Bitcoin prices drop to $8,100 several days before halving
Early on May 10th, Bitcoin prices dropped by around $1,500 in less than 15 minutes, falling and settling at $8,112. The large and unexpected fall caused a surge of sell-offs, with hourly sell liquidations reaching a $226 million high. After the sudden drop, the prices bounced back to $8,600.
Other cryptocurrencies have also taken a blow with the world’s largest coin dropping by over 15%: ETH is currently down by 10.24%, BNB – by 11.58%, and BCH – by 12.44%.
Ethereum developers: ETH 2.0 to launch in July 2020
ETH 2.0 – Ethereum’s major upcoming update – will not launch in the second quarter, as planned. In a Reddit Q&A held last Wednesday, the project’s co-founder Vitalik Buterin said that developers are currently looking at July 30th as the potential launch date.
The new product has been in the works since 2015, but the development has been slow due to the high-tech nature of the project. When launched, ETH 2.0 will provide users with a better transaction throughput and a brand new Proof-of-Stake (PoS) security model.
11 new Chrome extension caught stealing crypto-users’ credentials
After the company’s Web Store got rid of over 49 bad extensions masquerading as actual web wallets, experts spotted over 11 more untrustworthy add-ons seemingly tasked with collecting and leaking sensitive credentials.
These malware-like extensions mimicked the likes of KeyKeep, Ledger, and MetaMask, and have since been taken down. The overall quantity of phishing apps and extensions has grown significantly over the last couple of months with Google seemingly not doing much to stop the trend.
Mining revenues for BTC surpassed $412 million in April
Miners of the world’s biggest cryptocurrency earned over $412 million in the month of April alone. This figure exceeds March revenue by $30.5 million (around 8%). Statistics show that most of the revenue originated from the subsidies for new blocks. Less than 1.5% of the profits came from transaction fees.
Libra amassing $3 trillion in assets can pose a potential risk to world-wide economic stability
The European Central Bank published a report showing that Facebook’s Libra can potentially amass up to $3 trillion in assets if and when the project takes off. This fact – along with Libra’s links with the wider financial system – poses a great risk to the world-wide financial stability.
The report analyzed how the stablecoin could potentially behave in several scenarios: as a global currency, a regulated store of value, and an unregulated store of value. The latter is an extreme yet plausible scenario which the authorities are acting in opposition to.
In view of the massive size of assets that can end up under the project’s management, the report suggests that stricter regulations should be imposed on the project’s developers, given the risks that a potential mishap could pose for both Europe and other countries.
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