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🔔 MARKET MOVING NEWS! (19/05/24)
1️⃣ LayerZero Identifies Over 800K Addresses in Sybil Self-Reporting Phase ‼️
LayerZero Labs has officially concluded the Sybil self-reporting phase of its airdrop program. According to LayerZero, self-reported addresses that meet the criteria will receive 15% of their anticipated token allocation, while the remaining 85% will be redistributed to eligible users. A total of 803,093 addresses were identified as potential Sybil addresses. The complete list of addresses, including those self-reported and those identified through initial examinations by LayerZero, Chaos Labs and Nansen, has been released to the public.
Source
2️⃣ Phantom Wallet Climbs Apple App Store Charts 🔼
Cryptocurrency wallet Phantom Wallet has reportedly secured third place on the Apple App Store in the utility category, just behind Google and Google Chrome Apps. Given Phantom’s history of being initially launched as a Solana-only wallet, users speculate if this could be a bullish indicator for the Solana ecosystem. As for the overall ranking across all categories on the Apple app store, Phantom Wallet ranks 32nd, behind X and the artificial intelligence (AI) chatbot, ChatGPT.
Source
3️⃣ Venezuela Bans Crypto Mining To Protect Power Grid ▶️
According to local media reports, Venezuela’s Ministry of Electric Power plans to disconnect cryptocurrency mining farms from the national grid due to frequent power outages, as well as a fraud investigation against the national oil company PDVSA. Venezuela’s National Association of Cryptocurrencies also tweeted that crypto mining is prohibited in Venezuela. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.
Source
4️⃣ XRPL On-Chain Transactions Jump 108% In Q1 2024 📈
According to Ripple’s Q1 2024 XRP Markets Report, on-chain transaction activity on the XRPL increased by 108% during Q1 of 2024 and the average transaction cost almost halved to approximately $0.000856. The report stated that the decrease in average cost per transaction indicated a “reset” and that “no network congestion occurred in the quarter.” The report also highlighted that the distribution of XRP trading volume among cryptocurrency exchanges stayed steady in the first quarter, with Binance, Bybit and Upbit accounting for more than 70% of the total traded volume.
Source
6️⃣ ZkSync Teases V24 Upgrade, Hints at Airdrop By End of June 🔍
In an X post on Friday, Ethereum layer-2 network ZkSync announced that the protocol’s v24 upgrade would come sometime this summer. The protocol stated that v24 was the “final planned protocol upgrade” before handing over network governance to the community. Some traders see the announcement as a sign that the network will conduct an airdrop this summer.
Source
🔥 Rally Report 🔥
ETHENA
The price of ENA has rallied by 11% in the past 24 hours.
WHY?!
🎙 Ethena Labs announced that it was increasing the yield on sUSDe to 37.2% until the end of June. The increased yield comes after the protocol decided to reduce the percentage of retained returns to 20%.
📈 Following the changes made by Ethena, DeFi protocol Pendle also announced that it was lifting the cap on its sUSDe pool to 250M
If you want to buy or trade ENA, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
CHAINLINK
The price of LINK has rallied by 18% in the past 24 hours.
WHY?!
☄️ Chainlink announced the results of a Smart NAV industry pilot with DTCC and 10 major financial institutions that delivered key mutual fund data on-chain.
🔍 The pilot demonstrated how DTCC and Chainlink can make net asset value (NAV) data available across virtually any private/public blockchain. This enables automated data dissemination and historical data access, which unlocks a multitude of use cases around fund tokenisation.
If you want to buy or trade LINK, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
What if your place in society was determined by a government algorithm? A system that scores everything you say and do, and punishes you in real time for incorrect speech and behaviour?
This is the dystopian nightmare conjured up by the words “Social Credit System”.
The Social Credit System is a very real policy in China. But how many of us know exactly what it is, or how it really works?
Today we have all the answers: what it is, how it came about, and just how worried we should be about it.
This is a video you can’t afford to miss!
🔥 Rally Report 🔥
SEI NETWORK
The price of SEI has rallied by 22% in the past 24 hours.
WHY?!
