In the chronicles of cryptocurrency folklore, few events are as groundbreaking or as heartily celebrated as Bitcoin Pizza Day. This annual commemoration observed on the 22nd of May, looks back to one of the earliest real-world transactions involving Bitcoin. It's a momentous occasion that serves as a delicious reminder of the humble origins and astonishing growth of Bitcoin and the broader cryptocurrency ecosystem.

On May 18, 2010, a Florida-based programmer named Laszlo Hanyecz made a legendary post on the BitcoinTalk forum. In this post, he stated that he wanted to buy two large pizzas in exchange for 10,000 Bitcoins. He laid out his preferences for the pizza toppings and expressed his desire to have the pizzas delivered to his house, hoping to make the transaction as simple as possible​.

In a surprising turn of events, just four days later, a fellow Bitcoin enthusiast named Jeremy Sturdivant, aka "jercos," stepped up to the plate and accepted Laszlo's tasty offer. The deal was sealed, and before long, two piping-hot pizzas arrived at Laszlo's doorstep. 

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This marked the first-ever recorded real-world transaction using Bitcoin as a currency, setting a precedent for future use cases​.

Now, you might be wondering, "What's the big deal? It was just $25 worth of pizza, right?" Well, my friend, hold onto your appetites. At the time, those 10,000 Bitcoins were valued at a mere $41. But fast forward to today, and they would be worth millions! That's right, Laszlo's pizza purchase turned out to be one of the most valuable slices of all time.

The Bitcoin community cherishes this moment, not just for its historical importance, but for the staggering financial implications of the transaction. And so, every year, Bitcoin enthusiasts and crypto communities around the world come together to celebrate Bitcoin Pizza Day.

It's a time to reflect on Bitcoin's humble origins and its remarkable growth into a globally recognized asset class. We raise our forks and cheer for Laszlo, who unwittingly set in motion a revolution in the world of finance and beyond.

But Bitcoin Pizza Day isn't just about looking back; it's about looking forward too. The blockchain technology that underpins Bitcoin has evolved and found its way into various industries, from finance to supply chain management and even healthcare. 

Cryptocurrencies themselves have diversified, with thousands now available, each with its unique features and use cases. While Bitcoin was the first cryptocurrency and remains the most widely recognized and valued, the crypto landscape has blossomed since Laszlo's pizza adventure.

Laszlo Hanyecz's simple act of buying two pizzas has grown into a grand annual tradition. The power of his story lies in its illustration of Bitcoin's potential and the limitless possibilities of cryptocurrency. This tale is often shared with newcomers to the crypto space, serving as a poignant reminder of Bitcoin's transformative journey and its potential for future growth.

Bitcoin Pizza Day serves as a reminder of how far we've come and a celebration of the potential yet to be realized. It's a testament to the power of a community and the revolutionary potential of a good idea. As we chow down on our own slices this Bitcoin Pizza Day, let's raise a slice to Hanyecz, to Bitcoin, and to the incredible journey of cryptocurrencies.

To learn more about the history of Bitcoin, you can explore the original Bitcoin whitepaper published by Satoshi Nakamoto in 2008. If you're new to the crypto space and want to understand more about blockchain technology, this comprehensive guide is a great place to start.

Happy Bitcoin Pizza Day to all! 🍕 May your celebrations be filled with joy, laughter, and, of course, lots of tasty slices. Cheers to many more slices of history yet to be made!

Once viewed as little more than an internet joke, Dogecoin, the cryptocurrency featuring the iconic Shiba Inu dog as its mascot, has recently experienced impressive price gains and even more impressive trading volumes. Fueled by a dedicated community, celebrity endorsements, and growing recognition as a viable payment method, this playful digital asset has staged an incredible comeback. Below we explore the meme-fueled revival and what might lie ahead for this top 10 cryptocurrency.

Dogecoin's Recent Surge

In the cryptocurrency market’s most recent bull run, Bitcoin has gained almost 50% in value since the beginning of the year. Known to pull the greater market with it, a number of leading cryptocurrencies have followed suit, experiencing formidable price gains and sizable market caps. Dogecoin, with its 6.3 million DOGE holders, was no exception. 

Dogecoin doesn't just show strong investor interest, it's also proven remarkably resilient. In just a year, the meme token has increased 102%, gaining 87% in value in 2024 alone (at the time of writing). These impressive price gains have some crypto analysts believing that Dogecoin is following a past pattern, predicting that it could hit $1 this year.

