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The memecoin Gamestop.Finance, an unofficial parody on Solana based on GameStop (NYSE:GME), briefly hit a $100 million market cap due to a trading frenzy, reaching a peak of $0.01449. At the time of writing, GME has increased by 2,109% in a week and is trading at $0.01234, with a market cap of $89.263 million. The interest was driven by a 157% increase in GameStop shares in recent days. Listings on centralized exchanges like Bitget and BingX also boosted the surge.
Ethereum (COIN:ETHUSD) co-founder Vitalik Buterin suggested EIP-7706, a new Ethereum Improvement Proposal introducing a third type of gas fee specifically for transaction call data. Currently, gas fees cover execution and storage. The proposal aims to reduce costs for data-heavy transactions by adopting a dynamic model that adjusts all three fees simultaneously, potentially making call data cheaper.
Bitcoin (COIN:BTCUSD) saw increased volatility, hitting a low of $61,000 on May 14 following the release of US inflation data. Currently, BTC is trading at $61,219.34, a decrease of 2.7%. The Producer Price Index (PPI) rose by 2.2% in April, marking the third consecutive monthly increase, indicating ongoing inflationary pressures. The situation remains unfavorable for risk assets, with speculation that the Federal Reserve (Fed) will not cut interest rates. Fed Chairman Jerome Powell is set to speak today, with expectations of a muted market impact. The Consumer Price Index (CPI) data on May 15 could be the next catalyst for significant market movements.
Fernando Pereira, an analyst at Bitget, suggests that BTC could rise to $65,000 but warns of a slow consolidation. “In the 4-hour bitcoin chart, we see a broken reversal structure showing a return to 65 thousand dollars soon. Divergence signals in the 1-hour chart indicate that this move should be tedious and slow. Prepare for more consolidations,” suggests Pereira.
The state of Wisconsin acquired 94,562 shares of BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) in the first quarter, totaling nearly $100 million, according to a recent document. Wisconsin also purchased $64 million in shares of Grayscale’s Bitcoin Trust (AMEX:GBTC). The investment board manages over $156 billion in assets.
On the previous Monday, US bitcoin ETFs recorded their highest inflow since May 6, totaling $66 million. Fidelity’s ETF (AMEX:FBTC) led with $38.6 million, raising its total to $8.2 billion. Bitwise’s ETF (AMEX:BITB) followed with $20.3 million, reaching $1.8 billion. VanEck’s ETF (AMEX:HODL) had an inflow of $7.1 million, totaling $487.4 million. Overall, US BTC ETFs now total $11.7 billion in net inflows, holding around 538,000 BTC.
Bitcoin’s (COIN:BTCUSD) hash rate fell to 575 exahash per second (EH/s) on May 10, slightly recovering to 586 EH/s, as miners shut down unprofitable rigs following the fourth halving. As predicted by CoinShares, the hash rate is expected to rise to 700 EH/s by 2025. The drop is attributed to increasing mining and electricity costs, particularly affecting less efficient miners.
US President Joe Biden ordered the immediate shutdown and sale of a Chinese cryptocurrency mining operation near FE Warren Air Force Base in Wyoming. The decision, motivated by espionage risks, followed a warning from Microsoft (NASDAQ:MSFT) about potential national security threats. The order is part of a broader effort to protect critical US technology infrastructure from foreign interference.
Bitfarms (NASDAQ:BITF) fired its interim CEO, Geoffrey Morphy, after he filed a $27 million lawsuit for breach of contract and “wrongful termination.” Morphy led Bitfarms’ expansion in the US, Paraguay, and Argentina. Bitfarms considers the allegations baseless. Nicolas Bonta, president and co-founder, has assumed interim leadership.
Data from Deribit shows over 617,000 ether call option contracts, with a notional value exceeding $1.8 billion, expiring at the end of June. This indicates confidence in ether’s appreciation. The favored strike price is $6,500, reflecting optimism among traders. The put-call ratio of 0.41 reinforces the bullish sentiment. In the past 24 hours, ether (COIN:ETHUSD) is trading at $2,870, a drop of -2.7%.
Coinbase Global (NASDAQ:COIN) announced the resumption of operations after a more than three-hour outage affecting its website, mobile devices, and API. However, some users still cannot withdraw funds, as reported on social media. Coinbase has not yet explained the cause or offered compensation to those affected. Bitcoin’s price dropped during the outage.
OKX announced the launch of its spot and derivatives cryptocurrency trading platform in Australia. The company will allow all users to trade on the spot market, while derivatives trading will be restricted to verified institutional clients. Australian users can deposit and withdraw AUD through most local banks and access 85 crypto tokens or 170 spot trading pairs.
J. Christopher Giancarlo, former CFTC chairman known as ‘Crypto Dad,’ joined Paxos’ board to assist with expansion in regulated markets and innovation in stablecoins. Giancarlo praised Paxos’ commitment to compliance and an inclusive financial system. Paxos, which issues Pax Dollar (COIN:USDPUSD) and PayPal USD (COIN:PYUSDUSD), sees Giancarlo as a crucial advocate for blockchain in financial infrastructure.
Tether (COIN:USDTUSD) froze $5.2 million in USDT stored in 12 Ethereum wallets linked to phishing scams on May 14. According to analytics firm SlowMist, the addresses were used to launder scam proceeds. Since its launch, Tether has blocked over $1.3 billion in assets tied to illicit activities. Tether works with law enforcement agencies in more than 40 countries to combat fraud.
Alexey Pertsev, developer of the crypto mixer Tornado Cash, was sentenced to 64 months in prison by a Dutch court for money laundering charges. The judge stated that the platform was designed for criminals and that Pertsev should have suspected the illicit origins of the transactions. This case may discourage the development of open-source tools for anonymity on blockchains.
Asset manager CoinShares achieved record results in Q1 2024, driven by market recovery and the debut of Bitcoin ETFs. Revenue was $24.5 million (£19.5 million), a 216% increase from the previous year. EBITDA reached $43 million (£34.2 million), quadrupling last year’s value. The acquisition of Valkyrie significantly contributed to the growth of assets under management, now totaling $6 billion (£4.77 billion).
Deutsche Bank (NYSE:DB) is partnering with Singapore’s central bank on Project Guardian, focused on asset tokenization and DeFi. The bank will test an interoperable blockchain platform and propose protocol standards. Led by Boon-Hiong Chan, Deutsche Bank will collaborate with Memento Blockchain, building on the success of Project DAMA and enhancing digital fund management and investment services.
New regulations in the European Union may force DeFi protocols to make tough decisions. The Markets in Crypto-Assets Regulation (MiCA), effective at the end of 2024, will require them to follow the same licensing and KYC requirements as traditional financial firms. DeFi protocols must choose between a hybrid centralized model or full decentralization to comply with the new rules.
The Degamefi WEB3 Conference will be the hub of blockchain, cryptocurrency, and cybersecurity discussions in Tbilisi, Georgia’s capital in the Caucasus. The event will highlight advances in the decentralized sphere and feature over 60 speakers and 1,000 participants. The conference offers networking opportunities, expert talks, and startup competitions, making it a must-attend for developers, investors, and blockchain enthusiasts.
Peter Thiel’s venture capital firm, Founders Fund, and Ethereum co-founder Vitalik Buterin led a $70 million funding round for Polymarket, a platform for betting on political events. According to Bloomberg, Polymarket raised $70 million in two rounds, including $45 million in Series B. Despite CFTC restrictions, the platform continues to grow, especially with the upcoming 2024 US presidential elections.
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