Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
>>News

Crypto news

at all 125
CRYPTO NEWS

Bitcoin's price surges towards $70,000 as positive expectations surrounding the upcoming Ethereum ETF boost market sentiment.

Bitcoin has continued its upward trajectory, with significant support observed around the $69,703 level. The market momentum reached an intra-day high of $71,957 on Tuesday, driven primarily by positive regulatory news related to Ether (ETH) exchange-traded funds (ETFs). The US Securities and Exchange Commission's (SEC) request for exchanges to update regulatory filings for ETH ETFs has generated widespread optimism in the cryptocurrency space. This development is expected to increase the likelihood of ETF approvals, thereby bolstering investor confidence. Public Bitcoin mining companies have been proactive in strengthening their financial positions ahead of the upcoming April halving event, which reduces block rewards for miners. According to BlocksBridge Consulting, ten public miners secured $2 billion through equity financing to mitigate potential profitability issues post-halving. Marathon Digital, CleanSpark, and Riot Blockchain led this effort with substantial cash reserves and Bitcoin holdings. Despite mixed financial results in Q1 2024 due to rising costs, Riot Blockchain achieved a record net income of $211.8 million, indicating preparation for the halving event. The financial preparations by miners have increased market confidence and contributed to Bitcoin's price stability during the anticipated reduction in mining rewards. This resilience has been further supported by analysts' predictions. Bloomberg and Standard Chartered now estimate a 75% chance of Ethereum ETF approval, up from a previous 25%. Glassnode analyst James Check also suggested a potential "second wave" of ETF demand that could impact Bitcoin and other cryptocurrencies positively. The heightened likelihood of Ethereum ETF approval and anticipated further ETF demand are expected to enhance market sentiment significantly, potentially leading to price appreciation for Bitcoin. Currently trading at $70,025, Bitcoin's long-term outlook remains positive. Technical analysis indicates crucial price levels to monitor, with a bullish trend as long as it stays above $69,219. Traders are advised to anticipate a breakout above $72,030 for higher resistance levels or potential declines towards $68,853 if the support level at $69,219 is breached.

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CRYPTO NEWS

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Donald Trump has made history by becoming the first presumptive Republican presidential nominee to accept cryptocurrencies as official campaign donations. On Tuesday, he launched a crypto fundraising page through Coinbase Commerce, enabling eligible donors to contribute using various digital assets. This move follows his public declaration at the Mar-a-Lago gala, where he positioned himself as a candidate favorable to cryptocurrency in the 2024 campaign. The crypto donation portal accepts several popular cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC), and Ox (ZRX). These donations are subject to the standard contribution disclosure requirements set by the Federal Election Commission (FEC). The Trump campaign has not yet disclosed whether they intend to hold onto the crypto assets or sell them. The announcement aligns with Trump's broader agenda of promoting freedom and opposing government control. Coinbase spokeswoman Julia Krieger emphasized the nonpartisan nature of cryptocurrencies, stating that the platform is open to all candidates this election season. While Trump has expressed skepticism about cryptocurrencies in the past, his supporters are enthusiastic about this new development, partly due to the perceived contrast with the Biden administration's cautious stance towards crypto. The Biden administration's approach is evident in measures like the 2022 Executive Order, which emphasized responsible development of digital assets. During his presidency, Trump expressed doubts about cryptocurrencies, calling them unreliable and volatile. He favored the US Dollar and criticized unregulated crypto assets for facilitating illegal activities. However, recent filings reveal that Trump currently holds between $250,000 and $500,000 in digital assets, with a majority invested in Ethereum.

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CRYPTO NEWS

Bitcoin price dips below $70,000 on 22 May. Market analysts eye a crucial level to watch for further movement.

Bitcoin (BTC) has witnessed a sharp decline, dipping below $70,000 with an intra-day low of $69,939, subsequently settling around $69,229. This fall is primarily attributed to waning investor confidence amidst growing concerns about a potential September Federal Reserve interest rate hike. The mixed ETF flow data further reflects this cautious sentiment, showing a significant reduction in net inflows to $15.7 million. Despite the recent depreciation, Standard Chartered Bank's Geoff Kendrick expresses optimism about Bitcoin's future. He predicts that Bitcoin could surpass its previous high of $73,798 by the weekend, citing the expected approval of spot Ether ETFs as a catalyst for enhanced legitimacy and performance. Kendrick's bullish stance is further reinforced by his forecast that Bitcoin might reach $150,000 by the end of 2024 and $200,000 by 2025. Recent developments in the ETF market highlight a notable trend. BlackRock's spot Bitcoin ETF dominated the U.S. market on May 21, attracting 95% of the $305.7 million inflows that day, marking the highest surge since April 5. This influx of investments, totaling over $1 billion in the past four days, aligns with Bitcoin's price volatility. BlackRock's ETF has collectively gathered $16 billion in inflows since its launch, closing in on Grayscale's $20 billion milestone. The anticipated approval of Ethereum ETFs is believed to have reignited interest in Bitcoin ETFs, contributing significantly to the recent price appreciation of Bitcoin. This development, combined with the substantial inflows into spot Bitcoin ETFs, underscores the evolving dynamics and potential future trajectory of Bitcoin within the investment landscape.

