Key Points:

Token-transferring sidechains and bridges face hacking risks.

Merlin Chain maintains security despite layer 2 confusion.

Bitcoin competes with other high-return crypto and real-world assets.

According to Bloomberg, High-risk DeFi projects like Merlin Chain, using sidechains and bridges for transactions, attract investors despite notable security concerns and hacking histories.

High-Risk DeFi Projects Attract Billion Of Dollars In Bitcoin: Report

Bitcoin has seen billions of dollars invested in blockchain projects that have traditionally been vulnerable to hackers and cyber threats.

High-risk DeFi Projects: The Allure and Danger

Despite the appeal of passive yield earnings, these projects mask the risks that come with such a product since Bitcoin's blockchain doesn't function as a "proof of stake" network. Instead, they use a piece of software called sidechains and bridges to transfer tokens between blockchains.

Hacks of sidechains and bridges have led to some of the biggest losses in cryptocurrency history. For example, Ronin—a sidechain for the blockchain-based game Axie Infinity—lost about $625 million to thieves in March 2022. Wormhole, a bridge for Solana and other blockchains, had about $325 million stolen last year.

Developers of the projects pitch them as layer 2 blockchains, meaning they use the security of Bitcoin's chain but enable faster transactions and popular decentralized finance applications. But Bitcoin's network cannot verify transactions on other chains, so that is an open-ended security risk.

One of the hottest projects in the category is Merlin Chain, which has received more than 11,642 Bitcoin worth some $800 million. There have been no security breaches reported, but the value of Bitcoin at stake is enough to make these projects incredibly attractive to thieves.

Readmore: Can Bitcoin Solve US Debt Crisis? Trump’s Surprising Inquiry

Merlin Chain: A Controversial Layer 2 Blockchain

The founder of Merlin Chain, Jeff Yin, says that Merlin Chain is not a layer 2 blockchain but that the misconception is a branding language problem. Still, Merlin Chain's website markets the project as a layer 2 blockchain.

For security, Merlin Chain said that they are working with several institutional custodian firms and have paid millions of dollars for security services.

These efforts are nothing new in the crypto world. Wrapped Bitcoin, for example, was launched by digital-asset firm BitGo in January 2019 and can be deployed on multiple blockchains, including Ethereum.

And now, Bitcoin faces competition from crypto projects that reward holders and higher rates offered by safer, real-world assets such as US Treasuries.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Hashdex spot Ethereum ETF application has been withdrawn, with the reasons undisclosed.

Withdrawal reflects market uncertainty with the wider trend of ETF application retractions persisting amid SEC scrutiny.

Citing documents with the U.S. Securities and Exchange Commission, digital asset management company Hashdex has pulled its application for a spot Ethereum Exchange Traded Fund.

Hashdex Spot Ethereum ETF Application Withdrawn

The company has yet to explain why it pulled back, and the move had been quite surprising after the company had shown interest in launching Hashdex spot Ethereum ETF.

The United States Securities and Exchange Commission has given the go-ahead for spot Ether exchange-traded funds in the country. The move comes after major players like VanEck, BlackRock, and Fidelity got approval for 19b-4 filings for such a fund—the major breakthrough for Ether-based ETFs. On the list of approved spots, the application of Hashdex spot Ethereum ETF did not include that, which seems to differ in regulatory treatment.

Though 19b-4 filings have been cleared, the ETF issuers now wait for the green signal from the SEC on their S-1 registration statements, a process that may take days, weeks, or months. There is, however, a sense of urgency within the industry, as evidenced by the SEC directive to fast-track filings on 20 May. Amendments to remove staking clauses are seen across multiple filings, indicating regulatory fine-tuning.

Market Hesitancy and Regulatory Scrutiny Impact ETF Landscape

An ETF is a collective investment fund that trades on stock exchanges, providing investors with exposure to the price movements of Ethereum without the need to own the underlying asset. With the withdrawal of Hashdex spot Ethereum ETF application, there are concerns over the fate of Ethereum ETFs, possibly indicative of market hesitation. However, it is important not to link this decision to the market performance of Ethereum.

This is part of an emerging trend where companies are retracting their applications for cryptocurrency ETFs, even as the SEC has not allowed any such product to come to market. Interest in the ETFs market, however, still remains intense.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Mastercard Crypto Credential launched, making blockchain transactions simpler and more secure.

It facilitates real-time transactions between Latin America and Europe on exchanges like Bit2Me and Mercado Bitcoin.

The system ensures verified, transparent transactions and supports future applications like NFTs and ticketing.

Mastercard has officially announced the launch of its Mastercard Crypto Credential, which successfully facilitated its first peer-to-peer (P2P) transaction. The groundbreaking solution aims to simplify blockchain transactions by replacing complex wallet addresses with user-friendly aliases, making the process secure, transparent, and accessible.

