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06-May-24
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Memecoins are underperforming Bitcoin today, which could be a sign that traders will pay more attention to BTC’s post-halving recovery.
Memecoins like Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) are among the cryptocurrencies underperforming the market on May 6, highlighting a diversion from the momentum that drove the sector higher last week.
Data from CoinGecko shows that the total market capitalization of memecoins has dropped in the last 24 hours, falling 2.7% to $55.48 billion.
Bonk (BONK) declined the most, losing 6% of its market value over the last 24 hours. Floki (FLOKI) followed with a 3.3% loss, and Memecoin (MEME) came in third after declining 3% over the same period.
Bundesbank’s president Joachim Nagel urged central banks to revamp their business models and adopt digital currencies during the BIS Innovation Summit.
Central banks’ future depends on a revision of their business model and speedy adoption of central bank digital currencies (CBDCs), said Joachim Nagel, president of the Bundesbank and member of the European Central Bank (ECB).
Nagel reportedly warned about the uncertainty surrounding central banks during a panel session at the Innovation Summit hosted by the Bank for International Settlements on May 6.
“If you would have asked me 20 years ago if the central bank business model” was “destroyable or not, I would have said no,” he reportedly stated in Basel, Switzerland. Nagel continued:
Rostin Behnam said that “without a regulatory framework,” regulators would continue pursuing crypto firms to protect investors from potential fraud and manipulation.
Rostin Behnam, chair of the United States Commodity Futures Trading Commission (CFTC), expects regulators in the country to continue to crack down on cryptocurrency firms as long as the market attracts interest from investors.
Speaking at the 2024 Global Conference on May 6, Behnam said despite “bad events” in 2022, which caused a market downturn and several companies to declare bankruptcy, the crypto market continues to grow and attract investors and entrepreneurs. He did not specifically say whether the CFTC or Securities and Exchange Commission (SEC) would be behind enforcement actions to protect investors, but both regulators have ongoing lawsuits against many crypto firms.
“We’re going to probably see in the next 6 to 18 months, or 6 to 24 months, another cycle of enforcement actions because of this cycle of asset appreciation and interest by retail investors,” said the CFTC chair. “Without a regulatory framework, without that transparency, without those tools that we typically use, as regulators, you’re going to continue to see this fraud and manipulation.”
Solana price is up today as an increase in network activity and a report from a major asset manager puts a spotlight on the token’s future potential.
Solana (SOL), the native cryptocurrency of the Solana network, experienced a 7.2% increase on May 6 as it aimed to stabilize at the $156 level. Although SOL failed to maintain that peak, the current price of $152 reflects a 3.8% rise for the day and a 12% increase over the week.
The uptick in SOL's value can be linked to several factors: a favorable report from a leading investment bank, a significant uptick in usage of the Solana network, and the introduction of native interoperability features on a prominent decentralized exchange.
Recently, SOL's market performance has narrowed the gap with BNB Chain (BNB), the third largest cryptocurrency by market capitalization. This gap widened to a 10-month peak of $28.5 billion on April 30 in favor of BNB, but has since reduced to $18.4 billion.
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
In crypto today, Jack Dorsey’s Block, Inc. is planning to raise $1.5 billion through a senior notes offering. A wallet containing 687 BTC that has been dormant for 10 years has reawakened. In other news, Bitcoin cleared its 1 billionth transaction — exactly 15 years, four months, and four days after its launch in January 2009.
Jack Dorsey’s Block has unveiled plans to raise billions of dollars from institutional investors.
According to a May 6 announcement, the fintech company plans to issue $1.5 billion in senior notes through a private placement targeting pension funds, banks, mutual funds and high-net-worth investors.
Bitcoin is facing selling near the 50-day SMA, indicating that the range-bound action may continue for a few days.
Bitcoin (BTC) witnessed increased volatility last week. The price recovered from an intraweek low of about $56,500 to finish above $64,000, a marginal gain of roughly 1.5% over the previous week. This shows that the sentiment remains positive, and lower levels are being purchased by the bulls.