🎙 Sei has proposed an upgrade called ‘Sei v2’ to its live blockchain. The launch will be divided into three phases – Governance, Alpha and Beta.
☄️ The project stated that the upgrade is a major leap forward in building a blockchain that can support truly consumer-grade applications, serving millions of users.
If you want to buy or trade SEI, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
Speculation isn’t the only reason why people adopt Bitcoin. Besides entertainment, people use BTC because they must. It’s easy to forget that most of the world is using fiat currencies that are failing.
As more fiat currencies have started to falter, BTC adoption has increased, so much so that it’s starting to attract the attention of the likes of the IMF, which recently analysed BTC’s cross-border flows.
Believe it or not, but BTC’s cross border flows make up a significant portion of the GDP of most countries. But this is just the tip of the iceberg. Today we will show you what lies underneath.
Enjoy!
🔥 Rally Report 🔥
ARWEAVE
The price of AR has rallied by 6% in the past 24 hours.
WHY?!
☄️ Arweave has unveiled AO Games, a fully decentralised gaming launchpad powered by the hyper-parallel AO computer
🔍 The project will reportedly leverage the natural synergy of AO and AI to pioneer "on-chain AI" that will create unique AI-driven gaming experiences.
If you want to buy or trade AR, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
If you thought that central banks like the Fed are the ones controlling the markets, think again. Some time ago, the baton of control was passed from monetary policy to fiscal policy AKA the Treasury.
Understanding this is critical to forecasting where markets are headed next, which is why we decided to do a video about this topic. Spoiler: it’s basically a crash course in macro and how it affects markets.
By the end of this video, you’ll know only understand how the Treasury has been controlling the markets, but why it’s been doing it, and what could come next for your portfolio.
Enjoy!
🔔 MARKET MOVING NEWS! (14/05/24)
1️⃣ Crypto Prime Brokerage Firm Falcon Labs Settles With CFTC Over Registration Violation ❓
Crypto prime brokerage firm Falcon Labs, Ltd. has reportedly paid $1.8 million in disgorgement and penalties to settle with the U.S. Commodity Futures Trading Commission after the agency said it should have been registered as a futures commission merchant (FCM).
The CFTC said Falcon Labs was an "intermediary facilitating its customers’ trading on various digital asset exchanges." The CFTC also noted that Monday’s order was the "first action against an unregistered FCM that inappropriately facilitated access to digital asset exchanges."
Source
2️⃣ DYdX Founder Antonio Juliano to Step Down as CEO of the Decentralised Exchange; Ivo Crnkovic-Rubsamen Takes Over ⚡️
Antonio Juliano, the founder of decentralised crypto exchange dYdX, is reportedly stepping down as CEO after seven years of heading the crypto derivatives platform. Juliano announced his decision to move from the exchange's daily operations to the position of chairman and president. Ivo Crnkovic-Rubsamen, dYdX’s former chief strategy officer, will be replacing Juliano as CEO.
Source
3️⃣ Biden Orders Removal Of Chinese-Owned Crypto Miner Near Missile Base 🧐
U.S. President Joe Biden has signed an order preventing MineOne Cloud Computing Investment - a China-linked crypto mining firm, from continuing to use land near a Wyoming nuclear missile base. Specifically, the order forces MineOne and its partners to remove all the improvements and mining equipment on the property located within a mile of the military facility in Cheyenne – a base that houses Minuteman III nuclear missiles.
Biden stated,
There is credible evidence that leads me to believe that MineOne Partners Limited, a British Virgin Islands company ultimately majority owned by Chinese nationals [...] might take action that threatens to impair the national security of the United States.
🚨 New Video Alert!! 🚨
It’s been a quiet week for crypto on the surface. Beneath the surface however, there have been a lot of big developments that could have massive implications for the crypto market.
For starters, we’ve got fresh FUD – allegations of market manipulation on one of the largest exchanges. At the same time, we’ve got old FOMO – the spot Ethereum ETFs could still be on the menu.
Not only that, but macro indicators seem to be pointing to a big risk on rally. This ultimately depends on economic data we get later this week. AI cryptos could also see significant gains.
