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The issuer of the stablecoin Circle (COIN:USDCUSD) is planning to move its legal base from Ireland to the United States, a surprising move given the tax benefits in Ireland, as reported by Bloomberg on May 15. The company has already started the necessary legal process in Ireland. It’s speculated that the move aligns with preparations for an initial public offering (IPO), as Circle has submitted confidential documents to the SEC in the United States. The relocation comes at a time of growth for the stablecoin USDC, despite a potentially more challenging regulatory environment in the US.
The price of Bitcoin (COIN:BTCUSD) reached $65,050 on May 15, a rise of 5.7% driven by lower-than-expected inflation in the US, which hit three-year lows. The Consumer Price Index (CPI) rose just 0.3% in April, below market forecasts, signaling a potential cut in interest rates. This news was positive for Bitcoin, as well as for the S&P 500 and Nasdaq indices, which reached historic highs.
Fernando Pereira, analyst at Bitget, commented on Bitcoin’s technical situation: “Bitcoin’s liquidation map analysis identifies liquidity zones that signal potential supports and resistances. We found approximately $1.12 billion of liquidity around $58,600, indicating strong potential support if the market continues to fall. This region could attract significant buying, stabilizing the price. At $65,780, the liquidity of about $1.86 billion suggests substantial resistance, where we expect major institutional interest, possibly limiting price advances and attracting short positions,” highlighted Pereira.
On May 14, spot Bitcoin ETFs in the United States recorded daily net inflows exceeding $100 million, notably the ETF ARK 21 Shares Bitcoin (AMEX:ARKB) with inflows of approximately $133 million. Conversely, the Grayscale Bitcoin Trust (AMEX:GBTC) saw outflows of $51 million. Other funds such as Fidelity Wise Origin Bitcoin Fund (AMEX:FBTC) and VanEck Bitcoin Trust (AMEX:HODL) also showed positive inflows. So far, the total cumulative inflows into the US-listed ETFs have reached about $11.84 billion.
Vanguard, the investment giant, announced Salim Ramji, former ETF leader at BlackRock, as its new CEO, replacing Tim Buckley, a Bitcoin critic. Ramji, who launched the Bitcoin ETF IBIT at BlackRock (NASDAQ:IBIT), may indicate a shift in Vanguard’s approach to Bitcoin ETFs, as the company previously did not offer these products to its clients. His appointment is scheduled for July 8.
Sonne Finance, a decentralized liquidity protocol on Optimism and Base, suffered a major cyberattack. On May 15, the security company Cyvers detected the incident, initially reporting a loss of $3 million in USDC and WETH. Within 30 minutes, the estimate rose to $20 million. All markets on Optimism were suspended. Subsequently, scammers tried to exploit the situation with fake accounts on X. Despite negotiation attempts, the hacker showed no interest. According to blockchain investigator PeckShield, the explorer has already transferred $7.8 million to a new wallet address. BlockTower Capital was also targeted in an attack, with funds still unrecovered. Investigations continue, with bug bounty negotiations explored to recover the funds.
Degen Chain (COIN:DEGENUSD), a third-layer blockchain of Ethereum, resumed operations after a two-day pause to resolve technical issues. Initiated on May 12, the interruption affected several decentralized applications and bridges. The infrastructure platform Conduit resynchronized the nodes starting from the genesis block, putting the network back into operation. While still in the process of indexing, the Degen Chain block explorer is operational, but caution is recommended in the indexing of transactions.
With the increasing use of biometric data for various applications, data breaches are also on the rise. On May 15, the Worldcoin Foundation (COIN:WLDUSD) opened the source code of its secure multiparty computation (SMPC) system, which encrypts iris codes. Remco Bloemen, head of protocol, emphasized that this measure offers greater security: “With the development and open-sourcing of a new secure multiparty computation (SMPC) system, the Worldcoin Foundation aims to continue enhancing the robustness of the Worldcoin protocol, while setting a new standard of security,” said Bloemen.
pSTAKE Finance (COIN:PSTAKEUSD), backed by Binance Labs, launched a liquid staking solution for Bitcoin, integrating it into native Bitcoin decentralized finance (DeFi). Based on the Babylon staking protocol, pSTAKE Finance aims to simplify Bitcoin staking and create yield opportunities. Mikhil Pandey, co-founder, highlighted the belief in Bitcoin’s (COIN:BTCUSD) potential as a yield-generating asset: “With less than 1% of Bitcoin’s market cap in DeFi today, we could see significant growth as we develop safer and more reliable ways to generate yield on Bitcoin,” said.
