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May 09,2024

US House Of Representatives Approve New Bill Only For Joe Biden To Reject It

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.

May 09,2024

CryptoPunks Experience Resurgence But Bitcoin NFTs Maintain Lead

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.


May 08,2024

Chainalysis Chooses The United Arab Emirates As New Headquarters Location

Chainalysis, the platform specializing in blockchain intelligence, has inaugurated its headquarters for Southern Europe, the Middle East, Central Asia, and Africa in Dubai. The company intends to enlist skilled professionals with expertise in traditional finance, regulatory compliance, and Web3 technologies to operate out of its Dubai base.


Chainalysis Moves Up

This most recent step comes after three years of substantial growth in the region, solidifying Chainalysis as the primary provider of crypto investigation, Web3 expansion, and crypto risk solutions to both governmental and private sector organizations. Chainalysis offers data, software, services, and research to governmental agencies, virtual asset service providers, financial institutions, and insurance and cybersecurity firms across more than 70 countries.

In alignment with the UAE (United Arab Emirates) and its efforts to establish itself as a global crypto center, Chainalysis has been actively collaborating with key government stakeholders to offer advice and best practices for the development of regulations and frameworks essential for nurturing a flourishing crypto ecosystem.


Enhancing The Local Workforce

The move involves collaborating with the UAE Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications to establish a Centre of Excellence aimed at enhancing the blockchain technology skills of government employees. Recently, Chainalysis also signed a Memorandum of Understanding (MoU) with Emirates NBD to support the new Digital Asset Lab program.

Michael Gronager, CEO of Chainalysis, remarked that the UAE government has led the crypto revolution with progressive regulations and business-friendly policies. He added that the genuine potential and value of cryptocurrencies lie in their capacity to transfer value, and we are observing a growing trend in overall transfer activity. Utilization forms the bedrock of this industry, and the UAE is well-positioned to drive innovation with innovative use cases that offer tangible value to consumers and businesses alike.


May 08,2024

Multiple Athletes Reach Agreement With Plaintiffs In Voyager Case

Rob Gronkowski, Victor Oladipo, and Landon Cassill have reached an agreement with plaintiffs in their ongoing legal dispute concerning Voyager Digital. Three prominent American sports figures will collectively pay $2.42 million to settle claims of promoting the failed cryptocurrency exchange.


Gronkowski Leads The Charge

In a class action settlement filed on May 3rd, retired NFL star Rob Gronkowski will contribute the largest share, totaling $1.9 million. NBA player Victor Oladipo will pay $500,000, while NASCAR driver Landon Cassill will pay $25,000. All three athletes have agreed to these settlements without either affirming or denying the accusations against them.

The settlement proposal encompasses all U.S. individuals who participated in a Voyager Earn Program Account or acquired VGX tokens between October 2019 to the preliminary approval date. Additionally, the plaintiffs intend to request attorney fees of approximately $792,000. Gronkowski, who unveiled an NFT collection in 2021, became associated with Voyager as a partner, brand ambassador, shareholder, and VGX token holder in September 2021, according to a prior press release.


Voyager Keeps Going Down

Adam Moskowitz, the legal representative for the investors, attributed the settlements largely to the athletes and their desire to assist their supporters. He emphasized how Gronkowski is being genuinely empathetic for his fans, despite also incurring losses with Voyager.

A group of investors initially filed a class action against Dallas Mavericks owner Mark Cuban in 2022, later including Gronkowski and other Voyager promoters in 2023. The settlements were achieved through mediation to address whether the Voyager products constituted unregistered securities and if the promoters actively solicited investors.

Voyager Digital filed for bankruptcy in July 2022, citing market turbulence following the Terra/Luna collapse in May and defaulting loans to the Three Arrows Capital hedge fund. In April, Voyager made strides in compensating its creditors by securing $484 million through settlements with FTX, Three Arrows Capital, and Directors and Officers insurance claims.