Watch until the end to find out where some of them are headed!
🔥 Rally Report 🔥
TONCOIN
The price of TON has rallied by 5% in the past 24 hours.
WHY?!
☄️ The rally is a result of the viral Telegram-based game Notcoin’s NOT launching on OKX Jumpstart and Binance launchpool today.
🔍 Specifically, OKX Jumpstart will allow users to earn NOT rewards in exchange for staking TON.
If you want to buy or trade TON, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
Memecoins might be ridiculous, but they’re also the best performing asset class this year.
And recently, the FOMO got so bad that even institutional investors want in.
No, seriously: asset managers and venture capital firms are now betting on memecoins.
Needless to say, this raises a lot of questions. Like who, which dog and how much? And when a bunch of suits start bidding a joke, is it still funny? And what does this all mean for the future of memecoins?
In today’s video, we have all the answers. See you at the like button!
https://youtu.be/mZSafBpFC0c?si=5fZVi0AzZhHkoIqf
Читать полностью…
🔔 MARKET MOVING NEWS! (11/05/24)
1️⃣ EigenLayer Opens Claims for Airdrop of EIGEN Token, Though It's Non-Transferable ‼️
Ethereum restaking protocol EigenLayer has reportedly initiated the airdrop of its EIGEN token. However, the tokens are currently non-transferable, making them unable to be sold. While the Eigen Foundation has stated that EIGEN would become transferable at a yet-to-be-defined date, speculators on decentralised exchanges like Aevo and Hyperliquid are valuing EIGEN at around $9. This values EIGEN’s marketcap at roughly $15 billion, given the total supply of EIGEN at launch is 1,673,646,668.28466 tokens.
Source
2️⃣ Banking Giant Wells Fargo Reveals Investments in Bitcoin ETFs 💸
According to paperwork recently filed with the U.S. Securities and Exchange Commission (SEC), American banking giant Wells Fargo has made investments in Bitcoin exchange-traded funds offered by Grayscale and ProShares. Specifically, Wells Fargo reported it held 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which offers exposure to BTC futures, and 2,245 shares of Grayscale Bitcoin Trust (GBTC), which was converted to an ETF. The firm also reported 52 shares in Bitcoin Depot, a crypto ATM provider.
Source
3️⃣ JPMorgan Reports Holding Shares Of Several Spot Bitcoin ETFs ▶️
U.S. based financial company JPMorgan Chase has reportedly disclosed investments in Bitcoin exchange-traded funds offered by Grayscale, ProShares, Bitwise, BlackRock and Fidelity. Notably, JPMorgan Chase’s disclosure was made in an SEC filing that came the same day as Wells Fargo’s. JPMorgan Chase reported it held roughly $760,000 worth of shares of the ProShares Bitcoin Strategy ETF (BITO), BlackRock's iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC) and the Bitwise Bitcoin ETF. It also reported 25,021 shares worth roughly $47,000 in Bitcoin Depot, a crypto ATM provider.
Source
4️⃣ Binance Obtains FIU Approval For India Return ☄️
Global crypto exchange Binance has reportedly obtained approval from India’s Financial Intelligence Unit (FIU) to offer its services in the country. The recent approval makes Binance the second off-shore crypto exchange to get a regulatory nod after KuCoin. Binance is now a ‘reporting entity’ registered under the FIU. Although Binance has registered with the FIU, its operations in the country will only resume after paying a $2 million fine for noncompliance.
Source
5️⃣ Justice Department Grants Binance Monitorship to FRA Over Sullivan & Cromwell 🔍
The United States Department of Justice (DOJ) has reportedly appointed Forensic Risk Alliance (FRA) as the outside monitor for crypto exchange Binance. Notably, FRA, a London-based firm specialising in forensic accounting and compliance consulting services, beat out Sullivan & Cromwell for the position. As monitor, FRA will be tasked with ensuring that Binance complies with the plea agreement. It will gain access to internal records, facilities and employees to report on the company’s activities to the government. The monitorship is expected to be "hard" on Binance but may allow the exchange to re-enter markets it had been dropped from.
