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06-May-24
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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.
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.
Today in crypto, a wallet containing 687 BTC that has been dormant for 10 years has reawakened. Bitcoin cleared its one billionth transaction — exactly 15 years, four months and four days after its launch in January 2009. In other news, crypto venture capital rose sharply in the first quarter, snapping three consecutive quarters of declines.
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 Bitcoin (BTC) ($43.9 million) transferred its holdings to two different wallets on May 6.
The wallet first transferred 625.43 Bitcoin 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 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.
Learn how to track cryptocurrency transaction histories with detailed steps to help navigate and understand crypto transactions.
Each transaction on the blockchain incurs a transaction fee based on a tiered pricing structure, meaning fees are determined by transaction size or network activity levels. These fees can vary significantly, making it important to monitor crypto transactions closely. A user can identify patterns and develop strategies to minimize costs by analyzing transaction history. Viewing transaction history can help with tracking and transaction analysis.
A cryptocurrency holder can perform transaction tracking in various ways, such as utilizing the search function on a blockchain explorer. This article provides a step-by-step guide on checking crypto transaction logs and where to find the historical data, which is crucial for transaction analysis.
Users can employ several strategies for transaction viewing:
After backing and funding Bluesky when he was CEO of Twitter, Jack Dorsey has left the board of the social network.
Twitter co-founder Jack Dorsey has left Bluesky’s board — the decentralized social media platform he conceived and funded in 2019 when he was Twitter’s CEO.
Bluesky confirmed Dorsey’s exit in a May 5 post on the platform, writing that it was “searching for a new board member” and thanked Dorsey for his help in starting and funding the project.
Hours earlier, Dorsey had responded with a curt “no” to someone on X asking if he was still on Bluesky’s board. Neither Bluesky nor Dorsey explained why he decided to leave. Bluesky did not immediately respond to a request for comment.
Department store gift vouchers, stocks, and loyalty points from tech giants can be donated to charities, but not crypto.
Digital currencies have been excluded from newly amended donation legislation in South Korea which could be a blow to the country's charities and donation drives.
On May 5, local media outlet Kyunghyang Shinmun reported that the Ministry of Public Administration stated that some amendments to South Korea’s “Donations Act” have been filed but restrict the use of crypto assets for donation.
Starting in July, those wishing to donate to charitable organizations or causes will be able to use various new methods such as department store gift vouchers, stocks, and loyalty points from Korean internet giant Naver, but not crypto assets such as Bitcoin (BTC).
Research firm Sacra predicts stablecoins will “eclipse” Visa on total payments volume in the second quarter of 2024, but Visa’s head of crypto doesn’t agree.
Stablecoins may finally overtake payment giant Visa in total payment volume this quarter, according to research firm Sacra.
Visa’s head of crypto, however, disagrees.
In a blog post by Sacra co-founder Jan-Erik Asplund, the firm argued that stablecoins’ “extreme product-market fit for cross-border money movement” could see its total payments volume exceed Visa and reach over $4 trillion.
Franklin Templeton thinks Solana could be in the top three largest cryptocurrencies, with the blockchain’s tech in a good place to catch the next crypto wave.
Solana (SOL) — once thought “dead or forgotten” — is in a good place to become the third-largest cryptocurrency behind Bitcoin (BTC) and Ether (ETH), says investment manager Franklin Templeton.
Solana has dominated “in capturing the surge of activity in crypto from 2023 to 2024” and is “well-positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset,” the firm said in a May 2 market note.
Franklin Templeton pinned memecoins like Bonk (BONK) and Dogwifhat (WIF) along with “major airdrops” like Jito (JTO) and Pyth Network (PYTH) as kicking off a “wealth effect” on Solana which pumped token prices and boosted decentralized exchange volumes.
It is the first time since late 2022 where the industry has recorded two consecutive funding months above $1 billion.
Crypto venture capital funding has topped $1 billion for the second consecutive month this year.
April’s $1.02 billion in funding came across 161 investment rounds in April, marking a minor fall from the $1.09 billion recorded from 186 rounds in March, according to RootData.
However, it is the first time since October-November 2022 where the industry has recorded two straight funding months above $1 billion.
Bitcoin’s testnet needs to be reset so it can remain free for developers to use, says software engineer Jameson Lopp.
Bitcoin’s most popular testnet is in dire need of a reboot due to “block storms” and projects being able to charge users for testnet Bitcoin (TBTC), says Jameson Lopp, the co-founder of Bitcoin custody firm Casa.
In a May 4 essay titled “Griefing Bitcoin’s Testnet,” Lopp argued the Bitcoin testnet — TBTC — needs to be reset partially due to ongoing “block storms,” which come about due to a unique consensus mechanism on the testnet.
While the Bitcoin mainnet produces an average of 144 blocks per day, the testnet — which is subject to “slightly different consensus rules” — will occasionally produce over 10,000 blocks in a single day.
An average of 178,475 daily transactions have been made on Bitcoin during its 5,603-day existence.