Dogecoin’s all-time high is $0.73, achieved in May 2021. At the time of writing, Dogecoin’s market cap was around $24.49 billion, down from a high of $25.23 billion achieved almost two weeks prior, with an impressive 24h trading volume of $3.6 billion.

Factors behind Dogecoin's revival

In recent years, celebrities endorsing Dogecoin have stirred incredible influence over its price movements. With notable figures like Elon Musk, Snoop Dogg, and Gene Simmons having fueled significant rallies with their vocal support and social media mentions. 

Just last week, Elon Musk's comments at an event in Germany hinting at Tesla potentially accepting Dogecoin payments sparked a short-lived 15% surge in the cryptocurrency's price, underscoring his ongoing influence on its market value.

This phenomenon highlights the power of celebrity endorsements in the cryptocurrency space, where a single tweet can catalyse massive price swings. While some argue this volatility underscores Dogecoin's speculative nature, others believe celebrity backing legitimises its potential as a viable digital asset, attracting more mainstream adoption. 

Either way, the impact of celebrity endorsements on Dogecoin's price trajectory is indisputable.

Other impacting factors contributing to its revival include increased mainstream acceptance and community-driven initiatives. Major companies like AMC Theatres and the Dallas Mavericks now accept Dogecoin payments, while the Dogecoin community has funded projects like sponsoring a NASCAR driver and more recently sending a rocket to the Moon, boosting its visibility and credibility.

It remains undeniable that social media and online communities have played a pivotal role in fueling Dogecoin's momentum. Over the years, platforms like Reddit and Twitter have served as hubs for Dogecoin enthusiasts to rally support, share memes, and coordinate buying efforts. The collective power of these online movements has propelled Dogecoin into the mainstream.

Potential scenarios for the future

In the short term, X (formerly known as Twitter) is prepping for crypto payments, getting licences across the US. If X adds Dogecoin, its price could explode. For now, analysts see Dogecoin possibly hitting $0.2 in weeks and $0.3 by summer.

Dogecoin's long-term future could likely be influenced by technology upgrades, regulations, and market trends. While blockchain improvements could boost transaction speeds and the usefulness of the network, changing crypto regulations may have an impact on its legal status and adoption. 

More institutional investment, community-led rallies or merchant acceptance could also drive growth while shifting public opinion could slow momentum. Navigating these factors will determine Dogecoin's long-term success in the dynamic crypto world.

Challenges and opportunities‍

Dogecoin faces significant challenges moving forward, including scalability issues as adoption increases and competition from other payment-focused cryptocurrencies and meme tokens prevail. 

Emerging rivals like Shiba Inu and more recently, Dogecoin20, also threaten to capture market share. Its underlying technology may also struggle to handle high transaction volumes efficiently. 

However, Dogecoin has opportunities to solidify its position through technological upgrades enhancing scalability and security while expanding real-world use cases and merchant acceptance could drive utility. 

Cultivating a dedicated community while attracting institutional investors could further cement Dogecoin's sustainability. Overcoming these challenges while capitalising on opportunities will be crucial for Dogecoin's long-term viability.

Closing thoughts

Time will tell if Dogecoin can overcome its challenges, capitalize on opportunities, and solidify its position as a viable cryptocurrency for the long haul. In the meantime, we can only witness what this bull run might bring for the DOGE community.

The world of cryptocurrency is constantly evolving, as are the threats that come with it. As hackers and cybercriminals are always looking for new ways to steal or compromise digital assets, bank-grade security has become a vital component needed when engaging in custodial wallet solutions.

By implementing bank-grade security measures, platforms and services can ensure the safety and protection of customer funds, build trust and confidence with users, and attract new investors. 

The importance of bank-grade security in crypto custodial wallets

When it comes to cryptocurrencies, bank-grade security is crucial for any platform or service that provides custody or storage solutions for digital assets.

It involves a set of protocols, technologies, and procedures that are specifically designed to protect cryptocurrencies from theft, hacking, and other cyber-attacks.

In terms of custodial and non-custodial wallets, custodial wallets have a third-party manage the custody of a user's private keys, assuming responsibility for managing the private key, safeguarding assets, and signing transactions. As the responsibility is now shifted away from the user, it becomes increasingly important that the correct security measures are put in place.

At Tap, we understand the importance of bank-grade security in managing and storing cryptocurrencies. We are committed to providing our clients with the highest level of security measures to ensure the safety and protection of their crypto assets.

