Weekly Cryptocurrency News. April 5

Here comes Friday, April 5th. As the ongoing week elapses, we can focus on the industry highlights over the past few days.

BONUS ARTICLE: Texas scientists developed AI system that reads minds

Engineers at the University of Austin in the state of Texas have unveiled an all-new system aimed at improving the quality of life for people with muscle conditions, or, in the parlance of medicine, those who are suffering from disordered motor activity.

Scientists note that they have managed to overcome the main stumbling-block to widespread adoption of this technology – in particular, the need for careful customization to meet each user’s needs. No calibration is required thanks to the machine learning (ML) capabilities of the device.

This innovative model can rapidly identify the specific needs of an individual and make automated and swift adjustments. What this means is that more than one patient at a time can utilize it.

In addition, the researchers highlight another advantage of their interface – its non-invasiveness [it doesn’t require surgical implantation – t/n]. All that patients have to do is wear a mesh with electrodes connected to a computer. The brain-computer interface collects data by measuring electrical signals coming from the brain, and then a decoder interprets that information and translates it into actions on a monitor. In other words, functional magnetic resonance imaging (fMRI) occurs.

US law firm accused of fueling FTX crypto fraud 

Deaton Law Firm CEO John Deaton blamed US authorities for neglecting several illegal actions taken by the notorious crypto exchange FTX and its founder, Sam Bankman-Fried (SBF).

“SBF now claims that he wasn’t aware stealing money from customers and using it for political donations was illegal.  During his fraud trial, evidence was presented that he gave $10 million to the Biden Administration while serving as CEO of FTX,” said Deaton on X (formerly Twitter).

The cryptocurrency attorney also added that the primary purpose of the installments was to “buy access” to policymakers and state officials.

Throughout the lifetime of the exchange, Bankman-Fried repeatedly met with SEC Chairman, Gary Gensler, as well as with the representatives of the Commodity Futures Trading Commission (CFTC), the U.S. Treasury and the FSCD.

SBF was even summoned as a witness to “to testify, or I should say, testi-lie, before Congress,” according to Deaton.

Bitcoin Cash completes halving, akin to BTC

The second-ever Bitcoin Cash (BCH) halving has taken place as of 10:45 UTC on April 3 at block height 840,000. Miner rewards are now chopped from 6.25 BCH to 3.125 BCH.

The block was mined by the ViaBTC pool, which received a reward of 3,156 BCH, fees included.

Only 13 blocks have appeared online since halving. It took more than an hour between them to emerge. The first Bitcoin Cash halving event took place on April 8, 2020, and was accompanied by blockchain issues as well.

The coin price saw significant fluctuations in the lead-up to the halving. Following a sharp increase in late March, there came a decline. However, once the halving was completed, Bitcoin Cash’s exchange rate began to rebound.

As per BTC.com, the network’s hash rate spiked from about 2.5 EH/s to 6.5 EH/s during the month before the event, yet it dropped back to 2.98 EH/s level after the block reward cut.

Lithuania to require licensing amid tightening crypto firms regulation

Local authorities of Lithuania intend to significantly reduce the number of crypto-focused companies operating in the country by introducing compulsory licenses, according to Bloomberg citing Simonas Krepsta, a central bank board member. About 580 specialized firms are currently registered in the jurisdiction, with many established by citizens of other EU countries.

It is planned to launch a preliminary assessment procedure for obtaining a license starting July. As for full regulation program, it is scheduled to be introduced by June 2025.  At the same time, large DEXs that already have licenses in other European countries may not be required to obtain an additional permit in Lithuania.

Apart from local regulation, MiCA (Markets in Crypto-Assets) legislation will come into force across the EU from January 2025.

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