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🔴Bitcoin Now Accepted for Campaign Donations by US Presidential Candidate Vivek Ramaswamy.
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💸Binance’s Bullish Implication: Interpreting their Bitcoin-Centric Tweet
With a simple tweet about Bitcoin, Binance may have provided insight into their beliefs regarding the future direction of the digital asset.
When the largest cryptocurrency exchange in the world speaks, or in this case, tweets, the crypto community takes notice. In a recent tweet, Binance shared three distinct numbers: 8 billion (the world’s population), 62.5 million (the number of millionaires globally), and 21 million (the total number of Bitcoin that will ever exist). This simple but potent statement might offer insights into Binance’s beliefs about Bitcoin’s value and future potential.
Let's look at the numbers:
8 billion people
62.5 millionaires
21 million Bitcoin
— Binance (binance) May 20, 2023
It’s crucial to highlight that the tweet doesn’t explicitly promote Bitcoin. Instead, it lays out the figures that underpin the cryptocurrency’s scarcity dynamics. The supply of Bitcoin is finite, but the potential market — in this case, millionaires worldwide — vastly outnumbers it.
This scarcity is a fundamental tenet of Bitcoin’s value proposition. It’s what sets Bitcoin apart from traditional fiat currencies, which central banks can print in unlimited quantities. Binance’s tweet seems to underscore this point, emphasizing the limited supply of Bitcoin in the face of a potential large and growing demand base.
🔸 The last update of ReserveInterestRestRateStrategy in Aave V2 (Polygon) caused a temporary protocol halt, affecting assets worth ~$110M!
The main reason is that the new ReserveInterestRestRateStrategy strategy is only compatible with Ethereum, but not compatible with Polygon.
🎁Transforming Dust Into Prizes: LooksRare’s NFT Raffle Hits the Market
LooksRare is starting an NFT raffle where users can buy entries for 0.01 ether (ETH) or less. All they need to participate is a crypto wallet and enough ether to cover the entry cost and gas fees, according to the NFT marketplace.
Zodd, the pseudonymous co-founder of LooksRare, announced ‘LooksRare Raffles’ in a Tuesday blog post. They said that the top prize every day for this week would be a Bored Ape Yacht Club NFT (BAYC).
Though only one BAYC NFT is up for grabs each day, the platform said the prize pool also includes other “blue chip” NFTs. Other prizes include Azukis and allocations of the platform’s native coin, LOOKS.
LooksRare said it will run this raffle program for seven days, with one raffle round each day, collecting a “small fee” on each round. If the reception is good, it could become a permanent fixture on the NFT marketplace’s site, LooksRare told Blockworks.
During the first round on Wednesday, there will be one BAYC NFT, five Azuki NFTs, and 100 bundles containing 1,000 LOOKS tokens, each available for participants to acquire.
The raffle program is built on a foundation of smart contracts, which LooksRare said are “100% transparent” and “provably fair.”
“We use Chainlink VRF (Verifiable Random Function), which is a provably fair and verifiable random number generator…For each request, Chainlink VRF generates one or more random values and cryptographic proof of how those values were determined. The proof is published and verified on-chain before any consuming applications can use it,” LooksRare said in a statement exclusively provided to Blockworks.
The statement continued, “This process ensures that results cannot be tampered with or manipulated by any single entity including oracle operators, miners, users, or smart contract developers.”
🧍♂️Web3 Education Leaders Team Up to Roll Out Beginner NFT Platform HeyMint
Web3 education platform Curious Addys and non-fungible token (NFT) educator Zeneca are teaming up to roll out HeyMint, a beginner NFT platform meant to help creators build out their first collection.
With a goal of easing the minting process for creators and onboarding new entrants to Web3, HeyMint aims to be an accessible, equitable and low-cost creative tool. Creators can upload their artistic asset, choose their desired blockchain, create an allow list presale and enforce royalties. HeyMint currently supports Ethereum and three Ethereum Virtual Machine (EVM)-compatible chains – Polygon, Arbitrum and Optimism.
Creators pay no fees to list their collections and collectors are charged $1 per mint.
Mai Akiyoshi, CEO of Curious Addys, told CoinDesk that creators need tools that welcome them into the Web3 space rather than alienate them through complicated processes.
