A meme coin with a frog theme, Pepe PEPE/USD, reached its highest value ever on Tuesday, making all of its holders profitable at one point during the day. Within the last 24 hours, the coin emerged as the top gainer in the meme coin market and one of the leading performers in the broader market, showing gains of over 10%, as per data by Benzinga Pro.

Huge Profits

Nearly 98% of PEPE holders were in profit at the time of publication, as per data by IntoTheBlock, with the number reaching 100% earlier in the day. This meme token surpassed well-known cryptocurrencies like Solana SOL/USD, BNB BNB/USD, and Dogecoin DOGE/USD in terms of 24-hour trading volume, totaling $3.8 billion.

The sudden rise attracted the attention of investors, prompting some to invest in PEPE. According to Spotonchain, a trader withdrew more than 407 billion tokens, valued at $4.4 million based on prevailing market prices.

PEPE Roars

This significant acquisition indicated expectations of the value of PEPE potentially increasing even further in the near future. The surge in value was likely fueled by the excitement surrounding the return of retail trader Roaring Kitty, which also propelled various other meme tokens upward.

This upswing additionally marked the beginning of the second bull market for meme coins this year, the first of which occurred in March and resulted in substantial profits for enthusiasts of this cryptocurrency category. In fact, one cryptocurrency trader highlighted how meme coins were delivering substantial returns, while fundamental and utility tokens were underperforming.

OKX is poised to launch a locally regulated entity in Australia, marking a significant move for the cryptocurrency exchange towards expanding its presence in the Asia-Pacific region. The official announcement was made in Sydney on May 14th, 2024, by Oscar Piastri of McLaren Racing, the main sponsor of OKX.

Enhancing The Platform

Jamie Kennedy, the general manager of OKX Australia, emphasized the development of a secure and user-friendly platform, offering access to banking facilities and AUD pairs with popular cryptocurrencies, alongside a reduced number of trading pairs tailored for Australian users. Options trading is also available for crypto enthusiasts.

Hong Fang, the president of OKX, highlighted the diverse Australian customer base, comprising both experienced cryptocurrency users and newcomers to the market. The company initially expressed interest in expanding to Australia in March 2023, recognizing the growing interest in cryptocurrency among Australians.

Why Australia

The transition to Australia involved establishing various local entities, OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd, in compliance with the Corporations Act 2001. Despite regulatory requirements, OKX lauded Australian regulators for their transparency. The exchange had to adjust its services to adhere to local legislation, including discontinuing copy trading, yield-bearing products, and trading certain tokens.

Despite these adjustments, OKX remains one of the largest cryptocurrency exchanges worldwide by volume, with a daily trading volume of $2.8 billion, ranking third globally behind Bybit. At any rate, the expansion into Australia signifies a new phase for OKFC in its cryptocurrency journey, characterized by a commitment to regulatory compliance and customer satisfaction. The company aims to leverage the innovative and crypto-friendly environment prevalent in Australia to provide cutting-edge solutions tailored to the ever-changing needs of the crypto market.

Meme coins could be on the rise once more as GameStop recently saw its share price double between the period of when it closed on Friday and opened on Monday, prompting trading of GME to be paused nine times due to volatility. Additionally, a GameStop-themed meme coin on Solana is also seeing significant gains.

The Memes Have Risen

The GameStop token on Solana, using the GME ticker, has experienced a whopping 1,900% price surge over the past 24 hours, reaching approximately $0.01. This surge brings the GME market cap to $68 million. GME on Solana, an unofficial meme coin created as a tribute to the company, was launched in January shortly after GameStop announced it would no longer be partaking in the crypto world, closing its NFT marketplace that debuted in 2022.

Similar to many other meme coins, GME had a brief and highly volatile moment of attention. Meme coins are typically based on Internet memes and cultural trends, often developed by anonymous creators, and can sometimes result in investors losing value due to liquidity issues.

Roaring Kitty Gets Involved

The GME token reached a peak price of $0.0135 in early February but fluctuated for weeks before gradually declining. Prior to the recent surge, it was trading around $0.0005. Stock trader Keith Gill, known as Roaring Kitty, played a significant role in the surge of the GameStop shares in early 2021 through Reddit posts and livestreams, advocating for the purchase and holding of shares. This trend extended to other struggling brands like AMC.