Source
🔥 Rally Report 🔥
BONK
The price of BONK has rallied by 11% in the past 24 hours.
WHY?!
💰 Bonk is an official sponsor of Electric Daisy Carnival, an electronic dance music festival happening in Las Vegas between the 17th and 19th of May.
🐶 The festival features a large statute of the Bonk mascot and exclusive giveaways for people who tag the memecoin on social media with the hashtag #LetsBONKedc. Another factor behind the pump could be the recent BONK/KRW listing on the Korean crypto exchange Bithumb.
If you want to buy or trade BONK, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔔 MARKET MOVING NEWS! (18/05/24)
1️⃣ Feds Charge Chinese Nationals in $73 Million 'Pig Butchering' Crypto Scam ❓
The U.S. Department of Justice (DOJ) has reportedly arrested two Chinese nationals accused of orchestrating a large-scale cryptocurrency operation that involved laundering over $73 million from ‘pig butchering’ crypto scams. The DOJ has charged them with committing money laundering and six counts of international money laundering.
The DOJ said,
The fraud scheme involved more than $73 million laundered through U.S. financial institutions to bank accounts in the Bahamas and converted to the virtual asset USDT, or Tether. A cryptocurrency wallet involved in the scheme received more than $341 million in virtual assets.
We think the market may be underestimating the timing and odds of a potential approval. Ether may yet have the potential to surprise to the upside in the coming months [and] does not appear to have major sources of supply-side overhangs such as token unlocks or miner sell pressure.
🔔 MARKET MOVING NEWS! (17/05/24)
1️⃣ Memecoin Launcher Pump.Fun Claims Ex-Employee Behind $1.9M Exploit ‼️
Yesterday, Solana-based memecoin launchpad pump.fun suffered an exploit that resulted in over $1.9M being stolen from the total $45 million held in pump.fun’s bonding curve contracts. This left the platform compromised and prompted its leadership to temporarily shut the site down.
In its post-mortem report on the attack, the memecoin launchpad identified a former employee as the person behind the exploit that occurred on the platform. The former employee reportedly used their privileged position to gain admin privileges. They then used flash loans to buy out memecoins until they reached 100% on their bonding curves, allowing them to gain liquidity to repay the loans. Pump.fun has announced that it has upgraded its contracts and that it plans to compensate affected users by seeding the LPs for each affected coin with an equal or greater amount of SOL liquidity within the next 24 hours.
Source
2️⃣ US Senate Passes Measure Withdrawing SEC Accounting Bulletin ▶️
The U.S. Senate has reportedly joined the House of Representatives in voting to approve a resolution rejecting the U.S. Securities and Exchange Commission's (SEC) controversial cryptocurrency accounting guidance known as SAB 121. The Senate voted 60-38 on the effort to overturn the policy.
Notably, SAB 121 requires firms, including banks, that custody crypto to record customer crypto holdings as liabilities on their balance sheets. The resolution passed by the Senate seeks to formally disapprove of the SEC's guidance, with support from both Democrats and Republicans. The measure will now go to President Joe Biden's desk, who has previously stated that he will veto the resolution.
Source
3️⃣ Telegram-Based Notcoin Debuts at $1B FDV on Ton Blockchain 🕯
Yesterday, Notcoin (NOT), a token belonging to the viral telegram clicker game of the same name, officially began trading on spot markets. The token debuted with a fully diluted value (FDV) of $1 billion and racked up $294 million in trading volume within the first hour of trading. Notcoin has a maximum supply of 102 billion, with 3% allocated to Binance Launchpool users and a further 1.5% set aside for OKX Jumpstart users.
Source
4️⃣ Alameda's Sam Trabucco Resurfaces to Defend FTX Exec Ahead of Sentencing ☄️
Sam Trabucco, the former Alameda Research co-CEO, reportedly sent a character reference letter dated May 6 for former FTX Digital Markets co-CEO Ryan Salame. Trabucco stated Salame was his best friend and wanted the consequences of his criminal actions to be “fair” based on his role in misappropriating FTX user funds.
