Crypto becomes US election talking point as Trump and Biden share their stance on the industry May 10, 2024 “The enemy of my enemy is my friend” may be an apt phrase to describe the upcoming US election in relation to crypto. The current Biden administration has demonstrated its disdain towards the industry with increasing aggression recently. On Wednesday, the Biden administration also publically chose their side, and may have made US crypto holders’ election voting decision a lot simpler.
FTX estate will recover up to $16.3 billion to creditors May 9, 2024 2022 was a traumatic year for the crypto industry. After Terra's implosion in May, the summer saw numerous bankruptcies from seemingly reputable crypto entities due to lacking risk management. Sam Bankman-Fried (SBF) appeared to have a plan to save them all. People heralded him as the "JP Morgan of Crypto" after he made several nine-figure investments to rescue the crypto economy, similar to JP Morgan's early 1900s actions to backstop financial institutions. However, by November 2022, SBF's own companies faced jeopardy. On November 11, 2022, FTX filed for Chapter 11 bankruptcy. Now, almost 18 months later, it seems creditors will be more than compensated.
Grayscale’s GBTC experiences first two days of Bitcoin ETF inflows as market rebounds May 8, 2024 The past two weeks of US Bitcoin spot ETF inflows were less than disappointing. The bullish camp suspected that after the halving, the ETFs would see a surge of inflows. The bears believed it would be a sell the news event, with the halving’s bullish effects already exaggeratedly priced. So far, it seems the bears have been correct, but with the latest ETF inflows, could the correction be complete and the market sentiment shifting?
Crypto’s Social Finance platform FriendTech experiences volatile token launch May 7, 2024 The beauty of crypto is it encompasses a variety of already existing and emerging sectors. Social Finance (SoFi) is an example of this. It merges already existing Web 2.0 social media platforms and ideas, with features and incentive mechanisms of Decentralised Finance (DeFi). Last Friday, the SoFi platform FriendTech launched and airdropped their own token (FRIEND) on Base. As always with crypto, there was not a lack of volatility.
Tether posts record Q1 profits as USDT keeps growing May 3, 2024 The second quarter of 2024 has been off to a rocky start for crypto. Currently, down around 20% from Bitcoin’s $73,700 high, the market has been hurting from threats of world war three, sustained US inflation and what seems like an onslaught of attacks from the US government. One crypto company in particular will be missing Q1 after they just released details of its incredible performance.
Former Binance CEO faces four months behind bars May 2, 2024 On Tuesday, crypto took another blow from the US as industry icon “CZ” was sent to prison. This time it was Changpeng Zhao (CZ), the founder and former CEO of Binance, crypto’s largest centralised exchange, feeling the wrath of the US government. CZ received a four-month federal prison sentence for his role as CEO of the exchange and for breaching the Bank Secrecy Act. He will be the first CEO to go to prison for non-compliance with this act.
EigenLayer’s airdrop disappoints through “non-transferable” clause May 1, 2024 There is no doubt EigenLayer, and the “restaking” narrative it has introduced, has attracted a lot of attention. The protocol has absorbed over $15 billion in staked Ethereum and has become a major talking point. On Monday, the protocol released details on its eagerly anticipated token and airdrop.
Consensys swings first at the SEC April 30, 2024 So far, US-based court cases have littered this cycle, and the number of cases continues to grow. Previously, we saw Greyscale’s success in court enable the Bitcoin spot ETFs and fuel crypto’s move to new all-time highs. Currently, there is an ongoing feud between the SEC and exchanges Coinbase and Kraken. Recently, the regulator also picked a new nemesis in DeFi, suing decentralised exchange Uniswap.
Staking cryptocurrencies: securing the network and earning rewards April 29, 2024 When you put your money in a bank account, the bank puts that money to work - and gives you miniscule fractions of the rewards earned. In this article we’re going to show you how you can utilise your crypto assets to earn passive income in a low risk manner, keep 100% of the profits, all while being a positive contributor to the blockchain ecosystem.
Stablecoins are starting to win the payments use case April 29, 2024 fter a 6-year break, Stripe, the payment giant, announced that it is re-introducing Crypto payments. This time it will not be Bitcoin, a clunky payment channel at best, but USDC, the stablecoin. It will be running on Solana and Ethereum rails and instantly convert to Fiat.