Although the initial craze subsided, there seems to be a revival following a post on X by Gill on Sunday, which was also the first post he had made in nearly three years. Elsewhere, AMC saw a 37% increase, while adjacent stocks like Reddit and Robinhood are also experiencing substantial gains.

Billionaire and well-known television personality, Mark Cuban, recently emphasized a range of cryptocurrency advantages in response to an apparent critic of the asset class. James Love, Director of an NGO Knowledge Ecology International, posed a sarcastic query about the usefulness of cryptocurrencies to Cuban. He questioned what the practical uses for crypto can be which are not based in speculation, tax avoidance, and involvement in illegal activities.

Mark Responds

In his response, Mark Cuban detailed various benefits of digital assets, including minimal transaction fees, easily accessible credit, and protection against theft. He added that for crypto specifically, the main aspects are reduced capital transfer costs, instant collateralized loans, wealth storage, asset tokenization, application and retention of royalties to digital assets like books, real-time, cost-effective insurance markets, and finally ownership of significant assets in cold storage to safeguard against theft.

Regarding incidents like the FTX collapse, which questioned the credibility of crypto as a whole in many eyes, Cuban attributed it to the SEC, saying that it is a failure of the agency and its institutional structure, and not necessarily a problem with crypto itself.

The Significance

Mark Cuban is a highly influential figure in the crypto realm and as such has repeatedly advocated for clarity in legal frameworks governing digital assets. Like many influencers, he has criticized the SEC and its heavy-handed approach to the issue and held SEC Chair Gary Gensler responsible for hindering cryptocurrency companies when it comes to operating in the United States.

Mark added that  if the SEC had implemented audited collateral and segregation of funds requirements, then there would have been a strong possibility that FTX, Terra, and other similar situations could have been avoided altogether.

With an enthusiastic pro-crypto campaign initiated by former U.S. President and current Republican candidate, Donald Trump, many players in the space have extended their unwavering support to the outspoken leader. Cuban, on the other hand, believes that Trump would be the wrong choice for President despite his supposed pro-crypto stance.

The United States Department of Justice (DOJ) has reportedly appointed Forensic Risk Alliance (FRA) to supervise Binance after it confessed to breaking U.S. anti-money laundering laws, leading to a substantial $4.3 billion penalty. Binance founder and former CEO Changpeng Zhao recently agreed to plead guilty to money laundering charges as part of a broad settlement with U.S. law enforcement and banking regulators.

FTX Is To Blame

FRA was chosen over Sullivan & Cromwell because of the latter being associated with FTX, a decision applauded by legal and crypto communities who criticized Sullivan & Cromwell for overlooking significant fraud at FTX.

The bankruptcy of FTX, which was a Bahamas-based cryptocurrency exchange, commenced in November 2022. The fall of the exchange, prompted by a surge in customer withdrawals that revealed a $8 billion hole in its accounts, was the catalyst for its bankruptcy.

Still A Chance

The responsibility of the FRA entails thorough monitoring of Binance and all of its internal operations to ensure adherence to U.S. regulations. They will be granted unrestricted access to all Binance records, facilities, and personnel, with a mandate to report directly to the U.S. government.

It is worth mentioning that Sullivan & Cromwell may still secure a position with the Financial Crimes Enforcement Network to oversee compliance procedures with transaction reporting rules. Additionally, Binance faces penalties beyond the U.S., having agreed to fines in India while also receiving a $4.4 million penalty in Canada for failing to comply with anti-money laundering regulations.

Zest Protocol secured $3.5M in Seed funding with the backing of Tim Draper.

UXLINK raised an impressive $5M, partnering with HashKey Capital to revolutionize Social platforms.

StarNest had a Pre-Series A funding of $6M led by Chuangqi International Limited, poised to redefine the Social landscape.

Telos secured $1,000,000 in strategic funding to fuel our mission of revolutionizing the blockchain space.

Presto Labs raised $12,000,000 in seed funding led by HashKey Capital to accelerate efforts in blockchain innovation.

Slingshot has secured $3,000,000 in with support by Alphabit Digital Currency Fraud to drive their mission of social impact through blockchain technology.