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CRYPTO NEWS

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Taurus, a leading crypto technology provider, has announced the opening of its Vancouver office, marking its expansion into the North American market. The new office is a response to the burgeoning interest in crypto services among financial institutions in the region. Taurus offers crypto infrastructure services to clients such as Deutsche Bank and Santander.This expansion to Vancouver is part of Taurus’ ongoing global growth strategy, following recent office openings in London, Paris, Frankfurt, and Dubai in late 2023. With eight offices across three continents, Taurus has strengthened its presence in the digital asset space.Andrew Maledy has been appointed as the head of the new Vancouver office. He brings vast experience in infrastructure management, business technology, and cloud computing from his previous roles at companies like Procore Technologies. Maledy’s expertise encompasses engineering management, agile methodologies, and cloud computing.North America presents a significant potential for digital asset innovation, and Taurus is thrilled to establish itself in Vancouver to better serve both its global and North American clients. The company’s CTO, Nicolas Bonvin, expressed delight at welcoming Maledy and collaborating with regional partners and clients to leverage Taurus’ industry-leading custody and tokenization technology.Deutsche Bank recently joined the Monetary Authority of Singapore’s (MAS) Project Guardian, an initiative focused on fostering collaboration between MAS and key financial market players in the realm of asset tokenization. Launched in 2022, Project Guardian aims to explore the application of asset tokenization in wholesale funding markets and decentralized finance (DeFi). As part of this collaboration, Deutsche Bank will assess open architecture and interoperable blockchain platforms for managing tokenized and digital funds. The bank will also suggest protocol standards and identify the most effective approach to promote industry progress in this domain.

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CRYPTO NEWS

US prosecutors are requesting a sentence of 5 to 7 years for former FTX executive Ryan Salame.

United States prosecutors are advocating for a prison sentence of five to seven years for former FTX executive Ryan Salame. In a sentencing memorandum, attorneys from the Southern District of New York argued for a more extended imprisonment term, citing the severity of his crimes and their deterrent effect on future cases.The document revealed that Salame held leadership positions at Alameda and FTX Digital Markets from 2019 to 2022, where he collaborated with Samuel Bankman-Fried in implementing aspects of their fraudulent activities. The memo elaborated that Salame was found guilty of unlicensed money transmission, false statements to banks, and unlawful political contributions through Alameda. For instance, he facilitated FTX's integration with the Bahamas and discussed retrieving funds from frozen accounts in China with Caroline Ellison.The Probation Office recommended a sentence of 120 months' imprisonment, considering Salame's serious offense conduct, large financial involvement, and the need for deterrence. The memo emphasized the need for a substantial prison term to undermine the integrity of both the U.S. campaign finance system and the financial system as a whole.Salame's lawyers submitted the sentencing memo on May 14, arguing for a prison sentence not exceeding 18 months. The memo suggested such a sentence would satisfy the purposes of sentencing while allowing Salame to continue contributing positively to society. The defendant claimed that he did not play a central role in the fraudulent activities and lost a significant portion of his wealth following FTX's collapse.The sentencing hearing is scheduled for May 28.

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CRYPTO NEWS

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Blockchain gaming platform Gala Games has successfully retrieved approximately $22 million worth of Ether (ETH) from the individual responsible for a recent security incident. The incident occurred on May 20 when the attacker minted Gala (GALA) tokens worth $200 million and sold a portion of them before the wallet was frozen.On Tuesday, the attacker's wallet returned 5913.2 ETH, equivalent to $22.3 million, to Gala Games. The swift recovery was attributed to Gala Games' effective response measures and the involvement of federal law enforcement agencies.To mitigate the impact of the security breach, Gala Games utilized GalaChain's blocklist protocol feature to freeze 4.4 billion GALA tokens out of the 5 billion minted within just 45 minutes.While the identity and methods of the attacker remain undisclosed by Gala Games, some community members speculate that the incident may have involved a security contractor who mistakenly accessed the wallet without utilizing a VPN.Following the recovery of the ETH, Gala Games announced its intention to repurchase the equivalent GALA tokens using the returned funds and subsequently burn them. This action aims to address the aftermath of the incident and enhance the security of the Gala ecosystem.Additionally, Gala Games initiated a governance vote to determine the fate of the 4.4 billion GALA tokens that were blocklisted. The outcome of the vote will determine whether the tokens will be permanently removed from circulation.Technology firm DWF Labs also disclosed its purchase of 28 million GALA tokens from the open market during this period, emphasizing the importance of safeguarding investments and supporting the Gala Games community.Currently, GALA is trading at $0.0448, with a 6.64% gain over the past day.Following recent tensions and legal disputes between co-founders Eric Schiermeyer and Wright Thurston, the duo has filed lawsuits against each other. Schiermeyer's lawsuit accuses Thurston of unlawfully acquiring $130 million worth of GALA tokens, while Thurston counters by alleging Schiermeyer mismanaged company assets and misused funds. Both co-founders are seeking to remove each other from their positions as directors of Gala Games.

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CRYPTO NEWS

BlackRock's Bitcoin ETF witnessed a surge in inflows, accumulating $300 million, marking a reversal from previous months characterized by low investor interest.

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has garnered significant attention, accounting for 95% of the total inflow into United States spot Bitcoin ETFs on Tuesday. The combined inflows for these ETFs surpassed $300 million, offering a notable boost to the market.Preliminary data from Farside Investors reveals that BlackRock’s iShares Bitcoin Trust (IBIT) witnessed a substantial inflow of $290 million on May 21. When considering all eleven ETF issuers combined, the net inflow amounted to $305.7 million. This surge stands in stark contrast to the previous six weeks, which saw minimal or no inflows.The recent influx of funds into BlackRock’s ETF represents the highest level since April 5, surpassing the cumulative inflows witnessed over the past 21 trading days. During the past four trading days, spot Bitcoin ETFs have experienced over $1 billion in inflows amidst the ongoing volatility in the Bitcoin market.Since its inception, BlackRock’s IBIT has attracted $16 billion in inflows, as reported by Farside Investors. However, the official website for the product lists assets under management (AUM) at $19 billion. This positioning puts IBIT close to industry leader Grayscale, whose GBTC spot ETF boasts $20 billion in AUM.Grayscale’s GBTC, however, recorded zero inflows on May 21, extending its streak of five consecutive trading days without outflows. The fund has witnessed inflows of $72.5 billion in the past five days, reversing the trend of consistent outflows that spanned four months.The significant inflow figure on Tuesday was accompanied by some outflows. The VanEck Bitcoin Trust ETF (HODL) witnessed an outflow of $5.9 million, while the Bitwise Bitcoin ETF (BITB) saw an outflow of $4.2 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) experienced a minor inflow of $25.8 million, while other ETFs remained largely unchanged.The surge in interest towards Bitcoin ETFs is fueled by the recent rise in Bitcoin prices. Over the past week, BTC has surged by 12%, reaching a six-week high of $71,600 on May 21. Despite this, the price dipped below the $70,000 level during early trading on May 22.Bitcoin has achieved new all-time highs against local currencies in several countries across Asia and South America. Markus Thielen, head of research at 10x Research, previously predicted that a breakthrough above $67,500 could potentially lead to even higher all-time highs. At the time of writing, BTC is trading at $69,444, just $3,000 away from its new all-time high in U.S. dollars.Analysts remain optimistic about Bitcoin’s future. Leading trading firm QCP Capital expressed confidence in the asset’s price momentum, forecasting a potential return to the highs of $74,000. This sentiment is supported by substantial buyers acquiring 100,000 to 120,000 BTC Calls for December 2024.