Mastercard Crypto Credential Launched to Simplify Transactions

The new system has been integrated into several exchanges, including Bit2Me, Lirium, and Mercado Bitcoin, enabling real-time transactions between Latin America and Europe. This development allows users to conduct secure blockchain transactions easily, leveraging Mastercard Crypto Credential aliases instead of the traditionally long and complex blockchain addresses.

Users across Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now send cross-border and domestic transfers in multiple currencies and across various blockchains. The adoption of this technology aims to streamline transactions and enhance security.

Foxbit, a prominent crypto wallet provider, is the latest to join the Mastercard Crypto Credential pilot ecosystem, further expanding the reach to a broader consumer base. Additionally, Lulubit users will gain access to this new feature through its integration with Lirium.

Mastercard's Enhanced Security Measures

Mastercard Crypto Credential enhances the verification process for blockchain transactions by ensuring that both the sender and recipient meet a set of verification standards. It also confirms that the recipient’s wallet supports the transferred asset, adding a layer of trust and certainty to transactions. By exchanging metadata, the system removes the need for consumers to know which assets or blockchains are supported by the recipient, simplifying the transaction process.

Moreover, Mastercard Crypto Credential supports the exchange of Travel Rule information for cross-border transactions, a regulatory measure to ensure transparency and prevent illegal activities. This P2P transaction is just the beginning, with future potential use cases extending to NFTs, ticketing, and other payment solutions based on market and compliance requirements.

The innovative step by Mastercard represents a significant advancement in making blockchain transactions more accessible and secure for users globally.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

PayPal stablecoin PYUSD expands to Solana for lower-cost transactions and daily use.

PYUSD leverages Solana’s features for instant, low-fee transactions and regulatory compliance.

PayPal announced that its stablecoin, PayPal USD, or PYUSD, has integrated with the Solana blockchain in an expansion far beyond its original Ethereum platform.

PayPal Stablecoin PYUSD Expanded to Solana Blockchain

The move, announced on May 28, seeks to reduce transaction fees and boost the use of PayPal stablecoin PYUSD for small and daily purchases. It is expected to breathe life into PYUSD, which has struggled to take off despite robust support from PayPal. Currently, it has some 8,600 holders on Ethereum and a market cap of just under $400 million, modest next to stablecoins from Circle and Tether.

PYUSD's transactions will benefit from instant settlement times and minimal fees from leveraging Solana's blockchain, no matter how small the transactions are. That is, the Solana network, a network of high-speed and low-cost transactions, supports the expansion of PYUSD, perhaps reaching over 30 million merchants worldwide.

Strategic Move to Boost PYUSD's Competitiveness in the Stablecoin Market

A vital element of this integration is Solana's Token Extensions (TEs), which introduce richly customizable features for token operations. PayPal stablecoin PYUSD implements several of them, including a transfer hook for interacting with Solana programs during the transaction and a permanent delegate for regulatory compliance. PYUSD on Solana Whitepaper describes these features.

PayPal's rollout of PYUSD on Solana not only brings diversification to its blockchain ecosystem but also enhances its competitive advantage against the dominant stablecoins from Tether in the form of USDT and Circle in the form of USDC. Initially available only on Ethereum as an ERC-20 token, the stablecoin was launched in August 2023 with Paxos Trust Company, backed by U.S. dollar deposits, short-term Treasurys, and cash equivalents.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Merlin Chain sees over 190,000 BTC transferred, totaling $12.9 billion, rivaling top exchanges like Binance and Coinbase.

BTC converts to M-BTC and SolvBTC, with $630 million already flowing across 10+ public chains, enhancing liquidity and yield opportunities.

With plans to integrate more public chains, Merlin Chain offers wider liquidity options and redefines DeFi accessibility.

Merlin Chain has witnessed an unprecedented surge in BTC transfers over the past 45 days.

With over 190,000 BTCs transacted, totaling a staggering $12.9 billion, Merlin Chain has emerged as a formidable player in the crypto landscape, trailing only behind industry giants Binance and Coinbase.

https://twitter.com/MerlinLayer2/status/1795817310219051408

The rapid ascent of Merlin Chain underscores its rising prominence among cryptocurrency enthusiasts seeking efficient and cost-effective solutions for BTC transactions. Surpassing leading centralized exchanges like OKX and Bybit, Merlin Chain's decentralized infrastructure offers users a compelling alternative for managing their digital assets.

Innovative Tokenization Strategy Drives Liquidity Surge

Central to Merlin Chain's appeal is its innovative approach to tokenization. BTC transferred across the network is converted into the second-layer mapping token M-BTC, a process that enhances liquidity and expands utility. Moreover, a portion of M-BTC is further transformed into SolvBTC, a multi-chain interest-bearing token, amplifying the potential returns for investors.

The network boasts over 5,275 M-BTC and 4,009 SolvBTC, collectively valued at approximately $630 million. These assets have seamlessly flowed into more than 10 public chains, including Ethereum, BNB Chain, Arbitrum, Manta, Mode, Linea, B^2, and Zk.link. This strategic diversification ensures enhanced liquidity across multiple ecosystems while catering to the diverse needs of users.

