Today’s Insights in Cryptocurrency

Need an overview of the latest events in the crypto sphere? Here’s the summary of today’s major developments affecting Bitcoin, blockchain, DeFi, NFTs, Web3, and regulations.

CZ’s Pardon from Trump Followed by Significant Lobbying Efforts

Changpeng ‘CZ’ Zhao, the former CEO of Binance, was granted a pardon by US President Donald Trump after an extensive and costly lobbying effort in Washington amounted to $450,000 directed towards lobbyists connected to Trump and $290,000 towards efforts that included former SEC chair contender Teresa Goody Guillén. Following a four-month prison term for breaching US Anti-Money Laundering (AML) laws, this campaign was crucial for Zhao to reintegrate into the crypto sector.

Image: US President Donald Trump addressing the press, including topics related to CZ. Source: The White House
Trump Press Conference

Kyrgyzstan Introduces New Stablecoin Amid Central Bank Digital Currency Plans

Kyrgyzstan has successfully launched its KGST stablecoin, pegged to the Kyrgyzstani som, and is also gearing up to issue a central bank digital currency with aid from Changpeng Zhao, who was a strategic adviser present at related meetings. The stablecoin will operate on the BNB Chain, and local media insists on the crypto committee’s task to assure its international presence as outlined by President Sadyr Japarov.

Competitive Landscape in Bitcoin Mining

The Bitcoin mining sector is witnessing an uptick in competition post-2024 halving, with mid-tier miners narrowing the gap against larger entities in terms of realized hashrate. Data from The Miner Mag shows that publicly listed miners have made considerable strides thanks to infrastructural investments, claiming nearly a third of Bitcoin’s total hashrate as total industry debt has escalated to $12.7 billion, significantly rising from $2.1 billion a year prior.

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Tags: #Bitcoin #Blockchain #Cryptocurrencies #Kyrgyzstan #ChangpengZhao #DonaldTrump