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CRYPTO NEWS

Uniswap has responded to the SEC’s Wells Notice, criticizing the agency’s legal arguments as “weak.” The decentralized exchange argues that the SEC’s case lacks merit and highlights flaws in their reasoning.

Uniswap Labs responded with a 40-page document to the SEC’s Wells Notice, attempting to refute potential litigation and urging the agency to dismiss the case. The decentralized crypto exchange countered the SEC’s allegations that its operations violate US securities laws, offering a detailed explanation as to why the claims are unfounded.Uniswap operates as a decentralized finance (DeFi) platform catering to developers, traders, and liquidity providers. However, the SEC maintains that the Uniswap Protocol functions as an unregistered securities exchange under Uniswap Labs’ control, classifying the interface as an unregistered securities broker-dealer and the UNI token as an investment contract.In response, Uniswap emphasized that the SEC’s legal interpretations are weak, citing court rulings that contradict their claims. The crypto marketplace argued that the agency is unfairly expanding the definitions of securities, exchanges, and contracts. Additionally, Uniswap argued that the majority of trading on their platform does not involve securities, with over 65% involving assets the SEC itself has acknowledged are not securities.Furthermore, Uniswap estimated that approximately 75% of its users are international, suggesting that US securities laws likely wouldn’t apply to them. The platform claimed that even if certain transactions on Uniswap resembled securities, it wouldn’t qualify as a securities exchange due to its primary purpose and design not being intended for such transactions.The SEC has recently become more active in regulating the crypto industry, issuing Wells notices, initiating lawsuits, and settling with various companies. Their current focus lies on Ethereum and DeFi platforms, with notable names like ShapeShift, TradeStation, Uniswap, Consensys, and the Ethereum Foundation all facing legal consequences.

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CRYPTO NEWS

YouTube investigator 'Coffeezilla' has accused Rabbit AI of involvement in an NFT scam.

YouTube personality Stephen Findeisen, known as "Coffeezilla," has accused artificial intelligence company Rabbit AI of orchestrating an NFT scam and attempting to cover it up. Findeisen, a prominent investigator on the video-sharing platform, recently released a video on his Coffeezilla channel, shedding light on Rabbit AI's alleged involvement in the NFT space.According to Findeisen's findings, Rabbit AI was previously known as Cyber Manufacture Co. and managed to raise $6 million for an NFT project named Gama. However, the company's founder and CEO, Jesse Lyu, later distanced Rabbit AI from the world of cryptocurrencies, claiming they would "never touch crypto" in Discord statements.Lyu stated that Gama was simply a "fun little project" he participated in during the COVID-19 pandemic and that he left the project once the associated game was open-sourced. However, Findeisen presented recordings indicating that Lyu had discussed more ambitious plans for the Gama project. In those recordings, Lyu expressed intentions of investing millions into Gama to create a groundbreaking NFT experience and mentioned future plans for concepts like Gamaverse and a clean energy initiative related to Gama Coin.Findeisen raised concerns about the $6 million funding raised for the Gama project, questioning where the money was allocated. Despite Rabbit AI's claim that the funds were solely used for the NFT project, Coffeezilla argued that Rabbit AI's foundation was built on the remnants of the Gama project, raising concerns. Additionally, Findeisen criticized the overhyped nature of Rabbit AI's viral R1 product, drawing parallels between the exaggerated promises made by both Gama and R1.Coffeezilla's allegations are not isolated. Others have also expressed skepticism about Rabbit AI's offerings. Josh Olin, the founder and CEO of WeGPT, previously labeled Rabbit's project as a "scam," characterizing it as a quick cash grab designed to lure in investors.Coffeezilla has established himself as an online detective by uncovering crypto scams. His previous notable expose was the CryptoZoo project, which was launched in 2021 with much fanfare, co-founded by popular YouTuber Logan Paul. Coffeezilla later alleged that the project had been largely abandoned shortly after its launch. In response to the allegations, Paul released a video blaming the co-founders and advisors for any wrongdoing, while also threatening to sue Coffeezilla.

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CRYPTO NEWS

The Senate has overwhelmingly voted to dismantle the Securities and Exchange Commission's rule known as SAB121.

The United States Senate formally expressed their disapproval of the controversial staff accounting bulletin (SAB121) issued by the Securities and Exchange Commission (SEC) on Monday afternoon. The decision followed prolonged scrutiny of the federal agency’s guidelines.The vote garnered significant bipartisan support, with Democratic Senators Chuck Schumer (NY), Cory Booker (NJ), and Kirsten Gillibrand (NY) voting in favor of effectively reversing the bulletin.Originally released in April 2022, the SEC maintains that SAB121 aims to protect digital asset usage. However, crypto-friendly lawmakers have criticized the federal agency’s rhetoric.Critics argue that the capital requirements outlined in SAB121 are excessive, as banks are compelled to list clients’ custodied assets alongside liabilities on their balance sheets.Furthermore, lawmakers have expressed their dissatisfaction with the SEC’s non-compliance with procedural rules regarding SAB121’s creation, as revealed in a recent Government Accountability Office (GAO) report.The vote follows a similar measure passed by the House earlier in the week, spearheaded by Representatives Mike Flood (R-NE) and Wiley Nickel (D-NC).