The letter reads,
Ryan deserves to face the consequences of his actions — he intimately understands that. All I want is for those consequences to be fair — for him, but also for the world, which will be so much worse off not having him fully in it.
🔔 MARKET MOVING NEWS! (16/05/24)
1️⃣ Feds Arrest Crypto Bros for 'Attacking Ethereum' With MEV Exploit ❓
The United States Department of Justice has reportedly arrested two brothers - Anton and James Pepaire-Bueno, for attacking the Ethereum blockchain and stealing $25 million of cryptocurrency during a 12-second exploit. The brothers were charged with conspiracy to commit wire fraud, wire fraud and conspiracy to commit money laundering.
The exploit was reportedly focused on manipulating the maximum extractable value (MEV) in the Ethereum blockchain. In this case, the brothers allegedly deployed a series of test transactions that ultimately allowed them to have the blockchain “prematurely release the full content of a proposed block” and steal the crypto. The DOJ’s charges are significant because they represent a first-of-its-kind criminal action from the U.S. government related to the controversial practice of MEV. The government also suggested in the indictment that the very existence of MEV illustrates how Ethereum itself is a vulnerable system.
Source
2️⃣ Bitcoin Self-Custody Enshrined As a Right In Oklahoma 💸
Oklahoma has become the first U.S. state to pass a law protecting the right to self-custody Bitcoin. Notably, Oklahoma Governor Kevin Stitt signed the ‘Bitcoin Rights’ bill – HB3594 - into law on Monday. The bill enshrines Oklahomans’ legal right to mine, transact with, and self-custody cryptocurrencies, boosting the state’s reputation for being a friendly destination for crypto companies and investors.
The bill, HB3594, was introduced by Republican state Rep. Brian Hill and carried in the Senate by Republican state Sen. Bill Coleman. The bill also determines that digital assets used as payment cannot be subject to any additional taxes or charges over other methods. It was inspired by model policy from state-focused bitcoin mining advocacy group Satoshi Action Fund, which has helped introduce similar legislation in 15 other states.
Source
3️⃣ Eclipse Labs Promotes Vijay Chetty to CEO Nearly a Week After Neel Somani's Ouster 🔍
Eclipse Labs has reportedly appointed its former Chief Growth Officer, Vijay Chetty, as its new CEO. The development comes a week after its former CEO Neel Somani stepped down amid sexual assault allegations. Eclipse noted that Chetty brings over “a decade of crypto-native experience”, having held leadership positions at Uniswap Labs, dYdX Trading, and Ripple Labs in addition to having investing experience at BlackRock.
Source
4️⃣ Humanity Protocol Becomes Crypto’s New Digital Identity Unicorn 💰
Decentralised identity solution Humanity Protocol has officially become a unicorn after raising $30 million at a $1B valuation in a recent seed funding round. The round was led by Kingsway Capital and saw participation from investors such as Animoca Brands, Blockchain.com, Hashed, and Shima Capital among others. Humanity Protocol is reportedly planning to use the funds to expand its product development unit ahead of its public testnet launch in the second half of 2024.
Source
5️⃣ Futures Exchange CME Plans To Launch Spot Bitcoin Trading ⚡️
According to a Financial Times report, the world’s largest futures exchange ‘CME Group’ is planning to launch spot bitcoin trading for its clients. The Chicago-based group has reportedly been holding discussions with traders who want to buy and sell Bitcoin on a regulated marketplace. The report noted that CME's spot trading business could be run through the EBS currency trading venue in Switzerland. The spot market is expected to complement CME’s existing standard and micro futures contracts, which are widely considered a proxy for institutional activity.
Source
🔔 MARKET MOVING NEWS! (15/05/24)
1️⃣ Lending Protocol Sonne Finance Faces $20 Million Exploit, Pauses Markets On Optimism 🥶
Decentralised lending protocol Sonne Finance has reportedly experienced an exploit that resulted in losses of approximately $20 million. The exploit was due to a vulnerability in Compound v2 forks, and the hacker used a known donation attack to exploit the protocol.
