SQ Block Inc

Bitcoin processes 1 billion transactions, marking strong growth since 2009

The Bitcoin network (COIN:BTCUSD) achieved an impressive milestone by processing its billionth transaction, 15 years after the launch of its first block. Maintaining an average of 178,475 daily transactions, Bitcoin has demonstrated its ability to handle large volumes without centralized intermediaries. This milestone, achieved amidst record prices and technical innovations, underscores Bitcoin’s growth trajectory from its origins to becoming a significant global asset class.

Inactive Bitcoin wallet for a decade moves 687 BTC

An inactive Bitcoin wallet since the time of Satoshi Nakamoto has reactivated and transferred 687 BTC (equivalent to approximately $43.9 million) to two new addresses on May 6th. The initial movement was 625.43 BTC to one address and 61.9 BTC to another. Such activity from old wallets, originating from the early days of Bitcoin, often attracts significant attention and speculation within the crypto community regarding possible connections to early Bitcoin participants (COIN:BTCUSD), including Satoshi Nakamoto himself.

Turnaround in Grayscale Bitcoin Trust with first positive flow in months

On Friday, May 3rd, the Grayscale Bitcoin Trust ETF (AMEX:GBTC), the largest bitcoin ETF fund in terms of assets, recorded $63 million in new investments. This influx of capital ended nearly four months of daily outflows since its conversion to a spot ETF in January, according to Farside Investors data. Additionally, spot ETFs in the US saw their best performance in over a week, with $368 million in inflows, reflecting renewed optimism in the bitcoin market.

Crypto whale makes monumental investment in PEPE

The cryptocurrency market was shaken by an impressive transaction when a crypto whale invested $10.4 million in the meme coin Pepe (COIN:PEPEUSD). Highlighted by Spot On Chain, the movement included the transfer of 1.24 trillion PEPE tokens from Binance, initially valued at $7.75 million. This action sparked discussions about the future of this asset, as PEPE shows promising trends, driving interest in niche cryptocurrencies.

Record reduction in ETH burning due to low gas fees

The Ethereum network (COIN:ETHUSD) recorded a significant decrease in the amount of ETH burned, reaching the lowest level this year, with only 610 ETH burned in a day. This decline is attributed to exceptionally low gas fees, ranging between 5 and 10 gwei. The reduction in fees is partially related to increased usage of Layer 2 scalability solutions and the introduction of blob transactions, which help reduce costs. While beneficial for users, these lower fees impact Ethereum’s deflationary potential, evidenced by a temporary increase in the coin’s supply inflation.

Proposal for merger between Cardano and Bitcoin Cash

Charles Hoskinson, founder of Cardano (COIN:ADAUSD), surprised by proposing a merger with Bitcoin Cash (COIN:BCHUSD), aiming to enhance both networks. The initiative, disclosed through an online poll, seeks to integrate Bitcoin Cash as a partner network in the Cardano ecosystem. Hoskinson aims to utilize innovative technologies, such as Useful Proof of Work Leios, Non-Interactive Proofs of Proof of Work (NiPoPoWs), and Ergo technology, to create a more efficient Proof of Work chain. The announcement garnered significant interest, with over 12,500 participants in the poll and a strong trend towards approval. The final decision will be determined by the community after further voting.

Study reveals less than 10% of stablecoin transactions are organic

A joint report from Visa and Allium Labs, released by Bloomberg, indicates that only about $149 billion out of $2.2 trillion in stablecoin transactions in April stem from actual payment activities. The analysis, which excluded automated transactions and large traders, aims to isolate operations conducted by individuals. The research highlights the dominance of Tether (COIN:USDTUSD) and USD Coin (COIN:USDCUSD) in the market, together representing 97% of the total stablecoin supply, estimated at $150 billion.

Ripple CEO discusses future of XRP and announces upcoming stablecoin

Brad Garlinghouse, CEO of Ripple, recently clarified that neither XRP (COIN:XRPUSD) nor Ethereum (COIN:ETHUSD) are considered securities by regulators, a crucial point in the context of the company’s legal dispute with the US SEC. These statements gain significance as Ripple prepares to launch a new stablecoin. Garlinghouse reaffirmed the company’s ongoing commitment to XRP, emphasizing confidence in its legal position following a favorable court decision in July 2023. Ripple is developing its stablecoin, promising to be a significant milestone, empowering the XRP Ledger for institutional and decentralized transactions.

Australian court partially rules in favor of regulator in case against BPS Financial

An Australian Federal Court largely ruled in favor of the Australian Securities and Investments Commission (ASIC) in a dispute against BPS Financial Pty Ltd. over the Qoin scheme. Judge J Downes confirmed ASIC’s claim of unlicensed operation by BPS, except for a 10-month period when the company was under PNI Financial Services’ license. The decision rejected ASIC’s attempt to classify the entire Qoin blockchain as a “financial product” requiring a license, marking a significant recognition of blockchain technology under Australian law.

