DOGE investor lawsuit against Elon Musk, the Satoshi Nakamoto chatbot, and the ongoing crypto debanking worldwide.
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Musk’s alleged price manipulation, the Satoshi AI chatbot and more: Hodler’s Digest, May 28 – June 3
DOGE investor lawsuit against Elon Musk, the Satoshi Nakamoto chatbot, and the ongoing crypto debanking worldwide.
Musk’s alleged price manipulation, the Satoshi AI chatbot and more: Hodler’s Digest, May 28 – June 3
Top Stories This Week
Dogecoin investors accuse Elon Musk of insider trading in amended class-action lawsuit
A group of Dogecoin investors has requested leave to amend a class-action lawsuit against tech entrepreneur Elon Musk, alleging he is responsible for insider trading of DOGE and asserting the token is a security under U.S. Securities and Exchange Commission regulations. According to the complaint, Musk profited off DOGE trading at the expense of other investors by causing the price of the token to spike through actions including changing Twitter’s logo to the Dogecoin logo. As one of the world’s richest people, the Twitter CEO has made frequent statements about Dogecoin to his millions of followers since 2019, often causing the price of the token to surge.
Satoshi Nak-AI-moto: Bitcoin’s creator has become an AI chatbot
Satoshi Nakamoto may have effectively disappeared over 12 years ago, but two artificial intelligence dabblers are seeking to revive the ability to chat with the famed Bitcoin creator. The model, essentially, is OpenAI’s ChatGPT trained on a limited data set, including Nakamoto’s public emails and forum posts, as well as other Bitcoin sources. In testing, the chatbot generates responses that are typically uncertain of the future of fiat currencies and hopeful about Bitcoin. Its goal is to show that AI tools could potentially be used in education, one of the creators said.
Buying a bank won’t solve crypto’s debanking issue — Binance CEO
Binance CEO Changpeng “CZ” Zhao has considered acquiring a bank amid the ongoing debanking of crypto firms across the globe. However, according to CZ, regulatory complexity and capital requirements make it unwise for Binance. “The reality is much more complex than the concept,” said the crypto executive. Binance has recently lost its fiat on-ramp and off-ramp partner in Australia — after difficulties finding a bank partner in the United States earlier this year. The company has been seeking a new payment provider in the country.
Crypto.com has been granted a major payment institution license for digital payment token (DPT) services in Singapore. With the license, the crypto exchange is now authorized to offer its DPT services to customers in the country. The latest announcement adds to Crypto.com’s track record of securing regulatory licenses. The exchange has also been granted registration and/or licenses in France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece and Cyprus..
Web3 developer Magic raises $52M in funding led by PayPal Ventures
Wallet-as-a-service provider Magic raised $52 million in a strategic funding round led by PayPal Ventures. The funding round also saw participation from venture firms Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing Magic’s total funds raised to over $80 million. Magic’s software is currently used by brands in retail, music, fashion and gaming, including Mattel, Macy’s, Xsolla and Immutable. Founded in 2020, Magic has generated over 20 million unique wallets to date.
Rapid growth in DeFi-focused Ethereum liquid staking derivatives platforms raises eyebrows
ETH use in DeFi is down due to an uptick in staking, but rapid growth in LSDfi could be a bull market catalyst.
Rapid growth in DeFi-focused Ethereum liquid staking derivatives platforms raises eyebrows
Ether’s (ETH) decentralized finance (DeFi) activity has declined in the bear market, and the sector faces further competition from Ethereum’s annual staking reward of 4%, according to Glassnode analysts. However, a DeFi narrative is building around liquid staking derivative (LSD) tokens, which could revive Ethereum’s network activity.
The percentage of gas consumed by DeFi protocols has dropped from 34% in 2020 to between 8% and 16% presently, with nonfungible tokens (NFTs) commanding the maximum share of 25–30%, according to a recent report from Glassnode.
Ethereum gas usage by transaction type. Source: GlassnodeGlassnode’s supply-weighted price index for DeFi, priced in United States dollars and ETH, recorded a 90% loss since early 2021.
The so-called DeFi “blue chips,” which represent a basket of governance tokens from well-known DeFi protocols like Uniswap (UNI), MakerDAO (MKR), Aave (AAVE), Compound (COMP), Balancer (BAL) and SushiSwap (SUSHI), have lost 88% of their market capitalization from all-time highs of $45 billion in May 2021.
ETH vs. DeFi tokens price performance. Source: GlassnodeDeFi blue chip tokens have underperformed against ETH during bullish market rallies and experienced a more severe drop than ETH “on the downside during the bear.” The analysts predict that since the staking of ETH now yields 4%, it will act as a “new hurdle rate over which token returns must jump.” This yield represents the benchmark rate for Ether investors.
Brazil's crypto exchange Mercado Bitcoin licensed as payment provider: Report
As a payment institution, the new fintech MB Pay will enable certain digital banking services to the crypto exchange's users in the country.
Is Biden’s controversial Bitcoin mining tax dead or set to rise from the ashes?
References to the tax were removed from the U.S. debt bill, but that doesn’t mean it’s gone for good.
Uniswap scam alert: Fraudsters impersonate executives and create fake website
Uniswap and its foundation have no association with the scam as efforts are being made to combat it.
US lawmakers aim for crypto regulatory clarity with proposed bill putting the screws to SEC
The framework under the bill would allow certain tokens to qualify as digital commodities if they were decentralized and crack down on the SEC’s previous approach to crypto.