According to Farside Investors data, the spot Bitcoin exchange-traded funds recorded net inflows of $378 million on May 3. Particularly encouraging was the $63 million inflow into the Grayscale Bitcoin Trust ETF, its first since its conversion into a spot Bitcoin ETF in January. Although it is too early to tell, early signs suggest that the incessant selling in the GBTC could end.
Bitcoin’s recovery in 2024 has helped the sector attract venture capital funding in excess of $1 billion for two consecutive months in March and April, according to RootData. This was the first such occasion since October through November 2022.
Issues such as community discontent, farm accounts and restrictive criteria have plagued recent airdrops.
An ongoing, much-hyped airdrop conducted by Ethereum restaking protocol EigenLayer continues to generate controversy over its restrictive qualifications for claiming rewards. Project founders and users from across the crypto ecosystem are chiming in as a result.
“The reality is that, in all likelihood, the era of life-changing airdrops is now behind us,” said Leandro Schlottchauer, co-founder and CEO of smart contract developer Kuyen Labs, in a statement. “It should be clear by now that no airdrop or similar incentive can satisfy all community members,” he continued, adding:
Meanwhile, Mohak Agarwal, CEO and founder of liquid-staking protocol Claystack, said EigenLayer’s decision to announce its airdrop as a surprise is not a workable model for the long term. “While the mysterious approach may initially evoke excitement, it often leads to disappointment later on,” said Agarwal. “This pattern suggests a tendency for projects to announce a small airdrop supply initially, anticipating user disappointment, and then offering additional tokens to appease them — a short-term fix that isn’t sustainable in the long run.”
While Changpeng “CZ” Zhao received a surprisingly moderate jail term, Oregon has become the sixth state to revoke, suspend or decline to renew Binance.US’ license.
A United States judge has sentenced former Binance CEO Changpeng “CZ” Zhao to four months in prison for violating U.S. money laundering laws.
Prosecutors had recommended that the former Binance CEO serve three years for failing to maintain an effective Anti-Money Laundering program while at the crypto exchange, to which he pleaded guilty.
Judge Richard Jones said there was no evidence Zhao “was ever informed” of specific illegal activities at Binance, rebutting prosecutors’ request to increase the sentence from 18 months to three years.
The attacker was able to view team members’ private Discord messages, allowing them to gain access to the team’s wallet address and mint 100 million fake tokens.
The Gnus.AI artificial intelligence network lost approximately $1.27 million through a token-minting exploit on May 5. The team announced plans to release a new version of the Genius (GNUS) token and that users should no longer buy the old version.
Gnus.AI is a blockchain network that allows users to perform AI computations in exchange for tokens.
Related: AI Blockchain platforms attracted $5 billion in funding in Q1 2024
Bitcoin’s post-halving “danger zone” is over as Bitcoin establishes a firm footing above the $60,000 reaccumulation range, new analysis suggests.
Bitcoin’s (BTC) price rose above the $65,000 mark on May 6 as analysts argued that the post-halving “danger zone” may be over, with more BTC upside on the way.
Bitcoin’s post-halving danger zone is a three-week window after the halving, historically associated with downside volatility occurring below the reaccumulation range.
With Bitcoin rising above the current reaccumulation range of approximately $60,000, the post-halving danger zone may be over, according to popular crypto analyst Rekt Capital. He wrote in a May 6 post:
The Super PAC and its two affiliates have backed ads or otherwise supported efforts for crypto-focused candidates from both major political parties.
A political action committee (PAC) supporting candidates for federal office in the 2024 United States elections has reportedly surpassed $100 million in fundraising.
According to a May 6 report from Public Citizen, the Fairshake Super PAC and its affiliates, Defend American Jobs PAC and Protect Progress PAC, raised more than $102 million to support crypto-focused candidates in 2024. Public Citizen cited data from the nonpartisan transparency group Open Secrets, which reported the crypto-focused PACs raised more than Donald Trump’s ‘Make America Great Again’ political action committee.
Fairshake, which has previously backed Republican candidates, was responsible for an attack ad targeting California Senate candidate Katie Porter, a Democrat. Protect Progress backed Democratic candidates for two congressional seats in Alabama and Texas. The two candidates, Shomari Figures and Julie Johnson, won their respective primaries and will face off against Republicans in November.