Arbelos has raised $28,000,000 in seed funding with the help of DragonFly Capital to further revolutionize DeFi.

BlockBooster has secured $1,500,000 in seed funding with help by OKX Ventures to accelerate their journey in the world of blockchain.

StakedGain made a splash with $500K in Seed funding, gearing up to disrupt the DeFi sector.

Bella Protocol garnered $4M in Seed funding with a strong focus on DeFi, gaining traction with a Twitter Score of +4.

BAC Games scored $1.5M in Seed funding, backed by Gate Ventures, marking a significant stride in the GameFi arena.

Arch Network secured an impressive $7M in Seed funding, supported by Multicoin Capital, amplifying Blockchain Infrastructure development.

Arcium (Elusiv) raised $5.5M in Strategic funding, driving innovations in Blockchain Service, with a remarkable Twitter Score of +19.

AgriDex raised $5M in Pre-Seed funding, cultivating Blockchain Service solutions with the support of Endeavour Capital.

UXUY secured $7M in Pre-Series A funding, with Binance Labs backing, set to redefine DeFi experiences.

Bitcoin (BTC) experienced a sudden drop in price, decreasing by 3.5% within a day, while many major alternative cryptocurrencies fared even worse. Over the last 24 hours, the cryptocurrency market faced significant losses, with most altcoins showing declines.

Altcoins also suffered significant losses, with Ethereum (ETH) dropping by 4.1%, Solana (SOL) and Polkadot (DOT) each experiencing nearly 6% declines, along with other coins like Bitcoin Cash (BCH), Avalanche (AVAX), and Uniswap (UNI).

The Losses Continue

Bitcoin remained relatively stable around $63K throughout the week, but it abruptly dropped to around $60K. The sudden volatility led to liquidations worth over $200 million in the past day, possibly triggered by comments by a representative of the US Federal Reserve.

During a conference in New Orleans, Lorie Logan, President of the Dallas Fed, hinted that it might be premature to consider rate cuts, emphasizing the need for flexibility amid uncertainties. This announcement negatively impacted the market sentiment, resulting in widespread declines across various cryptocurrencies.

While prices eventually stabilized somewhat, analysts are closely monitoring the market to assess whether the downward trend will continue or if there will be a reversal. Theta Network (THETA) and THORChain (RUNE) were among the cryptocurrencies that experienced the most significant losses, declining by 10.8% and 9.2%, respectively. However, Cheelee (CHEEL) and Akash Network (AKT) managed to mitigate losses, registering approximately 3% increases during the same period.

Other Markets

Wall Street is feeling bullish about S&P 500 earnings, signaling optimism amid a backdrop of receding fear across assets. Investors are shedding crash insurance, reflecting growing confidence. However, the stock rally is showing signs of weakness, with the Federal Reserve treading cautiously after recent data releases. Bowman, an analyst, anticipates the Fed to maintain its stance without implementing any cuts for the remainder of 2024, despite concerns lingering over inflation.

Meanwhile, Wall Street is navigating a rebound in stocks, but faces looming risks with a $600 billion wall of debt. Anglo American investors are urging the company to accelerate amid a bid by BHP, while advancements in technology are revitalizing profitability in the Athabasca Oil Sands. However, challenges persist as wildfire evacuation alerts are issued for the Canadian oil sands hub.

In addition, a real estate boom in Mumbai is fueled by influencers, with luxury homes claiming a larger share of sales according to various reports. These diverse developments paint a dynamic picture of global markets and geopolitics, showcasing the intricate interplay between economic indicators, political tensions, and societal shifts.

Recent disclosures were made through fillings by the United States Securities and Exchange Commission (SEC) which have unveiled the holdings of Spot Bitcoin (BTC) ETFs by JPMorgan Chase and Wells Fargo, two prominent banks in the United States.

ETFs On The Rise

Wells Fargo, ranked third in size, disclosed its stakes in Spot and Futures ETFs for Grayscale, along with ownership of shares in Bitcoin Depot Inc., the leading provider of Bitcoin ATMs. Following suit, JPMorgan Chase, the largest U.S. bank, also revealed its exposure to Spot Bitcoin ETFs by major asset managers like BlackRock, Fidelity, and Grayscale.