So what are the benefits of using bank-grade security when dealing with cryptocurrencies? Before we answer this let's first take a look at the difference between custodial and non-custodial wallets.

Custodial wallets vs non-custodial wallets

Custodial wallets and non-custodial wallets are two types of digital wallets used to store and manage cryptocurrencies. As mentioned above, custodial accounts are provided by third-party services, such as crypto exchanges or wallet providers, and they hold the private keys to the user's cryptocurrencies.

Non-custodial wallets, on the other hand, allow users to hold and manage their own private keys without the involvement of a third-party service.

In terms of security, custodial wallets have some advantages and disadvantages compared to non-custodial wallets. Custodial accounts offer convenience and ease of use, as the third-party service takes care of the security and management of the user's assets. This can be particularly helpful for beginners in the crypto space who may not have the technical knowledge or experience to manage their own wallets.

However, custodial accounts also come with some risks. Since the third-party service holds the private keys, users are essentially trusting the service to keep their assets secure. If the service provider is hacked or experiences a security breach, the user's assets could be lost or stolen. Hence the importance of these services implementing stringent security measures.

Non-custodial wallets such as hardware wallets, on the other hand, offer users complete control over their assets. In this case, the user holds the private key and has full control over their cryptocurrencies ensuring that they are stored and managed securely.

Non-custodial wallets can also be considered more private, as users are not required to share their personal information with a third-party service.

While non-custodial wallets hold one's crypto investments they typically do not provide the range of services offered by a third-party service provider.

Protecting your private keys with bank-grade security measures

First and foremost, bank-grade security offers a high level of protection against cyber threats. Cryptocurrencies are often considered a prime target for hackers and cybercriminals due to their decentralized nature and lack of regulation.

When using a custodial crypto wallet, the platform on which you are storing your cryptocurrencies is therefore responsible for your private key and responsible for keeping your personal information safe.

With bank-grade security measures in place, crypto assets are stored in secure offline wallets, protected by multi-layered encryption, and monitored 24/7 by a team of security experts. This significantly reduces the risk of theft or loss of cryptocurrencies from a crypto wallet.

How bank-grade security can attract institutional investors to crypto

In addition to protecting against cyber threats, bank-grade security also provides peace of mind for investors and traders. When dealing with traditional financial institutions, customers expect a certain level of security and protection for their assets. The same should be true for cryptocurrencies. By implementing bank-grade security measures, platforms and services can build trust and confidence with their customers.

Additionally, bank-grade security can help attract these investors to the world of cryptocurrency. Institutional investors, such as hedge funds and pension funds, often have strict requirements for custody and storage solutions. They need to know that their crypto wallet and assets are secure and protected from theft or loss.

By offering bank-grade security measures, platforms and services can appeal to these investors and open up new opportunities for growth and expansion.

The role of HSMs, multi-factor authentication, and encryption in crypto wallets

Investing in cryptocurrencies requires a high degree of security and protection, and bank-grade security measures are essential to ensure the safety and protection of crypto assets stored in crypto wallets. Hardware security modules (HSMs), multi-factor authentication, and encryption are three critical components of bank-grade security measures that play a significant role in protecting crypto wallets.

HSMs are specialized hardware devices that provide secure storage and management of cryptographic keys. They are designed to prevent unauthorized access to assets by requiring multiple layers of authentication and verification. HSMs are widely used in the financial industry and are considered one of the most secure methods for storing and managing cryptocurrencies.

Multi-factor authentication is another key component of bank-grade security. It involves requiring users to provide more than one form of authentication to access their crypto wallet. For example, a user may be required to enter a password and a one-time code sent to their mobile phone. This significantly reduces the risk of unauthorized access and ensures that only authorized users can access their custodial or non-custodial wallet.

Encryption is also a critical component of bank-grade security. It involves transforming assets into an unreadable format that can only be deciphered with a decryption key. This ensures that even if a hacker manages to access the custodial or non-custodial wallet, they will not be able to read or use them.

By implementing bank-grade security measures, platforms and custodial account services can ensure the safety and protection of their customers' crypto holdings, build trust and confidence, and attract investors.

Bank-grade security vs other types of security measures used by a crypto exchange

What makes bank-grade security different from other types of security measures is the combination of technology and protocols used to securely store the crypto wallet. Crypto exchanges typically implement bank-grade security solutions that include a combination of hardware and software-based security measures, such as HSMs, multi-factor authentication, and encryption.

