🇷🇺 Russian Duma considers exchange ban as Beribit clients demand crypto, receive chocolate
The troubles began with reports of a raid by Russian authorities on the offices of crypto exchange Beribit at the end of March, allegely in connection to the Crocus City Hall terrorist attack. Then, Beribit, which is an officially licensed exchange in Russia, announced on Telegram that during a change in leadership, discrepancies in the company's financials were found and an audit had to be undertaken.
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The troubles began with reports of a raid by Russian authorities on the offices of crypto exchange Beribit at the end of March, allegely in connection to the Crocus City Hall terrorist attack. Then, Beribit, which is an officially licensed exchange in Russia, announced on Telegram that during a change in leadership, discrepancies in the company's financials were found and an audit had to be undertaken.
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Hong Kong-based crypto exchange HKVAEX, affiliated with Binance, has announced the permanent closure of its trading platform. The decision comes just over a year after HKVAEX launched its virtual asset trading platform (VATP) in February 2023. The move was aimed at securing its position as a pre-existing service provider to meet regulatory requirements set by the Securities and Futures Commission (SFC).
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Stablecoin issuer Tether has invested $200 million in Blackrock Neurotech, a biotech company that builds tools to help people afflicted with paralysis, lost function, and neurological disorders. The investment was made through Tether's newly formed venture division Tether Evo. With the investment, Tether is now the majority stakeholder in Blackrock Neurotech, the stablecoin issuer said Monday.
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Grayscale’s Bitcoin Trust (GBTC) has witnessed a significant reduction in assets under management, with the trust’s holdings now falling below the 300,000 BTC mark, a key milestone. Additionally, the latest report on digital asset fund flows from Coinshares shows that bitcoin and ether exchange-traded products (ETPs) have seen withdrawals for three consecutive weeks.
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Coinbase, the largest U.S. crypto exchange by trading volume, is rolling out support for the Lightning Network from today, enabling a faster and cheaper way for its users to send, receive or pay with bitcoin directly from their account. Previously, bitcoin transfers on Coinbase were processed on-chain, meaning transactions could take between 10 minutes and two hours, incurring high fees during periods of network congestion.
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Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30. Etherscan indicates the company burned 652.2 million CEL by sending it to a null address. The burned amount represents 94% of the previous total supply, which amounted to 692.8 million CEL, valued at roughly $83.2 million at current market price. The transaction originated from a wallet controlled by Celsius, based on Arkham Intelligence data.
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Bitcoin teeters around the $57,000 mark, market analysts and traders are glued to liquidation heatmaps, seeking insights into the next big price movements. Recent events have shown how quickly sentiment can shift, with $381 million liquidated in just 24 hours. But what's next? Hidden within layers of data are critical price points laden with massive liquidations waiting to be triggered.
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đź“Ł Bitcoin's Ethereum-Style Programmability Could Come in 12 Months, Rootstock Founder Says
The founder of Bitcoin layer-2 protocol Rootstock has detailed plans for a new "BitVMX" project designed to improve the oldest blockchain's programmability by keying off developer Robin Linus's much-discussed "BitVM" design unveiled last year. "We have a roadmap to finish this in one year" and "we are moving forward at full speed," Lerner said during the presentation.
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The founder of Bitcoin layer-2 protocol Rootstock has detailed plans for a new "BitVMX" project designed to improve the oldest blockchain's programmability by keying off developer Robin Linus's much-discussed "BitVM" design unveiled last year. "We have a roadmap to finish this in one year" and "we are moving forward at full speed," Lerner said during the presentation.
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🇺🇸 Arkansas governor to reportedly sign two bills regulating crypto mining activities
Arkansas State Governor Sarah Huckabee Sanders is expected to sign two new bills regulating crypto mining activities within the state, according to various sources. The state lawmakers passed Senate Bills 78 and 79 on May 1 to tighten the regulations governing crypto miners in the state. These legislative initiatives respond directly to concerns raised following the passage of Act 851. Although Act 851 sailed through the 2023 regular session, it has faced backlash for its perceived lack of oversight regarding crypto mining activities.
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Arkansas State Governor Sarah Huckabee Sanders is expected to sign two new bills regulating crypto mining activities within the state, according to various sources. The state lawmakers passed Senate Bills 78 and 79 on May 1 to tighten the regulations governing crypto miners in the state. These legislative initiatives respond directly to concerns raised following the passage of Act 851. Although Act 851 sailed through the 2023 regular session, it has faced backlash for its perceived lack of oversight regarding crypto mining activities.
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During the Bitcoin for Corporations segment at the Microstrategy World 2024 event in Las Vegas, Marcus shared insights on the fusion of AI and bitcoin (BTC). He argued that BTC could eliminate the inefficiencies and “friction” inherent in fiat currencies, predicting that AI agents will adopt this “digitally native” medium for value exchange.