Volatility in Robinhood stocks after receiving Wells Notice from SEC

Following the announcement of receiving a “Wells Notice” from the SEC on May 4th, Robinhood Markets’ stocks (NASDAQ:HOOD) faced significant volatility. The notice is the result of an investigation into Robinhood’s cryptocurrency listing practices and operations. The company stated that the SEC may recommend legal actions, including monetary penalties and other sanctions. Shortly after the announcement, shares dropped by 10%, but soon recovered, reflecting a 2.5% increase in Monday morning trading amidst positive market growth and bitcoin futures. At the time of writing, shares are slightly down by -0.1%.

Crypto lawyers criticize SEC for mass issuance of Wells notices to industry firms. Jake Chervinsky of Variant Fund and Rodrigo Silva-Herzog of Cooley LLP expressed concerns that the SEC is excessively using the Wells process as an intimidation strategy rather than focusing on actual violations. They allege that the agency is disproportionately targeting the cryptocurrency sector, possibly exceeding its legal mandate and abusing its authority for investigations.

Bitwise CIO points out regulatory benefits for Coinbase amid Robinhood challenges

Matt Hougan, CIO of Bitwise, highlighted on The X that challenging regulation is favoring Coinbase Global (NASDAQ:COIN), the largest US cryptocurrency exchange, by creating a “moat” that benefits its business and sustains high margins. Hougan noted that this situation allows Coinbase to capitalize in the short term.

Tiger Brokers expands operations in Hong Kong with new cryptocurrency trading options

As Hong Kong remains receptive to innovations in cryptocurrency trading, UP Fintech Holding (Tiger Brokers), listed on Nasdaq under the ticker (NASDAQ:TIGR), expanded its Tiger Trade app to include cryptocurrencies. Now, qualified investors can trade 18 types of cryptocurrencies, including Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD), along with a variety of other financial assets. Initially, this service is available only to large investors and corporations in Hong Kong, with future retail expansion plans pending regulatory approval. The platform also provides access to Bitcoin and Ether ETFs in both the US and Hong Kong.

Bitfinex CTO refutes data breach rumors

Paolo Ardoino, CTO of Bitfinex, denied allegations that the cryptocurrency platform was a victim of a database exploit, despite reports of a possible leak of 22,500 user records. Ardoino described the accusations as likely unfounded, explaining that only a fraction of the leaked information corresponded to Bitfinex users’ data and that the company protects passwords and 2FA secrets with encryption. He also criticized the hackers’ lack of direct communication with the company and suggested that the leaked information was a compilation of various breaches. Meanwhile, a source that had disclosed the leak retracted the accusation, claiming that hackers were attempting to lure investors with false promises of future profits.

Token buyback proposal sparks controversy at Mango Markets amid suspicions of benefit to anonymous buyer

On April 7th, a controversial proposal for a token buyback of MNGO (COIN:MNGOUSD) at a price above the market sparked debate in the regulatory body of Mango Markets, a decentralized platform. Suspicions arose that the buyback would benefit an anonymous buyer who acquired a large amount of MNGO from the FTX estate. DonDuala, who proposed the plan, was accused of connection to the buyer but did not respond to the allegations. Despite criticism, the proposal, arguing that the buyback would benefit investors by adjusting the price of the undervalued token, was modified and approved on April 24th. Mango Markets, a Web3 application on the Solana network, had already suffered an attack that drained $116 million in October 2022.

Vodafone to turn smartphones into digital wallets

Vodafone (NASDAQ:VOD) plans to integrate cryptographic wallets into SIM cards, turning smartphones into secure digital wallets. This strategy aims not only at communication but also at protecting identity and digital finances. Despite challenges such as the complexity of the crypto market and financial issues, the company is determined to democratize access to cryptography, revolutionizing the global landscape of telecommunications and digital financial services.

Jack Dorsey steps down from Bluesky board, a platform he initiated and funded

Jack Dorsey, co-founder of Twitter and CEO of Block (NYSE:SQ), has stepped down from the board of Bluesky, the decentralized social media platform he envisioned and funded while CEO of Twitter. The departure was confirmed by Bluesky in a post on May 5th, where the platform also expressed gratitude for Dorsey’s initial support. The reason for his departure was not clarified, and neither Bluesky nor Dorsey provided details on the decision.

Significant drop in cryptocurrency phishing attacks in April

Phishing attacks in the cryptocurrency industry dropped by 46% to $38 million in April, the lowest value recorded in the year, according to security company Scam Sniffer. Meanwhile, CertiK noted that cryptocurrency-related exploits and scams also hit a historical low of $25.7 million in the same month. However, the Ethereum Layer-2 Base network saw a 145% increase in phishing incidents, totaling $8.2 million. Scammers have been using fake accounts on the X platform to lure victims to malicious websites, primarily through deceptive phishing signatures.

Scammers use cryptocurrency ATMs in Denver

The Denver Police Department issued a warning about a new trend in fraud, in which scammers are using cryptocurrency ATMs to defraud victims. In a recent case, one person lost $14,000. Scammers, often posing as police officers, instruct victims to deposit money into cryptocurrencies at locations such as laundromats, falsely claiming to avoid arrest. The Denver police emphasize that they never contact individuals directly to request money.