Merlin Chain aims to expand its footprint by integrating with additional public chains, thereby broadening the scope of its liquidity pool. By offering seamless interoperability and robust liquidity provisions, Merlin is poised to redefine the landscape of decentralized finance (DeFi), empowering users with greater financial autonomy and flexibility.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Gemini Earn users received $2.18 billion of their digital assets in kind following a major settlement.

Settlement with Genesis ensures all Earn users get 100% of their digital assets back.

Gemini contributed $50 million to support the recovery of Earn users' assets.

Gemini has announced that its Earn users received $2.18 billion worth of their digital assets in kind today.

This milestone follows a settlement in principle reached with Genesis and other creditors involved in the Genesis Bankruptcy, ensuring that all Earn users will recover 100% of their digital assets.

The agreement marks a pivotal moment for Gemini and its users, who have been anticipating the resolution of the Genesis Bankruptcy case. This settlement not only restores users' confidence but also underscores Gemini's commitment to safeguarding their investments. The recovery process has been closely watched, given the substantial amount of digital assets involved and the potential implications for the broader crypto market.

Full Asset Recovery Achieved Through Settlement

Gemini has made a significant contribution of $50 million to bolster the recovery for Earn users. This gesture highlights the platform's dedication to its user base and its proactive approach to resolving the challenges posed by the bankruptcy proceedings.

Tyler Winklevoss, CEO of Gemini, expressed his satisfaction with the settlement, stating, "This is a monumental day for our Earn users. We have worked tirelessly to ensure that they recover their digital assets, and today's announcement is a testament to our commitment to them. The $50 million contribution from Gemini underscores our dedication to supporting our users through challenging times."

The resolution of the Genesis Bankruptcy and the full recovery of digital assets for Earn users is expected to have positive ripple effects across the cryptocurrency industry. It demonstrates a successful collaboration between a major crypto platform and its creditors, setting a precedent for how similar cases might be handled in the future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Justin Sun likens running a business to playing Texas Hold'em, emphasizing strategic risk-taking where the "winner takes all."

Sun admires a mix of Binance's CZ and Ethereum's Vitalik Buterin for their business acumen and visionary approaches.

Criticizing SBF, Sun believes the FTX collapse set the crypto industry back by 5-10 years, highlighting significant repercussions.

Justin Sun shared intriguing insights into his business philosophy and personal inspirations. Sun likened the nature of running a business to playing Texas Hold'em, emphasizing that it is a high-stakes game where the "winner takes all."

"Running a business is very similar to playing Texas Hold'em. It's a strategic game where you must be prepared to go all in and take calculated risks to come out on top," Sun explained. This analogy highlights his competitive spirit and the high-risk, high-reward dynamics of the business world, particularly within the volatile cryptocurrency industry.

Admiration for Crypto Industry Leaders

Justin Sun also revealed his admiration for two major figures in the crypto space: Binance's Changpeng Zhao (CZ) and Ethereum's Vitalik Buterin. "My idol is a mix of CZ and Vitalik," he stated, acknowledging the unique contributions of both leaders. CZ is known for his business acumen and ability to scale Binance into a leading global exchange, while Vitalik is celebrated for his visionary approach and technical innovations with Ethereum.

Justin Sun emphasized that work is his sole priority. "Work is the only important thing for me right now," he declared, underscoring his commitment to advancing his projects and the broader cryptocurrency ecosystem.

Reflecting on the impact of recent controversies in the industry, Sun criticized Sam Bankman-Fried (SBF), the founder of the now-defunct FTX exchange, stating that SBF's actions have set the industry back by five to ten years. This comment highlights the significant repercussions of FTX's collapse on market trust and regulatory scrutiny.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

NYSE teams up with CoinDesk for Bitcoin index options, venturing into crypto.

CoinDesk Bitcoin Price Index, a decade-old benchmark, manages $20B in ETF assets, tracking live Bitcoin prices.

The New York Stock Exchange, under the umbrella of Intercontinental Exchange, Inc., the operator of a global technology and data provider, has announced its partnership with CoinDesk Indices to unveil cash-settled index options pegged to the CoinDesk Bitcoin Price Index, which is one of the oldest spot Bitcoin indices.

CoinDesk Bitcoin Price Index: $20B ETF Benchmark for Real-Time Bitcoin Prices

This is NYSE's foray into cryptocurrencies, adding another giant from the traditional pool of finance into the mix.

Those derivatives would follow the CoinDesk Bitcoin Price Index, also run by CoinDesk Indices, a benchmark in charge of the administration of some $20 billion in assets under management in exchange-traded funds.

ICE and NYSE would team up with CoinDesk Indices and regulators to come up with product offerings that would suit them. This is not the first time, though, as ICE Futures Singapore had once entered into a partnership with CoinDesk Indices to enhance their Bitcoin futures contracts by adding the XBX for monthly settlements.