“The biggest problem we saw is that creating smart contracts is really difficult and even NFT standards like ERC-721 or 1055 are really standardized,” said Akiyoshi. “We have a lot of experience in educating people in our community and we want to be able to bring in more people who are not familiar with NFTs.”
Curious Addys and Zeneca have already amassed $5 million from their own NFT collections and have worked with notable brands such as Universal Music Group and the World of Women NFT collection. Zeneca previously founded Zen Academy, an online course to help bring new NFT collectors into Web3.
💲 US dollar index made a concerning close above both flag and red resistance. Not confirmed yet, as there's no trading on weekend.
Monday will be extremely important for DXY and BTC! If dollar fixes above red and bear flag fails, stocks and crypto are in trouble. Vice versa, if DXY dives down and forms a fakeout, BTC is set to pump hard
📊BTC UPDATE
More than 12 hours have passed since the dump happened, what do we have by now?
First of all, I decided to reduced by a half the amount of Bitcoins I bought yesterday, tiny profit printed.
Why?
We don't like how Ethereum looks here. Next post will be about it. Moreover, the price didn't engulf the $27,800 - $27,900 level we is not a good sign.
However, we still have the $27,100 support below the current price level. As long as it stays strong — we are safe.
🇰🇿Kazakhstan collected $7M in crypto mining taxes in 2022
The government of Kazakhstan received 3.07 billion tenges (approximately $7 million) in tax payments from crypto mining entities in 2022 following the implementation of an amended law regulating the fiscal burden of mining cryptocurrencies, according to local media reports.
Preliminary data from the government for 2023 shows that mining fees collected by April 27 totaled 240 million tenges, over $541,000 at the time of writing. The figures are much lower than the 652 million tenge (~$1.5 million) in fees paid in the first quarter of 2022.
Kazakhstan ranks among the world’s top Bitcoin mining hubs. As of January 2022, the Central Asian country contributed 13.22% of the total Bitcoin hash rate, just behind the United States (37.84%) and China (21.11%), according to data from Cambridge Centre for Alternative Finance.
👀Blur NFT lending protocol gets mixed reactions from the community
Nonfungible token (NFT) marketplace Blur recently launched its collateralized lending protocol called Blend, allowing a buy now, pay later approach to purchasing NFTs. Members of the community had varying reactions. Some believe that it’s a massive development for the space, while others called on the United States Securities and Exchange Commission (SEC) to protect users against such products.
On May 1, Blur launched a peer-to-peer perpetual lending protocol called Blend, a platform it developed with the help of venture capital firm Paradigm. The protocol supports NFT collateral, and the team claims it would collect zero fees from lenders and borrowers. The community member may be referring to the dwindling number of NFT buyers in April. According to data from the analytics platform NFTGo, sellers dominated the NFT market in the month.
📊ETH has hit 0.0671 level, but hasn't fixed above. Without that fixation I can't consider Ethereum bullish!
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🎉 The overall Ethereum supply has decreased by 0.199% over the recent 231 days (since The Merge happened).
Meanwhile, using the PoW model, the overall supply would have increased by 3.321%.
This is an official WIN by PoS model.
📊Analysts Consider US National Security Policy a Pretext to Establish Trade Sanctions Against Other Countries
International analysts have called out the supposed use of the national security policy of the U.S. as a tool to justify the establishment of blockades and economic sanctions against countries like China and Russia.
While U.S. Treasury Secretary Janet Yellen has recognized that a decoupling of the economies of the U.S. and China would be “disastrous,” the U.S. government is said to be putting its security policies over this concern.
Several analysts have referred to the usage of the U.S. national security policy as a pretext to establish economic sanctions and take unjustified measures against other countries.
🪙46% of millennials across major economies own crypto
The study featured over 255,000 respondents across 26 countries in four age groups.
A new survey suggests that 46% of millennials across major population countries, such as the United States, China, Japan, Germany, Indonesia and Nigeria, own cryptocurrencies.
The study, conducted between July 2022 and January 2023 and published on April 28 by cryptocurrency exchange Bitget, featured approximately 255,000 adult respondents from 26 countries, with around 10,000 respondents per country. The survey revealed that 46% of millennial respondents owned cryptocurrencies, compared with 25% of Gen X, 21% of Gen Z and 8% of baby boomers. The confidence interval for the study is 95%, with a margin of error of ± 0.1%.
