Researchers have employed search engines like Google to predict trade volume and bitcoin profits. This is so that it is possible to forecast future market trends using search engine data, which can reveal investor mood and interest in cryptocurrencies. A popular method is to make use of Google Trends data, which displays the relative frequency
In order to accumulate cryptocurrency before the next leg up of the bull market begins, BitMEX co-founder Arthur Hayes believes that the upcoming months will present an excellent chance.“This is the perfect opportunity to do so for those who have fiat and extra cash that want to allocate to crypto,” Hayes said in an exclusive interview with Cointelegraph, alluding to the present rangebound market. Hayes predicts that later this year, inflationary monetary policies will be the primary driver of the price increase of Bitcoin and the cryptocurrency industry as a whole. “Major economies around the world are going to print even more money between now and, say, the next 18 to 24 months,” Hayes predicted. As the nation’s financial authorities are motivated to enact looser monetary policies—possibly in order to promote President Joe Biden’s reelection—Hayes predicts that the impending US presidential elections will be a bullish stimulus for cryptocurrency.Crypto market rallies have historically occurred during times of monetary expansion. “When you control the purse of the government, it’s very easy to do so by printing money, borrowing it, and handing it out to people in various forms,”
The development of Bitcoin-native decentralized finance (DeFi) may include more steps than Bitcoin Runes and BRC-20 tokens.According to Rich Rines, a Core DAO contributor creating Bitcoin DeFi solutions, the motivation behind the creation of Runes and Bitcoin DeFi was to increase the usefulness of the safest blockchain network in the world.Rines shared with Cointelegraph. “[Bitcoin] started as a peer-to-peer electronic cash system then morphed more into a store value and now protects $1.5 trillion of wealth. We’ve seen over the last one and a half years this desire to add more utility to the underlying Bitcoin through the rise of Ordinals, token protocols like BRC 20s and now
The newest advancement in Bitcoin-native decentralized finance (DeFi) has been revealed by Hermetica: the introduction of the first-ever synthetic US dollar backed by Bitcoin that can generate yield.The new synthetic dollar, known as USDh, is expected to launch in June and provide users with payouts of up to 25%, according to a Hermetica announcement that Cointelegraph received.As per Jakob Schillinger, the CEO and founder of Hermetica Labs, the new synthetic dollar will allow Bitcoiners to hold and earn yield on their U.S. dollars without exposing them to non-Bitcoin related items or having to trust the banking system. “USDh will play a pivotal role in bringing increased liquidity and new use-cases to Bitcoin DeFi, allowing Bitcoiners to trade, lend, and transact in a dollar asset that is fully backed by Bitcoin.” Hermetica is a Stacks-native DeFi protocol on Bitcoin and part of a wider movement known as Bitcoin DeFi (BTCFi), which aims to
Jack Dorsey, the former CEO of Twitter who went on to become a cryptocurrency entrepreneur and the CEO of payments company Block (SQ), is no longer on the board of BlueSky, the social network startup he began investing in in 2019 with the goal of decentralising social media. Using “freedom technology” like X, Dorsey urged
The Securities and Exchange Commission (SEC) sent a Wells Notice to the well-known trading platform Robinhood (HOOD) on May 4. On Monday, the stock recovered almost 2% after cutting its losses earlier. “On May 4, 2024, RHC received a ‘Wells Notice’ from the Staff of the SEC (the ‘Staff’) stating that the Staff has advised
A new exchange restructuring plan was scheduled to be released by FTX debtors the day before the transfer took place. 8,3 million worth of cryptocurrency was transferred through two wallets connected to the now-defunct FTX exchange and sibling company Alameda Research. In a post published on May 6, X, PeckShield revealed that an Alameda-related wallet
Low float tokens, which he saw as malevolent and his pet peeve, were fiercely disapproved of by the CEO of Uniswap. Uniswap’s CEO and founder, Hayden Adams, has shared his thoughts on the moral implications of efficient token distribution. This occurs a few days after the openness and equity of EigenLayer’s token distribution sparked concerns
According to the plaintiffs, the following are securities: Uniswap (UNI), Tezos (XTZ), Stellar Lumens (XLM), Decentraland (MANA), Polygon (MATIC), Near Protocol (NEAR), Solana (SOL), and Algorand (ALGO). A recent class-action complaint claims that Coinbase, the biggest cryptocurrency exchange in the US by volume, misled investors into purchasing securities. The CEO of Coinbase, Brian Armstrong, is
The hacker organisation would have requested a ransom if they were being truthful, according to Bitfinex CTO Paolo Ardoino, but he “couldn’t find any request.” Paolo Ardoino, chief technical officer of Bitfinex, said that the hacker organisation FSOCIETY’s allegations that they breached Bitfinex’s database and stole 22,500 client emails and passwords “seems fake.” “They would
