with its focus on community and utility.

In the crypto world, there's plenty of space for innovation, Bitcoin and Ethereum lead the way and DogeMiyagi is revolutionising meme coins with its focus on utility. While this coin has only just started presale, it's already showing potential and there's so much more to come!

For more about DogeMiyagi:

Website | Twitter | Telegram

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DogeMiyagi, Bitcoin and Ethereum: Leading the Way for Crypto ... - BSC NEWS

Core DAO is merging proof-of-work (PoW) and delegated proof-of-stake (DPoS) with the hope of solving the blockchain trilemma.

The blockchain trilemma refers to the trade-offs layer-1 solutions must make when building a blockchain network. Between optimal security, scalability and decentralization, networks must only choose two out of the three elements.

Ethereum, for example, prioritizes security and decentralization, but is not extremely scalable. For this reason, with more users on the network, gas prices increase and transaction speeds slow down. The network has since introduced sidechains layer-2 solutions to resolve this issue.

Core DAO has taken a different approach by using its Satoshi Plus Consensus. This consensus mechanism bridges PoW and DPoS, Rich Rines, an initial contributor at Core DAO, told Blockworks.

You get traditional DPoS elements on one side, then the other part that is quite unique is the proof-of-work part or delegated hash, Rines said. We have an actor in our system called relayers, and what they do is run an on-chain light client for Bitcoin.

Bitcoin block headers get transmitted to the Bitcoin light client through these relayers, Rines explained. Miners who are securing the Bitcoin network will have the ability to opt into having their hash power the Satoshi Plus consensus meaning they must delegate their hash to a validator run by themselves or a third party.

It is important to note that this type of delegation will simply repurpose miners work without them having to choose between securing two different networks. This way, the network can remain decentralized through Bitcoin computing power and scalable through DPoS.

Its very hard to be as decentralized as Bitcoin, we idolize Bitcoinand part of our reward mechanism is those rewards that come to the delegated hash, which goes to mining pools and sent to the miners directly allow Bitcoin security to increase, and there is no additional energy expenditure, Rines said.

By combining Bitcoin computing power for decentralization, DPoS leadership that enables scalability and the entire network operations to maintain security, Rines notes that Core DAO is able to create a layer-1 solution that combines the three core elements of blockchain technology.

Core DAO has recently launched a $200 million ecosystem fund to grow the Satoshi Plus Consensus. The project will use the fund to grow projects in the ecosystem, funding marketing, research and recruiting programs.

Unlike other projects, were looking at it a little differently, the question we always want answered is, is this good for our users, we want to give them unique experiences that they cant get anywhere else, and we want to continue to double and triple down on that, Rines said.

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Core DAO Is Using Bitcoin to Solve the Blockchain Trilemma - Blockworks