In addition, 4% of baby boomers, 6% of Gen X, 27% of millennials and 36% of Gen Z respondents said they considered cryptocurrency regulation an important factor when voting for political candidates. Bitget staff wrote:
"By the beginning of the next decade, demographic processes may lead to a dramatic shift towards increased acceptance of cryptocurrencies as a higher proportion of younger generations continue to exhibit strong demand for crypto, despite the slowdown in population growth."
Other studies also suggest that Gen Z and millennials tend to have the highest adoption rates for cryptocurrencies out of all population groups. In October 2022, a Charles Schwab survey revealed that almost 50% of Gen Z and millennials want crypto in retirement funds. The survey also found that 43% of Gen Z and 47% of millennials already invest in cryptocurrencies outside their 401(k) retirement accounts.
🧑💻Nearly a year after PayPal allowed users to transfer cryptocurrency between its platform and other wallets, the company is about to introduce a similar feature for Venmo's more than 60 million U.S.-based customers.
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🎥MetaWorks to Sell Rights to the First NFT as a Movie
MetaWorks, the metaverse development platform, has done a deal with Opus One Pictures to sell the international rights of Zero Contact.
Shot during the COVID-19 pandemic, the moviemakers claim that it is the first full-length NFT movie. BeInCrypto reported in July 2021 that the movie premiered exclusively as an NFT on the blockchain movie streaming service VUELE.
Scott Gallagher, the president of MetaWorks, told GlobeNewswire, “Zero Contact is an important film from both a technology and social perspective having been filmed during the pandemic and becoming the first ever full length feature film to debut exclusively as an NFT.”
Last year, the Academy Award winner actor, Anthony Hopkins, released an NFT collection that sold out in seven minutes. Despite the crypto winter, Hopkins’ Eternal collection recorded the fastest sell-out on OpenSea.
It is a collection of 1000+ NFTs depicting thought-provoking images and animations to immortalize Sir Anthony Hopkins’ diverse archetypal interpretations of The Eternal: The Jester, The Lover, The Rebel, The Hero, The Ruler, The Sage, The Magician, The Giver, The Explorer, and The Creator.
🔔Paraspace NFT protocol 'usurper' resigns after failing to overthrow CEO
The Paraspace NFT protocol saga over the whereabouts of the protocol’s fund took another turn on May 19 as the project's consultant Jay Yao resigned from his position in the company. Last Week, the NFT protocol made headlines over the missing funds and a barrage of accusations by chief executives and CEO against each other.
"Yubo has never done any embezzlement. The whole issue is a setup Jay & Thomas are neither shareholders nor co-founders of ParaSpace. Their action have no relation with ParaSpace."
The spokesperson also claimed that "Jay & Thomas are illegally using multi-sig and Twitter account to threaten Yubo as they collude to take over ParaSpace." The same day, blockchain analytics firm Secure3 published a report stating "all funds are repaid" and "we didn't see any evidence of fund embezzlement."
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🐝 BTC UPDATE
The price formed a local ascending triangle with the resistance at the same $27,500 level.
The overall priority remains bullish, but we can’t talk about purchases as long as the $27,5k level acts as a proper resistance.
There are chances that the ascending triangle will help in breaking upwards.
😜Crypto community reacts to Ledger wallet's secret recovery phrase service
Many members of the crypto community believe Ledger's latest seed phrase recovery feature is a bad idea.
Several crypto community members, including Ledger wallet owners, have taken to social media to express their discontent following the release of Ledger's latest feature. The newly introduced retrieval solution for itshardware crypto wallets, known as Ledger Recover, aims to offer a safeguard in case users misplace their seed phrase.
Ledger Recover is a subscription service that allows users to utilize an additional layer of protection for their private keys. This service employs a technique where the user's seed phrase is divided into three encrypted fragments, each sent to different external entities. Once these fragments are combined and decrypted, they can be used to reconstruct the original seed phrase.