Sui Network, a layer-1 decentralized network, has addressed and clarified frequent misconceptions regarding the amount of tokens it issues.This X platform statement addresses issues around founder control and token distribution, specifically addressing criticisms of the company’s tokenomics.With respectable third-party custodians handling locked tokens, the site believes that its token economics are sound.The public can access and release tokens in accordance with a prearranged emission schedule.The foundation makes it clear that the treasury and tokens given to investors, including the community reserve, are not under the founders’ authority. According to feedback from the Sui Network, the Sui Foundation manages the primary wallet holding locked tokens, which are released under specific conditions to enhance the ecosystem. These allocations support various projects, including Move programming language development, network security enhancements, hackathons, and developer grants. Sui Network went on to describe the system’s staking reward distribution in more detail.These benefits include network commissions and stake derivatives, both of which are given back to the community.Sui’s economic model, which strives to preserve justice and balance, heavily relies on this strategy. Justin Bons from Cyber Capital voiced worries regarding the founding team’s token ownership notwithstanding Sui Network’s explanations.According to Bons, there is a risk of centralization because the founders can hold a sizable percentage of the tokens that have been staked.This led to demands for increased responsibility and transparency from the network administration, which the Sui team has subsequently addressed.Sui Network, on the other hand, refutes this claim as untrue in regards to token administration and distribution and highlights their dedication to openness.They have shown that all tokens—distributed or not—are handled in accordance with legal and regulatory requirements, under the supervision of trustworthy custodial services like Coinbase Prime, BitGo, and Anchorage. Bons, however, disputed the Sui Network’s transparency claim, asking them to show that the founders are unable to change or access the allocated stake and to appropriately depict its current state.Bons stressed that he is a critic driven by a desire to see SUI succeed.He said that falsely claiming that these tokens are transparent is insufficient and that genuine transparency necessitates unambiguous proof that the allotted tokens are safely stored and unchangeable. Sui Network simplified Web3 logins for users on its apps in September 2023 by implementing Zero Knowledge login (zkLogin), which allowed users to log in using their Twitch, Facebook, and Google credentials.renowned for having a large transaction volume and inexpensive launch fees.It has established a reputation for managing large transaction volumes with affordable prices ever since its start.
Vodafone, a telecommunications company based in the United Kingdom, plans to combine cryptocurrency wallets with subscriber identity module (SIM) cards in order to introduce blockchain technology to smartphone consumers.This ambitious initiative coincides with a firm financial plan that apparently entails over $3 billion in debt, including $1.8 billion in loans over the next two years, taken on by Vodafone Idea Ltd., a separate company operating in India in which Vodafone Group owns a 45% ownership.Vodafone Blockchain Lead David Palmer talked about the company’s intentions to incorporate blockchain technology into smartphone SIM cards in a recent interview with Yahoo Finance Future Focus. “By 2030 we’re expecting more than 20 billion mobile phones to be in operation, many of those being smartphones. … So we’ve focused on linking the sim card to digital identity, linking the sim card to blockchains, and using the cryptography we have in those sim cards for that integration.” Palmer provided more details on the numbers he had shown, estimating that by 2030, there will be almost eight billion cellphones in circulation and 5.6 billion cryptocurrency wallets, which would represent over 70% of the world’s population.Vodafone Group has had a busy 2024 despite the financial squabbling with India-based Vodafone Idea Ltd., which recently sold off $2.2 billion worth of shares ahead of a debt raising plan worth an estimated $3 billion.In order to provide Vodafone’s clients with generative artificial intelligence (AI) services, the business recently signed into a 10-year strategic relationship with Microsoft, as reported by Cointelegraph. Microsoft CEO Satya Nadella seized the chance to promote the disruptive qualities of his company’s AI capabilities when he announced the acquisition, saying that the “new generation of AI will unlock massive new opportunities for every organization and every industry around the world.”This is not the first time a business has attempted to integrate blockchain hardware with mobile technology.The goal of American startup VaultTel was to develop a physical wallet that could fit into the SIM slot of a smartphone back in 2019.