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Bitcoin’s (BTC) recent weakness has not been isolated to crypto markets and therefore is not indicative of sector-specific capitulation, Coinbase (COIN) said in a research report Friday. Coinbase notes that both equities and gold have been trading lower since reaching highs in mid-April, against the backdrop of a strengthening dollar. The world’s largest cryptocurrency fell 16% in April, in the biggest monthly decline since June 2022.
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Former BitMEX CEO Arthur Hayes expressed optimism regarding Bitcoin’s future trajectory, suggesting that the recent downturn marks a local bottom, with the flagship crypto poised for a gradual ascent over the coming months. Hayes shared his insights in a blog post on May 3, attributing the recent market slump to a variety of factors, including the US tax season, concerns over Federal Reserve policies, the “sell the news” effect following the Bitcoin halving, and a slowdown in spot Bitcoin ETF inflows.
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After a busy 12 months that included launching on mainnet and the announcement of fresh partnerships with TikTok parent ByteDance and Google, Mysten Labs, creator of the Layer 1 Sui protocol, is confident that blockchain tech is about turn the proverbial corner. “The killer app for web3 is coming. The ChatGPT moment is coming soon,” Evan Cheng, CEO and co-founder of Mysten Labs told The Block, adding the current bull run is coinciding with web2 tech giants expressing more interest in blockchain than before.
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🇪🇺 European Banking Giant Embraces BlackRock’s 💰 Bitcoin ETF
BNP Paribas, the second largest bank in Europe, took a major step in the digital asset market by buying BlackRock’s Spot Bitcoin ETF shares. According to a recent 13F filing with the U.S. Securities and Exchange Commission (SEC), BNP Paribas bought 1,030 IBIT shares of BlackRock during the first quarter of 2024. Furthermore, the multinational bank spent over $40.47 per share, totaling $41,684 for the acquisition. This amount is lower than the price of a single bitcoin, which is currently trading at over $58,000.
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BNP Paribas, the second largest bank in Europe, took a major step in the digital asset market by buying BlackRock’s Spot Bitcoin ETF shares. According to a recent 13F filing with the U.S. Securities and Exchange Commission (SEC), BNP Paribas bought 1,030 IBIT shares of BlackRock during the first quarter of 2024. Furthermore, the multinational bank spent over $40.47 per share, totaling $41,684 for the acquisition. This amount is lower than the price of a single bitcoin, which is currently trading at over $58,000.
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Analysts at investment research firm Bernstein have reaffirmed their prediction that bitcoin (BTC) would hit $150,000 in this bull cycle despite the asset’s retracement in recent weeks. According to a recent report, Bernstein analysts Gautam Chhugani and Mahika Sapra said Bitcoin metrics show the network is in a healthy cycle still in its early stages. Notwithstanding the latest dip, the leading cryptocurrency is far from done.
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As blockchain teams strive for the holy grail of mainstream adoption, making crypto wallets easier to use is suddenly at the top of the agenda. Ethereum developers have been moving along with their discussions and inclusions of certain Ethereum Improvement Proposals (EIPs) for the blockchain’s next big hard fork, Pectra.
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Uncertainty surrounding the future price of ether is keeping the asset’s options implied volatility at a much higher level than that of bitcoin, analysts said. In contrast, bitcoin’s implied volatility has seen a more dramatic reduction, indicating that derivatives traders perceive the bitcoin market to be trending towards stability.
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On May 7, the crypto oracle solutions provider announced that RD Technologies was integrating Chainlink CCIP and Proof of Reserve to power its Hong Kong dollar stablecoin. Chainlink’s Cross-Chain Interoperability Protocol will be integrated to enable secure and reliable cross-chain transfers of HKDR and easier access to the new stablecoin. Additionally, the firm is also adopting Chainlink’s Proof of Reserve (PoR) to help provide reliable on-chain verification of HKDR’s reserve backing, according to the announcement.
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Ethereum co-founder Vitalik Buterin, together with co-authors Sam Wilson, Ansgar Dietrichs, and Matt Garnett, have proposed Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074, aiming to refine account abstraction on the Ethereum network. EIP-7702 suggests a novel transaction type that enables externally owned accounts (EOAs) – normal Ethereum account addresses – to temporarily function as smart contract wallets during a transaction, with their original state restored afterward.
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Layer 2 networks have witnessed massive activity this year, even as their native tokens slumped amidst intense volatility across the broader market. These solutions have witnessed relatively steady activity since the beginning of the year. Over the course of this week, net ETH deposits into the Base have exceeded 6,500 ETH, marking a significant increase, according to the data shared by ITB. On the other hand, its rival Arbitrum saw just half of this figure. Optimism lagged even further behind with only a fifth of the deposits Base received.
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