The wallet provider shared that Ledger Recover is an optional subscription for users who want to back up their secret recovery phrase. "You don’t have to use it, and can continue managing your recovery phrase yourself if that’s why you bought a Ledger,” the company explained.
Nevertheless, the concept has enraged many in the crypto community, including security specialists.
Mudit Gupta, the chief information security officer at Polygon Labs, shared, “It's a horrendous idea, DON'T enable this feature.” Gupta expanded further in his Twitter thread that “The problem here is that the encrypted keys parts are sent to 3 corporations and they can reconstruct your keys.”
💱Grayscale Investments Files for 3 New Exchange Traded Funds
On May 9, digital currency fund manager Grayscale Investments announced the establishment of the Grayscale Funds Trust and submitted registration filings for three exchange-traded funds with the U.S. Securities and Exchange Commission.
As the leading digital currency fund manager, in terms of assets under management (AUM), Grayscale Investments unveiled the Grayscale Funds Trust launch.
Grayscale highlighted that they had previously established Grayscale Advisors, an SEC-registered investment advisor, which will serve as the new trust’s advisor.
Moreover, Grayscale announced that David LaValle, the company’s global head of ETFs, would assist with their expansion. “It has been incredibly exciting to build our ETF franchise – hiring a dedicated team, expanding our partnerships, and enhancing our position within the ETF ecosystem,” LaValle said.
🔸OpenSea Pro has announced a new feature:
— "Update on OpenSea Pro: Best Collection Offers on the home page.
— Now you always have a list of offers at your fingertips for any collection.
— Instantly check the best deals and minimum prices on collections right on the home page."
🚀From FOMO to JOMO: Web3 Mental Health Collective Peace Inside Live Launches NFT Collection
Digital mental health collective Peace Inside Live is releasing a wellness-inspired non-fungible token (NFT) collection to raise funds for mental health in the Web3 space.
The company is teaming up with 11 partners, including alternative wellness advocate Deepak Chopra’s metaverse organization Seva.Love, TIME magazine’s Web3 arm TIMEPieces, crypto domain provider Unstoppable Domains, digital artist Adam Bomb Squad and NFT platform House of First, to release the JOMO Effect NFT collection in honor of May’s Mental Health awareness month.
With over 40 creators contributing digital art works to the collection, the tokens are available to mint as an open-edition on Polygon through marketplace Magic Eden for 24 MATIC, or about $21, for the next 24 hours. The “Joy List,” or allow list, opened for three hours preceding the public mint at 20 MATIC, or about $18.
Minting a JOMO Effect NFT donates primary sale profits to five mental health charities, including the American Foundation or Suicide Prevention. Collectors can also participate in Chopra’s Soul of Leadership course, access to Peace Inside Live’s meditations and mindfulness materials, claim a 30% discount for an Unstoppable Domain, and more.
JOMO, or the “joy of missing out,” is a term that emerged to counteract FOMO, or the “fear of missing out.” It’s been a prominent conversation in the Web3 space as collectors have been eager to “ape” into collections, attend events and be omnipresent in the NFT space in hopes that they don’t miss the opportunity to turn a profit.
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🕙SEC has 10 days to respond to Coinbase complaint: Legal exec
Coinbase’s legal battle for regulatory clarity over the trading of digital crypto assets saw a development as a U.S. court responded to its complaint against the SEC.
According to a May 4 announcement from Coinbase chief legal officer Paul Grewal, the United States Court of Appeals for the Third Circuit responded to the complaint against the U.S. Securities and Exchange Commission (SEC) regarding the need for clear rules for trading digital assets. This marks a development in the legal battle for regulatory clarity.
According to Grewal, the court’s response to their complaint against the SEC was a text-only order. The court has instructed the SEC to respond to Coinbase’s writ of mandamus within ten days. A writ of mandamus is a court order addressed to an inferior government official, ordering them to fulfill their official duties properly.
📌The U.S. White House released the National Standards Strategy for Key and Emerging Technologies, offering key support for eight technologies, one of which is digital identity infrastructure and distributed ledger technology, on the grounds that this technology will impact a number of key economic sectors, becoming increasingly large.
