Blockchainreporter – Weekly Crypto News Review

In recent months, the crypto industry has been witnessing a revival. Particularly, the developments made in the past week have been remarkable in this respect. The latest regulatory changes carried out by the authorities as well as the collaborations between the crypto institutions are among the prominent improvements.

Liechtenstein to Allow Bitcoin’s Use for Government Services-Related Payments

The principality of Liechtenstein has a strategy to offer the use of Bitcoin for payments made for government services. Liechtenstein’s Prime Minister (PM) Daniel Risch declared this in an interview. Nonetheless, he did not offer any specific schedule for this. Deposits in Bitcoin will potentially be accepted by the principality as a result of this announcement. The approach is similar to that being followed by Lugano, Zug, or other such Swiss communities. These communities enable their citizens to utilize Bitcoin for government services-related payments.

ETH Extraction from Crypto Exchanges Touches a 14-Month High

As mentioned in a report recently published by Glassnode, the number of ETH tokens redeemed from the crypto exchanges has touched a 14-month high level. On the other hand, the 7-day moving average is nearly 4,405.351. This signifies a huge upsurge rise in investor confidence. This is witnessed when there is uncertainty due to the FUD regarding the enormous Bitcoin (BTC) withdrawals.

The respective uncertainty may have additionally influenced the price of Ethereum. Nonetheless, the ecosystem of Ethereum keeps on advancing and evolving. It remains to be seen how the respective trend furthers and how it influences the general performance of the entire crypto industry.

Binance Track Crypto com and OKX in Embracing Bitcoin Ordinals

In a recent press release, Binance declared that consumers will shortly be capable of purchasing and trading Bitcoin NFT with the use of wallets. The latest development will pave the way for growth in the multichain NFT atmosphere. Formerly, the NFT market of Binance has merged with several decentralized networks like Polygon, Ethereum, and BNB Chain.

At present, Binance consumers can sell and purchase Bitcoin ordinals with their existing accounts on Binance because of the platform’ upgrade. The statement issued by the company says that the respective upgrade would additionally support royalties and more opportunities for individuals to generate revenue.

Litecoin Sees New Records as Its Transactions Skyrocket

After the advancement of the craze related to meme coins and the subsequent high charges implemented by the Bitcoin network, the sum of transfers being carried out on the blockchain of Litecoin has elevated to a great extent. The blockchain-related data provided by BitInfoCharts indicates that Litecoin effectively processed more than 525,000 transfers on the 8th of May.

This figure approached close to the 575,000 regular transfers processed by Bitcoin. The respective statistics are up to 2 times greater than the all-time high witnessed back in 2018’s January. The increase in the BRC-20 tokens based on Bitcoin has paved the way for huge congestion on the blockchain of Bitcoin. Additionally, a renewed flood of interest has been seen for Litecoin.

OKX Becomes Blockchain Economy Istanbul Summit’s Title Sponsor and Premium Collaborator

The top crypto exchange OKX has declared to become the Blockchain Economy Istanbul Summit’s chief sponsor and premium collaborator. The summit is known as the largest conference to occur in Eurasia. The summit was scheduled to be conducted from the 10th to the 11th of May at Pullman Istanbul Hotel & Convention Center.

The purpose of the event was to combine the representatives and entrepreneurs dealing with the prominent crypto and blockchain platforms operating within the world. CMO of OKX “Haider Rafique” commented on this endeavour and said that the country contains a robust crypto community and can shape the worldwide blockchain’s future development.

Venom and Kenyan Government Join Forces to Develop an Innovative Blockchain Hub

Venom Foundation has disclosed a systematic collaboration with the Kenyan government to develop an exclusive blockchain hub within the African jurisdiction. The partnership will prefer the development of applications dealing with blockchain and Web3 technology while emphasizing innovation in crucial sectors.

Venom Foundation’s CTO “Christopher Louis Tsu” stated that Africa is famous for its human capital and natural resources. He added that offering blockchain technology to the next generation within its jurisdiction will strengthen people and assist not just Kenya but several other African countries to take part in the latest global markets.