EOS and YFI lead altcoins higher as Bitcoin and Ether bounce from swing lows

YFI, EOS and REV notched double-digit rallies as altcoins capitalized on the oversold bounce in Bitcoin and Ethereum price. The markets were mixed on May 11 as Bitcoin (BTC) recovered from Monday’s drop to $53,000 by bouncing to $56,862 but the digital asset is still finding resistance at the $57,000 level. Ether (ETH) also worked its way back above $4,100 but according to Cointelegraph analyst Marcel Pechman, the bullish sentiment for Ether seen in recent weeks has begun to fade as traders question whether new all-time highs will be sustainable in the…

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The challenges with designing a CBDC, explained

Central bank digital currencies face a tricky trilemma when it comes to ensuring they are well designed. What’s the answer? How can this CBDC design trilemma be overcome? An identity-based, meta-blockchain can achieve all three design goals of identity, privacy and programmability. While blockchain systems can be structurally decentralized, the operation itself can be very much centralized and sequential. The problem lies in how transactions cannot be processed in parallel — and multiple smart contracts cannot be operated simultaneously. A meta-blockchain that can operate smart contracts in parallel could be…

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Texas house passes crypto-friendly bill, now goes to senate

Governor Greg Abbott has already hinted he is open to signing the bill into law. Members of the Texas House of Representatives have passed a bill which aims to recognize cryptocurrencies under commercial law in the state. In a session of the 87th Texas Legislature today, lawmakers passed a proposed amendment to the state’s Uniform Commercial Code, or UCC, aimed at better adapting commercial law to blockchain innovation and digital asset regulations. First introduced by Representative Tan Parker in March, House Bill 4474 will reportedly help define cryptocurrencies in the UCC.  The bill will…

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Balancer protocol launches version 2 of its automated market maker

Automated market makers, or AMMs, have become a staple of the rapidly growing DeFi industry. Balancer, a leading automated market maker, has launched version 2 of its protocol, promising faster speed, lower costs and improved liquidity.  In addition to revamping the user interface, Balancer’s backend will provide more efficient routing for trades through “Protocol Vault.” The platform claims that this upgrade will reduce gas costs and produce better pricing mechanisms. Expected gas costs are said to be 40% lower in version 2 – a figure that jumps to 53% with…

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Dogelon Mars, Shiba Inu and Dogecoin take the lead as Bitcoin consolidates

Canine-themed meme tokens like ELON, SHIB and DOGE have taken control of the market while Bitcoin consolidates below $57,000 and Ethereum holds above the $4,000 mark. Cryptocurrency traders awoke to an altcoin bonanza as a handful of meme tokens, along with some of the more established projects, staged double-digit rallies while Bitcoin (BTC) price slowly recovers to the $57,000 level.  The biggest event generating conversations across the crypto sector and social media is the rise of dog-themed tokens inspired by the recent mega rally from Dogecoin (DOGE). The more than…

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Coinbase overtakes TikTok for #1 position on Apple app store

The trading app first became available on the Apple App Store in 2014. Major cryptocurrency exchange Coinbase’s mobile app now tops the charts for the U.S. Apple App Store. According to the Top Charts list on the Apple App Store, Coinbase is currently the most popular app in the United States, ahead of TikTok, YouTube, Facebook, Instagram, and trading app Robinhood. Cash App, which allows users to send money and buy Bitcoin (BTC), sits in the #12 position at the time of publication, while Binance’s and Trust’s apps are at…

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Bullish sentiment begins to fade after Ethereum all-time high at $4,200

Ethereum price soared to $4,200 but derivatives data reflects a decline in the bullish sentiment of Ether futures and options traders. The last couple of weeks have been nothing short of astonishing for Ether (ETH), as the cryptocurrency hiked over 80% to reach a $4,200 all-time high. Even after a 7% correction, the gains accumulated in 2021 surpass 300%, and Ether currently holds a market capitalization that exceeds $450 billion. In the face of such a mind-blowing performance, neither the futures contracts premium nor the options fear and greed indicator…

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Israel’s central bank floats possible digital shekel with new action plan

The bank has been exploring the introduction of a CBDC since 2017. The Bank of Israel is accelerating its research for the potential issuance of a central bank digital currency, or CBDC.  In a statement from the central bank on Tuesday, the Bank of Israel said it was preparing an action plan to explore the benefits of a digital shekel to the economy. Though the bank said it had not yet decided whether to issue a central bank digital currency, it added it would be prepared to do so should…

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Online marketplace eBay to allow NFT sales

A representative said that eBay “will add new capabilities that bring blockchain-driven collectibles” to the platform. Online marketplace eBay has introduced auctions for nonfungible tokens to its platform. According to a Reuters report, eBay users who meet certain criteria on the platform will be permitted to list nonfungible tokens, or NFTs. The company added that it would expand its policies and tools surrounding digital collectibles in the future. “In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform,” said eBay’s North America senior vice…

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Hungary plans Bitcoin tax cut as part of economic recovery program

Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022. Cryptocurrency investors in Hungary could be getting a major tax break very soon, as lawmakers seek to make the central European country more competitive in the wake of the Covid-19 pandemic. In a video that appeared on Facebook Tuesday, Finance minister Mihály Varga outlined his government’s stimulus program through 2022. As part of the post-Covid-19 relief efforts, lawmakers are considering reducing taxes on cryptocurrency trading to 15% of income, down from the current…

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