Stacks Overcomes Technical Issue, Coolpad Invests in Mining, Central Banks Explore CBDCs, and Bitcoin ETF Adoption Proceeds Cautiously

The Bitcoin layer-2 network Stacks faced a technical challenge last Friday, resulting in a nine-hour outage. The disruption was attributed to

Stacks Outage, Coolpad’s Mining Investment, and Key Takeaways from the Latest Crypto News

Stacks Layer-2 Network Experiences Outage

The Bitcoin layer-2 network Stacks encountered a technical issue on Friday, causing a nine-hour outage. The disruption was reportedly caused by a combination of “unexpected mining behavior” and a Bitcoin reorganization event. However, Stacks resumed block production later that day. Despite the setback, the network’s token, STX, initially experienced an 8% drop in value following the incident.

Coolpad Group Invests in Crypto Mining Rigs

Chinese conglomerate Coolpad Group is making a strategic move to bolster its presence in the cryptocurrency mining sector with an investment of approximately $13.5 million in 2,700 crypto mining rigs. These rigs will be deployed in North America, boosting Coolpad’s computing power from 873,000 terahashes per second (TH/s) to over 1.5 million TH/s.

The investment follows Coolpad’s recent announcement of purchasing up to $28 million in U.S.-listed Bitcoin exchange-traded funds (ETFs) and shares of crypto miners. The conglomerate had earlier disclosed its intention to use the mining profits to fund metaverse and Web3 projects.

Central Banks and CBDCs: A Global Trend

The Bank for International Settlements (BIS) survey reveals a “sharp uptick” in central bank digital currency (CBDC) experiments and pilots. The survey found that 94% of central banks are exploring the concept of CBDCs, with a focus on wholesale CBDCs designed for institutional use. The BIS also highlighted the limited use of stablecoins outside the crypto ecosystem, sparking an interest in closer regulatory oversight.

“The likelihood that central banks will issue a wholesale CBDC within the next six years now exceeds the likelihood that they will issue a retail CBDC,” the BIS said.

Bitcoin ETF Adoption: A Cautious Approach

Samara Cohen, BlackRock’s chief investment officer of ETF and index investments, discussed the cautious adoption of U.S. spot Bitcoin ETFs by financial advisers. While advisers are hesitant to incorporate these ETFs into client portfolios, individual investors are engaging with Bitcoin ETFs through personal purchases via online brokerages.

BlackRock’s iShares Bitcoin Trust (IBIT) is among the ten ETFs launched this January that have attracted significant inflows. However, the ETF is designed to track the performance of Bitcoin Spot rather than the futures contracts used by ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin Strategy ETF (BTF).

News source：https://www.kdj.com/cryptocurrencies-news/articles/stacks-overcomes-technical-issue-coolpad-invests-mining-central-banks-explore-cbdcs-bitcoin-etf-adoption-proceeds-cautiously.html

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