BITCOIN

Bitcoin is on a roll in 2023, breaking records left and right. For instance, on May 2, at block height 787,895, the cryptocurrency’s hashrate soared to 491 exahash per second (EH/s). Moreover, on April 20, at block height 786,240, the difficulty hit a new high of 48.71 trillion. But that’s not the only thing that’s been skyrocketing this month. The number of daily transactions processed on the Bitcoin network has also hit an all-time high, with 682,281 transactions on May 1 and 671,668 confirmed transactions just nine days later. Bitcoin’s Daily Transaction Count Smashes Records, Nearing 700,000 per Day Bitcoin has been breaking records in 2023, with its hashrate and difficulty reaching new all-time highs. But it hasn’t been all smooth sailing for the cryptocurrency. On May 7, more than 500,000 unconfirmed transactions caused chaos in the mempool, leading to skyrocketing fees. While this was a lifetime, record-breaking number of unconfirmed transactions, the congestion has since

U.S. Senators Jim Risch and Bob Menendez have reintroduced the “Accountability for Cryptocurrency in El Salvador Act,” known as the “ACES Act,” for discussion in the Senate. The piece of legislation seeks to examine the level of adoption of bitcoin as a legal tender in El Salvador and how this might affect the financial stability of the country. ‘Accountability for Cryptocurrency in El Salvador (ACES) Act’ Reintroduced in U.S. Senate U.S. Senators Jim Risch and Bob Menendez have reintroduced the “Accountability for Cryptocurrency in El Salvador Act,” also known as the “ACES Act,” to be discussed in the U.S. Senate. The piece of legislation , that was previously presented to Congress on March 23, 2022, seeks to examine the process applied to make bitcoin legal tender in El Salvador, as well as its effect on the economy of the country. When reintroducing the ACES Act, U.S. Senator Jim Risch reinforced the perceived need to assess the possible effects of using crypto as legal tender.