The Bitcoin network has processed its one billionth transaction — marking a huge milestone moment for the network 15 years after its creation.
Clark Moody’s Bitcoin dashboard shows that transaction 1,000,000,000 was processed in block 842,241 at 9:34 pm UTC on May 5.
It comes 15 years, four months and four days after the pseudonymous creator Bitcoin (BTC), Satoshi Nakamoto, mined the network’s first block on Jan. 3, 2009.
The ayes are winning with 8,301 votes to 4,212 against at the time of publication.
Cardano founder Charles Hoskinson recently posted a “hypothetical poll” on the X social media platform asking the crypto community if they’d like to see a Cardano and Bitcoin Cash integration.
The poll received more than 12,000 votes in its first 24 hours with a 66.3% early majority voting “Yes” to the proposal.
As mentioned above, Hoskinson labeled his poll as being hypothetical. However, as Elon Musk has shown since his purchase of the X platform, it’s possible to use the platform as a steering point for decision-making.
The financial mogul’s commentary came during Berkshire Hathaway’s annual meeting.
Berkshire Hathaway co-founder Warren Buffett recently sounded off on artificial intelligence (AI) deepfakes and the perpetuation of scammers at the company’s annual shareholder meeting.
Buffett, the ninth richest person in the world (as of April 2024), has seen his own net worth grow by some $16 billion through the first five months of 2024 alone. During the shareholders meeting held in Omaha, Nebraska he lauded the company’s growth and perseverance despite the November 2023 death of vice chairman Charlie Munger.
However, the commentary quickly turned to AI as the meeting wore on. Speaking during a Q&A session, Buffett said “I don’t know anything about AI but that doesn’t mean I deny its existence or importance or anything of the sort."
Choosing a crypto wallet can be intimidating for newcomers. Which wallet is the easiest to use and the safest for storing digital assets?
Being in control of your own assets — having total freedom of how and to whom they are sent — is a foundational tenant of cryptocurrencies.
Today, over 10,000 cryptocurrencies exist on a multitude of blockchains. With the increased adoption and proliferation of digital assets, crypto users have more options than ever regarding how they store their assets.
However, there are trade-offs to consider: Hot wallets, those connected to the internet, are convenient for making frequent transactions but are more susceptible to hacks.
Hayden Adams strongly disapproved of low float tokens, considering them malicious and his biggest pet peeve.
Hayden Adams, Uniswap’s founder and CEO, has outlined his take on ethical considerations for effective token distribution amid concerns about the transparency and fairness of token distribution on EigenLayer.
In an X post, Adams emphasized that he was discussing tokens, not points. He then criticized the practice of hyping up and creating ambiguity during token distribution to inflate engagement metrics.
Adams cautioned against public speculation about future developments.
The lawsuit claims that Solana, Polygon, Near, Decentraland, Algorand, Uniswap, Tezos and Stellar Lumens tokens are securities.
Coinbase crypto exchange and its CEO, Brian Armstrong, face a new class-action lawsuit alleging investors were deceived into buying securities and claims the company’s business model is illegal.
The lawsuit filed in the United States District Court for the Northern District of California San Francisco Division, representing plaintiffs Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi and Brett Maggard from California and Florida, alleges that Coinbase’s digital asset sales knowingly violated state securities laws since the company’s inception.
The lawsuit claims that Solana’s (SOL), Polygon’s (MATIC), Near Protocol’s (NEAR), Decentraland’s (MANA), Algorand’s (ALGO), Uniswap’s (UNI), Tezos’s (XTZ) and Stellar Lumens’ (XLM) tokens are securities.
Sui maintains that its tokenomics are sound and that it uses reputable third parties to handle token storage.
The Sui Network has clarified misunderstandings about its token supply. In a post on X, the layer-1 blockchain refuted criticism of the tokenomics around distribution and control of its S SUI token.
In the statement, Sui maintains that its tokenomics are sound and that it uses reputable third parties to handle token storage. It claims tokens are released according to a predetermined schedule, they are publicly accessible, and its founders cannot control the treasury or tokens allocated to investors, including the community reserve.
Sui said the Sui Foundation manages the primary wallet holding locked tokens, which are released under specific conditions. The token releases support various projects, including Move programming language development, network security enhancements, hackathons and developer grants.
Bitfinex chief technology officer Paolo Ardoino explained that if the hacking group was telling the truth, it would have asked for a ransom, but he “couldn’t find any request.”
The claims by hacking group Fsociety that it hacked cryptocurrency exchange Bitfinex’s database and leaked 22,500 customer emails and passwords “seems fake,” according to Bitfinex chief technology officer Paolo Ardoino.
“If they had any real information they would have asked a ramson through our bug bounty, customer support ticket, emails, Twitter, etc. We couldn’t find any request,” Ardoino claimed in a May 4 post on X.
“We don’t store plaintext passwords, nor 2FA secrets in clear text,” he added.
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