Coinbase Research Says ‘Surprise to the Upside’ Possible for Ethereum ETF Decision – Here’s Why
Research from Coinbase suggests that decisions on a spot Ethereum (ETH) exchange-traded fund (ETF) could surprise investors. In a new note, Coinbase Institutional says that an ETH ETF is a question of when, not if, and that the U.S. Securities and Exchange Commission (SEC) is likely looking at the decision with the same rationale that […]
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Bitcoin clings to $67K but analysis warns of 10% BTC price drop next
Bitcoin bulls are enjoying 10% month-to-date gains currently, but one trader warns that the picture should soon look very different for BTC price action.
Bitcoin (BTC) circled $67,000 on May 19 as liquidity around spot price strengthened into the weekly close.
Data from Cointelegraph Markets Pro and TradingView showed bulls holding the week’s upside, with month-to-date gains now above 10%.
Analyzing hurdles to overcome, popular trader Daan Crypto Trades noted that $72,000 now represented the largest resistance zone.
Polkadot Creator Gavin Wood Says One Blockchain Use Case Crucial for Mass Adoption
The creator of interoperability blockchain Polkadot (DOT) says that one use case for the blockchains is crucial for their mass adoption. In a new interview on macro guru Raoul Pal’s podcast, Polkadot creator Gavin Wood says that proof of personhood – or a mechanism that digitally verifies a person’s humanity – could be the killer […]
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Venezuela bans crypto mining to protect power grid
This move follows a recent crackdown that involved confiscating 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.
The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands.
According to a local news outlet, Venezuela’s Ministry of Electric Power (MPPPE) has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.
An X post from Venezuela’s National Association of Cryptocurrencies stated that crypto mining is prohibited throughout Venezuela. The move prioritizes energy stability over the burgeoning crypto-mining industry.
XRPL on-chain transactions jump 108% in Q1 2024
The XRP Ledger (XRPL) recorded 251.39 million on-chain transactions during the first quarter of 2024, an increase of approximately 108% compared to the last quarter of 2023.
The XRP Ledger (XRPL) has seen over double the number of transactions during the first quarter of 2024 compared to the previous quarter, alongside the average transaction cost almost slashing in half, according to Ripple’s recent XRP market report.
The XRPL on-chain transaction activity increased by 108% during the first quarter of 2024, with approximately 251.39 million recorded, compared to the total 121.03 million in the last quarter of 2023, as per the report published on May 17.
Additionally, the average cost per transaction fell 45% to approximately 0.000856 USD.
Bitcoin Has Completed Profit-Taking Phase Amid Backdrop of Rising Capital Flows to BTC, Says Analyst Willy Woo
Popular on-chain analyst Willy Woo believes Bitcoin (BTC) is now in a position to kick start a fresh leg up after months of consolidation. Woo tells his 1.1 million followers on the social media platform X that he’s looking at Bitcoin’s spent output profit ratio (SOPR), which tracks whether coins are being sold at a […]
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Phantom Wallet climbs Apple app store charts — Bullish sign for Solana?
Phantom Wallet has climbed to third position on the utility category on the Apple app store and several crypto commentators are taking it as a bullish signal for Solana.
Cryptocurrency wallet Phantom Wallet has now secured the third position on the Apple App Store in the utility category, just behind Google and Google Chrome Apps.
Crypto commentators are speculating that the rise could be a bullish indicator for Solana (SOL), given that Phantom Wallet initially launched as a Solana-only wallet.
“Seems like the SOL season is going to be Big! What SOL coins shall I buy?” crypto entrepreneur Evan Luthra asked his 413,900 X followers on May 19.
Bitcoin’s $66.9K price holds strong, casts doubts on a ‘deep correction’
Despite ongoing speculation about Bitcoin’s next potential “deep correction,” some cryptocurrency analysts disagree on its likelihood.
Bitcoin’s (BTC) price has cemented its position slightly above its key support level of $65,000, and crypto analysts believe that its price formation is holding strong. Some are even doubting the speculations of a deep correction in the near future.
“Bitcoin is holding up the price so strongly that I don’t think there will be a deep correction,” pseudonymous crypto trader Yoddha told his 49,000 X followers on May 18.
Meanwhile, Rekt Capital pointed out that the significant correction event has already happened, with Bitcoin’s price falling by 15% from $66,421 on April 24 to $56,792 on May 2, as per CoinMarketCap data.
Genesis wins court nod to return $3 billion to creditors
Court approves Genesis Global’s plan to distribute $3 billion to creditors, rejecting Digital Currency Group’s objections.
The post Genesis wins court nod to return $3 billion to creditors appeared first on Crypto Briefing.