Looking ahead, the importance of bank-grade security in the world of cryptocurrency exchanges is only going to increase. As more people adopt cryptocurrencies and the market continues to grow, the need for secure storage and custody solutions will become even more pressing. Platforms and custodial account services that can offer bank-grade security measures will be better positioned to compete and succeed in this rapidly evolving industry.

In conclusion

Bank-grade security is essential for anyone who wants to use cryptocurrencies safely and securely. It ensures the protection of custodial wallets and instills a degree of trust in those utilizing the custodial wallets on offer.

Whether you're an investor, trader, or simply someone who wants to store your assets, bank-grade security measures provide peace of mind and protection against cyber threats through implementing strong security measures. At Tap, we take security very seriously and are committed to providing our customers with the highest level of protection for their assets and crypto wallets.

Investing is a great way to grow your wealth and reach financial goals, but it is important to understand the potential risks as well as the rewards. Knowing how to identify capital gains and losses in investments is essential for any investor who wants to make informed decisions about their money. 

Gains and losses will determine whether or not an investment has been successful, so understanding them is critical to making wise choices when investing. Not only that but being able to recognize capital gains and losses can help investors decide when it’s time to get out of an investment before they incur too much damage. 

By learning to spot a gain or loss quickly, investors can protect their funds from unnecessary harm while reaping the benefits of investing. Here we break down how to calculate capital gains and losses.

The basics: how to calculate capital gains/loss

Investors will need to first identify the original cost or purchase price of the investment in order to calculate the percentage capital gain on an investment. You can get this from your broker, or any electronic trade confirmations you might have received. 

The next step is to subtract the original cost of the same investment from the selling purchase price (current value) to arrive at the gain or loss amount. If the amount is negative, this will indicate a loss while a positive amount will illustrate the profit. 

Then take this amount (the gain or loss) and divide it by the original purchase price. Multiply this by 100 and this will establish your gain or loss as a percentage.

Gain/loss ($ amount) = selling price - purchase price

Gain/loss percentage = [(selling price- purchase price) / purchase price] x 100

When the market value of an investment is lower than its cost basis, leading to a negative percentage return, it constitutes a loss on that particular asset.

When the market value or selling price surpasses your initial investment, you'll get a positive percentage that reflects this gain.

Why calculating gain/loss is important

Calculating the loss or gains you've made on an investment is crucial not only for staying on top of your financial situation but also when it comes to monitoring your investment strategy. If you are continuously making losses on an investment it might be time to change course, however, you will only know this by doing the calculations. 

Calculating the capital gains or losses on an investment as a percentage is important because it shows how much was earned as compared to the amount needed to achieve the gain.

Additionally, calculating the gains or losses of an investment are important when calculating any capital gains tax. Having a clear understanding of the financial situation will ensure that you are not underpaying or overpaying on capital gains tax. Be sure to check the capital gains tax rate in your jurisdiction as this will change from area to area.

Additional aspects to consider

As with anything, there are additional costs to factor in. For investments, this might be commissions, broker fees, taxes, etc. Below we look at how to factor in transaction costs, dividends, and trading fees.

Transaction Costs

Take your final gain/loss amount and subtract and transaction costs incurred from this amount.

Gain/loss ($ amount) = (purchase price - selling price) - transaction costs

Dividends

When calculating your gains, any additional income or distributions should be factored in. Dividends, whether from specific stocks or mutual funds, are the most common form of investment income and are paid to investors on a per-share basis. Not all shares pay out dividends so be sure to confirm this prior to making the trade.

Say an investor owns 100 shares and the company pays out $5 per share annually, this equates to $500 in dividends in a single year. Let's say that each share was bought at $20 and is now worth $40.

Gain/loss percentage 

= [((selling price - purchase price) + dividends) / purchase price] x 100

= [(($4,000 - $2,000) + $500) / $200] x 100

= 125%

Therefore, the dividends payout increased the gains on this investment by 25%. In this example, we have not included trading fees, commissions, etc.

Trading fees

Trading fees or brokerage fees are often an unavoidable aspect of trading and should be factored into your investment calculations. Using the above example, let's say the broker charges $50 in fees for its services and any transaction costs incurred. This amount will need to be subtracted from the original gain/loss amount before dividing it by the original purchase cost.

Gain/loss percentage 

= [((selling price- purchase price) - fees) / purchase price] x 100

= [(($4,000 - $2,000) - $50) / $2,000] x 100

= 97.5%

Here the trading fees dropped the investment gains by 2.5% from 100% to 97.5%.

