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Was UST a security because it was designed for practical uses rather than as an investment?

A Hong Kong-based entrepreneur says that while the digital assets regulation is “overall friendly” The city’s digital assets regulation is overall friendly, banking regulations are not yet conducive to the industry’s growth. ALSO: Bitcoin surges post-BlackRock ETF filing.

Courts in the country approved bail for the Terraform Labs founder, but a South Korea extradition request is set to keep him in jail.

The market capitalization of the BUSD stablecoin has dipped below rival DAI after a $95 million burn. 

“The decline of BUSD is inevitable given that Paxos stopped issuing it back in February, but it did manage to maintain its third most dominant position for over three months since then,” says Rebecca Stevens, a research analyst at The Block Research.

BUSD burn rate

“There has been a bit of an uptick in BUSD burn rate on the heels of last week’s Binance lawsuit which named the stablecoin a security, pushing its supply below that of DAI’s,” Stevens added.

Indeed, BUSD has also been losing its share of the total Ethereum stablecoin supply since March of this year, The Block data shows, as USDT and USDC increase their dominance. 

© 2023 The Block Crypto, Inc. All Rights Reserved. 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.

The largest cryptocurrency rose more than 1.3% in the hour after the announcement.

Ringers #879, a seminal NFT artwork often referred to as “The Goose,” far outpaced estimates and sold for $tk.

BlackRock took a giant leap toward a spot bitcoin ETF, filing a registration statement with the U.S. Securities and Exchange Commission on Thursday.

Known as the the iShares Bitcoin Trust, the Delaware statutory trust will hold assets primarily consisting of bitcoin held by a custodian designated as Coinbase Custody Trust Company.

The price of bitcoin will be determined using the CF Benchmarks Index, according to the filing.

 

© 2023 The Block Crypto, Inc. All Rights Reserved. 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.

The SEC has rejected numerous attempts by other fund companies to launch a spot bitcoin ETF.

Tether’s USDT stablecoin loses its $1 peg, while other major cryptos spend their day in red territory.

Dmitri Cerniak’s Ringers #879 NFT, also called “The Goose,” sold for $6.5 million today in a Sotheby’s auction. 

The original estimations for the bid were between $2 million and $3 million, but a seller nabbed it at a final bid price of $5.4 million, plus auction house fees. 

The NFT is from Dmitri Cerniak, a Canadian artist in New York City who creates art through generative algorithms. The piece is a part of the Ringers collection, where each individual piece was created from a unique transaction hash and javascript. The popular NFT brand ArtBlocks curated the Ringers collection.

Cerniak joins the likes of Tyler Hobbs of Fidenza fame to get into the high-profile generative art NFT scene, who also sold pieces at the Sotheby’s auction. 

© 2023 The Block Crypto, Inc. All Rights Reserved. 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.