$384,000,000 To Be Handed To 191,000 Victims of Banking Giant’s Illegal Practices: Consumer Financial Protection Bureau
A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. The Consumer Financial Protection Bureau says 191,000 people will receive the windfall of cash, which will be given to former customers of Texas-based Think Finance. The agency filed a lawsuit against the lender in 2017, accusing […]
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Altcoin Tied to Security-Focused Crypto Wallet Surges by 43% This Week Amid Rollout of New Swaps Feature
An altcoin linked to a security-focused crypto wallet is outperforming the broader digital asset market, surging by more than 40% this week. Safe is a smart contract wallet that runs on multiple blockchains. The project introduced native swaps this week. Explains Safe, “Batch auctions consolidate multiple transactions, reducing gas costs and the need for multiple […]
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Economist Jim Rickards Predicts Gold Price Exceeding $27,000 — Says: ‘It’s Not a Guess. It’s Rigorous Analysis’
Economist Jim Rickards forecasts that gold prices could surpass $27,000, emphasizing that this projection is not made for attention or shock value. “It’s the result of rigorous analysis,” he clarified. This represents a significant increase from his previous estimate of $15,000 by 2026. Jim Rickards’ $27K Gold Prediction Explained Economist Jim Rickards shared his prediction […]Blackrock Bitcoin ETF Attracts 414 Institutional Holders — Analyst Says IBIT ‘Blows Away Record’
Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has amassed 414 insitutional holders in less than three months, according to filings with the U.S. Securities and Exchange Commission (SEC). A senior Bloomberg analyst described this achievement as “mind-boggling” and “highly rare” for new ETFs. Other recently launched ETFs have significantly fewer institutional […]Fund managers predict SEC rejection of Ethereum ETFs next week
The SEC is set to decide on Van Eck’s Ethereum ETF by May 23, with market expectations leaning towards rejection amid regulatory uncertainty.
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Trader turns $3K into $46M in PEPE, Ethereum gas overhaul, Tornado dev guilty: Hodler’s Digest, May 12-18
Trader makes millions after PEPE price soars, a new gas model for Ethereum, and Tornado Cash developer convicted.
A savvy trader made $46 million in profit, which is an eye-watering 15,718-fold return on his initial $3,000 investment. The unknown wallet bought 4.9 trillion PEPE for $3,000 on April 15, which is currently worth over $56 million. The trader sold 1.41 trillion PEPE for $7.4 million and is currently sitting on 3.5 trillion PEPE, worth $38.9 million, according to a May 15 X post from Lookonchain. PEPEs market capitalization was around $4.5 billion on May 15, making it the third-largest memecoin behind Dogecoin (DOGE) and Shiba Inu (SHIB).
Ethereum co-founder Vitalik Buterin has proposed Ethereum improvement protocol, EIP-7706, which introduces a new gas model for transaction call data. This new fee would be separate from the existing gas fees for transaction execution and data storage. The proposal aims to reduce costs for transactions that are data-heavy but not computationally intensive by setting separate charges for call data, distinct from the costs of executing contract code or storing data in blobs. If the proposal is accepted, the Ethereum network will be responsible for setting the call data costs independently of other costs.
Alexey Pertsev, the developer of the cryptocurrency mixing protocol Tornado Cash, has been found guilty of money laundering, raising potentially severe implications for open-source code developers. The developer was sentenced to five years and four months in prison for allegedly laundering $1.2 billion worth of illicit assets on the platform. The sentencing came despite Tornado Cash being a noncustodial crypto mixing protocol meaning that the funds that go through the protocol are never held or controlled by it.
Microsoft faces multi-billion dollar fine in EU over Bing AI
The Redmond company could be fined as much as 1% of its annual revenue if it doesn’t respond by May 27.
Microsoft faces a fine in the European Union of up to 1% of its annual revenue if it doesn’t respond to a request for information by May 27.
The threat stems from a request made under the E.U.’s Digital Services Act concerning the company’s Bing search engine and its associated generative artificial intelligence services.
A post on X.com compelling Microsoft to “provide information under the Digital Services Act on generative AI risks on Bing” was sent on May 17 disclosing the news to the public.