Capital gains tax rate and mutual funds

Calculating capital gains or losses in a mutual fund is important for several reasons, but one key example is for tax purposes, known as capital gains taxes.

When an investor sells shares of a mutual fund, they may realize a capital gain or loss, which is the difference between the sale price and the purchase price of the shares. If the sale price is higher than the purchase price, the investor realizes a capital gain, and if the sale price is lower than the purchase price, the investor realizes a capital loss.

Capital gains are typically taxable, meaning that the investor must pay capital gains tax on the amount of the gain. However, if the shares were held for more than one year before being sold, the gain may be taxed at a lower rate known as the long-term capital gains rate, depending on the specific tax laws in your country. In contrast, capital losses can be used to offset capital gains, reducing the investor's overall tax liability.

Calculating capital gains or losses in a mutual fund can be more complex than for individual stocks, as mutual funds may buy and sell securities frequently, resulting in multiple tax lots with different purchase prices and holding periods. To accurately calculate gains or losses, investors must track each tax lot and determine the cost basis of each lot, which is the original purchase price plus any reinvested dividends or capital gains distributions.

Failing to properly calculate capital gains or losses on one's investments can result in overpaying or underpaying taxes, which can be costly and potentially lead to penalties. Therefore, it is important for investors to carefully track their mutual fund investments and accurately calculate their capital gains or losses for tax purposes.

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After its launch in 2020, Yearn.finance (YFI) quickly became one of the fastest-growing DeFi projects, attracting over $800 million in digital assets in its first month. In eight months, the total value locked (TVL) on the platform had grown to $1 billion. Yearn Finance offers a range of lending and trading services that provide impressive earning potential for crypto asset holders.

What is the Yearn Finance platform?

Yearn.finance (YFI) is a decentralized finance platform consisting of a group of protocols built on the Ethereum blockchain. These protocols allow users to maximize their digital asset-earning potential through staking, lending aggregation and yield generation services.

The aim of the Yearn Finance project is to make DeFi (decentralized finance) trading less complicated and more accessible to less technically-minded traders. The platform utilizes automation to allow traders to maximize profits from yield farming.

Yearn Finance consists of four core products:

• Earn – establishes the highest interest rates that users can earn from lending crypto assets. 
• Zap – groups together several trades in one click, reducing costs and labor.
• APY – comprehensive data table that analyzes interest rates across various lending protocols. 
• Vaults – investment strategies developed to yield the highest returns from other DeFi projects.

Through locking supported cryptocurrencies in Yearn Finance smart contracts integrated into the Curve DeFi and Balancer trading platforms, users earn YFI tokens and can engage in yield farming practices. The more crypto assets that users lock into these protocols, the more tokens they receive.

In order to operate efficiently in a decentralized manner, Yearn Finance built an impressive system of automated incentives rewarding participants who act in accordance with the outlined governance proposals with its YFI tokens. These proposals are voted in by YFI holders.

Who created Yearn Finance (YFI)?

Yearn Finance was launched in February 2020 by a prominent contender in the crypto space, Andre Cronje. Cronje led the launch of the platform having received no funding or reserving any tokens for himself, an exceptionally rare occurrence in the crypto assets and DeFi projects space. 

On top of that, he also holds important roles at smart contract ecosystem Fantom and CryptoBriefing - a premier go-to resource for anyone interested in Initial Coin Offerings (ICOs) or crypto media.

How does the Yearn Finance (YFI) platform work?

Yearn Finance offers users custom-built tools that act as an aggregator for other DeFi projects such as Aave, Compound, and Curve DeFi trading platforms. 

Built on the Ethereum blockchain, Yearn Finance deploys contracts on other compatible decentralized exchanges such as Balancer and Curve to maximize the earning potential for its users. 

These contracts can be categorized into the four core products mentioned above, with most of the platform's services centered around lending or trading digital assets, and generating a passive income.

Earn

The earn product acts as a lending aggregator and searches across a selection of reputable different lending protocols to find the best interest rates, allowing users to tap into the best rates when lending cryptocurrencies. Users can then deposit USDT, USDC, DAI, sUSD, or TUSD into liquidity pools directly through the Yearn Finance platform to tap into those interest rates. 

Zap

Saving time, costs and transaction fees, the zap product allows users to conduct several transactions in one click. For example, a user can trade DAI for yCRV in one smooth movement, as opposed to several transactions on other DeFi projects. 

APY (annual percentage yield)

Aggregates the earning potential on an annualized basis based on how much capital is invested by searching across the various lending protocols utilized by the Earn product. 