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CRYPTO NEWS

The Chicago Mercantile Exchange is reportedly exploring the possibility of offering Bitcoin trading to capitalize on the surging demand for the digital asset.

The Chicago Mercantile Exchange (CME) is reportedly planning to launch Bitcoin trading, aiming to capitalize on the burgeoning demand for Bitcoin among Wall Street fund managers this year. The Financial Times disclosed on Thursday that the CME has been in discussions with crypto traders about establishing a regulated marketplace for buying and selling Bitcoin. While plans are still in the preliminary stages, the potential launch of Bitcoin trading by the CME signifies an ongoing push from major financial institutions into the crypto landscape.Following the SEC’s approval in January for exchange-traded funds tracking Spot Bitcoin, the CME is reportedly considering offering its potential spot trading service through EBS, a Swiss platform renowned for its stringent regulations on crypto asset trading and storage. The inclusion of spot Bitcoin trading alongside existing Bitcoin futures offerings would enable investors to seamlessly conduct “basis trades.”Basis trades involve borrowing funds to sell futures contracts while simultaneously purchasing the underlying Bitcoin, with the aim of profiting from the slight price differential between them. This strategy is already widely employed in the US Treasury market, and a significant portion of such trades occurs through CME platforms.CME has ascended to become one of the world’s leading Bitcoin futures markets, surpassing Binance. This surge in popularity reflects a renewed wave of institutional investor interest in capitalizing on Bitcoin’s volatility. A 2020 study by Bitwise Asset Management revealed that the CME Bitcoin futures market consistently outpaces the spot market.In an effort to enhance transparency and foster trust in cryptocurrency trading, CME Group has collaborated with CF Benchmarks. Together, they have developed standardized reference rates and spot price indices for popular cryptocurrencies like Bitcoin and Ether, providing a clear and reliable reflection of their values.

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CRYPTO NEWS

Millennium Management, a prominent investment firm, currently holds approximately $2 billion in Bitcoin-linked exchange-traded funds (ETFs), sparking speculation about their bullish outlook for the cryptocurrency.

**Bitcoin Rebounds Strongly, Surpassing $65,930**Bitcoin witnessed a strong rebound, surpassing the $65,930 mark and reaching a peak of $66,591 on Thursday. Softer-than-expected US inflation data fueled this surge by increasing the likelihood of interest rate cuts and boosting investor confidence across the cryptocurrency market.**Positive Spillover Effect Across Major Cryptocurrencies**As Bitcoin climbed, it catalyzed gains across other major cryptocurrencies like Ethereum, Dogecoin, and Ripple, leading to a significant boost in the global cryptocurrency market capitalization, which soared to $2.39 trillion – an impressive 5% gain within the past day.**Institutional Support for Bitcoin Grows**Millennium Management, a prominent hedge fund, has significantly invested in Bitcoin ETFs, holding nearly $2 billion in assets, demonstrating strong institutional support for the digital asset.**Millennium Management's Extensive Investment Portfolio**Millennium Management's investment in spot Bitcoin ETFs totaled approximately $1.94 billion by the end of March, spread across prominent ETFs such as ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin ETF.**Growing Institutional Interest and Positive Outlook**The significant engagement of professional investors like Millennium suggests robust institutional interest in Bitcoin, reinforcing a positive outlook for its future. Matt Hougan of Bitwise expressed optimism, indicating the potential for combined assets under management (AUM) to reach $5 billion.**Economic Data Fuels Uptrend**Yesterday, Bitcoin surged above $66,000 on the back of softer-than-anticipated US Consumer Price Index (CPI) data, which revealed a slower inflation rate of 0.3% month-over-month for April, below the anticipated 0.4%. This unexpected slowdown heightened investor expectations for potential rate cuts.**Increased Inflows for Bitcoin ETFs**On May 15, US-based Bitcoin ETFs witnessed a significant inflow of $303 million, the highest since early March. Fidelity’s FBTC fund and Bitwise’s BITB fund attracted $131 million and $86 million, respectively. Notably, Millennium Management is the largest institutional holder in this space with an investment of $2 billion across various Bitcoin ETFs.**Strong Market Performance and Growing Confidence**This remarkable inflow of funds, coupled with favorable economic indicators, has significantly bolstered Bitcoin’s market value, pushing its price to $66,000. This trend underscores the growing investor confidence in cryptocurrencies as a viable investment amidst shifting economic conditions.

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CRYPTO NEWS

Chinese authorities have dismantled a massive underground banking operation involving approximately $2 billion worth of Tether (USDT).

**China Uncovers Massive Underground Banking Operation Despite Crypto Bans**Chinese police have exposed a vast underground banking operation utilizing the Tether (USDT) stablecoin, despite the government's strict cryptocurrency bans. The Chengdu Municipal Public Security Bureau revealed the discovery of this illicit operation on May 15, capping off an investigation that commenced in November 2022.The organization primarily utilized USDT to bypass foreign exchange regulations and facilitate illegal foreign exchange transactions. By leveraging cryptocurrency, the group escaped the need for intermediaries present in traditional payment systems and maintained anonymity.Despite China's official ban on cryptocurrency and centralized exchanges in 2021, individuals have devised alternative means to access and trade digital assets. Decentralized exchanges and decentralized finance (DeFi) protocols have emerged as substitutes for traditional trading platforms. Some have even resorted to using virtual private networks (VPNs) to cloak their activities.While crypto trading remains prohibited in mainland China, the recent launch of spot Bitcoin and Etherium exchange-traded funds (ETFs) in Hong Kong has offered Chinese investors legal exposure to these digital assets. The CEO of China AMC, Yimei Li, believes these ETFs represent a significant step in making cryptocurrency accessible to mainland Chinese investors.The surge in popularity of these ETFs has been evident, with mainland Chinese investors swiftly flocking towards them. This unprecedented adoption highlights the eagerness of Chinese investors to engage in the cryptocurrency market despite the government's restrictive measures.