May 07,2024

Elon Musk And Javier Milei Cross Paths Once More

Elon Musk, CEO of Tesla and SpaceX, and Argentina President Javier Milei crossed paths once again at the 27th annual Milken Institute Global Conference on Monday. This encounter marked their second meeting within a month.  Elon has long since been an avid supporter of cryptocurrencies, particularly his favorite canine-themed crypto, Dogecoin (DOGE). He mainly supports crypto due to its potential to revolutionize financial systems, empower individuals, and promote innovation in the digital economy.


Elon Recommends Argentina

In a photo shared on social media, Musk and President Milei were seen posing enthusiastically with double thumbs up. Also present in the picture were Secretary General of the Presidency, Karina Milei, and Argentine Ambassador to the United States, Gerardo Werthein.

Musk, endorsing Argentina, remarked that he highly recommends investing in Argentina, as the country looks toward the future under their recently elected new leader. The two proponents of free-market ideologies are among the headline figures at the conference held in Beverly Hills, California, where leaders in finance, technology, sports, and media convene to discuss pressing global issues.


Advocating For Crypto

The meeting follows their initial encounter at a Tesla electric car factory in Texas last month, where a similar camaraderie and photo-op were displayed, with Musk expressing optimism for the future. Both Musk and President Milei advocate for cryptocurrencies, and while Elon has previously discussed his Bitcoin holdings and supported Dogecoin, President Milei has praised the scarcity-driven growth model of Bitcoin alongside its potential to empower people monetarily.

Their shared viewpoints on cryptocurrency could potentially lead to future collaborations in this field. At the time of publication, Bitcoin was trading at $63,154, experiencing a 1.2% decrease in the last 24 hours, while Dogecoin dropped by 4.6% to trade at $0.1545, according to CoinGecko.


May 07,2024

Cardano And Bitcoin Cash May Be Partnering Up Soon

Charles Hoskinson, the founder of Cardano (ADA), recently hinted at a potential collaboration between Cardano and Bitcoin Cash (BCH). He highlighted the significance of this alliance for Bitcoin Cash, positioning it ahead of networks like Bitcoin (BTC).

Regarding the potential partnership, Hoskinson conducted a hypothetical poll on X, seeking feedback by followers on integrating Bitcoin Cash as a Cardano partner-chain. He emphasized that this collaboration would enhance Bitcoin Cash with useful Proof of Work (PoW) Leios, NiPoPoWs, and Ergo tech.

More recently, EMURGO, the commercial arm of the Cardano blockchain, has struck a strategic agreement with GSR, a well-known worldwide cryptocurrency trading firm. This alliance intends to strengthen the ecosystem&39s infrastructure by leveraging GSR&39s expertise in market liquidity and financial services.


An Intriguing Partnership

Hoskinson asserted that the partnership could elevate Bitcoin Cash to be the fastest and most useful PoW chain ever built. The poll garnered over 13,000 responses, with 67.7% in favor of the collaboration. Ben Scherrey, founder and CTO of blockchain firm Biggest Lab, expressed support for the initiative, noting similarities between the two chains, particularly in their shared UTXO model, enabling high scalability and decentralization.

Bitcoin Cash is recognized for its advantages over Bitcoin in terms of speed, cost-effectiveness, and scalability. Therefore, Hoskinson asserting that Bitcoin Cash could become the fastest and most useful PoW chain seems plausible. Integrating PoW Leios and Ergo tech could also enhance transaction processing speed and smart contract efficiency. However, the concept of making Bitcoin Cash a Cardano partner-chain raises questions due to their differing consensus mechanisms.


Looking Ahead

Cardano is additionally poised for two significant upgrades. The first is the Chang hard fork, scheduled for this quarter, aiming to foster decentralized governance by transitioning to a community-driven model. This shift could also help address various criticisms that Hoskinson tends to stifle network progress, potentially reshaping the future trajectory of Cardano going forward.

The second upgrade involves the introduction of the Ouroboros Leios protocol, slated for this year, anticipated to bolster both scalability and efficiency for the Cardano blockchain. Hoskinson views this as a significant step towards resolving the blockchain trilemma of security, scalability, and decentralization.


