CNF Brief: 5 of the biggest stories of the week

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  • FUD has engrossed Shiba Inu’s development after a lead developer revealed a significant blunder in the development of Shibarium.
  • Bitcoin continues to lead the crypto market following a 30 percent surge in the last 7 days, in total, the broader market has reached a market cap of $1.16 trillion.

Bitcoin has surged by around 30 percent in the last seven days lugging with it the entire market. At the time of the press, the broader crypto market is worth over one trillion. Much of the gains come from the collapse of the American banking system. Over the last couple of weeks, at least three banks- Silvergate, Silicon Valley, and Signature, failure has validated Bitcoin’s need and purpose and triggered fresh demand for the digital asset.

In addition, technical developments and continued partnerships that accelerate the growth of blockchain and cryptocurrency technology continue to be witnessed in most top projects. In the latest CNF brief, we take a look at the biggest stories in Shiba Inu, Cardano, IOTA, Bitcoin surge, and Ripple case.

Shiba Inu Metaverse team launches a new website and visuals, sparks optimism for SHIB

The Shiba Inu team has launched a new Shib.io website featuring an updated Shiba Inu the metaverse branding. The website offers users the ability to purchase Shiba Inu metaverse lands using a buy system that showcases a map of the available lands. Only 36,431 lands will be unlocked for purchase during the first phase, with a total of 100,595 lands available in the long term. Users can avoid paying multiple gas fees by using the website’s single-click minting system. However, users must set up and use a MetaMask wallet to participate in land purchases or bidding.

The Shiba Inu community is also facing community-centered chaos due to a code error involving the Shibarium Beta chain ID, which the developers are working to correct… Read more

IOTA 2.0: Senior software engineer outlines research results on technology robustness

The IOTA Foundation is developing IOTA 2.0, an architecture that aims to improve the performance of the IOTA blockchain by offering better scalability, security, and decentralization. IOTA 2.0 will be a permissionless blockchain that allows everyone to join the platform without minimum staking requirements.

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The architecture will provide scalability up to 10,000 nodes and 1000 mps, making it suitable for sharding solutions. IOTA 2.0 will address challenges with the current IOTA network, including non-linearity, practicability, and Sybil protection, through a more robust voting mechanism that delivers better confirmation times and resistance to bait-and-switch attacks…Read more

Cardano’s Djed outperforms Tether’s USDT as Whales go on a Buying Spree

The DJED stablecoin, launched on the Cardano (ADA) protocol, has surpassed Tether (USDT) in terms of current price action, reaching $1.08 per token, and is considered one of the few over-collateralized assets in the industry, trading at a 1% increment against USDT.

Cardano whales have been on a buying spree, benefitting from the “Buy the Dip” strategy and resulting in a bullish uptrend, with Cardano changing hands at a spot price of $0.3487, up 13.30% from the past couple of days. Cardano’s future is tied to DJED in the long term, as both protocols are interwoven and Cardano aims to unseat Ethereum as the largest smart contracts hub…Read more

Bitcoin defies expectations and outperforms stocks and gold

Bitcoin (BTC) has delivered a solid performance with strong gains this week, up over 30 percent on the weekly chart, while all three major indices on Wall Street have been in negative territory. Despite uncertainties in the global banking sector and events like the de-peg, Bitcoin has shown resilience and decoupling from the traditional financial system.

Several Bitcoin proponents believe it offers investors a way to shield themselves from central bank moves and protect their savings from inflation. Bitcoin’s correlation to the Nasdaq has dropped to a one-year low, while the BTC price is up 50 percent so far in 2023, outperforming broader indices on Wall Street…Read more

SEC vs. Ripple heading to the Supreme Court in XRP case

John Deaton, a pro-Ripple attorney and founder of CryptoLaw, has stated that the recent attacks on the crypto industry are coordinated politically and economically. In a recent video, Deaton also discussed the SEC v Ripple case, stating that the regulator used fraud-related language, despite the case being a non-fraud case. Deaton advises crypto retail holders, investors, and all stakeholders to fight by seeking clarity in court until there is regulatory clarity in the industry.

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J.W. Verret, an associate professor of Law, also appeared on the show and stated that there is a higher chance of the Ripple case heading to the Supreme Court if the SEC does not get reasonable. Verret further explained that the SEC is trying to treat tokens of decentralized networks as securities, which is unreasonable…Read more

 

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