CoinDesk-NYSE Collaboration Elevates Crypto Investment Opportunities

The CoinDesk Bitcoin Price Index, which currently watches over $20 billion in ETF assets, monitors the real-time spot price for Bitcoin in U.S. dollars across a number of cryptocurrency exchanges. The price is computed and published every second, around the clock, every day of the year.

The partnership only reflects the continuous relationship between the two organizations recognized as providing access and diversification to investors. CoinDesk Indices, a Bullish subsidiary, is known for its flagship indices in XBX and the CoinDesk 20 Index. Setting the benchmarks for digital asset measurement, trading, and investment, meanwhile, the NYSE, with 232 years of trading technology development, is the world's largest stock exchange with a market capitalization nearing $39 trillion.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Tether has blacklisted the address 0x15E0Ce2b1a09fA1dED1a7729B0B568Ac67F4cdf7, holding 3.5 million USDT, monitored by blockchain security firm PeckShield.

The blacklisted address is now unable to move or transact its 3.5 million USDT, indicating serious concerns over the legitimacy of the funds.

This move underscores Tether's commitment to combating illicit activities and highlights the growing importance of blockchain security and regulatory compliance.

PeckShield has reported that Tether has blacklisted an Ethereum address holding a substantial balance of 3.5 million USDT stablecoin. The blacklisted address, 0x15E0Ce2b1a09fA1dED1a7729B0B568Ac67F4cdf7, has been rendered incapable of transacting or moving the Tether tokens it holds.

Tether, the issuer of the widely used USDT stablecoin, frequently exercises its power to freeze addresses associated with suspicious activity, fraud, or regulatory concerns. This latest move underscores the ongoing efforts by Tether to maintain the integrity of its ecosystem and adhere to regulatory standards.

https://twitter.com/PeckShieldAlert/status/1795703481162182801

PeckShield has been actively monitoring the situation. Their prompt identification and reporting highlight the growing role of blockchain analytics in maintaining transparency and security in the crypto space. According to PeckShield, the address in question had previously been flagged for unusual activities, which may have prompted Tether's decisive action.

Significant USDT Freeze Raises Concerns

The blacklisting of such a significant amount of USDT is not a common occurrence and typically signals serious concerns over the legitimacy of the funds involved. This action effectively freezes the assets, preventing any further transactions or transfers from the blacklisted address. This measure is part of Tether's broader strategy to combat illicit activities and ensure compliance with international financial regulations.

The implications of this move are far-reaching. For the holders of the blacklisted address, it means a total loss of access to their USDT holdings. For the broader cryptocurrency community, it serves as a reminder of the centralized control Tether wields over its stablecoin and the responsibilities that come with holding such assets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Bitcoin spot ETFs saw a net inflow of $45.1432 million on May 28, marking 11 consecutive days of positive inflows.

BlackRock ETF (IBIT) led with a $103 million inflow, while Fidelity ETF (FBTC) added $34.3451 million, indicating strong investor confidence.

Grayscale's Bitcoin Trust (GBTC) faced a $105 million outflow, highlighting a shift towards newer ETF options with better liquidity and lower fees.

Bitcoin spot ETFs experienced a significant net inflow of $45.1432 million, marking the 11th consecutive day of positive inflows. This trend highlights the growing investor interest and confidence in Bitcoin as an asset class.

Leading the pack was BlackRock's ETF, IBIT, which recorded a substantial inflow of $103 million. This strong performance underscores BlackRock's influence and the trust investors place in its financial products. Fidelity's ETF, FBTC, also saw considerable interest, with an inflow of $34.3451 million. This steady influx indicates that Fidelity's reputation and its strategic positioning in the market are attracting significant investor capital.

Grayscale's Bitcoin Trust (GBTC) experienced an outflow of $105 million on the same day. This outflow from GBTC may reflect a shifting investor preference towards newer ETF offerings that promise lower fees and improved liquidity compared to the traditionally more expensive and less liquid trust structure offered by Grayscale.

Grayscale Bitcoin Trust Faces Outflows

The overall trend of sustained inflows into Bitcoin spot ETFs is a positive signal for the cryptocurrency market, suggesting robust institutional interest. These consistent inflows are likely driven by a combination of factors, including growing mainstream acceptance of Bitcoin, increased regulatory clarity, and the ongoing search for alternative assets in a volatile economic environment.

The movement of funds between different ETFs also indicates a competitive landscape where newer products like those from BlackRock and Fidelity are gaining traction at the expense of older structures like GBTC. As more firms enter the market with innovative offerings, competition is expected to intensify, potentially driving further growth and innovation in the cryptocurrency ETF space.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

The Sei Foundation will distribute 27.4 million SEI coins to 43,052 active users.

Users can verify eligibility on a designated website, with a deadline before Sei v2 Phase 3.

Core contributors and Sei Foundation wallets are excluded from the second Sei airdrop.

The Sei Foundation has revealed the second Sei airdrop, distributing 27,421,200 SEI coins to 43,052 independent addresses.