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CRYPTO NEWS

Humanity Protocol has secured a significant funding round of $30 million, leading to a staggering valuation of $1 billion. This achievement marks a notable milestone for the organization, elevating its status to that of a coveted unicorn startup.

**Humanity Protocol Achieves Unicorn Status with $30 Million Funding Round**The Humanity Protocol has reached unicorn status following a recent funding round that attracted $30 million, valuing the company at $1 billion. Leading investor Kingsway Capital was joined by prominent investors like Animoca Brands, Blockchain.com, Hashed, Shima Capital, and others in this venture.**Humanity Protocol's Innovative Identity Verification**The protocol stands out by leveraging palm scanning technology to secure users' digital identities on a blockchain. By employing zero-knowledge technology and a unique consensus mechanism called "proof-of-humanity," the platform verifies that users are genuine individuals rather than AI bots. This approach poses as a less intrusive alternative to competitor Worldcoin, which utilizes iris scanning technology and has faced privacy concerns.**Rapid Growth and User Engagement**Since its emergence from stealth mode just one month ago, Humanity Protocol has attracted significant interest. Over half a million people have already joined its waitlist. Founder Terence Kwok, supported by prominent figures like Animoca Brands co-founder Yat Siu and Polygon Labs, has been instrumental in this rapid growth.**Solving the Decentralized Identity Challenge**Yat Siu emphasizes the importance of user-friendly decentralized identity solutions, stating that traditional methods often suffer from either invasiveness, complexity, or inconvenience. In the current landscape of increasing AI reliance and data breaches, Humanity Protocol aims to revolutionize authentication with its user-centric approach.**Data Privacy and Security in the Digital Age**Humanity Protocol prioritizes data security by storing user information in a decentralized manner, ensuring that ownership remains solely with the individual. This approach stands in stark contrast to the data breach statistics reported by IT Governance, which revealed 2,814 incidents involving the compromise of 8.2 billion documents in 2023.**Global Adoption of Blockchain-Based Identity Solutions**Several countries are embracing blockchain technology to enhance identity verification. China and Brazil have announced plans to utilize blockchain for verifying the identities of their immense populations. These initiatives demonstrate the growing recognition of decentralized identity solutions as crucial tools for fostering equity, inclusion, and digital empowerment.

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CRYPTO NEWS

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Coinbase exchange is actively developing services to cater to Australia's massive self-managed pension sector, which holds an estimated $600 billion in assets. The largest US crypto exchange is reportedly crafting a bespoke service to address the burgeoning demand for crypto products among Australian investors. Since self-managed super funds often make only a single allocation and then neglect them, Coinbase is aiming to provide a tailored offering that allows clients to actively manage their crypto investments. Data from the Australian Taxation Office reveals that self-managed pension portfolios constitute a quarter of the country's $2.5 trillion pension system, with AU$1 billion designated towards crypto assets. This allocation has retreated from its 2021 peak of AU$1.5 billion, likely due to reservations among some institutional money managers stemming from past scandals and high volatility in the crypto space. Despite these concerns, recent developments such as potential crypto exchange-traded funds (ETFs) and a surge in Bitcoin prices have resulted in an increase in crypto holdings within self-managed retirement accounts.Furthermore, Michael Houlihan, a prominent wealth management specialist, has issued a public warning against excessive exposure to risky assets. He emphasizes that a significant portion of a portfolio should not be allocated to high-risk investments. Notably, investors who have shown interest in cryptocurrencies typically fall within the age bracket of 40 and have relatively small account balances. This observation aligns with previous instances where Australians utilized DIY pension funds to speculate on cryptocurrencies, only to incur substantial losses. Such speculative endeavors lie outside the purview of the prudential regulator that oversees professionally managed funds. Interestingly, similar regulations are in place in other parts of the world, with the UK explicitly prohibiting self-managed pension funds from directly investing in Bitcoin or other cryptocurrencies.

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CRYPTO NEWS

Bakkt anticipates a significant increase in institutional investor participation in the crypto trading market.

Crypto custody firm Bakkt anticipates a significant rise in institutional investor involvement in the cryptocurrency trading market. This surge in mainstream adoption stems from the recent approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC).During the first quarter ending on March 31, Bakkt witnessed a remarkable 324% surge in crypto trading volume compared to the previous quarter, primarily driven by robust client trading activity. This positive trend indicates a burgeoning demand environment characterized by increased industry activity, higher coin prices, and elevated retail trading volume.Initially designed for retail investors, the existing crypto trading market employs a central limit order book trading structure. However, institutional investors seeking to offer Bitcoin ETFs discovered that this structure does not adequately address their large-scale requirements. Recognizing this gap, Bakkt is developing BakktX, an electronic communication network (ECN) tailored as a purpose-built crypto trading venue for institutions.BakktX promises to deliver high performance, low latency, and cost-effective solutions by leveraging Bakkt's extensive network of liquidity relationships. Additionally, it will feature a low fee structure to incentivize trading volumes and cater to the demands of institutional investors.Beyond the launch of BakktX, Bakkt plans to expand its product offerings, strengthen its client network, deepen existing relationships, and continuously refine its cost structure throughout 2024.To streamline operations and drive profitability, Bakkt recently implemented a restructuring initiative that resulted in a 20% reduction in headcount. This strategic move is estimated to save $7 million in cash during 2024 and $13 million annually.These decisions reflect Bakkt's determination to navigate the evolving crypto trading landscape and allocate resources strategically towards growth areas. By capitalizing on the growing interest of institutional investors and offering a purpose-built trading platform, Bakkt aims to solidify its position as a prominent player in the market.Recent reports indicate a significant decline in trading volume on major cryptocurrency exchanges in April, mirroring the retreat of Bitcoin from its all-time high. Additionally, derivatives trading volume witnessed its first decrease in seven months, falling by 26.1% to $4.57 trillion. Notably, this decline coincided with a surge in trading volume on major CEXs between October 2023 and March 2024.