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🖼 $3.23 Million Worth Of NFTs Were Stolen In April, The Lowest Level At The Moment
Non-fungible tokens (NFTs) have spurred renewed interest in blockchain technology. Although this market has been slowly losing its traction recently, scam activity is not the same, this April, the level of theft on popular NFT markets has decreased but is more concentrated in Blur.
According to PeckShieldAlert’s early warning and monitoring, in April 2023, NFTs worth approximately $3.23 million were stolen, a decrease of 68% from the previous month. The recent theft of MAYC №8530, an NFT, has reignited these fears. In this post, we will go into the specifics of the robbery, the blockchain community’s reaction, and what it implies for the future of the NFT business. MAYC №8530, an NFT, was allegedly unsold for 528 days before being stolen.
The most recent transaction prior to the heist was for 7.45 ETH, which is equal to $14,195.30. The MAYC №8530 sold for a 10.7 Blur Pool shortly after PeckShield’s notice. Regardless of one’s feelings about theft, it is evident that security will remain a big problem in the NFT industry. As the value and ubiquity of NFTs rise, it is expected that hackers and other harmful actors will become more focused on exploiting system weaknesses.
🌐William Shatner Warps Into Web3 With ‘Infinite Connections’ NFT Release
The original "Star Trek" captain and longtime Twitter crypto guy officially dropped his non-fungible token (NFT) release, Infinite Connections, during CoinDesk’s Consensus 2023 conference. Infinite Connections comprises two collections: Cosmic Explorer, with 2,500 NFTs that feature a Shatner 3D avatar paired with artwork that explores scientific themes like quantum physics and sonic vibrations.
Each one also includes a physical action figure of Captain James T. Kirk, the role for which Shatner is best known, each hand-signed by Shatner with a quote from the character. The other collection is Timeless Voyager, which includes 1,000 NFTs of 2D artwork of future tech and the cosmos. There’s no action figure included, but “select” holders will have access to unspecified IRL opportunities.
👼 ALTCOIN DOMINANCE GLOBAL UPDATE
As you can see, an Altcoin Dominance moves quite symmetrically and cyclically. There is an ascending channel that started forming back in 2016 and is still valid.
Currently, we are close to the down border of the channel. I told that altcoins moves "cyclically" because they are also play around the Bitcoin's Halving:
- Usually, they reaches the bottom 8-9 months before the halving and the top 11 - 12 months after the halving. At the moment we have 11 months left before the 2024 halving.
At the moment we just need to wait for the dominance to reach the bottom of the ascending channel. Once it will be done, we will need to look for a new narrative that brings us the biggest profits! We are close.
😄I like ARB here!
The price has deviated below mirror level and is now back in the game!
I buy in blue zone, my targets are on the chart!
🌿Innovate some compliance mechanisms, US Treasury official tells DeFi community
Assistant Treasury Secretary Elizabeth Rosenberg said the Treasury was enhancing its regulatory regime and that DeFi should program in some compliance.
The United States Treasury did a risk assessment of decentralized finance (DeFi) and found the sector lacking in several ways, Assistant Treasury Secretary for Terrorist Financing and Financial Crime Elizabeth Rosenberg reminded an audience at the Atlantic Council think tank on April 21. Get ready for more regulation, she said.
Rosenberg was referring to a report released earlier in April by the Treasury that found scammers, money launderers and North Korean hackers benefitting from the lack of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance in the sector. That report was part of the Treasury’s response to U.S. President Joe Biden’s executive order on the responsible development of digital assets.
The report also found that DeFi was not always very decentralized. “There are generally persons and firms associated with those DeFi services to which AML/CFT obligations may already apply,” Rosenberg said. The assessment report established that all DeFi services are liable to comply with the Bank Secrecy Act, including AML/CFT.
“We will assess enhancements to our domestic AML/CFT regulatory regime as applied to DeFi services and monitor responsible innovation of AML/CFT and sanctions compliance tools,” Rosenberg said. She continued:
“I want to offer a specific message to the private sector. ‘DeFi innovation’ should not only occur in the technical, financial domain — there is an enormous need and potential for innovation in compliance mechanisms that could help all players in the digital ecosystem ensure they remain on the right side of the law.”
Rosenberg and her team were freshly back from the Financial Action Task Force (FATF) Virtual Assets Contact Group meeting in Tokyo, she said.