Sei Foundation Announces Major Second Sei Airdrop for Active Users

The second Sei airdrop rewards users who have been active since the Sei mainnet's launch, particularly those involved in securing the network through staking and liquid staking, as well as collectors from top NFT communities.

Users can now visit a designated website to verify if their wallet addresses qualify for the airdrop. Eligible users must read and accept the terms and conditions to receive the tokens. The deadline for participation is the start of Phase 3 of the Sei v2 launch, which is anticipated in the coming weeks.

Unlike the first airdrop, which received criticism from users on X for not meeting expectations, the second Sei airdrop aims to better satisfy the Sei community. Core contributors and wallets linked to the Sei Foundation or laboratory are excluded from participating in this airdrop.

Sei v2 Upgrade Enhances Network with Dual Address Support

The Sei v2 upgrade, available to developers and early adopters, introduces several enhancements to the network. Validators are upgrading their software to implement Sei v2 on the mainnet, ensuring existing applications and tokens remain operational.

The phased rollout is designed to optimize performance, set clear expectations, and reduce risks. One significant feature of the Sei v2 upgrade is the support for dual addresses, allowing compatibility with both 0x addresses and native Sei blockchain addresses.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

US regulators have indicated potential approval for Ether ETFs, a major step for cryptocurrency.

Ethereum ETF registration statement approval is needed, and it is expected within weeks to three months, though the timing is uncertain.

In a surprising turn, US regulators have signaled potential approval for exchange-traded funds (ETFs) that invest directly in Ether, the second-largest cryptocurrency by market capitalization.

Final SEC Decision Awaited on Ethereum ETF Registration Statements

Although not yet fully approved, the recent regulatory green light marks a significant milestone. Issuers still require a separate nod from the Securities and Exchange Commission (SEC) on Ethereum ETF registration statements before launching these products. The timeline for this final approval remains uncertain, hinging on how long the SEC decides to delay the process, as reported by Bloomberg.

Nate Geraci, president of The ETF Store, anticipates approval within the next few weeks or, at most, two to three months.

"Nobody knows for sure, but my expectation would be next few weeks. 2-3 months max. IMO, heavy lifting already done following spot btc ETFs & eth futures ETFs. Just a matter of how long SEC wants to string this out,” Geraci stated.

Market Anticipates Success of Upcoming Ether ETFs

Ether's potential ETF status is viewed as a trailblazer for other altcoins, such as Solana and XRP. Unlike Bitcoin, which enjoys a unique status due to its size and history, Ether and other digital assets face more regulatory scrutiny. SEC Chair Gary Gensler has previously classified many digital assets as unregistered securities, although he has not explicitly included Ether in this category. Bitcoin, on the other hand, has been definitively excluded from this classification.

Gensler, who once taught digital asset courses at MIT, has a contentious relationship with cryptocurrencies. Following the SEC's approval of spot Bitcoin ETFs in January, Gensler maintained that the agency does not endorse digital assets, which drew criticism from figures like Cathie Wood of Ark Investment. The current approval process for Ethereum ETF registration statements has not elicited a similar response from Gensler.

As the crypto industry awaits the SEC's final decision, former SEC Chairman Jay Clayton predicts spot Ethereum ETF trading could commence as early as July or August.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Metaplanet Inc. bought ¥250 million more in Bitcoin.

Bitcoin is now Metaplanet's primary treasury reserve.

They manage Bitcoin based on holding duration and market value.

Metaplanet increases Bitcoin holdings with an additional purchase of $1.6M USD. The company views Bitcoin as its primary treasury reserve and plans more acquisitions.

Metaplanet Inc., a Tokyo Stock Exchange-listed company under the ticker TSE: 3350, has just announced a significant increase in Bitcoin holdings.

Metaplanet Increases Bitcoin Holdings Significantly

At a board of directors meeting, the company approved the purchase of an additional ¥250 million in Bitcoin, which is equivalent to approximately $1.6 million USD.

The company, which provides consultative services for businesses seeking to adopt Bitcoin, has initiated a strategic transition. Metaplanet now views Bitcoin as the primary treasury reserve asset and plans to use surplus cash flow to accumulate more Bitcoins.

In addition to consulting services, Metaplanet Inc. is known to assist businesses in maximizing their potential within their existing corporate frameworks.

Readmore: First FTX Executive Sentenced To 7.5 Years In Prison

Metaplanet's Strategic Transition Towards Bitcoin

The company also manages corporate reorganizations. Metaplanet's services range from developing strategies to facilitating integration, thereby enabling organizations to regard Bitcoin as a crucial foundation for their future.

The company recently outlined how they will manage their Bitcoin holdings. They expressed that Bitcoins held for long-term purposes will be recorded at cost, while Bitcoins intended for short-term purposes will be revalued quarterly at market value.

https://twitter.com/Metaplanet_JP/status/1789831919766495602

Metaplanet's strategic Bitcoin purchase aligns with the increasing global trend of companies recognizing Bitcoin as a strategic and valuable asset class. Earlier this month, Metaplanet acquired an additional 19.87 BTC for a purchase price of 200 million yen.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Starknet Catalyst Program allocates 20 million STRK tokens to advance Ethereum Layer 2 scaling solutions.