May 06,2024

Binance Delists Five Tokens Following New Operational Adjustments

Binance Futures, the futures trading division of the cryptocurrency exchange Binance, has unveiled significant operational adjustments affecting several perpetual contracts. These changes involve delisting certain contracts and modifying leverage and margin tiers for STP (STPTUSDT), Status (SNTUSDT), MovieBlock (MBLUSDT), Radworks (RADUSDT), and Convex (CVXUSDT) perpetual contracts.


A Critical Juncture

These alterations are set to be implemented next week, signaling a crucial transition for traders and investors utilizing these financial instruments. Starting on May 6th, 2024, at 10:30 UTC, Binance Futures will revise the leverage and margin requirements for the mentioned contracts, aiming to proactively adapt to market conditions and enhance trading safety. Traders involved in these contracts are advised to review their strategies, particularly focusing on their leverage settings, to mitigate the risk of potential liquidations.

Following these adjustments, Binance Futures will prevent the opening of new positions in these contracts, with automatic settlements of all existing positions beginning one hour and a half later on their respective dates.


Market Responds

Binance Futures reserves the right to implement additional protective measures without prior notice, potentially including changes to leverage caps, position values, and maintenance margins across different tiers, among other adjustments.

Unsurprisingly, the market responded almost immediately, with various noticeable declines in the prices of the affected tokens, according to data by TradingView. STPT decreased by 4.55%, SNT by 4.79%, and MBL by 4.31%. CVX and RAD also experienced drops of 2.35% and 1.12%, respectively. Lastly, this delisting and updating initiative by Binance Futures underscores its ongoing commitment to adapting to evolving market dynamics and ensuring a secure trading environment.


May 06,2024

ICP Launches Copy Of USDC Via ckUSDC Sepolia

The updated ckETH minter testing version on Internet Computer (ICP) mainnet has been enhanced, now showcasing the Sepolia version of the USDC token. In a recent post on a forum, Christian Müller, Senior Software Engineer at DFINITY, disclosed that users can acquire Sepolia ETH through various available faucets online and Sepolia USDC for interacting with the Sepolia ETH and USDC tokens.


Key Details

Upon acquisition, users can deposit both Sepolia ETH and USDC for minting ckETH and ckUSDC, respectively. DFINITY Foundation, a non-profit organization, is developing technology for the Internet Computer (ICP) blockchain. It should be mentioned that while ckETH is not mandatory for depositing USDC, it is necessary for withdrawing ckUSDC and receiving USDC back.

Moreover, a portion of the ckSepoliaETH will be utilized by the minter canister to cover transfer transactions on the Sepolia testnet. The canister IDs of the ckSepoliaETH minter are also accessible for reference. Furthermore, the ckSepoliaETH minter provides a dashboard showcasing conversions and corresponding Ethereum transactions for both ckETH and ckERC20 transactions. Developers keen on facilitating conversions between ERC20 and the corresponding ck-twin token in their dapps are encouraged to start experimenting with ckUSDC.


Still In Development

Müller underscores that the project is still in development, implying users might encounter bugs and that these should be reported as soon as possible in order to improve the system. There is also a reliable customer support system put in place, he added, which can help out in case the instructions are not clear or if there is any other issue.

It is important to note that currently, there is no user-friendly front-end available, so users should be comfortable using dfx calls, especially for the final step. Last June, the ICP introduced an upgrade proposed by the community to extend support for all canister smart contracts, allowing users to hold and transfer ICP tokens. Meanwhile, DFINITY aims to directly integrate the Bitcoin (BTC) network with the Internet Computer, enabling smart contracts on Bitcoin through an application of Chain Key cryptography, they stated.


May 06,2024

Web3 Fundraising Deals - April 30th to May 6th, 2024

MetaPhone successfully raised $1,000,000 in an undisclosed funding round led by JDI, further propelling its vision in the blockchain service industry. MetaPhone is a project on the TON blockchain which aims to establish a Web3 marketing network. Partnering with a leading 3C manufacturer, the initiative offers a flagship-quality device with premium hardware and Web3 features.