Arbitrum price soars after DeFi whale address resumes ARB accumulation
On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit.
Why is the ARB price up today?
The price of Arbitrum (ARB) rose 9% to an intraday high of $1.25, beating the crypto market’s total overall gains of 1.5% in the same period.
ARB/USDT vs. total daily price chart. Source: TradingViewArbitrum’s outperformance coincided with some strange buying activity associated with popular trader Andrew Kang’s crypto addresses.
Notably, on June 2, the Mechanism Capital co-founder deposited $1 million worth of stablecoins into Arbitrum pools and spent over 20% of it buying RDNT, the native token of decentralized finance lending platform Radiant Capital.
Andrew Kang's crypto activity snapped on June 2. Source: LookonchainLater, Kang exchanged his newly bought and existing RDNT reserves for $867,000 worth of ARB. Then, he deposited the proceeds to Radiant Capital to borrow Circle’s USD Coin (USDC), according to data resource Lookonchain.
Arbitrum price soars after DeFi whale address resumes ARB accumulation
On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit.
Why is the ARB price up today?
The price of Arbitrum (ARB) rose 9% to an intraday high of $1.25, beating the crypto market’s total overall gains of 1.5% in the same period.
ARB/USDT vs. total daily price chart. Source: TradingViewArbitrum’s outperformance coincided with some strange buying activity associated with popular trader Andrew Kang’s crypto addresses.
Notably, on June 2, the Mechanism Capital co-founder deposited $1 million worth of stablecoins into Arbitrum pools and spent over 20% of it buying RDNT, the native token of decentralized finance lending platform Radiant Capital.
Andrew Kang's crypto activity snapped on June 2. Source: LookonchainLater, Kang exchanged his newly bought and existing RDNT reserves for $867,000 worth of ARB. Then, he deposited the proceeds to Radiant Capital to borrow Circle’s USD Coin (USDC), according to data resource Lookonchain.
Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches
The wallet developer also raised $4.5 million from HackVC and other firms to further advance ZK-based enterprise solutions.
Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches
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Demox Labs has debuted a new wallet for the privacy-oriented Aleo blockchain network, according to a June 1 announcement. Called “Leo,” the wallet allows users to generate zero-knowledge (ZK) proofs within their browsers, letting them interact with Aleo’s ZK-based apps. Aleo is in its testnet phase but expects to launch a mainnet later this year.
According to the announcement, Demox also raised $4.5 million from investors to further develop ZK-proof technology through Aleo and other networks. Over 40,000 users signed up for the Leo wallet waitlist in the period leading up to its debut.
The funding round was led by venture capital firm HackVC and included participation from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea and CSquared. The funds will be used to make Leo compatible with other ZK-proof blockchains and develop Web3 applications for enterprises.
Demox Labs co-founder and CEO Barron Caster saw the wallet’s launch and fundraise as the start of a new privacy-focused era in Web3:
Evertas expands crypto insurance offerings to include mining and raises limits
Crypto insurance underwriter Evertas will increase coverage limits to $420 million per policy while adding additional mining coverage.
Price analysis 6/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
The United States equities markets rallied sharply on June 2 even though the nonfarm payrolls in May rose 339,000, blowing past economists’ expectations of a 190,000 increase. A few analysts pointed out that the market was possibly encouraged by the slower growth rate of hourly earnings which was slightly below estimates and an uptick in the unemployment rate.
The rally in the equities markets failed to act as a tailwind to the cryptocurrency markets, which remain stuck in a range. Galaxy Digital CEO Mike Novogratz said in an interview with CNBC that the lack of enthusiasm in the crypto markets was due to absence of institutional buying.
Daily cryptocurrency market performance. Source: Coin360Bitcoin’s (BTC) historical performance in June does not give a clear advantage either to the bulls or the bears. According to CoinGlass data, between 2013 and 2022, there have been an equal number of positive and negative monthly closes in June.
Will buyers defend the respective support levels and start a strong recovery in Bitcoin and select altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has been trading inside a descending channel pattern for the past few days. The price closed below the 20-day exponential moving average ($27,239) on May 31 but the bears are struggling to maintain the lower levels.
Price analysis 6/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Bitcoin and most major altcoins are witnessing subdued price action, indicating a lack of buying interest from the larger players.
Taurus deploys on Polygon blockchain for asset tokenization and custody
Taurus raised $65 million in a funding round three months ago. Its clients can now issue digital securities automatically.
CFTC commissioner says proposal to reassess risk management could consider crypto
Christy Goldsmith Romero pointed to the collapse of FTX, Terra and Celsius in having the CFTC reconsider the way it handled risk management.
Bitcoin 'big move' due in July after March $30K push — latest analysis
Bitcoin has been busy "perfectly" mimicking its moves from after the March 2020 crash, QCP Capital argues.
Bitcoin ‘big move’ due in July after March $30K push — Latest analysis
Bitcoin “consolidation” could end by July, new research predicts as optimism over a BTC price breakout returns.
In its latest market update on June 2, trading firm QCP Capital revealed a bullish bias on both Bitcoin (BTC) and the largest altcoin, Ether (ETH).
QCP Capital: Bitcoin consolidation “played out perfectly”
Bitcoin price has been ranging between $26,000 and $31,000 since mid-March, but analysts are increasingly calling time on the sideways action.
QCP Capital is among them, predicting a change of course as soon as the end of the month.
This, it argues, is thanks to the United States debt ceiling “sideshow” vanishing, leaving Bitcoin closely mimicking its consolidation and breakout phase from 2020.