Funding targets user experience enhancements, with six standout projects already identified.

Starknet's initiative reflects its commitment to innovation, leveraging ZK-STARK technology for secure, scalable solutions.

The Starknet Foundation has announced its new Catalyst program, where it will distribute 20 million STRK tokens to the 21 leading projects in its ecosystem.

Starknet Catalyst Program Launched to Promote Ethereum Scaling Solutions

Starknet Catalyst Program encourages innovation within Ethereum Layer 2 Starknet's solutions, all utilizing zero-knowledge rollup technology.

Funding is categorized into two segments, advanced and emerging, targeting both. The selection of top user-facing protocols to be funded rests on different factors evaluated by the Starknet Foundation and third-party evaluators. The program's primary goal is to enhance the user experience by supporting projects that bring new features and interfaces that improve and augment the on-chain dApp experience.

Top projects vying for funding include Ekubo, a token launch platform; AVNU, a DeFi protocol promising gas-free transactions; Influence, a strategy game on-chain; Realms, an on-chain gaming world; Nostra, an upcoming crypto super app DeFi protocol; and ZKX, a decentralized perpetual futures exchange.

Starknet's Supporting Developers with ZK-STARK Technology

This announcement follows a Seed Grants Program that supports early-stage applications. With the addition of the Starknet Catalyst Program and a forthcoming major program for established builders, the Starknet Foundation will provide broad and comprehensive support for developers at all stages of maturity within the ecosystem.

Another program to launch by the end of Q3 will be a user-centric program as a follow-up to the first round of Provisions. Starknet is renowned for its scalability, security, and low transaction costs, which make it a preferred environment for various innovative projects.

Starknet Catalyst Program is a testament to Starknet's desire to nurture innovation and support applications from birth to self-sustainability. With ZK-STARK technology, Starknet enables a robust, scalable, and secure platform, resulting in a seamless experience for developers and users and making it one of the top choices for building advanced technological solutions.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Ex-FTX Bahamas CEO, Ryan Salame, got 7.5 years in prison.

Salame alerted authorities to FTX's potential fraud.

FTX founder, Sam Bankman-Fried, got 25 years and plans appeal.

Ryan Salame, ex-CEO of FTX's Bahamas subsidiary, was sentenced to 7.5 years for his involvement in the $10 billion theft. He was the first FTX executive to be sentenced.

Ryan Salame

Ryan Salame, the former chief executive of cryptocurrency exchange FTX's Bahamas subsidiary, has been sentenced to 7.5 years in prison. Salame became the first executive from the circle of FTX founder Sam Bankman-Fried to be sentenced since the collapse of the cryptocurrency exchange.

First FTX Executive Sentenced: Ryan Salame's Case

Salame was sentenced in a Manhattan courtroom after reaching a plea deal with federal prosecutors in September—just weeks before Bankman-Fried was set to stand trial over the alleged theft of about $10 billion from customers, investors, and lenders.

Surprisingly, Salame's prison term was longer than what prosecutors initially asked for. Despite the defense pushing for an 18-month sentence, and the government calling for five to seven years, the judge went with a longer term.

This may be indicative of how Judge Lewis A. Kaplan intends to handle sentencing for the other former executives of FTX involved. Salame's legal team pushed to distance their client from the fraudulent activities that took place at FTX.

Readmore: Sam Bankman-Fried Trial Live Updates: Latest News And Insights

How Salame Raised the Alarm?

In court, they argued that Salame was just as taken aback by the revelations as anyone. Even though he did not sign up as a cooperating witness, Salame was the first to alert Bahamian authorities of the possibility of fraud at the exchange.

Before the collapse, Salame was a key lieutenant at FTX, after meeting Bankman-Fried at a blockchain conference in 2019. His remit involved overseeing the relocation of FTX from Asia to the Bahamas.

Bankman-Fried was handed a 25-year prison sentence in March. He vowed to appeal the decision. The case continues in the U.S. District Court for the Southern District of New York.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Binance France replaced Changpeng Zhao with Yulong Yan and Lihua He as shareholders to comply with local regulations.

The move follows Zhao’s guilty plea for violating US banking laws and aligns with the EU’s upcoming crypto regulations.

In a strategic move to retain its operational rights in France and the wider European Union, Binance France has replaced co-founder Changpeng Zhao with two new shareholders, DL News reported.

Binance France Replaces Changpeng Zhao Amid Compliance Efforts

This comes as a response to Zhao's guilty plea last November for violating US banking laws, which put into jeopardy his status as the sole owner of Binance France under local regulations that bar majority ownership by individuals with criminal records.

The European Union's forthcoming Markets in Crypto-Assets Regulation (MiCA) allows for the transfer of licenses across member states, but keeping Zhao would have compromised Binance's compliance. The replacement is made to secure Binance's status as the largest crypto exchange in Europe as new laws come into effect at the end of the year.