The exploit on Sonne Finance’s USDC and WETH contracts was detected by Web3 security firm Cyvers. Since detection, Sonne Finance has paused all markets on Optimism while keeping those on Base operational. The team is offering a bounty to the attacker in exchange for the return of the funds and is currently investigating the identity of the exploiter.
Source
2️⃣ Degen Chain Back Online After Two-Day Hiatus 🤔
Ethereum layer-3 blockchain Degen Chain is back online after a two-day outage. The chain had been unusable since it effectively shut down at 20:15 UTC on May 12. Specifically, it failed to validate a transaction or produce a new block in over 53 hours.
The protocol relies on Conduit, a rollup infrastructure platform, for its technical framework and operational support, particularly for managing transactions and data availability. Conduit attributed the downtime to a "custom config change" that halted block production for Degen Chain.
Source
3️⃣ Vanguard Appoints Bitcoin-Friendly Former Blackrock ETF Lead As CEO ☄️
Investment management firm Vanguard has confirmed the appointment of Bitcoin-friendly former BlackRock executive Salim Ramji as its new CEO and member of the board, effective July 8. Ramji previously led BlackRock’s global exchange-traded fund business, overseeing the launch of its IBIT spot bitcoin ETF in the U.S. Notably, Ramji’s appointment comes as a surprise given Vanguard’s negative stance on bitcoin and Ramji’s known interest in the industry.
Ramji stated,
It's an honour to join Vanguard, an institution I have long admired and respected. I am drawn to Vanguard because of the firm's clarity and consistency of purpose and am very excited to get to work and partner with the outstanding leadership team to lead the company into the future.
Paxos’s commitment to compliance and dedication to building a more efficient and inclusive financial system resonates deeply with me. I look forward to leveraging my expertise to help guide Paxos as it continues to revolutionize traditional finance.
However, despite announcing that Coinbase systems are fully operational, some users have reported facing technical difficulties. Coinbase’s status page has also noted that it has been facing “degraded transactions” on May 14 but said that the incident has been resolved as of 4:19 am UTC, along with the system-wide outage.
Source
🔔 MARKET MOVING NEWS! (13/05/24)
1️⃣ North Korean Hackers Deploy ‘Durian’ Malware, Targeting Crypto Firms ‼️
According to a May 9 threat report from cybersecurity firm Kaspersky, North Korean hackers are using a “striking” new malware variant dubbed “Durian” to launch attacks on South Korean crypto firms. The report states that at least two cryptocurrency firms have experienced a series of targeted attacks from the North Korean hacking group Kimsuky. Specifically, Kimsuky used the new malware to exploit legitimate security software used exclusively by crypto firms in South Korea.
Source
2️⃣ China Is Paying Some Workers In Digital Yuan – But Few Are Choosing To Use It ❓
According to a May 13 report from the South China Morning Post, some Chinese cities have begun paying state employees in the country’s CBDC. However, most of these early adopters are reportedly converting their earnings to cash immediately. The report suggested that many Chinese citizens remain hesitant to use a purely digital currency like the digital yuan due to broader fears of surveillance and its limited use cases.
Sammy Lin, an account manager at a Chinese state bank in Suzhou stated,
I prefer not to keep the money in the e-CNY app because there’s no interest if I leave it there. There are also not so many places, online or offline, where I can use the e-yuan.
Metaplanet has adopted bitcoin as its strategic reserve asset. The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen. As the yen continues to weaken, Bitcoin offers a non-sovereign store of value that has, and may continue, to appreciate against traditional fiat currencies.
Infinex will make it possible for everyone to use crypto and gain access to the expansive options of on-chain trading without relying on someone’s centralised database and relinquishing control of their assets.
