drewssam

[drewssam]

CoinFLEX may be able to indirectly reimburse its creditors with equity value that is generated as a consequence of the launch of the newly revealed GTX exchange. The business has made a number of remarks that give the impression that CoinFLEX creditors, that are now barred from taking all of their assets, may gain from GTX. The equity would be the source of such value. During the month of September, the reorganization actions being conducted by CoinFLEX concluded that users control 65% of the stock in the firm. As a result of this change of events, the firm said today that it believes the expenditure of cash on GTX should result in a boost in the value of CoinFLEX’s own equity, which should, in turn, result in an increase in the value of stock granted to creditors.

[drewssam]

The Central Bank of Iran (CBI) is collaborating with the Russian Federation to develop a gold-backed stablecoin, aiming to facilitate foreign trade transactions, according to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain (RACIB). The stablecoin is intended to streamline trade in the special economic zone in Astrakhan, where Russia receives goods from Iran. Negotiations for the stablecoin's launch are ongoing, with State Duma deputy Anton Tkachev confirming that discussions will escalate to the state level once cryptocurrency regulations are in place in Russia. While the Central Bank of Russia does not support cryptocurrencies as retail payment methods domestically, it is open to their use in import and export transactions. Additionally, following the European Union's prohibition of crypto services for Russian residents post-Russia's Ukraine invasion, Alexander Lebedev's startup, InDefi, aimed to launch a stablecoin modelled after MakerDAO's DAI on the Ethereum blockchain. Despite Russia's ban on digital payments in July 2022, the Bank of Russia and Finance Ministry acknowledged the necessity of cross-border settlements in cryptocurrency. Furthermore, Iran's government approved crypto fund usage for imports in August 2022, enabling circumvention of US sanctions, with around 4.5% of global Bitcoin mining occurring in Iran, generating approximately $1 billion in annual revenue, as per Elliptic's 2021 report.

[drewssam]

Huobi's official advisor, Justin Sun, announced the successful prevention of a money laundering attempt by a Harmony One hacker through Huobi, with assistance from Binance. Sun emphasized the collaboration between centralized exchanges (CeFi) in ensuring the safety of the cryptocurrency community.

He pledged continued vigilance to safeguard users' funds and maintain a secure trading environment. Binance CEO Changpeng Zhao, also known as "CZ," disclosed the recovery of 121 BTC, valued at approximately $2.5 million at the time of writing.

In a related development, Huobi removed several tokens from its exchange, ceasing trading and permanently removing them from circulation. The decision was based on the severity of the incident and included tokens labeled with a 'ST' warning and those failing to meet the $50,000 daily trading volume requirement.

Meanwhile, Binance joined an educational initiative focused on compliance with regulations and penalties, aligning with international organizations and financial institutions to enhance its expertise in this domain. The coordinated efforts of Huobi and Binance underscore the importance of collaboration in maintaining the integrity and security of the cryptocurrency market.

[drewssam]

Uniswap is exploring the possibility of deploying its V3 version on StarkNet in collaboration with StarkWare and Nethermind to address potential challenges associated with deploying on the first non-Ethereum Virtual Machine (EVM) network. StarkNet, a layer 2 solution, offers high processing power, low gas costs, and utilizes the "Cairo" programming language.

Nethermind, a key player in Ethereum development, has proposed deploying V3 on StarkNet, aiming to leverage native Account Abstraction and reduce transaction costs. If approved, Uniswap v3 could be fully deployed on the StarkNet mainnet by Q2 2023, with initial transpiled and tested versions available sooner.

While the deployment is feasible, optimizations are underway to maximize benefits from the StarkNet Ecosystem. StarkNet, aligned with Ethereum, provides high computational scalability and Ethereum-consensus security. The proposal presents an ethical route for Uniswap to utilize StarkNet's ecosystem and tooling, particularly with the advent of Warp.

Last year, Uniswap introduced an NFT aggregator feature supporting various platforms, enhancing its functionality. With growing interest in decentralized exchanges (DEX), Uniswap's strategic measures and collaborations position it as a significant player in the evolving landscape, attracting industry attention.

[drewssam]

Crypto.com has teamed up with Climeworks, a carbon dioxide removal company, in an eight-year deal to neutralize its direct carbon emissions. This pioneering partnership underscores Crypto.com's commitment to investing in innovative technologies that mitigate carbon emissions and can be expanded further.

Utilizing Climeworks' advanced carbon removal technology, Crypto.com aims to offset its remaining Scope I and II emissions, demonstrating its dedication to achieving global net zero. Additionally, the company acknowledges the importance of prioritizing emissions reductions and is exploring initiatives to address residual and Scope 3 emissions.