A Binance spokesperson said that the new shareholders, Yulong Yan and Lihua He, both hold 50% of Binance France. Yan, also known as Allan Yan, was among the people involved in Binance's early development and is mentioned in its original whitepaper. He previously co-founded Bijie Tech, a Chinese exchange services company that was shut down by the Chinese government in 2017. Lihua He, though not mentioned in the 2017 whitepaper, has taken up the mantle in the company.

Ongoing Legal Challenges and Future Compliance Uncertainties

This change in ownership is part of a wider "global restructuring project" that Binance is undertaking to ensure compliance with regulations. Following Zhao's conviction, Binance France received a notice from the French Financial Markets Authority (AMF) in December, requiring it to make operational changes.

Binance has invested heavily in the French market, contributing €100 million to the local crypto industry in 2021 and frequenting events in Paris. Yet, the company continues to be under investigation related to potential money laundering and unregistered advertising.

As Binance negotiates through the raft of these challenges, its compliance with MiCA regulations remains uncertain, especially as new stringent rules are set to be enforced in 2025.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Riot Platforms offers $950 million to acquire Bitfarms.

The merger could triple Riot's Bitcoin production.

Riot seeks to add new directors to Bitfarms' board.

Riot to buy Bitfarms for a second time, following Bitfarms' previous rejection last month. The deal could triple Riot's Bitcoin production.

Riot Platforms has placed a $950 million unsolicited offer on the table for the acquisition of Bitfarms. The move came after Bitfarms had earlier rejected Riot's original offer last month.

After Management Shake-Up, Riot to Buy Bitfarms

The cash-and-stock offer of $2.30 per Bitfarms share represents a 20% premium to the stock price before Riot's approach in April. Riot Platforms now owns a 9.25% stake in Bitfarms, making Riot the largest shareholder in Bitfarms.

Riot Platforms cited the recent management shake-up at Bitfarms as proof of corporate governance issues and said it intends to call for a vote to add new directors to the Canadian firm's board.

The potential deal is one of the first signs of consolidation in the cryptocurrency mining sector after a code update in Bitcoin known as "the halving" reduced the revenues of miners. Large mining firms like Riot are on the hunt for expansion opportunities to adjust to the new industry dynamics.

Readmore: Can Bitcoin Solve US Debt Crisis? Trump’s Surprising Inquiry

Potential Merger Could Make Riot World's Largest Bitcoin Miner

A merger between Riot and Bitfarms would create the world's largest Bitcoin miner and would more than triple Riot's Bitcoin production and put it at par with its listed peers, Marathon Digital Holdings and CleanSpark Bitfarms' shares rose 3.3% in Toronto to C$2.9 ($2.19) on Tuesday, giving it a market value of about $750 million. Riot's market value is around $3 billion.

Source: TradingView.com

In an action preceding the merger deal news, Bitfarms removed interim CEO Geoffrey Morphy following a lawsuit Morphy filed against the company for breach of contract. Riot Platforms said Bitfarms' board rejected its offer without any substantive discussion around a potential deal.

Riot is also planning to call for a special shareholders meeting to consider the appointment of several new independent directors after Bitfarms holds its annual meeting on May 31.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Semler Scientific adopted Bitcoin as a main treasury asset.

The move emphasizes Bitcoin's growing financial acceptance.

The firm values Bitcoin for its scarcity and anti-inflation attributes.

Semler Scientific shifted its financial strategy to Bitcoin treasury reserve. The firm bought 581 Bitcoins for $40 million, stating Bitcoin's unique attributes as reasons.

Semler Scientific Shifts To Bitcoin treasury Reserve With A $40M Investment

Semler Scientific, an innovative firm developing marketing technology for healthcare industries, has published a major turn in their financial strategy to shift toward Bitcoin as their main treasury reserve asset.

Semler Scientific Adopts Bitcoin as Main Treasury Reserve Asset

The strategy was unveiled by the board of directors, marking yet another major milestone in the long march toward mainstream acceptance of the top cryptocurrency.

The firm announced the purchase of 581 Bitcoins for a total of $40 million, flexing the financial muscles of the leading cryptocurrency in the market space. Other firms, such as MicroStrategy, that have already shown their increasing prevalence of Bitcoin in the financial space are companies like Semler Scientific.

The journey of Bitcoin in the current year has been of large strides, with the US Securities and Exchange Commission (SEC) in January giving the green light to Spot Bitcoin ETFs.

Since then, a series of financial organizations have started recognizing and embracing the cryptocurrency. The new Bitcoin treasury strategy of Semler Scientific and the $40 million acquisition of Bitcoin by the company is a major highlight of the status of Bitcoin as the primary treasury reserve asset.