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CRYPTO NEWS

Tornado Cash developer has appealed their money laundering conviction, aiming to overturn the verdict and regain control of their assets.

Alexey Pertsev, the developer behind Tornado Cash, has formally appealed the money laundering conviction he received from the s-Hertogenbosch court of appeal. The appeal process is expected to take several months, with the outcome still uncertain. Following the verdict, Pertsev was immediately taken into custody to serve his 64-month prison sentence.The court concluded that Tornado Cash posed no obstacle for individuals with illicit assets, as evidenced by their assessment. This assessment formed the basis for the court's finding of guilt regarding Pertsev's alleged money laundering activities.Pertsev was detained in the Netherlands in August 2022 after Tornado Cash was blacklisted by the U.S. government. The U.S. Treasury accused the platform of being instrumental in hacks attributed to the North Korean hacking group Lazarus.Roman Storm and Roman Semenov, also involved in Tornado Cash's development, face similar charges of money laundering and sanctions violations in the United States. Storm's trial is scheduled for September, while Semenov remains at large.Storm attempted to dismiss all charges against him in March, claiming he did not engage in money laundering or violate applicable legislation. However, the U.S. Department of Justice rejected this motion, citing the platform's clearly established functionality as a mixer.Several legislative proposals have emerged in response to the prevalence of cryptocurrency mixers like Tornado Cash. The US Blockchain Integrity Act would penalize financial institutions and exchanges that handle funds processed through mixers, imposing civil penalties of up to $100,000 for violations.Recent actions by the U.S. government indicate a continued crackdown on crypto-mixing services. The founder of Bitcoin Fog, another prominent mixer, was recently convicted of money laundering. Additionally, the Treasury Department added Tornado Cash to their Specially Designated Nationals list, effectively prohibiting American engagement with the platform.

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CRYPTO NEWS

Market attention shifts to US inflation data release, sparking speculation about Bitcoin's next move. Could the release trigger a resurgence in the Bitcoin bull market?

**Bitcoin Price Surges Amid Cooling Inflation Data**Bitcoin’s price surged by 7.50% to reach $66,350 following the release of the latest U.S. inflation data. The consumer price index (CPI) rose by 0.3% in April, lower than the previous month’s 0.4% and 0.4% in February, suggesting that inflation is gradually slowing down.**CPI Data Points to Cooling Inflation**The lower-than-expected CPI increase is considered positive news as it indicates cooling inflation. This aligns with other data showing a slowdown in retail sales, indicating that domestic demand is easing. The subdued demand is seen as favorable for Federal Reserve officials attempting to achieve a “soft landing” for the economy without causing a recession.**Shelter and Gasoline Prices Drive CPI Increase**Shelter costs, including rents, and gasoline prices recorded significant increases. Shelter costs rose by 0.4% for the third consecutive month, while gasoline prices soared by 2.8%. These two categories contributed over 70% to the CPI increase. In contrast, food prices remained unchanged, with notable decreases in supermarket prices for items like eggs.**Inflation Moderates, Market Responds**Year-over-year, the CPI increased by 3.4% in April, down slightly from the previous month. This marked a significant slowdown from the peak inflation of 9.1% recorded in June 2022. The moderation in inflation has led to market expectations of a potential interest rate cut by the Federal Reserve in September.**Central Bank Response and Market Impact**Federal Reserve Chair Jerome Powell acknowledged that inflation is gradually declining but expressed expectations that it would continue to move downwards towards the central bank’s target of 2%. The anticipation of a rate cut has led to market movements, with stock markets rising, the dollar weakening, and U.S. Treasury prices climbing.**Bitcoin Price Analysis**Bitcoin is currently trading at $66,350, up 7.50%. The 4-hour chart exhibits a strong bullish rally, with the price breaking out of a symmetrical triangle pattern around the $63,300 level. This breakout is supported by two significant bullish engulfing candles.**Potential Market Indecision and Price Levels**While the outlook remains bullish, caution is advised due to recent candlestick formations suggesting potential market indecision. Overbought RSI readings of 78 further hint at the possibility of a forthcoming bearish correction. Key price levels to watch include the pivot point at $65,150 and the immediate resistance levels at $67,300, $68,545, and $70,000.

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CRYPTO NEWS

Vanguard's new chief executive officer has clarified that the company has no immediate plans to launch a Bitcoin exchange-traded fund, despite significant industry interest.

Salim Ramji, the newly appointed CEO of Vanguard, has confirmed that the company will not reverse its decision to abstain from launching a spot Bitcoin exchange-traded fund (ETF). In a recent interview with Barron's, Ramji, who previously led BlackRock's global ETF business, emphasized Vanguard's commitment to consistency, stating that cryptocurrency-related investment products do not align with the firm's investment philosophy.Earlier this year, Ramji oversaw the launch of BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which has attracted $18 billion in assets under management. Despite his personal interest in cryptocurrencies, Ramji's move to Vanguard sparked speculation about potential changes at the company.In contrast to Vanguard's stance, other investment management firms like Fidelity and nine others have already launched spot Bitcoin funds, collectively netting over $12 billion in net inflows. Despite Vanguard's substantial assets under management of $8.6 trillion, the company views cryptocurrencies as speculative investments and considers the asset class to be in its nascent stages of development.While Bloomberg ETF analyst James Seyffart does not anticipate Ramji introducing a Vanguard spot Bitcoin ETF, he suggests that the CEO might reconsider the company's policy of excluding clients from purchasing other spot Bitcoin ETFs through Vanguard's brokerage platform.In March, Vanguard's outgoing CEO, Tim Buckley, expressed his belief that a Bitcoin ETF is not appropriate for long-term retirement portfolios, classifying it as a speculative asset. Buckley's statement followed customer dissatisfaction after Vanguard temporarily blocked access to spot Bitcoin ETFs following their release by other firms.It is worth noting that Vanguard indirectly holds exposure to Bitcoin through its stake in MicroStrategy, where it stands as the second-largest institutional shareholder. Despite Vanguard's resolute refusal to launch a Bitcoin ETF, rival investment companies are experiencing positive inflows as Bitcoin reclaimed the $66,000 mark with a 7% surge on May 16.Preliminary data from Farside Investors reveals that net inflows for May 15 across all U.S. spot Bitcoin ETFs exceeded $300 million, except for BlackRock's IBIT, whose results were not yet available. Financial institutions like Morgan Stanley are exploring the possibility of expanding their sales of Bitcoin ETFs by empowering their approximately 15,000 brokers to actively recommend these products to customers.LPL Financial, the largest independent brokerage with over 22,000 brokers, announced plans in February to assess which Bitcoin funds it could offer to customers.