Eric Anziani, President and COO of Crypto.com, highlights the company's dedication to tackling climate change and improving sustainability efforts. Collaborating with Climeworks, a leader in carbon removal, not only helps Crypto.com eliminate its direct carbon emissions but also advances carbon removal technologies for a sustainable future.

Since its climate commitment in 2021, Crypto.com has been actively reducing its carbon footprint. By leveraging cutting-edge technologies like direct air capture, the company aims to effectively address its carbon emissions. Supporting technological carbon removal today is crucial for scaling up solutions to meet mid-century carbon removal targets. Jan Huckfeldt, Chief Commercial Officer at Climeworks, emphasizes the importance of scaling carbon removal technologies without delay, as urged by the Science-Based Targets initiative.

[drewssam]

Algorand has witnessed a remarkable surge in Total Value Locked (TVL), soaring by 137% over the past week, positioning it just 18% below its all-time high. This surge underscores the growing appeal of Algorand's unique technology, featuring secure Proof of Stake consensus for efficient transactions and scalability.

Moreover, Algorand's smart contracts enable the development of decentralized applications (dApps) with robust security and low development costs, driving continued adoption by developers and users alike. As a result, Algorand emerges as a top investment choice in the cryptocurrency realm, offering promising opportunities for investors seeking exposure to the blockchain industry's growth.

The platform's strong fundamentals, technological advancements, and increasing user adoption further solidify its position as a major player in the blockchain space. Investors should closely monitor Algorand's TVL growth and technical indicators, such as support and resistance levels and the Relative Strength Index (RSI), for insights into future price movements of ALGO/USD.

With its secure technology, favorable development costs, and growing popularity, Algorand presents an attractive investment option poised for continued success in the blockchain industry. Keeping abreast of its performance indicators will provide valuable insights for investors navigating the dynamic cryptocurrency market landscape.

[drewssam]

Twitter's new cryptocurrency index tool, initially launched with the ability to search for specific token prices, has quietly expanded to include at least 30 additional tokens, including popular ones like Dogecoin (DOGE), Binance USD (BUSD), and Cardano (ADA).

Elon Musk's affinity for DOGE, combined with his ownership of Twitter, made it foreseeable that DOGE would be included in the expanded list. Other tokens added include Shiba Inu (SHIB), Avalanche (AVAX), Tether (USDT), and Ethereum Classic (ETC), among others.

While it remains unclear which cryptocurrencies will ultimately be supported, Twitter's initial announcement hinted at regular additions of new cryptocurrencies in the future.

Under Musk's leadership, Twitter has been at the forefront of significant cryptocurrency-related developments, such as discussions around accepting DOGE as payment for Twitter Blue subscriptions and potential integration of blockchain-based payment systems.

The index tool's expansion may attract users to Twitter's multi-asset trading platform, potentially generating revenue for the platform, although no collaboration between Twitter and Robinhood has been officially confirmed yet.

Overall, Twitter's foray into cryptocurrency-related initiatives aligns with Musk's vision for innovation, setting the stage for further developments in the crypto space on the social media platform.

[drewssam]

Serum (SRM) has surged by 5.82% to reach $0.4758 after a bullish rally, driven by increasing demand from optimistic traders and investors. Currently trading between $0.4373 and $0.5043, breaking above the resistance at $0.5043 could indicate further uptrend while falling below $0.4373 may lead to a downward correction.

The cryptocurrency's trading volume has significantly increased, reaching $393,637,809 with a market cap of $125,663,797, suggesting buyer interest amidst the bullish trend. Technical analysis on the 1-day chart reveals a bullish outlook, with the RSI indicator crossing above 70 and the MACD line remaining positive, supported by the 50-day and 200-day moving averages.

On the 4-hour chart, SRM/USD is trading in an ascending channel, with buyers attempting to maintain upward momentum despite occasional selling pressure. The hourly chart indicates continued bullish sentiment, supported by MACD and RSI indicators showing positive trends.

The bullish trend in Serum coincides with a positive market sentiment in Bitcoin (BTC) and other major cryptocurrencies like Ethereum (ETH), Litecoin (LTC), and Cardano (ADA). However, the sustainability of this surge remains uncertain, particularly considering Serum's recent mainnet launch earlier this year. Investors are advised to closely monitor market movements in the coming days to assess the continuation of the bullish trend.