The Kenyan president announced the talks at an American business summit in Nairobi attended by the U.S. commerce secretary.
Crypto miner Marathon Digital is in discussions with the Kenyan government on the country’s cryptocurrency policy and the energy requirements for crypto mining. Kenya has been gradually regulating the crypto market.
President William Ruto announced at the American Chamber of Commerce Kenya Business Summit that Marathon has been asked to consult with the National Treasury and Ministry of Energy. The summit took place in late April but was not immediately reported on.
U.S. Commerce Secretary Gina Raimondo was among the attendees, and Marathon was a platinum-level sponsor of the event. In his keynote speech, Ruto said of the talks with Marathon:
Analysts say Bitcoin price remains in an optimal buy zone even after BTC rallied to $65,500 on May 6.
Bitcoin’s (BTC) price tagged $65,000 during the early Asian trading session on May 6 as the 50-day exponential moving average (EMA) held as BTC’s immediate support.
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair turned up from lows of $63,340 on May 6, rising 3.45% to an intra-day high of $65,523.
BTC is now approximately 15% above its two-month low of $56,500, reached on May 1 last week as concerns over the stagflation of the U.S. economy sent investors into a risk-off mode.
Fitch Ratings notes that Block has used convertible debt for external funding since its IPO and is well-positioned to exploit the growth in payments and consumer financial services.
Fintech firm Block (formerly Square) announced plans on May 6 to issue $1.5 billion in senior notes through a private placement to qualified institutional investors.
The company said in a statement that the terms of the notes, including interest rates and maturity dates, are subject to negotiation with the initial purchasers. Investors permitted to join the round include pension funds, banks, mutual funds and high-net-worth individuals.
Block’s shares rose more than 4% following the announcement, trading at $72.40 at the time of writing.
The exchange-traded funds only managed to attract around $22.5 million in inflows during their first week of launch.
Hong Kong’s spot Bitcoin exchange-traded funds (ETFs) are far underperforming their United States counterparts in the first week of launch.
According to data compiled by Farside Investors, the three spot Bitcoin (BTC) ETFs that launched on April 30 in the East Asian city have attracted a total of $262 million in assets under management (AUM), the vast majority of which was subscribed to before the listing. Meanwhile, their asset inflows amounted to less than $14 million in the first week of launch, far below the billions that flowed into U.S. spot Bitcoin ETFs in January.
“In our view, the launch of the Bitcoin and Ethereum ETFs in Hong Kong, is a far less significant moment that the US ETFs,” Farside Investors commented. Meanwhile, Hong Kong spot Ether (ETH) ETFs, the first of their kind in the world, also did not impress, with a cumulative $54.2 million in AUM and $9.3 million in total inflows as of May 6.
The BitMEX co-founder says the current phase of price consolidation is ideal for accumulating crypto before macroeconomic factors trigger the next leg up in the bull market.
According to BitMEX co-founder Arthur Hayes, the next few months will offer an ideal opportunity to accumulate crypto before the next leg up of the bull market kicks in.
“Those people who have fiat and extra cash that want to allocate to crypto, this is the perfect opportunity to do so,” Hayes told Cointelegraph in an exclusive interview, referring to the current rangebound market.
According to Hayes, inflationary monetary policies will play the main role in propelling Bitcoin (BTC) and the broader cryptocurrency market higher later this year.
Bitcoin is becoming a yield-generating asset, thanks to new token standards like Runes, which may only be a stepping stone for Bitcoin DeFi.
Bitcoin Runes and BRC-20 tokens may only be a stepping stone in the evolution of Bitcoin-native decentralized finance (DeFi).
The emergence of Runes and Bitcoin DeFi came from a desire to add more utility to the world’s safest blockchain network, according to Rich Rines, a Core DAO contributor building Bitcoin DeFi solutions. Rines told Cointelegraph:
Runes is a new protocol for issuing fungible tokens on the Bitcoin network that launched on April 20, the day of the Bitcoin halving. Runes are part of a wider developer movement known as Bitcoin DeFi, or BTCFi, aiming to add more utility to the Bitcoin network.
Broader market uptrends and Charles Hoskinson's proposal to partner with Bitcoin Cash are boosting Cardano prices at the start of this week.
