The First Bitcoin Backed Synthetic Dollar Is Launching Soon
Hermetica is introducing the first Bitcoin backed synthetic US dollar called USDh, highlighting a significant milestone for Bitcoin decentralized finance. The release date is set in June and is promising yields of up to 25%, providing Bitcoin holders with an opportunity to earn on their U.S. dollars without relying on the traditional banking systems. Hermectica’s CEO, Jakob Schillinger, emphasizes USDh’s role improving liquid and expanding the use cases within the Bitcoin ecosystem. However, there are concerns regarding the sustainability of the 25% annual percentage yield, but Schillinger affirms the sustainability of USDh’s yield attributing it to Bitcoin futures demand dynamics. With an optimistic outlook, Schillinger predicts that Bitcoin DeFi will surpass Ethereum DeFI in the next five years, powered by innovations like Ordinals and abundant capital within the Bitcoin ecosystem.
Bitcoin Mining Might Not Be Difficult Anymore
Bitcoin mining may just be significantly easier due to the recent Bitcoin Halving event, cutting the block rewards in half. Luxor mining pool CEO Nick Hansen explains that when mining isn’t profitable, miners switch off their rigs, reducing the hash rate. This favors small mining operations and boost rewards for miners who are still operating. With the price of Bitcoin recently dropping to around $62,000, it makes mining difficult to be profitable, however speculation and optimism remains high for a potential price surge in the near future.
Notcoin Launch Sends Toncoin Soaring
Toncoin, the cryptocurrency to The Open Network (TON), saw a significant price increase of 13% in the past day. This rise was fueled by the announcement of the launch date for NOT, a token tied to the popular Telegram game which amassed 35 million players during its mining phase. However, amidst Toncoin's gains, major cryptocurrencies like Bitcoin and Ethereum have experienced minimal movement, with Bitcoin up 1% and Ethereum up 2% in the last day, signaling the cryptomarket is currently stabilized without big price movements compared to February and March.
Former President Donald Trump Supports Cryptocurrencies
Former president Donald Trump supports the crypto industry, indicating his intentions to prevent its ban from the U.S. amid hostility from the Biden administration. Trump also endorsed crypto by his willingness to accept crypto donations for this campaign, which resonated with the crypto community. Meme coin Boden’s price even surged after he commented on its market capitalization in a Twitter tweet. With cryptocurrency gaining traction within the political realm, it can have an influence in the upcoming election landscape.
Lucky Investor Spent $6,500 to Buy This Altcoin and Turned It Into $5.6 Million
Wallet waxl.eth has made headlines after turning $6,500 investment into $5.6 million profit by purchasing TRUMP tokens. The wallet initially purchased 2.08 million TRUMP tokens for $6500 and later sold them for $5.6 million, making a 870x profit. Additionally, the same wallet also profited from BASEDAI, buying 240,000 tokens for $4000 and later holding them at a value of $1.1 million. With high returns, but high risk in meme coins, we can expect more stories of massive gains in the crypto space.
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