Most Fortune 100 firms have embraced Apple’s Vision Pro headset, a mixed-reality spatial computing device, with over half having purchased at least one. During Apple’s first-quarter 2024 earnings call, CEO Tim Cook shared the following facts, pointing to the adoption of Vision Pro as evidence of growing interest in the company’s products.“For example, more than half of the Fortune 100 companies have already bought Apple Vision Pro units and are exploring innovative ways to use it to do things that weren’t possible before.” Early in February 2024, the Vision Pro went on sale in the US for $3,499, including tax.Since then, it doesn’t seem to have had much of an impact on the consumer market, since there are far more affordable options like Meta’s Quest range of VR headsets.However, as Cointelegraph previously revealed, Apple is well-positioned to mainstream the metaverse and establish itself as the standard for industry adoption thanks to the Vision Pro headset and its leadership in the field of spatial computing. The Vision Pro is intended for mixed and augmented reality experiences that combine the real world and digital visuals, in contrast to the majority of headsets that are available, which typically offer virtual reality experiences that involve complete immersion in a digital domain.This is what Apple calls “spatial computing.” Rather than marketing the Vision Pro as a gaming and social tool, the businesses that are embracing it seem to be utilizing it for enterprise tasks relating to the metaverse.Using the headset to assist in training physicians to do surgery in situations where cadavers are not easily accessible is one such instance. Cook also teased an upcoming update during the earnings call, stating that the Fortune 100 adoption is “just the
According to Coinbase’s first-quarter earnings report, which was published on May 2, the company has been doing well as a result of the growing Bitcoin and Ethereum markets in recent months.The data, however, suggests that the Base platform has much more promise, which might make Coinbase the NVIDIA of decentralized finance (DeFi).Base, an inexpensive, safe Ethereum layer-2 solution, was introduced in August 2023 with the goal of growing Coinbase’s user base on-chain to expedite transactions.The goal of Coinbase’s aim is to decentralize Base and establish an open, worldwide cryptocurrency ecosystem by utilizing the public, secure Ethereum mainnet. According to Coinbase’s Q1 report, volume on Base has surged past its competitors, particularly after the rollout of Ethereum’s Dencun upgrade. DeFi crypto exchanges on Base saw daily trading volume surpass $1 billion per day, narrowing the gap between Coinbase’s main centralized exchange trading volumes, where almost 250 cryptocurrencies are traded. Activity on Base was considerably increased with the Dencun renovation.Base quickly outpaced competitors like Optimism and Arbitrum in terms of daily transaction volume and income.The update increased user engagement and transaction volume while lowering costs for layer-2 scaling chains like Base. Since the
The Grayscale Bitcoin Trust exchange-traded fund (ETF) has seen net positive inflows for the first time according to Grayscale Investments.This follows almost four months of nonstop withdrawals following its January conversion to a spot Bitcoin ETF.According to Farside early statistics, Grayscale’s Bitcoin Trust (GBTC) saw net inflows of $63 million on May 3 after recording withdrawals of over $17.5 billion since the introduction of 11 spot Bitcoin ETFs on January 11.Franklin Templeton’s Bitcoin ETF saw $60.9 million in inflows, the biggest of any fund tracked thus far.With $102.6 million, Fidelity’s Wise Origin Bitcoin Fund led the day’s inflows. Bitwise Bitcoin Fund came in second with $33.5 million, while Invesco Galaxy Bitcoin ETF came in third with $33.2 million. The crypto community has been speculating how the turn in events might impact the price of Bitcoin The “primary source” of sell pressure on all spot Bitcoin ETFs, according to pseudonymous cryptocurrency trader DivXman, is the GBTC, but “the tides” may be turning.In a tweet from May 3, he informed his 20,800 X followers, “That effectively means a significant decrease in sell pressure and additional increase in demand while ETFs collectively are buying more BTC than miners can create.”On the same day, cryptocurrency trader Jelle informed his 80,300 X followers that a new all-time high for Bitcoin was imminent. “60 million dollars worth of inflows for Grayscale’s ETF. The halving chop will come to an end, and 6-figure Bitcoin will follow shortly after.” In response to the news, cryptocurrency trader Jordan Lindsey mentioned the price of Bitcoin and stated that it is “obviously responding both to outflows and inflows.”As of the time of writing, the price of bitcoin was $62,840, up 4.91% from the previous day, according to data from CoinMarketCap. Grayscale’s continuous withdrawals since the debut of the 11-spot Bitcoin ETFs were caused by a number of factors.The high costs of GBTC in comparison to other ETFs on the market is one factor.While the fees for other ETFs are less than 1%, GBTC charges 1.5%.Franklin Templeton is currently the least expensive, charging 0.19%.The sale of significant quantities of GBTC shares by bankrupt cryptocurrency companies FTX and Genesis in an attempt to pay off creditors is another major factor.According to a Cointelegraph story from April 6, Genesis sold almost 36 million GBTC shares for $2.1 billion in order to buy 32,041 Bitcoin.