CryptoQuant CEO Maps Out Path Forward for Bitcoin Bull Cycle – Here’s When He Thinks It Will End
The head of blockchain analytics platform CryptoQuant thinks Bitcoin (BTC) is only halfway through its current bull cycle. Ki Young Ju tells his 346,000 followers on the social media platform X that BTC’s market cap is growing faster than its realized cap, a trend he says tends to last around two years. The realized cap […]
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China’s $53.3B Divestment in US Treasuries Signals Massive Shift From Dollar Assets
According to records, China has divested $53.3 billion in U.S. Treasury notes and agency bonds during the first quarter. Some analysts suggest this reduction in foreign exchange reserves might be China’s strategic move to leverage its holdings against the United States. China’s Treasury Holdings Drop Dramatically, Raising Red Flags for U.S. Markets China has significantly […]‘46 Times Faster Than Ethereum’ – Solana Races to the Top of CoinGecko’s List of Swiftest Blockchains
Smart contract platform Solana (SOL) is moving to the top of CoinGecko’s list of fastest blockchains. In a new publication, CoinGecko says Solana is a staggering 46 times faster than its rival Ethereum (ETH), the second-largest digital asset by market cap, making it the fastest large blockchain on the market. However, CoinGecko says that Solana […]
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Value Locked in Defi Nears $100B Range Again After $11.89B Increase in 35 Days
Over the past 35 days, the total value locked in decentralized finance (defi) protocols has expanded by $11.89 billion, recovering from a low of just over $83 billion on April 13. Although it has not yet reached the $100 billion mark, the value locked in defi is approaching that milestone after hovering just below it. […]14 Years Ago, an Individual Offered 10,000 Bitcoins for 2 Pizzas, Finalizing the Deal in 4 Days
Approximately 14 years ago today, Laszlo Hanyecz posted on bitcointalk.org, offering 10,000 bitcoins for “a couple of pizzas.” However, most people are not aware that it took him four days to finalize the transaction, which is now worth $670 million. The Famous Bitcoin for Pizza Offer That Took 4 Days to Complete In May 2010, […]Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report
The San Francisco-based crypto exchange Kraken is reportedly mulling whether to pull support for the stablecoin USDT in the European Union (EU). Bloomberg reports that Kraken is “actively reviewing” its European support for the Tether-issued stablecoin. European digital asset trade associations and think tanks have warned that the EU’s Markets in Crypto-Assets Regulation (MiCA) could […]
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Wells Fargo Hands Fake $100 Bill To Customer, Issues Alert on Worthless Withdrawal and Counterfeit Cash: Report
A Wells Fargo customer says she’s shocked after the banking giant gave her fake cash during a seemingly routine withdrawal. Kam Ridley recently went to a Wells Fargo branch in Mississippi to withdraw cash and pay bills, reports the ABC-affiliated news station WAPT. Ridley then went to her other bank, Trustmark, to deposit the cash […]
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‘Godfather of AI’ advises UK government to start UBI
Geoffrey Hinton also warns that advanced AI could pose an existential threat within the next five to twenty years.
Geoffrey Hinton, a world-renowned artificial intelligence (AI) expert often referred to as the “Godfather of AI,” recently consulted with members of the United Kingdom’s government at Downing Street where he advised lawmakers to consider adopting a universal basic income (UBI) to deal with the impending threat of job loss.
Until recently, Hinton worked for Google developing high-level AI features for neural networks — the underlying technology that powers most modern generative AI systems such as Google’s Gemini and OpenAI’s ChatGPT.
According to Hinton, the AI revolution will mostly benefit the rich. Laypersons, blue collar workers, and those employed in jobs that can be automated stand to lose their means of income and “that’s going to be bad for society” he recently told the BBC in an interview.
Silver Squeeze: Precious Metal Soars 11.8% in 5 Days, Reaching Its Highest Price Since 2013
This week, the price of one ounce of silver has seen a significant rise. Over the past five days, silver has increased by more than 11% against the U.S. dollar, surpassing gold’s 2.3% five-day gain. Silver reached $31 per troy ounce for the first time since February 2013. Silver Hits $31 per Ounce, Outperforms Gold […]Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance
Galaxy Digital CEO Mike Novogratz is warning that Bitcoin (BTC) is not likely to print fresh all-time highs (ATH) until macro conditions change. In a new interview on Galaxy’s podcast, the billionaire says that Bitcoin will probably trade sideways until Fed rate cuts, which he believes would be bullish for the crypto king. More favorable […]
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Bitcoin’s Runes Protocol Hype Falls Short: Significant Drop in Activity and Fees
It has been 29 days since the halving and the launch of the Runes protocol, and since May 1, Runes activity has been underwhelming, falling short of the expectations set months prior. Similarly, the trend of Ordinals inscriptions has significantly declined over the past month. Runes Protocol’s Initial Excitement Dwindles Amid Decreased Activity Before the […]Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers
Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values. […]LayerZero identifies over 800K addresses in sybil self-reporting phase
Initially, the team identified over two million addresses as potential sybils but later refined their criteria to minimize false identifications, resulting in a more precise classification.
LayerZero Labs has officially announced that the sybil self-reporting phase of its solution to address sybil activity, or “airdrop farming,” is over.
According to LayerZero, addresses that meet the criteria will receive 15% of their anticipated token allocation, while the remaining 85% will be redistributed to eligible users. Following the review, a total of 803,093 addresses were identified as potential sybil addresses, which will not receive the total token allocation.
Initially, the team identified over two million addresses as potential sybils but later refined their criteria to minimize false identifications, resulting in a more precise classification.