The Lens Network, developed by Lens Lab of Avara, is a new blockchain platform aimed at transforming social media interactions. Using the zkSync technology on Ethereum, this network faces scalability challenges and seeks to offer a user experience comparable to conventional platforms, while maintaining the security and data ownership characteristic of web3. The goal is to promote broad adoption of web3 social features, creating a robust infrastructure for new user experiences and monetization models.
A cryptocurrency trader made headlines after turning an initial investment of $3,000 into a staggering $46 million, trading the meme coin Pepe (COIN:PEPEUSD). The platform Lookonchain highlighted this extraordinary return of 15,718 times the initial investment. This may be yet another story of the volatility and high profit potential of cryptocurrencies. However, the case also raised suspicions of insider knowledge, due to the exceptional timing of the transactions, which coincided with the token’s launch. On-chain analysis platforms such as Lookonchain, which highlighted the remarkable profit, and observers in the crypto community, raised questions whether the trader might have had insider information.
The Hong Kong branch of HTX has once again withdrawn its application for a virtual asset trading license, as announced on the website of the Hong Kong Securities and Futures Commission. Meanwhile, the SFC in Hong Kong has warned that unlicensed platforms must cease operations by the end of May.
The cryptocurrency exchange Bitget is planning to create its own on-chain ecosystem, following the example of platforms like Binance, OKX, and KuCoin. The Bitget Onchain Layer will integrate a variety of DApps into the Bitget Wallet and has established a dedicated fund to accelerate development and support compatible projects. The fund will initially focus on investing in and incubating Web3 trading services. The Bitget Wallet, popular in the Asia-Pacific region, will soon launch the BWB token, aimed at streamlining its ecosystem through features like governance and multi-chain gas fee payment.
Two large transactions, totaling 16,000 Bitcoins and valued at nearly $1 billion, were recorded leaving Coinbase’s cold storage today, May 15. According to Arkham Intelligence, the combined value of the transactions reached approximately $988 million. Glassnode and CryptoQuant confirmed the verification of these transactions. The balance of Bitcoins at Coinbase has shown a continuous decrease throughout 2024, marking these transactions among the largest exits of the year.
Lawyers for Ryan Salame, a former executive at FTX who pleaded guilty to electoral fraud charges, are requesting a reduced sentence of 18 months. During his time at FTX and Alameda, Salame was responsible for operational tasks, including managing deposits and currency conversions. His lawyers highlight his cooperation with authorities, genuine remorse, and significant personal losses faced after the company’s collapse, arguing that he was less a participant and more a victim of the conspiracies at the heart of FTX.
Humanity Protocol, a web3 digital identity startup, raised $30 million in funding, elevating its valuation to $1 billion. The round was led by Kingsway Capital, with participation from Animoca Brands, Blockchain.com, and Shima Capital. Additionally, Humanity Protocol also managed to raise $1.5 million from influential figures within the cryptocurrency sector. The company, which uses palm vein reading for identity verification, plans to launch its own cryptocurrency and expand partnerships and staff.
Oklahoma passed HB 3594 on May 13, ensuring rights related to cryptography. Starting November 1, the state cannot prohibit or restrict the use of cryptocurrencies, nor impose additional taxes. The law also safeguards domestic and commercial cryptography mining, preventing specific zoning and noise restrictions. The Oklahoma Corporation Commission cannot create discriminatory tariffs for mining companies.
Since September 2021, El Salvador has been using geothermal energy from the Tecapa volcano to mine approximately 474 bitcoins, totaling about $29 million. This initiative has raised the total bitcoins of the country to 5,750 BTC, valued at over $360 million. The mining operation is a collaboration with major pools such as Foundry USA and Binance Pool, using 1.5 megawatts of the 102 generated by the state-owned geothermal plant.
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