🔔 MARKET MOVING NEWS! (12/05/24)
1️⃣ Tether Plans to Invest More in CityPay.Io to Boost Eastern European Expansion 💰
Stablecoin issuer Tether is reportedly planning to increase its presence in Eastern Europe by investing more in Georgian payment service CityPay.io. Notably, the additional funding follows its 2023 investment, when it became the first stablecoin to invest in the company. The payment processing company, which allows users to pay for goods and services with crypto, is active in more than 2,000 locations across Georgia. Tether’s investment will boost CityPay.io’s expansion in Eastern Europe, which is focused primarily on Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
Tether CEO Paolo Ardoino stated,
Our previous collaboration with CityPay.io yielded exciting results in expanding convenient cryptocurrency use across Georgia. With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems.
🚨 New Video Alert!! 🚨
If you’re a hardcore crypto investor, chances are it’s because you believe that it’s the only way you can get ahead. This has become a universal feeling, particularly among younger generations.
Believe it or not, but this feeling has a specific name: financial nihilism. It’s a phenomenon that’s been rising for years, and went parabolic after the pandemic, specifically because of pandemic stimulus.
It turns out that the philosophy behind financial nihilism could have profound effects on not just society, but also the markets. Spoiler: it seems to be the reason why memecoins are rallying like crazy.
This is a video you cannot miss!
🔔 MARKET MOVING NEWS! (10/05/24)
1️⃣ ETH Reverts to Inflationary Asset Following Fee-Reducing Dencun Upgrade 🤔
According to a recent CryptoQuant report, the supply of Ethereum's Ether is no longer deflationary after the network’s highly anticipated Dencun upgrade went live two months ago. Notably, the recent Dencun upgrade was designed to reduce fees and help scale the network. However, it also appears to have potentially reversed one of the key benefits of the 2022 Merge. The report reveals that Dencun has made transaction fees on Ethereum on average four times lower than before, making the amount of ETH getting burned to one of the lowest levels since the Merge while supply is growing at the fastest rate since 2022.
Source
2️⃣ Canadian Regulator Fines Binance $4.4M For AML And CFT Violations ‼️
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has reportedly imposed a $4.4 million administrative monetary penalty on Binance for failing to comply with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. According to the regulator, Binance failed to register as a foreign money services business. It also supposedly failed to report 5,902 crypto transactions bigger than $10,000 and their attached know-your-customer (KYC) information. The regulator reported that Binance’s activities for incurring the fine happened when it was winding down its operations in Canada in 2023.
Source
3️⃣ Grayscale Parent Digital Currency Group Reports $229M Revenue for Q1 💰
Digital Currency Group (DCG), the parent company of asset manager Grayscale, reported a first quarter revenue of $229 million. DCG stated that Grayscale accounted for $156 million of its first quarter revenue. Notably, sharp rises in the price of bitcoin (BTC) and ether (ETH) kept the revenue from Grayscale flat from the previous quarter despite heavy redemptions and a reduced management fee following the conversion of the Grayscale Bitcoin Trust (GBTC) to an ETF. Two other notable DCG ventures, crypto mining pool Foundry and investing platform Luno, saw revenue increases of 35% and 46%, respectively.
Source
4️⃣ Bugs In Gains Network Fork Let Traders Profit 900% On Every Trade: Report ▶️
According to an April 19 report from blockchain security firm Zellic, two different bugs in a fork of the Gains Network leveraged trading protocol could have allowed traders to profit 900% on every trade, regardless of the price of the token traded. Notably, one of the bugs existed in a previous version of Gains but was later patched while the other was only found in a fork of the protocol. While Zellic’s staff has informed the developers of Gains forks Gambit Trade, Holdstation Exchange, and Krav Trade of the vulnerability, other Gains forks may still be vulnerable.
Source
5️⃣ Eclipse CEO Steps Back Amid Harassment Allegations 🔍
Neel Somani, the founder and CEO of Ethereum scaling company Eclipse, has announced that he would be stepping back from his role as a "public face" for the company after a flurry of sexual harassment allegations against him resurfaced.
Somani stated,
Serious allegations have been made against me on Twitter in the last week. These allegations are false, but serious allegations about sexual misconduct warrant a serious and thoughtful response […] I'll be temporarily reducing my role as a public face for Eclipse. The senior leaders at Eclipse are well equipped to take on these responsibilities and this will allow these conversations to unfold and the truth to emerge about these allegations.