Crypto Weekly Roundup: Russia Contemplates Bitcoin Reserve, BlackRock Buys ETH, & More
This week, we saw Russia and Texas exploring the creation of strategic Bitcoin reserves. At the same time, regulatory advancements include Ripple Labs gaining NYDFS approval for its stablecoin and the Czech Republic planning to simplify crypto tax laws. Lets dig deeper.
Bitcoin
The Texas House of Representatives introduced legislation to establish a strategic Bitcoin reserve that could act as a proving ground for the US Treasury.
Microsoft shareholders have rejected a proposal for the company to explore making Bitcoin (BTC) part of the companys investment strategy. The rejection comes despite a strong push by MicroStrategy CEO Michael Saylor to convince shareholders.
Anton Tkachev, a State Duma deputy from the New People party, has formally proposed establishing a Strategic Bitcoin Reserve (SBR) amid the assets growing popularity.
Ethereum
BlackRock and Fidelity, two of the largest exchange-traded fund (ETF) issuers, have purchased over $500 million worth of ETH over the past two days.
Altcoins
Despite Shiba Inu's promise, there are better cryptocurrencies in the market whose fundamentals are more robust and whose tokenomics are more convincing: Rexas Finance (RXS), Avalanche (AVAX), and Polkadot (DOT).
Grayscale Investments has formally registered with the NYSE to turn its current Solana Trust into a Solana Exchange-Traded Fund (ETF).
Rumors are swirling that Ripple CEO Brad Garlinghouse is secretly investing in DTX Exchange (DTX), an up-and-coming player about to change digital asset trading.
Business
The Avalanche Foundation has raised $250 million through a private token sale of its native cryptocurrency, AVAX, to advance its Avalanche9000 upgrade and revolutionize blockchain scalability and adoption.
Bitmain has expanded its Bitcoin ASIC production to the US to address trade tensions, improve supply chain efficiency, and meet growing North American demand amid geopolitical challenges.
Web3
Cryptodaily recently interviewed Tom Trowbridge, Co-Founder at Fluence Labs, in person during Devconnect in Bangkok to understand what they're building in the decentralized infrastructure space, diving deeper into how decentralized computing is a fundamental component for the Web3 ecosystem to flourish.
Quadratic Accelerator (q/acc) has just debuted on Polygon zkEVM, aiming to set a new standard for how tokens are brought to market, and the early signs are promising.
Businesses are increasingly realizing the potential of AI by using a fleet of autonomous agents tailored to each department or unit's needs.
Web3 traveling platform Travala has surpassed $100 million in annual revenue and launched a Treasury Reserve Plan to hold Bitcoin (BTC) and AVA tokens, reinforcing its commitment to blockchain-driven travel innovation and future growth.
io.net and Mira Network have combined decentralized GPU computing with advanced consensus techniques to deliver faster, more accurate, and cost-efficient AI output validation.
Regulation
Ripple Labs has received final approval from the New York State Department of Financial Services (NYDFS) to launch its stablecoin, RLUSD.
The U.S. Supreme Court has declined Nvidia's appeal to dismiss a class-action lawsuit alleging the company misled investors about its reliance on cryptocurrency mining for GPU sales.
The Czech Republic is working on advancing legislation to simplify crypto tax obligations and abolish capital gains tax on Bitcoin held for at least three years starting in 2025.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