[drewssam]

Crypto influencer NFT God disclosed a devastating incident where they fell victim to a Google Ads virus, resulting in the loss of a substantial portion of their NFT and cryptocurrency holdings. Initially seeking to install OBS software for live video broadcasting, NFT God inadvertently downloaded malware disguised as the legitimate application from a sponsored Google ad. The malware remained undetected until phishing tweets surfaced on NFT God's Twitter accounts, revealing a breach in security. Subsequently, it was discovered that the influencer's cryptocurrency wallet had been compromised, with approximately 19 ETH and valuable NFTs, including a Mutant Ape Yacht Club (MAYC) token, drained from the wallet. The stolen ETH was laundered through various wallets and eventually exchanged for untraceable coins on the decentralized exchange (DEX) FixedFloat. NFT God attributed the breach to inadvertently exposing the seed phrase of their hardware wallet, allowing hackers to gain unauthorized access to their crypto assets. This unfortunate incident underscores the importance of exercising caution and employing robust security measures when navigating the cryptocurrency landscape.

[drewssam]

Shibarium, the highly anticipated Layer 2 network from Shiba Inu, is poised to revolutionize the decentralized finance (DeFi) space. As a Layer 2 solution built upon the Ethereum network, Shibarium aims to enhance scalability and flexibility within the Shiba Ecosystem. It will facilitate higher-speed transactions, reduce transaction fees, and enable developers to swiftly create projects.

Set to launch soon, Shibarium will be accessible through the Shiba Inu Wallet, which operates on a unique decentralized autonomous organization (DAO) system. With a focus on security and scalability, Shibarium is expected to emerge as a significant player in the DeFi landscape.

Investors are optimistic about Shiba Inu's future, especially with the introduction of Shibarium and the Shiba Inu Wallet. Technical analysis indicates a strong uptrend for Shiba Inu's price, potentially leading to new all-time highs. Long-term indicators suggest further growth potential, supported by the project's partnerships and ambitions within the DeFi sector.

In conclusion, Shiba Inu's positive technical outlook, combined with the anticipated launch of Shibarium, positions it for potential growth. Investors should monitor key support levels and stay informed about developments that could impact its price.

[drewssam]

VanEck's MarketVector has launched MEMECOIN, an exchange-traded fund (ETF) designed to track the performance of top meme coins, boasting an impressive year-to-date return of 137.96%. MEMECOIN employs a capped market cap-weighted strategy aimed at mitigating risk, with Dogecoin and Shiba Inu holding dominant positions within the fund's portfolio.

VanEck highlights the speculative and volatile nature of meme currencies, emphasizing that they should be viewed primarily as sources of entertainment rather than legitimate investment vehicles. The cautionary stance underscores the inherent risks associated with meme coins, which are often subject to rapid and unpredictable price fluctuations driven by market sentiment and social media trends.

MEMECOIN's approach aims to provide investors with exposure to the meme coin market while managing risk through a balanced weighting strategy. By diversifying across top meme coins and capping individual holdings, the ETF seeks to offer investors a way to participate in the meme coin phenomenon while minimizing potential downside risks.

Overall, MEMECOIN offers investors an opportunity to engage with meme coins within a structured and risk-managed framework, acknowledging their speculative nature while providing access to potential returns associated with this emerging asset class.

[drewssam]

April witnessed the first decline in market trading volume in seven months, with a notable 44% drop compared to previous periods. Both spot and derivatives market volumes experienced a significant downturn, plummeting from the previous month's peak of $9 trillion to $6.58 trillion.

The decrease in trading activity coincides with a decline in Binance's market share, which fell to 41.5%. This decline is attributed to legal issues involving former CEO Changpeng Zhao, which have likely impacted investor confidence in the platform.

The drop in trading volume signals a potential shift in market dynamics, reflecting changes in investor sentiment and trading behavior. The decrease in activity suggests a period of consolidation or adjustment within the cryptocurrency market, as participants reassess their strategies in response to evolving regulatory and legal landscapes.

Despite the decline in trading volume and Binance's reduced market share, the cryptocurrency market remains dynamic and resilient. Investors are likely to monitor developments closely, including regulatory actions and legal proceedings, as they navigate the evolving landscape of the cryptocurrency industry.

[drewssam]

In the last 24 hours, there has been a notable surge in the price of Jeo Boden (BODEN). This increase in value coincided with public recognition from billionaire Donald Trump, who acknowledged the meme coin during a public appearance. The market capitalization of BODEN memecoin has now reached $251 million, reflecting the growing interest and attention surrounding the cryptocurrency.

The surge in BODEN's price suggests that Donald Trump's mention has had a significant impact on investor sentiment and market dynamics. As a high-profile figure, Trump's endorsement or recognition of a cryptocurrency can influence investor perceptions and contribute to price fluctuations.

