Express Crypto News: 60-Second Recap, September 20th 2023

Blockchain Bylines

Last week in crypto, 7 day prices were up across the market, with a 6% growth in Bitcoin, and 4% in Ethereum.

The Canadian Supreme Court has given its approval for the merger of Hut 8 Mining Corp. and US Bitcoin mining company, Bitfury. This decision signifies a significant development in the cryptocurrency industry, as it allows Hut 8 to acquire Bitfury and expand its Bitcoin mining operations. The merger is expected to bolster Hut 8's position as a prominent player in the Bitcoin mining sector and enhance its mining capabilities. This news reflects the growing importance of the cryptocurrency market in Canada and the broader global crypto landscape, showcasing the increasing legitimacy and acceptance of digital currencies in the financial world.

Stacks token price surged over 12% in the last 7 days, in response to Bitcoin's rise above $27,000. Stacks, an Ethereum-compatible blockchain, saw a notable increase in value, leading investors to consider it a potential buy. This price surge could be attributed to the growing interest in blockchain projects aiming to enable smart contracts on Bitcoin. Stacks offers this functionality and has gained attention as a viable solution.

New York regulators have introduced new transparency regulations for cryptocurrency firms regarding coin listings and delistings, exchanges operating in the city will be required to provide clear information about the criteria used for listing and delisting digital assets, as well as any changes to those criteria. New York regulators claim these rules aim to enhance consumer protection and market integrity by working to prevent market manipulation and fraudulent activities while promoting transparency and accountability within the crypto industry.

Kazakhstan has established a Central Bank Digital Currency (CBDC) development agency, marking a significant move into the world of digital currencies. This agency will oversee the creation and implementation of a national CBDC. Kazakhstan aims to harness the benefits of CBDCs, including improved payment efficiency, financial inclusion, and reduced transaction costs. The move is part of the country's broader efforts to modernize its financial infrastructure and promote digital innovation in the financial sector. This is a fast follow to Hong Kong and Israel, who a couple of weeks ago announced their planned collaboration and knowledge sharing initiatives around building their own CBDCs.

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