On May 4, Bitcoin surged to $64,500 as further price increases were generated by trading after hours. Bitstamp records new local highs of $64,522, a new milestone for May, according to data from Cointelegraph Markets Pro and TradingView.Invigorated by positive indications of a recovering cryptocurrency market, such as the first inflows for the Grayscale Bitcoin Trust (GBTC) in almost three months, the strength that surfaced in US employment data continued to gather momentum until the daily close.Compared to April’s 15% losses, BTC/USD was up 5% so far this month as of this writing, according to data from the monitoring resource CoinGlass. “Had a great push into the market close yesterday,” popular trader Daan Crypto Trades reacted in part of his latest coverage on X (formerly Twitter). “While I am liking how the charts are shaping up on the higher timeframes, I’ll be patient and not start adding on green candles during the weekend. Will
The former CEO and CFO of Cred are required to submit a plea by May 8 following their initial court hearings on May 2. Before the company filed for bankruptcy in November 2020, three former executives of the bankrupt cryptocurrency lender Cred are accused of wire fraud and money laundering. “This prosecution demonstrates our determination
Repercussions will be applied by LayerZero Labs to individuals who fail to self-report by May 17. LayerZero Labs has presented a way to deal with sybil activity, which goes by the name of “airdrop farming.” The inventor of the cross-chain communication protocol unveiled a self-reporting system that rewards honest behaviour with 15% of the tokens
The United States Sentencing Guidelines and other statutory considerations will be taken into consideration by a federal district court judge when determining the defendant’s punishment. Co-founder of BTC-e, a purportedly illegal bitcoin exchange, Alexander Vinnik, has acknowledged his involvement in a money laundering scheme involving cryptocurrency exchanges. This acknowledgment comes after a more thorough investigation
May will see the release of vested crypto assets valued at over $3.1 billion, with tokens worth over $1 billion apiece being unlocked by projects like Pyth Network and Sui.To encourage ongoing commitment to a cryptocurrency project, crypto vesting is implemented.Vested cryptocurrency tokens are locked, making it impossible for team members or early backers to quickly sell their tokens and quit the enterprise. Layer-1 blockchain platform Sui is the project releasing the most vested crypto assets out of all of them.On May 31, it is anticipated that the project will release about one billion tokens to its community reserve, early backers, Mysten Labs treasury, and Series A and B investors.As of this writing, the tokens are valued approximately $1.15 billion. In the meantime, the second-largest quantity will be made public in May by market data portal Pyth Network.The cryptocurrency project will release more than two billion tokens for protocol advancement, ecosystem expansion, publisher incentives, and investors in its private sale on May 20. With Pyth Network’s (PYTH) token hovering at about $0.51 a piece, the tokens to be released are worth roughly $1.1 billion. Aside from the two, tokens worth a total of over $700 million will be released by companies like Avalanche, Aptos, Arbitrum (ARB), Starknet (STRK), Optimism (OP), and Immutable (IMX).Aptos plans to distribute 11.3 million APT tokens, valued at $101 million, to its investors, core contributors, community, and foundation on May 12.Avalanche will release 9.5 million AVAX, or about $321 million, on May 22nd for its airdrop, foundation, team, and key partners. On May 16, the Layer-2 blockchain network Arbitrum will issue an additional $95 million in ARB tokens.The investors and project team each receive a certain number of tokens.Arbitrum distributed $2.3 billion in tokens to its investors and workforce on March 16. Furthermore, on May 15, Starknet will release $84 million in tokens for its investors and early backers, and on May 17, Immutable will release $56 million in cryptocurrency tokens for the development of its ecosystem and projects. Scaling solution for Layer-2On May 29, Optimism will also release 24.1 million OP tokens.At current market pricing, the tokens are valued at approximately $70 million.Optimism also issued $587 million worth of OP tokens in May 2023 as a thank you to its investors and early contributors.
