Bitcoin Surges, Lifting Crypto Market in Bullish Rally

Bitcoin Surges, Lifting Crypto Market in Bullish Rally

Bitcoin (BTC) roared back to life on May 15th, recording one of its strongest days in nearly two months. This surge in price galvanized market sentiment, triggering a wave of capital flowing back into the crypto space.

According to CoinMarketCap, Bitcoin surpassed the $66,000 mark after a 6% increase over the previous 24 hours. This positive momentum spilled over to other cryptocurrencies, with six altcoins experiencing double-digit gains.

Fantom (FTM), Sei (SEI), Immutable (IMX), Core (CORE), THORChain (RUNE), and Sui (SUI) all witnessed impressive price jumps exceeding 10% each. This broad-based rally suggests a potential shift in investor confidence towards the cryptocurrency market.

Bitcoin Miners Explore DePIN to Offset Halving Impact

Bitcoin miners are seeking new avenues to maintain profitability following the recent halving, which cut block rewards to 3.125 BTC. According to Livepeer CEO Doug Petkanics, one potential solution lies in the DePIN (decentralized physical infrastructure network) ecosystem.

DePIN connects real-world resources, like computing power, to the blockchain. Traditionally, DePIN miners offer their Graphics Processing Units (GPUs) to AI companies for tasks like machine learning.

Petkanics suggests this shift towards DePIN for Bitcoin miners presents both opportunities and challenges. While DePIN offers a fresh revenue stream, it also requires miners to adapt their hardware and potentially navigate a new market.

This development highlights the evolving landscape of Bitcoin mining in a post-halving world. As miners explore alternative revenue streams, DePIN could emerge as a significant player in the future of Bitcoin mining.

SEC's crypto rule overturned by US Senate decision

The US Senate voted 60 to 38 on Thursday to pass H.J.Res. 109, calling for the Securities and Exchange Commission (SEC) to retract Staff Accounting Bulletin No. 121 (SAB 121). This decision could pave the way for regulated financial institutions to hold Bitcoin and other cryptocurrencies.

The SEC's rule requires financial institutions to include customers' digital assets on their balance sheets, maintaining the necessary capital reserves. The Senate's vote signifies substantial opposition to what is seen by many as regulatory overreach, potentially stifling innovation within the crypto industry.

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