Cardano (ADA) experienced a notable rise at the start of this week, rising over 3.70% to reach $0.476 on May 6.
ADA's rise today mirrors upside sentiment elsewhere in the crypto market. For instance, Bitcoin (BTC) and Ether (ETH), the leading cryptocurrencies by market cap, have risen by approximately 2.5% and 2.70%, respectively.
This uptrend reflects a growing interest in cryptocurrencies, spurred by a less aggressive monetary policy outlook from the U.S. Federal Reserve for 2024. Concurrently, ADA is benefiting from several additional bullish catalysts discussed below.
Mango DAO distributed treasury funds to token holders through a buyback program, but critics claim it was done to benefit an FTX estate buyer.
An April 7 plan to buy back tokens at a premium to market price has led to controversy within the governing body of decentralized finance protocol Mango Markets.
Some community members claimed that the buyback was orchestrated to benefit the buyer of the FTX estate’s stash of MNGO tokens. These tokens were transferred from FTX to an anonymous account only a few days before the plan was proposed, implying that they may have been purchased as part of an over-the-counter deal.
Critics of the plan accused its originator, DonDuala, of being connected to the FTX buyer. DonDuala did not comment on this accusation within the Discord forum.
USDh is the first Bitcoin-native synthetic dollar with yield-generating capabilities. Is the 25% yield sustainable?
Hermetica has announced the launch of the first-ever Bitcoin-backed synthetic United States dollar with yield-generating capabilities in the latest development for Bitcoin-native decentralized finance (DeFi).
Slated for release in June, the new synthetic dollar, USDh, will offer users yields of up to 25%, according to Hermetica’s announcement shared with Cointelegraph.
The new synthetic dollar will enable Bitcoiners to hold and earn yield on their U.S. dollars without the need to trust the banking system or gain exposure to non-Bitcoin-related products, according to Jakob Schillinger, founder and CEO of Hermetica Labs.
The SEC is planning to file an “enforcement action” against Robinhood’s cryptocurrency business, according to the Wells notice.
The United States Securities and Exchange Commission (SEC) has issued a Wells notice to the popular trading platform Robinhood.
Following the news of the Wells notice, Robinhood’s share price fell 2.5% in pre-market trading to $17.95 as of 12:50 pm UTC. The Wells notice was issued on May 4, according to a court filing.
The Wells notice is a letter sent from the securities regulator that concludes its investigation of the respondent, in this case, Robinhood’s U.S.-based crypto business.
The Tiger Trade app allows professional traders access to 18 different cryptocurrencies alongside stocks, futures, U.S. Treasury bonds and Bitcoin ETFs.
Hong Kong continues to welcome new avenues for investors to trade cryptocurrencies as Nasdaq-listed Tiger Brokers rolls out cryptocurrency support on its Tiger Trade mobile and desktop app.
According to an announcement shared with Cointelegraph, professional investors can access 18 cryptocurrencies including Bitcoin (BTC) and Ether (ETH), alongside stocks, options, futures, U.S. Treasury bonds, and other global assets.
Tiger Brokers, which has been listed on the Nasdaq since 2019, partnered with HashKey Exchange to offer professional investors access to cryptocurrency trading.
Turkey was expected to introduce crypto legislation in early 2024, but the local parliament is yet to report on the process.
The government of Turkey, one of the biggest cryptocurrency economies in the world, is expected to introduce crypto-related legislation sometime this year.
Turkish Treasury and Finance Minister Mehmet Simsek announced in January that local crypto legislation was almost complete. Many expected the Turkish parliament to start regulating the crypto market in early 2024, but the draft legislation is yet to be introduced.
As Turkey’s regulatory silence on crypto may leave one wondering when the legislation is coming and what is the current status of crypto regulation in Turkey, Cointelegraph spoke to some local industry enthusiasts to clarify some of the issues.
The transfer occurred a day before FTX debtors were set to release a new restructuring plan for the exchange.
Two wallets associated with the now-bankrupt FTX exchange and sister trading firm Alameda Research transferred a total of $8.3 million worth of cryptocurrency.
