The crypto markets registered a rather positive week, led by Bitcoin (BTC) gaining 10.1%, but also buoyed by Ethereum (ETH) and Solana (SOL) rising 4 4% and 3.7%, respectively. The Nasdaq Crypto IndexTM (NCITM) was up 7.1%, in midst of an outlook for the coming months that remains optimistic, driven by high expectations for digital assets to perform well as the US adopts a less hawkish monetary stance.
Japanese power company is experimenting with bitcoin mining
TEPCO subsidiary Agile Energy X is utilizing surplus renewable energy for Bitcoin mining in Japan, tapping into energy that would otherwise be wasted. This project could generate up to 360 billion yen (US$ 2.5 billion) annually and is relevant for investors because it highlights how, perhaps contrary to what may be known, mining can help manage energy output, lower costs, offset pollution, and increase profitability.
UK bill recognizes digital assets as personal property
Last week, a new bill was introduced in the UK's Parliament, aimed at clarifying the legal status of digital assets within its regulatory framework. The legislation was introduced to classify cryptocurrencies, non-fungible tokens, and digital carbon credits as personal property. This move reflects a global trend towards clearer laws and regulations for digital assets to establish a more robust legal framework for cryptocurrencies and other digital assets.
Stablecoin payments in Singapore near US$1 Billion
Stablecoin payments in Singapore hit a record nearly US$1 billion in the second quarter, according to a Chainalysis report. This surge, primarily driven by transactions at merchant outlets, reflects the growing use of stablecoins for their efficiency and low cost. Singapore is aiming to establish itself as a digital-asset hub, focusing on blockchain technology to enhance financial transaction efficiency and reduce costs.
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