In a single transaction, an unidentified trader lost $68 million in Wrapped Bitcoin (WBTC) due to an address-poisoning scheme. On-chain security company Cyvers initially made public the $68 million heist in a post on May 3rd, X. “Are we mistaken, or has someone truly lost $68 million worth of $WBTC? Our system has detected another address falling victim to address poisoning, losing 1,155 $WBTC.” According to CoinStats, the victim, wallet “0x1E,” has lost more than 97% of its entire asset value, which is more than $67.8 million. Address spoofing, another name for address poisoning, is a tactic used to take advantage of traders who are hurried and negligent when completing deals.It entails deceiving victims into transmitting their digital assets to fictitious addresses that cybercriminals control. The public’s confidence in the cryptocurrency sector is still plagued by scams.Investors lost digital assets worth at least $33 million in April as a result of the fraudulent case involving the ZKasino gaming platform.On April 29, Dutch officials detained a man connected to the ZKasino scam.April saw a total of $25.7 million worth of cryptocurrencies lost to frauds and hacks, despite the ZKasino event.This is the lowest historical number since the data was first tracked by the on-chain intelligence company CertiK in 2021.The research states that losses resulting from frauds, exploits, and hacks decreased by 141% in comparison to the preceding month.The absence of private key compromises is the primary cause of the drop.In contrast to March, which witnessed over 11 attacks via private key compromises, April only saw three private key breaches. The $33 million ZKasino scam is not included in CertiK’s statistics, though.The report does not yet classify the project as a scam, even if it believes it to be in the midst of a “controversy.”Investor worries increased when ZKasino moved all 10,515 Ether that investors had put into the Lido staking system on April 22.According to CertiK’s study, if ZKasino was shown to be a malicious actor, the company would revise its statistics
A stronger dollar has been a factor in the decline in both gold and equity prices since they peaked in mid-April, according to Coinbase.The largest cryptocurrency in the world saw its monthly decrease since June 2022 of 16% in April. “What leaves us optimistic in this pullback is that BTC’s maximum drawdown from peak is at 23%, below its historical range,” analysts David Han and David Duong wrote. “We believe that this trend of overall reduced drawdowns will persist, in part because of the legitimization of BTC as a macro asset,” the authors wrote.