The surge in Spot Bitcoin ETF prominence within the finance sector in 2024 has been remarkable, fueling the value of the flagship cryptocurrency to reach an all-time high of $73,000 earlier in the year. These investment vehicles provide a route for investors to participate in Bitcoin price movements without direct ownership, appealing broadly across the investment landscape.

A Broader Trend

The filings by Wells Fargo underscore its strategic involvement in the digital asset market, part of a broader trend of institutional access to cryptocurrencies. Such efforts reflect the overall goal of the industry towards wider adoption of Bitcoin ETFs, crucial for increasing the accessibility of cryptocurrencies among traditional investors.

Insights by SEC filings highlight the significant roles of both banks as market makers and Authorized Participants (APs), impacting the liquidity and availability of these ETFs. However, these holdings represent snapshots of long positions as of March 31st, 2024, with potential variations day by day. While not necessarily indicative of bullish investment strategies, the involvement by the banks as market makers contributes to market stability and liquidity, essential for investors.

Tether has criticized Deutsche Bank for its recent report suggesting potential instability within the stablecoin market. The report, released on May 7th, highlights concerns over stablecoins, including the USDT stablecoin, facing a scenario similar to the 2022 collapse of TerraUSD (TUSD), which led to a significant market downturn of at least $40 billion over a short period.

Questioning Stablecoins

The analysis by Deutsche Bank, which is based on a study of 334 currency pegs spanning 223 years, indicates a high failure rate of fixed currencies, with 49% failing within an average lifespan of eight to ten years. Additionally, 42% of European consumers expressed doubts about the long-term viability of stablecoins in general.

The report concludes that many pegged assets in the cryptocurrency realm could encounter substantial turbulence due to speculative activities, potentially leading to de-pegging events. It raises concerns about the lack of transparency in stablecoin operations and their susceptibility to market sentiment. Deutsche analysts also criticized Tether for its opaque reserve practices, questioning its solvency status.

Tether Refutes The Claims

Unsurprisingly, Tether rebuffed the claims made in the report, saying they lack evidence and clarity. The firm emphasized the absence of concrete data supporting the forecasted decline of stablecoins and dismissed comparisons to TerraUSD, an algorithmic stablecoin.

Tether also countered Deutsche Bank by questioning the credibility of the institution itself, citing its history of fines and penalties. Despite ongoing scrutiny regarding the transparency of its reserves, Tether has released various financial attestations suggesting holdings exceeding $110 billion in fiat-denominated reserves. Critics argue that these attestations are not equivalent to a comprehensive financial audit.

In 2021, Tether settled with the New York Attorney General, paying an $18.5 million fine and facing restrictions in the state for allegedly misrepresenting the extent of its fiat collateral reserves. Despite the absence of an official audit, Cantor Fitzgerald CEO Howard Lutnick believes Tether possesses sufficient reserves.

Binance, one of the leading cryptocurrency exchanges globally, faces scrutiny following a report by The Wall Street Journal which disclosed that the exchange dismissed its chief investigators subsequent to their claims regarding wash trading involving a prominent VIP client, DWF Labs.

According to the report, DWF Labs purportedly conducted over $300 million worth of wash trades across seven tokens in 2023, allegedly influencing the price of YGG, the native token of Yield Guild Games, as well as various other cryptocurrencies.

Binance Fights Back

Binance has refuted these accusations, asserting that the transactions were internal and did not amount to manipulation. The exchange further alleged that the head of the monitoring team collaborated with DWF competitors, resulting in his termination.

In response to the report, Binance reaffirmed its rigorous market surveillance measures and dedication to combatting market abuse. It stated its intolerance towards such malpractices and disclosed having deactivated nearly 355,000 users with a transaction volume exceeding $2.5 trillion for breaching its terms of service over the past three years.

Emphasizing the importance of impartial investigation, Binance claims to ensure fair competition in the industry and safeguard users regarding market manipulation, even amidst claims by market-making firms against competitors.

Damage Control

DWF Labs, the accused VIP client, strongly denied the allegations, emphasizing its adherence to high integrity, transparency, and ethical standards. The company declared the recent accusations in the media as baseless and distorted, affirming its commitment to reporting relevant incidents truthfully to regulatory bodies.