Vaults

The more complex of the services offered by Yearn Finance, the Vaults product allows users to tap into active investment strategies designed by the platform's own self-executing code. These essentially work as actively managed mutual funds with Yearn Finance being the financial intermediary.

Users looking to engage in this product, noting that it is still in experimental stages, would need to have some technical know-how to investigate how these strategies work as they are presented in Solidity (a smart contract-orientated programming language). Utilizing the product, however, is less complicated, simply requiring users to deposit USDC or DAI in each strategy which then invests the funds in various liquidity pools.

What is the YFI token?

Launched in July 2020, the YFI token is based on the ERC-20 token standard and operates as a utility and governance token across the ecosystem. While anyone can make a proposal, only YFI holders are able to vote on proposals put forward regarding the governance and future development of the platform. The higher one's YFI token holding, the more voting power the YFI holders have. A proposal requires more than 50% of the votes in order to be passed.

The maximum supply of YFI tokens was 30,000, however, YFI holders voted to increase this. Following the successful proposal, the total supply is now 36,666 YFI tokens.

Holders are able to earn YFI tokens through revenue received through fees charged on the platform. These are generated through the 0.5% fees charged for using the Earn feature and 5% for the Vault service. Users can also earn YFI tokens by providing liquidity on the platform.

How can I buy the Yearn Finance token?

Whether looking to actively engage in the yearn.finance (YFI) platform, other DeFi protocols, or simply acquire and hold the YFI token, Tap provides a simple and secure solution. Fully regulated and licensed, the Tap mobile app requires users to create an account and complete the account verification process in order to gain access to a wide range of vetted cryptocurrencies. 

Once approved, users can buy, sell, store and trade the YFI token or any of the other supported cryptocurrencies from the convenience of their mobile phone. 

Welcome to this week's Crypto Update, your go-to destination for the latest news in the exciting world of cryptocurrencies. Let's dive right into the highlights of the past week in the dynamic crypto market.

Etherscan's AI Tool for Smart Contracts: 

Etherscan has launched Code Reader, an advanced tool that utilizes AI to retrieve and interpret source code from specific Ethereum contract addresses. Code Reader leverages OpenAI's powerful language model to generate comprehensive insights into contract source code files. The tool allows users to gain a deeper understanding of contract code, access comprehensive lists of smart contract functions, and explore contract interactions with decentralized applications. To access and utilize Code Reader, users need a valid OpenAI API Key and sufficient OpenAI usage limits. However, researchers caution about the challenges posed by current AI models, including computing power limitations, data synchronization, network optimization, and privacy concerns.

SEC's increased scrutiny on cryptocurrencies sparks debate: 

The U.S. Securities and Exchange Commission's (SEC) increased scrutiny has led to a prominent debate concerning the future of XRP and Ethereum. Max Keiser, a well-known Bitcoin advocate, predicts the downfall of XRP and Ethereum due to regulatory overreach. In contrast, John Deaton, representing XRP holders, opposes this view, arguing for a more balanced regulatory approach. The cryptocurrency community is now anxiously awaiting regulatory clarity, as the SEC's actions remain unpredictable​.

​​It's important to note that the regulatory environment is constantly evolving and can have significant impacts on the cryptocurrency market, including Ethereum. Therefore, it is advisable to stay informed about the latest developments.

A Call for Clarity: Federal reserve governor advocates for clearer crypto regulations:

Michelle Bowman, a Federal Reserve Governor, has urged global regulators to establish clearer regulations for emerging banking activities, particularly banking as a service and digital assets. She emphasized the need for a well-defined regulatory framework to address the supervisory void and uncertainties that financial institutions currently face. Bowman's call aligns with the growing demand for enhanced regulation of digital assets. A robust and comprehensive regulatory framework is crucial for ensuring the stability and integrity of the banking sector, mitigating risks, protecting consumers, and fostering innovation​. 

Turkish lira hit a record low against the US dollar

The Turkish lira hit a historic low, trading at 25.74 per US dollar, following Turkey's central bank decision to raise interest rates by 650 basis points to 15%. While the hike was expected, it fell short of the anticipated 21%, and analysts believe a larger increase was needed to show the government's resolve to fight inflation. The lira's devaluation has been part of a larger trend, prompting citizens to invest in alternative assets like digital currencies and gold. The central bank, now under new leadership, has adopted a more gradual approach to rate adjustments, seeking to stabilize the economy. However, the uncertainty surrounding Turkey's economic future persists​.

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