The cryptocurrency market saw notable developments over the past weekend. Bitcoin layer-2 network Stacks resumed block production after a nine-hour outage caused by unexpected mining behavior and a Bitcoin reorganization. The network's self-named token, Stacks (STX), dropped over 8% to $1.89 after production resumed, continuing its decline to $1.85.
In another significant move, Shenzhen-based telecommunications firm Coolpad Group announced a $13.5 million investment in 2,700 crypto mining rigs. These rigs will be deployed in North America, boosting Coolpad's computing power from 873,000 terahashes per second (TH/s) to over 1.5 million TH/s, or 1.5 exahashes per second (EH/s). This follows Coolpad's earlier commitment to investing up to $28 million in U.S.-listed Bitcoin exchange-traded funds (ETFs) and shares of crypto miners.
Meanwhile, the Bank for International Settlements (BIS) reported a significant increase in central bank digital currency (CBDC) experiments, with 94% of surveyed central banks exploring CBDCs. The BIS noted that many central banks are focusing on wholesale CBDCs to aid institutional payments and settlements, although retail CBDCs for the general public are also being considered.
Lastly, BlackRock's Chief Investment Officer of ETF and Index Investments, Samara Cohen, noted slow adoption of U.S. spot Bitcoin ETFs, attributing this to cautious financial advisers. Despite this, Bitcoin ETFs have seen substantial inflows, with BlackRock's iShares Bitcoin Trust receiving around $17.6 billion.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
