Bitcoin Sets New Record for Daily Transactions

Here are some of the major developments from the world of crypto over the past few days.
some of the major developments from the world of crypto
some of the major developments from the world of crypto

The number of daily Bitcoin transactions reached a new record of 4,444. Just three days after the Bitcoin halving, 4,444 Bitcoin transactions hit an all-time high of 926,842. The record number of transactions per day was achieved three days after the Bitcoin halving on April 20th. This date coincided with the launch of Bitcoin Rune, a new protocol for issuing fungible tokens on the Bitcoin network. Runes make up the majority of Bitcoin transactions, accounting for 68% of all Bitcoin transactions.

Runes may not remain the primary token standard on the Bitcoin network, but they have proven the value of Bitcoin's block space, according to Nazar Khan, co-founder and CEO of TeraWulf. Despite the record number of transactions, the price of Bitcoin remains depressed, hovering just above $64,000, as reported by Cointelegraph.

Rune has garnered a lot of interest in the Bitcoin community, but the real market opportunity could take months until the first wave of investor hype subsides, says the pseudonymous decentralized finance (DeFi) researcher Ignace in a post by X. On April 17th, he wrote: 'Runestone, RSIC, and PUPS are already on the rise, promising holders an airdrop of shiny new rune tokens. And FOMO threads keep popping up.' Ignace warned that Rune could trade like a volatile meme coin shortly after its launch.

Cboe Reorganization Will Consolidate Or Eliminate Digital Asset Operations

Exchange Network Cboe Global Markets has announced plans to restructure its digital asset trading, including the closure of its digital spot market. Cboe announced that it will separate its digital asset derivatives trading from Cboe Digital and integrate it into its global derivatives and clearing business. The CBOE Digital Spot Market will close in the third quarter of 2024.

Cboe Clear Digital, the clearing division of Cboe Digital, will be "aligned" with Cboe Clear Europe under the unified leadership of Cboe Clear Europe President Vikesh Patel. The exchange also said that significant savings could be realized by closing its digital spot trading division. It added that the savings of $2 million to $4 million in 2024 would not have a material impact on net sales in 2024 but would result in annual savings of $11 million to $15 million.

Cboe significantly expanded its presence in the digital assets space in May 2022 with the acquisition of ErisX, which operates spot markets, derivatives markets, and clearing platforms and was reborn as Cboe Digital. The timing of this trade was unfortunate as crypto winter was just around the corner. Goodwill impairment is the amount a company loses if it purchases an asset for more than its carrying amount and the value of that asset subsequently declines.

Yuga Labs Undergoes Restructuring Again, Including Layoffs and New Executive

The founder of the Bored Ape Yacht Club is facing challenges in the changing market and intends to stay committed to the Otherside Metaverse project. Yuga Labs CEO Greg Solano informed employees in a message that he was having a tough day," he told employees in a message sent to Yuga, Solano explained.

Solano stated in his message to employees that since taking over as CEO two months ago, he had evaluated the company and found the results alarming. He noted [11:56, 4/27/2024] Manas✨: that despite the team's hard work and dedication, they often ended up in groups and committees.

Solano said that some steps of restructuring have already been taken, citing his HV-MTL and Legends of Zamara spin-offs announced on April 17 as examples. Already a Yuga employee, the game developer Faraway acquired these assets and Yuga's chief gaming officer, Spencer Tucker, joined the company's board. According to his LinkedIn profile, Kim co-founded the non-fungible token (NFT) fund and advisory firm Bored Room Ventures but left the company after Yuga. Yuga is a pioneer in NFT goods but has struggled to develop this market. In October, the company underwent restructuring, with a round of layoffs.

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