The termination of multiple top Binance investigators over their allegations regarding wash trading by VIP client DWF Labs has sparked concerns about market manipulation and how the exchange has responded to such matters. Binance contends that the transactions were internal and not manipulative. As the investigation progresses, the cryptocurrency community will closely observe how Binance addresses these allegations while maintaining its commitment to market surveillance and user safeguarding.

The bill previously passed by the United States House of Representatives overturns contentious guidance by the United States Securities and Exchange Commission (SEC) that restricts ownership of cryptocurrencies within banks.

President Joe Biden, however, has now announced that he would veto the new legislation if it reached his desk. This statement has reaffirmed the commonly held belief that the White House does not actually act on behalf of the American public and their interests. Interestingly enough, former President Donald Trump has pledged full support for cryptocurrencies if he is reelected.

Fighting Back Against The SEC

On May 8th, the House approved a bipartisan bill known as H.J. Res 109, which nullifies the SEC Special Accounting Bulletin (SAB 121). This bulletin mandates banks to include the crypto assets of their customers on their balance sheets, unlike traditional assets such as securities.

Republican Congressman Mike Flood, who introduced the resolution, argued that SAB 121 unfairly burdens banks seeking to custody crypto, as custodial assets are typically not included on balance sheets. Notably, 21 Democrats supported the bill, joining the unanimous 207 Republican votes, resulting in the bill being passed with 228 votes in favor and 182 against.

An Outrageous Overreach

The White House expressed strong opposition to efforts by House members to overturn SAB 121, asserting that it would disrupt the SEC and its mission to safeguard investors in crypto-asset markets and the broader financial system. Restricting the SEC and their ability to maintain a comprehensive and effective regulatory framework for crypto-assets could introduce significant financial instability and market uncertainty.

Introduced by the SEC in March 2022, SAB 121 outlines local accounting guidelines for institutions intending to custody crypto assets. Notably, SAB 121 effectively prohibits banks when it comes to serving as custodians of crypto assets on behalf of clients.

US lawmakers, including SEC Commissioner Hester Peirce, have argued that SAB 121 undermines the willingness of regulated banks to act as crypto custodians and treats crypto holdings differently compared to other assets.

CryptoPunks maintained its market dominance, achieving the highest daily sales volume for the second consecutive day this Wednesday. The Ethereum-based non-fungible token (NFT) collection marked over $1.25 million in daily sales through eight transactions involving seven distinct buyers and sellers each.

Despite a 25% decline in sales compared to the previous day, CryptoPunks still led the market with a $1.7 million daily sales volume on Tuesday, according to data by CryptoSlam. However, Ethereum, its underlying chain, did not retain its top position in blockchain rankings for NFT sales. Bitcoin collections collectively amassed $6.68 million in sales, surpassing the Ethereum amount of $6.04 million.

Bitcoin And Ethereum NFTs Lead The Charge

The second-highest performing collection on Wednesday was DMarket, with a daily sales volume of $725,058, involving an impressive 4,147 distinct buyers and 3,569 sellers across 31,734 transactions. DMarket is an NFT collection representing in-game items for the Mythos chain.

Elsewhere, NodeMonkes on Bitcoin secured the third spot with a daily sales volume of $717,301.84, involving 37 distinct buyers and 35 sellers in 38 transactions. This marked a slight decrease compared to the previous amount of $750,024. The cumulative sales of the collection now reach $214.35 million, showcasing a robust market presence.

NodeMonkes stands as the leading collection on the Bitcoin network in terms of all-time sales, with $214.5 million. It is nearing CyberKongz, an Ethereum-based collection ranked 26th on the all-time sales chart, with a difference of approximately $1 million.

NFTs Back On Track

Other noteworthy collections featured in the top 10 sales list on Wednesday include the $PMPS BRC-20 NFTs, recording a daily sales volume of $634,465, and Mad Lads, which generated $518,697 in sales.

Both collections experienced fluctuations in their daily performance, with $PMPS BRC-20 NFTs observing an increase in transactions compared to the previous day, while Mad Lads saw a massive decrease in sales. Additionally, Solana Monkey Business, Bored Ape Yacht Club, Mutant Ape Yacht Club, DogeZuki Collection, and Guild of Guardians Avatars also featured among the top-performing NFT collections for the day.