The sharing economy, autonomous driving, and the rise of electric vehicles have all had a major impact on the automobile sector in recent years. Blockchain technology is currently poised to emerge as this industry’s most recent disruptor, having the ability to completely change everything from car ownership and maintenance to the production of automobiles. The
The Conservative Party, which has taken a pro-crypto stance, is losing ground to the Labour Party, which has supported tokenization but has not yet stated where it stands on cryptocurrencies in general. These are the early results of yesterday’s municipal elections in the United Kingdom. With over 2,600 seats up for grabs, voters in around
According to Bloomberg on Friday, the CEO of CF Benchmarks, a division of cryptocurrency exchange Kraken, believes that cryptocurrency exchange-traded funds (ETFs) in Hong Kong will surpass $1 billion in assets under management (AUM) by the end of 2024, despite an unlucky start. Reference data for crypto ETFs, primarily bitcoin products like BlackRock’s IBIT, is
On Friday, the decentralised social network Friend.Tech unveiled version 2, which is jam-packed with new features like the Money Club, and airdropped its native currency, FRIEND. Data from DEXscreener reveal that the token’s price spiked to $169 right after it started trading on Base, then it crashed to $2.5 very fast. “It appears that liquidity
The use and popularity of cryptocurrencies have skyrocketed in recent years. Numerous new blockchain and cryptocurrency firms have found a home in a variety of industries, including finance, supply chain management, gaming, and many more. In the realm of cryptocurrencies, security is paramount. Companies in this ecosystem need to take precautions against fraud to protect
The biggest bitcoin-holding company, MicroStrategy (MSTR), announced plans to create a decentralized identification service with Ordinals inscriptions.Earlier in the year, the software consulting firm started marketing itself as a “bitcoin development company” and claimed to be working on financial markets, advocacy, and innovation to develop the Bitcoin network.The implementation of “MicroStrategy Orange,” as it has been dubbed, is an indication that the business is pursuing this goal. Michael Saylor, the founder of MicroStrategy Orange, stated during the company’s Bitcoin For Corporations conference on Wednesday that the company aims to provide “trustless, tamper-proof and long-lived” decentralized identities via the Bitcoin blockchain.Decentralized identifiers (DIDs), which provide pseudonymity, can be issued by users of the service.DIDs are unrelated to real-world identities, just like bitcoin transactions are not.Orange makes use of the Bitcoin Ordinals Protocol, which enables data to be exchanged and saved on individual satoshis—the smallest unit of currency in the world, or 1/100,000,000th of a BTC. Using its service, MicroStrategy has already developed one application, “Orange For Outlook,” which incorporates digital signatures into emails so that recipients can confirm the sender’s identity.With 214,400 BTC ($10 billion) in possession, MicroStrategy has more than 1% of every bitcoin that will ever be created.
Thursday saw the opening of Untangled Finance’s first private credit pool on the Celo (CELO) network, a tokenized real-world asset (RWA) platform supported by Fasanara Capital, in partnership with French fintech lender Karmen.Karmen, which specializes in providing instantaneous loans and working capital to small and medium-sized digital enterprises in France, will receive capital from the pool, which is structured under Luxembourg’s securitization regulations and has a debt ceiling of $6 million at the beginning. Accredited investors can deposit the USDC stablecoin into the pool.Early investors in the facility included the ecosystem development group managed by the Celo community, The Credit Collective, and institutional asset manager Fasanara Capital. Untangled stated that the new pool is a part of a possible, as-yet-unfinalized, larger senior facility agreement for 100 million euros ($107 million) with Karmen. The asset-tokenization trend in the cryptocurrency space, which takes traditional assets like bonds, credit, and funds to the blockchain for improved efficiency and transparency, quicker settlements, and wider access, has put private credit at the forefront. Based on data from rwa.xyz, the on-chain private-credit industry is valued at more than $600 million.For the worldwide private credit market, which the Financial Times reports the IMF values at slightly over $2 trillion, that’s chump change.The newspaper’s internal investigation yielded an even higher number. “By bringing fintech lending on-chain with an innovative credit assessment models, Untangled showcases the potential of tokenized real-world assets to improve access to funding and risk management for entrepreneurs and businesses worldwide,” Isha Varshney, head of ecosystem at network development organization Celo Foundation, said in a statement.
The finance behemoth PayPal (PYPL) and cryptocurrency purchasing app MoonPay announced their partnership on Thursday.According to a press statement, the agreement enables MoonPay users in the United States to easily purchase cryptocurrency with PayPal through wallet transfers, bank transfers, and debit card transactions.Purchasing and dealing in cryptocurrency is a continuous endeavor that has not been enabled by the world’s high street banks. With over 15 million users, cryptocurrency-focused MoonPay is no slouch compared to PayPal’s around 426 million active accounts worldwide. Ivan Soto-Wright, co-founder and CEO of MoonPay, described the partnership as “symbiotic,” noting that although PayPal’s limited selection of major cryptocurrencies is now expanded to include the entire spectrum of well-known tokens, users of his app expand their reach and have a new flexible payment option. As Soto-Wright noted, the agreement involves PayPal becoming integrated into MoonPay’s infrastructure rather than a standalone integration of the kind the finance behemoth has been investigating with Web3 wallet MetaMask, for example. We are the first company to do this with PayPal, and it was a long process to get them comfortable,” Soto-Wright said in an interview. “We process billions of dollars on debit and credit cards in terms of cryptocurrency, and we think this is going to be a big step up
