Move over Bitcoin, Ordinals on Litecoin and Dogecoin have unleashed a frenzy of transactions.
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Crypto hacks falling in Q1 is but a 'temporary reprieve' — Blockchain firm
It was warned that the amount stolen in Q1 2023 mirrors Q2 2022, which was followed by a “record setting number of hacks.”
These 4 altcoins could be ready for an up-move if Bitcoin rallies above $27,500
Bitcoin price could be gearing up for a decisive move, which could set the stage for XRP, LTC, RNDR and CFX.
Bitcoin, Ethereum bears are back in control — Two derivative metrics suggest
A bearish market structure has been pressuring cryptocurrencies’ prices for the past six weeks, driving the total market capitalization to its lowest level in two months at $1.13 trillion. According to two derivative metrics, crypto bulls will have a hard time to break the downtrend, even though analyzing a shorter timeframe provides a neutral view with Bitcoin (BTC), Ether (ETH) and BNB, on average, gaining 0.3% between May 12 and May 19.
Total crypto market cap in USD, 12-hour. Source: TradingViewNotice that the descending wedge formation initiated in mid-April could last until July, indicating that an eventual break to the upside would require an extra effort from the bulls.
Furthermore, there’s the impending U.S. debt ceiling standoff, as the U.S. Treasury is quickly running out of cash.
Even if the majority of investors believe that the Biden administration will be able to strike a deal before the effective default of its debt, no one can exclude the possibility of a government shutdown and subsequent default.
Gold or stablecoins as a safe haven?
Not even gold, which used to be considered the world’s safest asset class, has been immune to the recent correction, as the precious metal traded down from $2,050 on May 4 to the present $1,980 level.
Wife finds husband’s Bitcoin stash amid divorce proceedings
The woman initially suspected that her husband — who earned $3 million per year — did not reveal all his assets, which would get split between the two during the divorce.
Attacker hijacks Tornado Cash governance via malicious proposal
The total control over Tornado Cash governance allows the attacker to withdraw all of the locked votes, drain all of the tokens in the governance contract and brick the router.
Hyperbitcoinization is underway, RFK seeks Bitcoin donations and other news: Hodler’s Digest, May 14-20
Hyperbitcoinization is on the horizon, Bitcoin gets a seat on U.S. presidential candidates agendas and Voyager’s fund recovery plan approved.
Hyperbitcoinization is underway, RFK seeks Bitcoin donations and other news: Hodler’s Digest, May 14-20
Top Stories This Week
Hyperbitcoinization coming, says Bitcoin OG as ‘wholecoiners’ hit 1 million
Bitcoin has crossed a significant threshold this month — there are over 1 million addresses that hold at least 1 BTC. Data from Glassnode shows an escalating pattern with regard to the amount of so-called Bitcoin “wholecoiners.” If the trend continues, Bitcoin price escalation could soon make buying it not only a luxury but something potentially unattainable altogether, according to Adam Back, co-founder and CEO of Bitcoin firm Blockstream. This hyperbitcoinization refers to the moment when the benefits of Bitcoin for financial transactions will eventually lead to the replacement of established financial institutions by a public-driven system, with Bitcoin becoming the world’s default value system.
FTX pursues $244M clawback from ‘wildly inflated’ Embed acquisition deal
FTX’s leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. According to court filings, Embed’s own chief technology officer, Laurence Beal, was stunned that FTX paid so much for the company after one short meeting with its then-CEO, Michael Giles. Beal described FTX’s due diligence process with a cowboy emoji. Lawyers accused FTX insiders of disproportionate payouts to Embed shareholders, including $55 million paid to its CEO.
Robert F. Kennedy Jr. to accept campaign donations in Bitcoin
Robert F. Kennedy Jr. will be the first presidential candidate in United States history to accept campaign donations in Bitcoin, he announced during his first appearance as a presidential candidate at the Bitcoin 2023 conference. He praised the cryptocurrency as a “symbol of democracy and freedom” during the event. By having attended the Bitcoin event, RFK Jr. is not only targeting voters but also a potential source of millions of dollars in donations. The democratic candidate is incumbent President Joe Biden.
Voyager bankruptcy plan approved, customers may recover 35.7% of claims initially
Voyager’s bankruptcy plan was approved on May 17 and its customers could now expect to receive 35.72% of their claims initially, either in crypto via the Voyager app or in cash, after 30 days. According to Voyager, it had $1.33 billion of assets for recovery as of May 8, of which $629.8 million was available for initial recovery, on claims of $1.8 billion. If FTX/Alameda Research’s claim for preferential recovery is unsuccessful, creditors’ initial recovery could increase. For that claim, Voyager is holding back $445 million. Voyager may also be able to recover funds from bankrupt crypto hedge fund Three Arrows Capital.
Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees” for storing Bitcoin on the platform — leading to some accounts being drained entirely of their funds. One New York investor incurred fees exceeding $10,000 in a single month, while another investor was hit with fees amounting to $51,000 over a span of 13 months, said the office of the New York State Attorney General.
Bitcoin forgets Fed as trader eyes classic BTC price 'liquidity hunt'
Bitcoin (BTC) remained stuck inside a narrow range into May 20 as cryptocurrency markets shook off United States macro triggers.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingViewPowell leaves market with "tons of uncertainty"
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading just below $27,000.
The pair had seen brief volatility after Jerome Powell, Chair of the Federal Reserve, gave new commentary on policy and the outlook for inflation.
While leaving the door open for change should it be required, Powell’s language did not offer risk assets clear signals. Responding, financial commentary resource, The Kobeissi Letter, warned that “tons of uncertainty” lay ahead.
Bitcoin nonetheless soon forgot the event, returning to a range already familiar from the weekend prior.
Bitcoin Ordinals' total mintage fees increase 700% from April: Report
The total number of Bitcoin Ordinals has surpassed 8 million since its inception in January.
Monero community lashes out against ‘Mordinals’ amid privacy concerns
It’s always been possible to store arbitrary data alongside blockchain transactions, but NFTs on Monero introduce a slew of new concerns.
Bankrupt crypto hedge fund 3AC’s NFT auction fetches $2.5M
Three Arrows Capital is currently undergoing bankruptcy proceedings and owes an estimated $3.5 billion to creditors.
$3M worth of customer funds swiped via alleged Swaprum DEX rug pull
Promptly after the funds went missing, Swaprum’s Twitter, Telegram and Github accounts were all deleted, however its website is still up.
BitDAO passes BIP-21 token optimization and branding proposal
A proposal to unify branding between the Mantle network and BitDAO passed with overwhelming support.
US Justice Department on the hunt for DeFi hackers and thieves: Finance Redefined
The total value locked in DeFi protocols fell below $50 billion after nearly a month of bullish price action.
Ripple and SEC seek extension for unsealing Hinman documents
According to court documents shared by James Filan, the Hinman materials will likely be unsealed by June 13.
Bitcoin cleans up the environment and helps catch criminals: US Senator Cynthia Lummis
U.S. Senator Cynthia Lummis joined Chamber of Digital Commerce CEO Perianne Boring on stage at Bitcoin Miami 2023 for a lengthy discussion on regulation.
Breaking: Robert F. Kennedy Jr. to accept campaign donations in Bitcoin
It is the first political campaign in U.S. history to accept Bitcoin donations.
Jack Dorsey's TBD announces new Web5 toolkit
The Web5 toolkit aspires to put the control of data and identity into the hands of users
MIAX completes acquisition of FTX subsidiary LedgerX
The deal was announced in April and approved by the bankruptcy judge on May 4.