12.08.2020
Crypto digest 1-20 of may 2020

Bitcoin Halving And Other Crypto News For May 1-20, 2020

The most anticipated once-in-four-years Bitcoin event happened to come on May, 11. The third Bitcoin halving has reduced the miner’s reward in half to 6.25BTC per block.

The average hashrate has subsequently declined from 122 EH/s to 114 EH/s. On May 17, less than 100 blocks were mined that happened only 8 days in the last decade, shared digitalik.net. Many miners are waiting for the price growth to mine at their full capacity. 

The market matured enough even to have the so-called “hashrate futures” – the FTX exchange has become the first mover in what can become the trend in the new wave of innovative financial instruments around the “digital gold”.

After May 11, the main cryptocurrency has bounced back from its pre-halving price drop from below $8 000 to nearly $ 9 000. So far Bitcoin did not break through a psychological barrier of $10 000. Historically, the previous halvings brought a substantial price increase in the next year.

According to the Nominex trading experts, if this Bitcoin bull trend continues, then in the light of the traditional financial markets poor performance, more investors might come to the crypto market. 

Tezos

Tezos outperforms Bitcoin

The mining drama does not matter for the Tezos holders since it is not built on the proof-of-work consensus algorithm. Yet the minor cryptocurrency continues to outperform Bitcoin by the growth rate.

At the beginning of the year the XTZ joined the elite top-10 cryptocurrencies by market capitalization, according to Coinmarketcap. Bitcoin has grown almost 40% from January 1 to May 19. At the same time, Tezos has shown almost a 100% increase from $1.35 to nearly $2.7. 

Durov quits: lost battle but not the war

Pavel Durov's TON

On May 12, Telegram’s litigation battle with the most powerful financial regulator SEC ended with Pavel Durov’s decision to close the project for good and leave the decentralisation to the next generation of the entrepreneurs.

The development of the TON network has attracted a staggering sum of $1.7 billion. Those who believed in the project’s ability to challenge the status quo have received a strong push back. 

Investors are unhappy as well, some are even mulling the possibility to sue Durov. Other investors are happy with receiving the 72% of their initial investment, as was specified in the agreement.

Nominex experts share that this particular case is unlikely to cause damages for the crypto market. SEC still can not control Bitcoin and other cryptocurrencies.

In the meantime, Singaporean Temasek has become the first government-owned company to join Facebook’s Libra project.

Almost 50 countries consider CBDC 

Almost 50 countries around the world are considering the creation of central bank digital currencies (CBDC), reads the survey results of the British journal Central Banking.

No surprise that the majority of banks are not moving into using blockchain for that purpose. But DLT technologies still remain an option. 

Bank of England

The Bank of England representative shared last week that the central bank will not compromise its functions for the sake of technology, further showing the general direction of the CB’s thinking.

Global financial giant Visa strikes for the first-moved advantage with its new patent application that would be a service for the central banks to turn fiat money into the CBDC.

Cybersecurity failure at a supercomputer scale 

During this spring month, at least 11 supercomputers across Europe have fallen into the hands of the hungry for mining hackers. Halving or not, but supercomputers possess the unbeaten computational power.

Malware

This might come at a cost, since such machines are “at the forefront of the coronavirus response”, and they are used to run workloads for the vaccine development, statistics and diagnostics, shared the European Commission in a tweet.

Due to the installed malware, supercomputers have been temporarily shut down in the UK, Germany, and Switzerland. The cybersecurity researchers pointed out the possible exploitation of the vulnerabilities in the login nodes.

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