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CRYPTO NEWS

South Korean police officers are facing trial in connection with bribery allegations related to cryptocurrency fraud.

Two South Korean police officers stand accused in an ongoing trial involving alleged bribery in a high-profile crypto fraud case. The Namdo Ilbo newspaper reported on May 14th that the Gwangju District Court’s Criminal Division commenced the trial of a 59-year-old superintendent police officer, referred to as “A” for legal reasons. The court is also trying a 57-year-old police lieutenant (“B”) from the same station.The case revolves around an alleged crypto fraudster identified as Tak, who is accused of masterminding an art-themed altcoin scam. Police believe Tak deceived numerous crypto enthusiasts out of approximately $2.1 million in fiat and cryptocurrencies. They accuse him of running a fraudulent Ethereum (ETH) and NFT-related project. Additionally, officers allege that Tak convinced several individuals to invest in a bogus crypto-related company.When law enforcement and prosecutors began investigating Tak, the alleged fraudster hired a legal “broker” named Seong (aged 62). Prosecutors claimed that Seong paid the superintendent over $7,300 in cash bribes on two occasions to influence B’s promotion. The court recorded two instances where Seong met with the superintendent police officer at restaurants on February 4th and 15th. Both officers have been suspended from their positions during the trials.Seong appears to have cultivated connections within the local police force and the Gwangju and Mokpo prosecution services. Tak has confessed to providing Seong with money to bribe prosecution officials and police officers in an attempt to clear his name. However, this strategy appears to have failed. Last month, a Mokpo prosecutor was jailed for a year after accepting a bribe from Seong.Seong confessed to placing envelopes filled with cash into both police officers’ coat pockets, which were hanging on pegs in the restaurant. A’s legal team disputed the allegations, questioning the timing of the bribe request and the accuracy of the account. The defense lawyers also inquired whether Seong explicitly requested the superintendent’s promotion when handing over the alleged bribes. Seong claimed to have limited recollection of the events from February 2022, citing his haste at the time.The court will reconvene on June 11th. Additional officers are expected to face trial in the coming weeks and months. The media outlet reported that the prosecution has indicted 18 individuals in connection with the case, including former and current prosecutors and police officials, as well as another broker.

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CRYPTO NEWS

Bitcoin price surged 5% to $65,000 following the release of Consumer Price Index (CPI) data, sparking speculation of a potential breakout from its current range.

The Bitcoin (BTC) price surged by more than 5% back to the $65,000 level on Wednesday, spurred by US Consumer Price Index (CPI) data showing a moderation in price pressures in April, which supported expectations that the Federal Reserve will be able to reduce interest rates several times before the end of 2024.The surge in the Bitcoin price coincided with a 0.9% jump to new all-time highs for the S&P 500. Meanwhile, US bond yields and the US Dollar Index slumped to one-month lows.Traders are increasingly confident that there will be at least one reduction in interest rates by September, with data from the Chicago Mercantile Exchange (CME) indicating a 71% probability of this occurring. This probability had previously been around 65% just a day ago.Bitcoin is currently facing a crucial technical barrier in the form of its 50-day moving average (DMA) at $65,166. If the price can break above this level and its May highs around $65,500, further short-term upside could follow. The next significant level to watch will be the late-April highs around $67,000, with potential for a retest of yearly highs in the $73,000 range.Concerns about a gradual rise in inflation in the first quarter of 2024 had previously weighed heavily on Bitcoin in recent months. Sticky inflation at the beginning of the year compelled markets to anticipate aggressive reductions in Federal Reserve interest rates. This was likely the primary reason for the stall in Bitcoin's price after it reached new record highs near $74,000 ahead of the upcoming halving event.Since then, the cryptocurrency has remained within a consolidation range, trading primarily between $60,000 and $70,000. However, the latest inflation report suggests that the Q1 inflation surge is unlikely to persist. If concerns about inflation abate from here on out, it could potentially shift from being a headwind to Bitcoin to becoming a tailwind in the medium term.While the outlook remains uncertain, historical data suggests that May has not been a favorable month for Bitcoin in recent years. Statistics from bitcoinmonthlyreturn.com indicate that the cryptocurrency experienced declines of 35%, 15.5%, and 7% in 2021, 2022, and 2023, respectively. Similarly, research from Steno Research suggests that Bitcoin has historically performed poorly during the middle months of the year over the past five years. Additionally, post-halving rallies typically emerge 4-6 months after the halving event. Given these historical patterns, a significant upward movement in Bitcoin price is unlikely before August of this year.However, the unique circumstances of 2024, with an impending election, could potentially disrupt this trend. Historically, markets tend to experience rallies in the lead-up to elections, often breaking out of their typical bearish summer conditions. This possibility adds an additional layer of uncertainty to the outlook for Bitcoin in the coming months.Despite the existing risks, the long-term price potential for Bitcoin remains strongly positive. Interest rate reductions, the upcoming halving event, continued government spending, and increased demand for spot Bitcoin exchange-traded funds (ETFs) are factors that could potentially drive BTC above $100,000 in 2024 or 2025.