Crestal secured $2,000,000 in Pre-Seed funding, with none other than Sandeep Nailwal backing the project. This injection of capital is set to bolster its initiatives in blockchain infrastructure. Crestal is a dynamic platform for modular services. It enables builders to rely on the Crestal Blockchain for discovering, deploying, and upgrading modular services by connecting decentralized providers to a verifiable Proof of Performance (PoPTM).



Airstack soared with a $4,000,000 Seed round led by Red Beard Ventures, marking significant strides in the blockchain service sector. Airstack is developing protocols and APIs for browsing, discovering, and consuming on-chain data across projects and across blockchains. Opinionated APIs address specific use cases and enable developers to plug-and-play the APIs with minimal setup, configuration, or custom infrastructure required.



Kiosk attracted $10,000,000 in undisclosed funding, supported by Electric Capital, to fuel its endeavors in the social category. Kiosk believes that onchain assets are fundamentally social. Kiosk believes there is a stronger connection and deeper belonging when assets are truly integrated into social.



Mitosis secured $7,000,000 in Seed funding via Amber Group, signaling strong investor confidence in its DeFi ventures. Mitosis comprises the Mitosis L1 Ecosystem and Mitosis Vaults across multiple networks. It manages liquidity by different networks, termed Ecosystem-Owned-Liquidity (EOL), allowing participants to influence liquidity allocation decisions.



Shadow War hit a milestone with a $5,000,000 Series A round, backed by Momentum 6, in the GameFi domain. Shadow War is a third-person 5v5 action game that blends elements of futurism, fantasy, and competition. The game provides avenues for free players to earn top-tier resources without relying on pay-to-win mechanics.



Securitize made waves with a $47,000,000 strategic investment by BlackRock, highlighting its pivotal role in the CeFi landscape. Securitize is a digital asset securities firm that facilitates access to alternative investments for shareholders and assists companies in raising capital and managing shareholders.

May 05,2024

Biden Administration Makes Boneheaded Remark On Bankruptcy

In a newly released documentary titled Finding the Money, Jared Bernstein, the Chair of the Council of Economic Advisers and a key economic policy advisor to President Biden, stirred controversy with his remarks regarding the US and their monetary capabilities.

According to Bernstein, the ability of the US government to print its own currency means it cannot go bankrupt. These comments have sparked renewed debates about the role of Bitcoin amidst extensive government spending and increasing debt levels.


Lacking Knowledge

It is concerning that the Chair of the Council of Economic Advisers appears to lack a comprehensive understanding of economic principles, especially considering the significant role of the agency in shaping domestic and international economic policies. 

Printing money excessively can lead to inflation, diminishing the value of currency. It can erode purchasing power, disrupt economic stability, and create uncertainty for businesses and consumers. Additionally, it may damage the reputation of any given country in financial markets, potentially leading to higher borrowing costs and economic downturns.

What Bernstein said during the documentary, which delves into topics such as government funding, expenditure, and national debt, further illustrate his struggles to articulate a coherent understanding of the economy. Critics argue that his views on government debt and currency issuance are oversimplified and potentially risky.


Bitcoin Over TradFi

The controversy has once again brought Bitcoin to the forefront of discussions. Advocates of Bitcoin argue that its fixed supply, capped at 21 million coins, positions it as a hedge against government-led currency printing and inflation, making it a superior option to TradFi.

Bitcoin proponents assert that as governments increasingly accumulate debt and resort to printing money to finance expenditures, the independence exhibited by Bitcoin and cryptocurrency in general compared to central bank policies makes them an appealing option for investors seeking to safeguard their wealth.


May 05,2024

Meme Coins Continue To Flourish As Bitcoin Looks To Regain Momentum

Bitcoin (BTC) is experiencing a continued resurgence as it reached over $63,000 earlier this week. Meanwhile, the leading meme coin, DOGE, has seen a surge of over 12% in the last 24 hours. Most alternative coins (altcoins), including the famously volatile meme coin category, have similarly experienced significant gains.