The FTX-associated address transferred 860 Tether Gold (XAUT) worth over $2 million to algorithmic trading firm Wintermute, while an Alameda-related wallet transferred a total of 2,027 Ether (ETH) worth over $6.3 million, to two unknown addresses, according to a May 6 X post by PeckShield.
While the reason behind the transactions is unknown, they come a day ahead of FTX debtors’ deadline to file an amended version of the “Plan and Disclosure Statement,” slated for May 7.
Runes recovered to account for the lion’s share of transactions on the Bitcoin network.
Bitcoin Runes has regained its top position in the Bitcoin network by surpassing the original Bitcoin, Ordinals and BRC-20 tokens in terms of daily transactions.
The Runes protocol launched on April 20 — coinciding with the fourth Bitcoin halving — to increase efficiency on BRC-20, an experimental standard for fungible tokens on the Bitcoin blockchain.
Data from Dune Analytics shows that Runes-related transactions made up a majority of the transactions on the Bitcoin network until April 24.
The trade agreements between China and Hong Kong could allow mainland investors to access spot BTC ETFs in Hong Kong.
The launch of spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) in Hong Kong on April 30 has opened new avenues for Asian traders.
While the first week of trading for Hong Kong-based spot ETFs was lukewarm compared to their counterparts in the United States, Hong Kong’s proximity to China has made it a key point of discussion on whether the ETFs could be accessible to mainland China investors.
Richard Byworth, managing partner at SyzCapital and BTC investor, has ignited rumors with recent comments suggesting that Bitcoin ETFs listed in Hong Kong could soon be accessible to investors from mainland China.
The impending closure of zkSNACKs’ CoinJoin service has been described as a setback for Bitcoin developers and privacy proponents.
The Bitcoin (BTC) ecosystem will soon lose an important privacy-enhancing service after zkSNACKs announced that it would discontinue its CoinJoin coordination service.
Max Hillebrand, CEO of zkSNACKs, spoke exclusively to Cointelegraph following the announcement and explained that the decision was made to ensure compliance with the latest legal and regulatory updates in the United States.
Hillebrand said the closure of the CoinJoin service was necessary, given the lack of clarity in the U.S. over regulations pertaining to the cryptocurrency space and the use of privacy-enhancing tools.
According to a Chainalysis report, there are a total of 1.75 million dormant BTC addresses inactive for over a decade.
A dormant Bitcoin address dating back to the era when Satoshi Nakamoto was still active has woken up after 10 years. The Bitcoin wallet containing 687 BTC ($43.9 million) transferred its holdings to two different wallets on May 6.
The wallet first transferred 625.43 Bitcoin (BTC) to an address starting with “bc1qky” and 61.9 BTC to “bc1qdc.” The movement of funds from very old wallets, especially from the Satoshi era, often sparks curiosity among the crypto community.
The term “Satoshi era” relates to the early days after Bitcoin was created when its pseudonymous founder, Nakamoto, was active online in forums. Some Satoshi-era wallets are often speculated to be linked to Satoshi himself.
Daily revenue from Bitcoin mining dropped to under $3 million from the previous daily average of roughly $6 million in the first four months of 2024.
Earnings from Bitcoin mining dropped significantly in May as the effects of the fourth Bitcoin halving event set in.
The Bitcoin halving mechanism was designed to increasingly limit the issuance of 21 million Bitcoin (BTC) spread over decades. The April 20 halving reduced mining rewards to 3.125 BTC from 6.25 BTC.
While initial hype around the halving and the launch of Bitcoin Runes temporarily sustained the miners’ daily earnings, a strong revenue drop was recorded in May. On May 1, the total revenue earned from block rewards and transaction fees fell to a new low of $26.3 million.
Bitcoin manages an impressive comeback from two-month lows, but how high can BTC price action go before speculators take over?
Bitcoin (BTC) starts a new week with bullish sentiment back on the radar as $64,000 returns.
In a stirring comeback, BTC price action has managed to leave its latest swing lows far behind it, gaining nearly $8,000 versus the pit of last week’s sell-off.
Despite some of those gains coming during the weekend, they proved to have staying power, and during the May 6 Asia trading session, bears are having no luck pushing the market back down.
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