The market cap of $251 million underscores the substantial valuation of BODEN within the meme coin market segment. This valuation reflects the collective value of all BODEN tokens in circulation and highlights the coin's popularity and demand among investors.

Overall, the surge in BODEN's price following Donald Trump's recognition exemplifies the influence of external factors, such as celebrity endorsements, on cryptocurrency markets. It also highlights the speculative nature of meme coins and their susceptibility to rapid price movements based on market sentiment and external events.

[drewssam]

On May 8, 2024, the Bitcoin spot Exchange Traded Fund (ETF) observed a significant net inflow of $11.5409 million. This substantial increase was primarily attributed to Bitwise BITB, which accounted for the entirety of the single-day net inflow.

As a result of this influx, the total net asset value of Bitcoin spot ETFs surged to $51.504 billion. This notable rise in net asset value underscores the growing interest and investment in Bitcoin within the ETF market.

Bitwise BITB's contribution to the net inflow highlights its prominence and influence within the ETF landscape, as investors continue to show confidence in Bitcoin as a viable asset class. The substantial increase in net asset value signals a bullish sentiment surrounding Bitcoin among investors, as evidenced by the significant capital inflows recorded on May 8th.

Overall, the substantial net inflow into Bitcoin spot ETFs, led by Bitwise BITB, reflects the continued growth and acceptance of Bitcoin within the traditional financial ecosystem. This influx of capital further solidifies Bitcoin's position as a mainstream investment asset and underscores its significance within the broader financial markets.

[drewssam]

Over the next two months, the crypto market anticipates a substantial unlocking of altcoins worth $2 billion. 10x Research cautions that this release of tokens could trigger a forthcoming bear market, constraining the current bull market's scope and duration.

According to the platform, the influx of tokens into circulation is likely to exert downward pressure on prices, potentially dampening investor sentiment and disrupting the market's upward trajectory. The significant unlocking event poses a risk to the sustainability of the ongoing bullish trend, potentially curtailing its momentum and leading to a market downturn.

This warning underscores the importance of monitoring the impact of token unlocks on market dynamics, as they can have profound implications for investor confidence and overall market performance. As such, investors are advised to exercise caution and closely observe market developments in the coming months, particularly in light of the anticipated influx of tokens.

In summary, the imminent $2 billion token unlock of various altcoins is expected to have a significant impact on the crypto market, potentially signaling the onset of a bear market. Heightened vigilance and strategic decision-making will be crucial for navigating the evolving market landscape during this period of heightened uncertainty.

[drewssam]

Korbit, a leading South Korean crypto exchange, has announced plans to monitor the accounts of its executives and their families to enhance internal controls following the FTX scandal. Despite South Korean regulations prohibiting exchange executives from trading on their own platforms, their families were previously exempt. However, Korbit aims to ensure stricter compliance by requiring executives and their families to disclose their crypto accounts' details.

Sejin Oh, CEO of Korbit, emphasized this move as part of their commitment to aligning internal control standards with traditional finance, prioritizing investor protection and fostering a healthy crypto investment environment. Additionally, Korbit has implemented measures to prevent unfair trading practices and conflicts of interest, including revisions to the Code of Ethics and the distribution of the Code of Justice for staff compliance.

In other news from South Korea, V Global CEO Lee Byung-gul faces a potential 25-year prison sentence for his involvement in a $2.26 billion crypto pyramid scheme. The company allegedly defrauded over 50,000 investors by promising unrealistically high returns on its self-issued token, V Cash. Seven other V Global executives implicated in the scheme could face prison terms ranging from three to eight years.

[drewssam]

Despite Bitcoin's surge to $21k, a closer look at the Fund Volume and Fund Holdings indices reveals a lack of significant increase in transaction volume or BTC holdings among institutional investors. This indicates a cautious stance among institutional players, who seem more inclined to observe rather than buy into the market excitement.

The current spike in BTC prices might be somewhat misleading as institutional investors are yet to show robust interest, reflected in the stagnant OTC trading activity. Without an uptick in OTC trading, institutional investors are unlikely to capitalize on the market situation with larger investments, potentially leading to price stagnation or even decline in the near future.

While the recent price surge is positive, it's essential to remain cautious given the subdued institutional activity. Observing institutional interest over a longer timeframe would provide a clearer picture of their enthusiasm towards BTC.

In conclusion, while the recent BTC price increase is encouraging, the cautious approach of institutional investors suggests that the market enthusiasm may not be as robust as initially perceived. Therefore, investors should adopt a measured approach when navigating cryptocurrency investments.