BTC Seeks $64K

Bitcoin endured a challenging trading week with multiple price drops. Despite initially reaching nearly $65,000 on Monday, it faced bearish pressure, sliding to $62,000. The downtrend persisted, dipping below $60,000 and hitting a two-month low of $56,500 by Wednesday, before the US Federal Open Market Committee (FOMC) meeting.

Following the meeting, where the Fed signaled no imminent interest rate hikes, BTC saw a $2,000 fluctuation before returning to its starting point. It gradually recovered, approaching $60,000 yesterday. Initially halted, it later surpassed this psychological barrier, reaching a multi-day peak of $63,500. Despite some retracement, the flagship crypto currently hovers around $63,000, marking a 6% daily increase. Its market cap now stands at $1.240 trillion, with a dominance of 50.5% over altcoins.


Meme Coins Show Gains

Leading altcoin gainers, particularly within the volatile meme coin sector, include Dogecoin, up over 12% to trade at $0.15, and PEPE, with an 11.7% increase. SHIB has also gained 8%, exceeding $0.000025. STX stands out with a 14% surge to $2.4. Ethereum (ETH) and Binance Coin (BNB) have similarly risen by around 3.5%, with ETH surpassing $3,100 and BNB at $585.

Other notable gainers among larger-cap altcoins include TON, BC, AVAX, NEAR, and HBAR. The total crypto market cap has rebounded by over $200 billion since the lows seen on Wednesday, reaching $2.460 trillion on CoinMarketCap.


Other Markets

Mexican retailer BBB exceeded its initial public offering goal, raising a substantial $589 million. In the market sphere, there is growing concern as profit outlooks sour. Meanwhile, Warren Buffett weighed in on the corporate tax landscape, foreseeing a likely rise to address the deficit. Attention turns to the future direction of Berkshire Hathaway post-Buffett and the passing of Munger, with ISS advising Boeing investors to reject CEO compensation packages.  Elsewhere, discussions abound on the taxation of capital gains and potential reforms.

In other recent developments, Western sanctions are squeezing Putin and his Arctic gas aspirations, while Treasury Secretary Yellen advises caution post-yen surge. Amidst these market dynamics, BlackRock confronts various challenges, emphasizing the complexity of contemporary financial landscapes and subsequent regulatory policies.


May 03,2024

Chainalysis And Tether Team Up To Combat Illicit Activity

Tether (USDT) has partnered with blockchain data platform Chainalysis to oversee activity in secondary markets and combat unlawful behavior. The collaboration involves the development of new monitoring and analysis tools capable of identifying high-risk wallets or those associated with illicit or sanctioned addresses.


Monitoring Transactions

According to Tether, secondary market activity refers to transactions made using USDT within the broader ecosystem beyond direct purchases through Tether. These tools, created by Chainalysis, enable Tether to systematically monitor transactions, providing oversight of the USDT market. They empower Tether via their compliance professionals and investigators to pinpoint risky wallets or those linked to illicit or sanctioned addresses.

Tether recently announced a record net profit of $4.52 billion in the first quarter of 2024, mainly attributed to gains via Bitcoin and gold, totaling $3.52 billion, along with $1 billion through operating profits. However, the company has faced scrutiny, with S&P Global Inc. assessing its ability to maintain its peg to the U.S. dollar and assigning it a constrained rating of 4, citing a lack of disclosed information.


Tether Soldiers On

Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to a fiat currency or commodity, offering a reliable means of digital exchange and store of value. There are various stablecoins in the market today, including but not limited to USDT, DAI, USDC, and more.

Stablecoins like Tether are cryptocurrencies whose value is typically tied to a fiat currency or commodity. Tether, established in 2014, has the longest tenure and largest circulation volume among stablecoins, though it has faced ongoing scrutiny. Despite this, its price has remained relatively stable, especially in the past year.