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CRYPTO NEWS

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Crucible, a game and 3D world builder, has announced the upcoming launch of the Emergence Marketplace this Summer. As per the shared press release, this innovative 3D on-chain marketplace will be unique in the industry, focusing on the trading of interoperable assets with high utility across games and worlds. Users can already sign up for early access and express their interest in joining the marketplace.Developed by the Open Meta Association, a collaborative community of creators, game developers, and players, the Emergence Marketplace aims to empower individuals with the ability to fully own, transport, share, create, trade, and sell their digital assets. This ambitious project is a culmination of extensive research and development, building upon the success of the Emergence SDK, which has already been downloaded over 55,000 times by game developers.The marketplace will not only provide creators with tools to showcase their work but will also extend valuable resources for developers. Both creative minds and technical experts will benefit from new avenues for engagement, community building, and professional growth.Emergence has established itself as a thriving platform, offering a comprehensive ‘full stack’ of developer tools seamlessly integrated within popular game engines. This rapid growth has positioned Emergence as the central hub for connecting players, creators, collectors, and developers within the Open Metaverse.The addition of the Marketplace further enhances Emergence’s multifaceted capabilities, establishing it as a central hub for players and collectors of 3D assets. Additionally, the marketplace will incentivize valuable contributions to the open future, rewarding users for their participation in playing, creating, or developing within the ecosystem.Crucible’s Founder and CEO, Ryan Gill, emphasizes the potential of on-chain 3D assets, stating that “almost none of them are currently traded on blockchain platforms.” Emergence tackles this gap by creating a fully native and blockchain-powered marketplace specifically designed for 3D assets.

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CRYPTO NEWS

Chinese authorities have uncovered a massive $2 billion illegal foreign exchange scheme involving Tether's USDT token. Regulatory measures are reportedly being considered in response to the investigation.

Chinese police in Sichuan province apprehended several suspects involved in an underground banking scheme on May 15. The suspects were accused of facilitating illicit foreign exchange transactions involving approximately $2 billion worth of Tether's USDT tokens.According to a report by Baijiahao.baidu, the Sichuan police arrested the suspects for allegedly utilizing USDT to circumvent national foreign exchange supervision and provide illegal settlement channels.The operation shut down a major underground banking scheme responsible for smuggling operations worth 13.8 billion Chinese yuan, roughly equivalent to $1.9 billion. It was revealed that USDT had been utilized as the conduit for these illicit transactions.The scheme spanned 26 provinces across China, encompassing municipalities and autonomous regions. Over 90 suspects were apprehended in connection with the operation.Stablecoins like USDT have become susceptible to manipulation due to their price stability and the anonymity offered by cryptocurrency, making them suitable for storing and transferring funds without the risk of price fluctuations.This latest arrest of suspects involved in illicit foreign exchange transactions follows a similar incident involving the arrest of Cartier's heir, Maximilien de Hoop Cartier, by the US Department of Justice (DoJ).The DoJ's indictment revealed that Hoop Cartier allegedly collaborated with a Colombian drug cartel to import 100 kilos of cocaine and laundered hundreds of millions of dollars through over-the-counter (OTC) USDT stablecoin trades.Instances of malicious entities employing USDT for money laundering have been previously reported. A United Nations Office on Drugs and Crime report identified USDT as a prominent tool utilized by money launderers and fraudsters.Ripple CEO Brad Garlinghouse further fueled speculation about targeted regulatory action against Tether, suggesting in an interview that the US government is focusing on the company. While expressing uncertainty about the potential consequences, Garlinghouse stated that Tether significantly influences the cryptocurrency market.Tether CEO Paolo Ardoino responded to Garlinghouse's comments, accusing him of being uninformed and emphasizing Tether's collaborative efforts with global law enforcement agencies to combat illicit activities. Ardoino disclosed that Tether has partnered with 24 agencies in over 40 countries and successfully blocked wallets in response to 198 requests in the past year and 339 requests over the past three years.Despite these measures and pronouncements, doubts linger about the legitimacy of the US government's anticipated regulatory scrutiny of Tether. Recent actions taken by Tether, such as freezing $5.2 million worth of USDT due to phishing scams, and partnering with Chainalysis to develop monitoring tools, suggest that the company is proactively addressing these concerns.

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CRYPTO NEWS

KuCoin has temporarily suspended peer-to-peer trading involving the Nigerian Naira due to compliance obligations.

KuCoin has temporarily suspended all naira-based peer-to-peer (P2P) trading in response to heightened regulatory scrutiny from Nigerian authorities. This move follows a meeting between the Securities and Exchange Commission (SEC) and industry players, where P2P trading was urged to cease.In a blog post, KuCoin notified its users of the temporary suspension of P2P naira services and Fast Buy service via Naira card, citing ongoing efforts to enhance their services. The exchange's decision to halt P2P trading appears to be an attempt to avoid regulatory violations following recent federal charges faced by another major exchange, Binance.The Nigerian government has intensified its scrutiny of P2P cryptocurrency trading, instructing fintechs and banks to close bank accounts associated with trading and report such accounts to the authorities. The Economic and Financial Crimes Commission (EFCC) has also taken action by blocking thousands of accounts involved in crypto trading.During a meeting on May 7, the SEC's Director-General, Emomotimi Agama, expressed concerns about the negative impact of P2P crypto trading on the exchange rate of the naira. Despite these measures, the naira continues to face challenges, falling to N1,520 per Dollar at the parallel market on Monday.Binance CEO Richard Teng accused a Nigerian government official of pressuring the exchange to accept a secret agreement to settle Nigeria's claims, claiming the agreement involved a $150 million bribe. Nigeria responded by denying any such bribery attempt, claiming Binance's accusation is a diversionary tactic.Binance recently discontinued all services involving the Nigerian local fiat currency, the Nigerian naira (NGN), following regulatory scrutiny. Earlier, the Nigerian government imposed a $10 billion fine on Binance as part of a crackdown on the platform. Binance has faced increasing regulatory scrutiny worldwide, with charges filed in both the US and the Commodity Futures Trading Commission (CFTC).

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