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Cardano's founder, Charles Hoskinson, has weighed in on the upcoming US presidential elections, endorsing independent candidate Robert F. Kennedy Jr. for his pro-crypto stance. Hoskinson criticized both Trump and Biden for their impact on the US economy, but suggested that the crypto community should vote against Biden. He stated, "Under the Trump administration, we founded and built Cardano. Under the Biden administration, the entire industry is at war with the US government." Hoskinson believes that the crypto vote could play a significant role in the election outcome, with an estimated 53 million Americans being pro-crypto. Despite Trump's previous criticism of the crypto industry, he has recently softened his stance, stating that he can "live with" Bitcoin and that he is the right choice for pro-crypto voters. This stance contrasts with Biden's administration, which Hoskinson claims is against the industry.

Cardano's founder, Charles Hoskinson, has weighed in on the upcoming US presidential elections, endorsing independent candidate Robert F. Kennedy Jr. for his pro-crypto stance. Hoskinson criticized both Trump and Biden for their impact on the US economy, but suggested that the crypto community should vote against Biden. He stated, "Under the Trump administration, we founded and built Cardano. Under the Biden administration, the entire industry is at war with the US government."

Hoskinson believes that the crypto vote could play a significant role in the election outcome, with an estimated 53 million Americans being pro-crypto. Despite Trump's previous criticism of the crypto industry, he has recently softened his stance, stating that he can "live with" Bitcoin and that he is the right choice for pro-crypto voters. This stance contrasts with Biden's administration, which Hoskinson claims is against the industry.

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U.S. Bankruptcy Judge Sean Lane has approved Genesis Global's Chapter 11 liquidation plan, allowing the insolvent cryptocurrency lender to return around $3 billion in cash and crypto to its creditors. The ruling means that parent company, Digital Currency Group (DCG), will not recover anything from the bankruptcy proceedings. Despite DCG's objections, Judge Lane sided with Genesis, stating that the company would still be obligated to pay other creditors even if customer claims were capped at lower prices. Genesis filed for bankruptcy in January 2023 and has been liquidating $1.6 billion in assets since. The company's bankruptcy plan, which estimates that creditors could recover up to 77% of their loans, has been widely supported by creditors.
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In the past 30 days, Litecoin whales have accumulated over 2.75 million LTC, as revealed by data from crypto market intelligence platform, IntoTheBlock. This is the largest daily inflow since February, with over 900,000 LTC, worth approximately $74.7 million, moved into their wallets on May 10. Despite this, LTC's price has remained relatively stable, fluctuating between $80 and $86. This activity follows Coinbase's launch of a cash-settled futures contract product for Litecoin in early March. Since Litecoin's halving event ten months ago, the network has seen an increase in transaction count and active addresses, indicating growing confidence in the cryptocurrency. Furthermore, Litecoin has seen significant development with the launch of the LTC-20 token standard, built on top of the network’s Ordinals Protocol. This development is a positive indicator for the market, demonstrating the ongoing innovation and growth within the blockchain industry.
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Ether (ETH) witnessed a 10% surge on Monday, following strong rumors of a potential spot ETF in the US. The price of ETH jumped from $3150 to $3450 within 25 minutes, following a tweet from Bloomberg ETF analyst Eric Balchunas, suggesting a 75% chance of ETH approval this month. This comes after the US House and Senate passed H.J.Res.109, a resolution to repeal an anti-crypto banking rule established by the SEC, with bipartisan support. This indicates a shift in the political stance towards crypto, despite President Joe Biden's promise to veto the act. The news also positively impacted Bitcoin, which rose 5% to $69,850 on Monday. The crypto market has seen $226 million in liquidations within the past 24 hours, according to Coinglass. The potential approval of an ETH ETF could further catalyze the DeFi and BRC 20 markets, indicating a promising future for the blockchain industry.
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Shiba Inu's burn rate has surged by 579% in the past 24 hours, resulting in nearly 10 million tokens being destroyed. This strategic approach aims to manage SHIB's supply and stimulate potential value appreciation through scarcity. Over 40% of the maximum supply of 999,982,363,413,352 tokens have already been sent to a null address. The burning process involves both automatic and manual burns. Shiba Inu's price is slightly down daily but shows a positive trend on a weekly scale, trading at approximately $0.00002401, a 9% increase compared to last Monday. Shiba Inu is not the only crypto project using a burning mechanism. Binance Coin (BNB) and Floki Inu (FLOKI) are notable examples. BNB conducts quarterly burns to reduce the total supply to 100 million BNB. The latest action resulted in 1,944,452.51 tokens being burned. Floki DAO recently decided to destroy over 15 billion assets, coinciding with a significant price increase for the meme coin. FLOKI's market capitalization is nearing the $2 billion mark.
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American broadcaster and Bitcoin advocate Max Keiser predicts that the declining US dollar, coupled with the influence of Tether and El Salvador, will drive Bitcoin's price to $220,000 soon. Keiser asserts that Tether's stablecoin business is bolstering Bitcoin while undermining the USD, compelling the US government to continually increase interest rates. Keiser further explains that countries in the BRICS union, including China and Russia, are abandoning the USD as the world reserve currency due to the US's debt trap, which could lead to hyperinflation. BRICS is also reportedly launching a gold-backed digital currency later this year, further threatening the dollar and NATO. Keiser also highlights Tether's role in the dollar's decline. As crypto users exchange fiat money for Tether, the stablecoin company swaps the fiat for US treasuries, using the interest to buy more Bitcoin. This, coupled with the increasing interest rates in the US, is leading to a rise in Tether's profits and Bitcoin purchases. Keiser concludes that the accelerated Bitcoin purchases from entities like Tether, MicroStrategy, and El Salvador will eventually cause the dollar to implode, pushing Bitcoin's value to $220,000. By the time the US launches their central bank digital currency, Keiser believes it will be too late, as the BRICS currency will be the world reserve currency, Bitcoin will be the world's reserve asset, and Tether will replace the SWIFT network globally.
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