Readmore: Solana ETF Approval Is Unlikely, Warns JPMorgan: Report

Bitcoin Treasury Reserve Strategy: A Major Leap for Semler Scientific

In a recent press release, Chairman of Semler Scientific, Eric Selmer, shed light on the significance of the decision. "Bitcoin's status as a reliable store of value and an appealing investment underpins our Bitcoin treasury strategy and recent acquisition," stated Selmer.

He further said that Bitcoin is a "major asset class" with a market value of $1 trillion. Selmer explained that Bitcoin's unique attributes make it a finite and scarce asset, which could provide a reasonable hedge against inflation.

He pointed to Bitcoin's "digital, architectural resistance" as a distinguishing feature that gives it an edge over other asset classes, such as gold.

Semler Scientific published that the firm had invested ample time in studying alternative treasury assets. Even after studying the potential use of cash, the firm discovered the advantages of the functionality and feasibility of Bitcoin as a treasury reserve asset.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

Bernstein predicts Bitcoin to hit $90,000 (2024) and $150,000 (2025).

Crypto-based ETFs approval boosts sector optimism.

Ethereum also received ETF approval from US SEC.

Bernstein reportedly released a Bitcoin price prediction for 2024 and 2025, stating that BTC will reach $90,000 and $150,000 in those respective years.

Bernstein, the asset manager overseeing $725 billion in assets, has forecasted a very optimistic outlook for Bitcoin. The firm has forecasted that Bitcoin will hit a $90,000 value in 2024, followed by a huge jump to $150,000 in 2025.

https://twitter.com/WatcherGuru/status/1795447283296731604 Bernstein's Highly Optimistic Bitcoin Price Prediction

This is amidst an optimistic outlook for the crypto industry, with the crypto Spot Bitcoin Exchange-Traded Funds having been approved early in the year. Bitcoin has registered a more than 150% surge in value since the approval of the ETFs, according to CoinMarketCap.

Source: CoinMarketCap

Bernstein analysts Gautam Chhugani and Mahika Sapra released a research report on Tuesday that expressed high expectations for the market. They said the new investment offerings will see funds of over $100 billion flowing into them in the next two years.

The coming arrival of crypto-based ETFs has been a big source of optimism within the cryptocurrency market. These investment vehicles are expected to give rise to a wave of adoption and institutional investment in the sector.

Readmore: Solana ETF Approval Is Unlikely, Warns JPMorgan: Report

Impact of Spot Bitcoin Exchange-Traded Funds Approval

Bernstein's predictions mean the firm believes these trends will drive Bitcoin to new highs.\n\nEthereum, the second-largest cryptocurrency, also got ETF approval from the US Securities and Exchange Commission.

The asset has had moderate gains over the past week, with many predicting the launch of the ETF will send it even higher.

The assertion by Bernstein that Bitcoin will reach $90,000 in 2024 and $150,000 in 2025 would mean the asset far surpasses its current all-time high of $73,000, which it set in March, just three months after its ETF approval.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Key Points:

David Bailey discussed Bitcoin as a debt solution with Trump.

Bailey's actions are to support Bitcoin, not endorse Trump.

"Can Bitcoin Solve US Debt?" was a question asked by Trump, according to David Bailey, CEO of Bitcoin Magazine, triggering discussions in the crypto space.

David Bailey, chief executive officer of Bitcoin Magazine and a cryptocurrency advisor to the Donald Trump campaign, stirred up interest with his recent disclosure.

Can Bitcoin Solve US Debt problem?

During an online space on X (formerly Twitter), he said Trump had asked whether Bitcoin could help solve the staggering U.S. national debt, which now stands at a whopping $35 trillion. Bailey said he told him he would save that conversation for another meeting.

Earlier, Bailey had announced, in his capacity as chief executive officer of Bitcoin Magazine, that he and his staff had been working with Trump's campaign to draft a Bitcoin and cryptocurrency policy agenda.

Bitcoin Magazine CEO's Initiative to Influence Presidential Policy

They had even proposed a comprehensive executive order for Trump to sign on the first day in office. He had also announced his intent to raise $100 million in campaign funds to ensure the next U.S. president would "be into Bitcoin."

https://twitter.com/DavidFBailey/status/1790737516964065382

Contrary to what many may think, Bailey insists his actions are not an endorsement of Trump. According to him, it's an act of supporting Bitcoin. He feels his initiative is a reaction to the perceived anti-crypto stance of Joe Biden's administration and some Democrats.

Readmore: Solana ETF Approval Is Unlikely, Warns JPMorgan: Report

Standard Chartered Bank Optimistic About Potential Regulatory Changes

David Bailey

Bailey's statement is filled with sentiment: "We will mobilize to defend ourselves. We're not voting for Trump per se, we're voting against Biden. The only person to blame for that is Biden". According to the Bitcoin Magazine CEO, Bitcoin can have a say in who the next U.S. President will be.

Geoff Kendrick, Standard Chartered Bank's head of FX Research and Digital Assets Research, shares his optimism. He foresees a more lenient regulatory environment for the industry during a second term of Trump, which he dubs "broadly positive".

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.