El Salvador adjusts its Bitcoin policy, making payments voluntary as part of a $1.4B IMF loan. Meanwhile, notable events in the crypto sector include a California court ruling on Coinbase, Exodus’s stock surge, and new funding for Fraction AI.
El Salvador has announced a significant shift in its approach to Bitcoin as part of a $1.4 billion loan deal with the International Monetary Fund (IMF). In a move that many are watching closely, the government will make payment in Bitcoin voluntary. This decision comes alongside plans to reduce its involvement in Bitcoin-related initiatives, marking a notable change in policy for the country famously known for adopting the cryptocurrency as legal tender.
The decision to ease Bitcoin requirements follows increasing scrutiny and pressure from international financial institutions, like the IMF. By making Bitcoin payments optional, it seems the government is looking to stabilise its economic situation while addressing concerns surrounding its previous pro-Bitcoin stance.
In other news from the crypto world, a California court recently ruled on a case involving Coinbase, allowing the platform to delist wrapped Bitcoin (wBTC). Additionally, BiT Global’s attempt to secure a temporary injunction in this matter was denied. It’s a pivotal moment for exchanges and regulations in the cryptocurrency market.
Meanwhile, Exodus, a crypto wallet provider, enjoyed a successful debut, surging over 37% on its first trading day, reaching a peak of $64.50. The excitement around this listing demonstrates the continued interest and volatility in the crypto sector.
Fraction AI, a firm that integrates AI with cryptocurrency solutions, has successfully closed a $6 million pre-seed financing round. This round was led by notable investment firms Spartan Group and Symbolic Capital.
In market movements, Metaplanet has started trading on the US OTCQX market, with its shares listed under the symbol $MTPLF. This development could provide new investment opportunities for interested parties. Grayscale’s Bittensor Trust has also now opened its doors to accredited investors, continuing the trend of opening new pathways in digital assets.
Lastly, World Liberty made a notable transaction by utilising 250,000 USDC to acquire 231,726 ENA just hours ago, signifying ongoing trading activity amid a fluctuating market.
The implications of these developments, particularly El Salvador’s Bitcoin policy changes, will certainly be closely monitored as global financial dynamics evolve.
