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.

 

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's infrastructure by leveraging GSR's 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.

 

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.

 

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.

 

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.

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.

 

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.

 

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.

 

Trading in meme coins can significantly benefit decentralized exchanges (DEXs) by drawing in a large number of non-traditional DeFi traders, according to Kain Warwick, the founder of Synthetix. Warwick highlighted the value of speculation in meme coins, noting its importance even if critics argue that meme coins lack utility. He emphasized that the trading of meme coins generates volume for DEXs, prompting them to develop improved tools in response.

 

Fostering An Ecosystem

Warwick, who is preparing to launch his on-chain gateway platform Infinex, explained that investment in speculative instruments, even those without utility, fosters the development of an ecosystem around them. This investment then flows into infrastructure, which he considers beneficial.

In recent months, meme coin trading has experienced a surge, with the majority of trading occurring on DEXs due to the ease and affordability of token creation tools like pump.fun. Despite the short lifespan of many meme coins, they contribute to significant monthly DEX volumes, reaching a high of $267.9 billion in March.

 

Resonating With Emotions

Warwick expressed his perspective at the ETHGlobal Pragma Sydney event, stating that meme coins, non-fungible tokens (NFTs), and GameFi resonate more with human emotions and cultural ideas than DeFi does. He suggested that while finance is impactful, it may not capture the interest of the average person on a daily basis. Instead, Warwick believes that people are more passionate about entertainment mediums like games, movies, and music.

Regarding meme coins, Warwick viewed them as a simple yet effective means of attracting interest in DeFi and crypto. He highlighted the elegance of meme coins alongside their simplicity, where the decision to invest boils down to whether one finds the idea appealing or not, without the complexity of factors like yield or revenue.

 

Shiba Inu (SHIB), recognized for its dog-themed branding, has recently witnessed a notable surge in whale activity, signaling significant movements of large SHIB tokens. Whale activity, often a crucial indicator of market sentiment and potential price shifts, exhibited an impressive 268% increase in the case of SHIB.

Large transaction volume, typically involving transactions valued at more than $100,000, rose to $98.12 million within a 24-hour period. This surge underscores a substantial increase in whale activity, indicating that significant holders of SHIB tokens are actively participating in buying or selling.

 

Key Developments

The volume of large transactions in Shiba Inu saw a significant rise to 4.17 trillion SHIB on April 29th. This spike suggests that whales in the SHIB market have been notably active, potentially capitalizing on the price decline. Despite this, SHIB still experienced a 12.05% decrease over the past week. This disparity between whale activity and price performance suggests a complex interplay of factors influencing market dynamics.

In other developments within the Shiba Inu ecosystem, the Shiba Eternity collectible card game (CCG) has undergone substantial upgrades. The latest version, 1.2.7, introduces enhancements aimed at improving player interaction and strategic depth. Notable changes include enhancements to the social menu, facilitating easier player connections, and adjustments to fighter mechanics, offering a more balanced gameplay experience. Specifically, these fighters have been adjusted to no longer cause debuff damage to adjacent friendly fighters upon being destroyed.

 

Still Growing

ShibaSwap, the main decentralized exchange (DEX) for the initiative, is reportedly expanding to support Shibarium, which is the Ethereum Layer 2 blockchain for Shiba Inu. This expansion enhances security and interoperability, providing users with a seamless trading experience.

Adding to this momentum, the SHIB/JPY trading pair has been listed on Binance Japan. This listing opens up new trading opportunities for SHIB holders, further extending the reach and accessibility of SHIB in the Japanese market. In any case, the recent surge in whale activity and ecosystem developments present a dynamic portrayal of how the meme coin has been evolving over the years.

 

Worldcoin, the ambitious cryptocurrency venture co-founded by Sam Altman of OpenAI, is extending its reach into Latin America. Recently, the project made its entry into Mexico, while simultaneously encountering regulatory obstacles in Argentina.

The differing situations faced by Worldcoin in Latin America highlight the delicate balance between technological innovation and the necessity for robust data protection legislation. Achieving such equilibrium is crucial nowadays.

On the global stage, the expansion of Worldcoin into Latin America and the regulatory responses mirror broader concerns about the project. Jurisdictions in Kenya and Spain have taken more decisive actions, temporarily halting the project due to privacy concerns.

 

Discussions On Data Protection In Latin America

In an announcement on its official X account on Monday, Worldcoin revealed its expansion into Mexico. Reports by local media indicate that Worldcoin has commenced operations in nine locations across Mexico. This move positions Mexico as the third-largest market for Worldcoin in Latin America, trailing only Argentina and Chile in terms of user engagement.

Despite the excitement, Worldcoin entering into Latin America has raised concerns among local officials in Mexico. María Eugenia Hernández, a representative of the Morena party in Congress, voiced her apprehensions. In Argentina, the response has been more stringent. Carlos Puglelli, a provincial deputy in Buenos Aires, has proposed legislation to regulate companies that gather biometric data using methods such as iris scanning.

 

Adapting To A New Era

Puglelli emphasized that it is crucial to adapt local laws to the challenges posed by the digital era, before adding that this legislation therefore aims to safeguard the rights of consumers and users in an increasingly digitalized landscape, ensuring the privacy and security of their data.

The legislative efforts also include the creation of a Provincial Registry of Digital Applications of Biometric Data to supervise and regulate the activities of technology firms operating in this sector. This registry is part of broader efforts to promote a safer digital environment for consumers, ensuring the responsible handling of personal information and preventing unfair contractual terms.

According to the proposed legislation, the processing of personal data must be given voluntarily, and should ideally be explicit and informed. Furthermore, providers of digital applications must implement adequate security measures such as data encryption and access controls to protect user data. Violations of these regulations could result in significant fines and the revocation of business licenses.

 

Coinbase has recently integrated support for the Bitcoin Lightning Network, a solution facilitating faster and more affordable BTC transactions. Despite its inception in 2017, Coinbase has just now embraced this enhancement to its platform. The incorporation of this new technology is facilitated by Lightspark, a company within the Lightning Network ecosystem founded by David Marcus.

 

Utilizing Lightspark

Following the announcement, Coinbase CEO Brian Armstrong expressed enthusiasm about joining the Bitcoin Lightning Network, aiming to achieve transactions under one second and costing just one cent, thus ushering in broader adoption. In this integration, Coinbase employs remote-key signing implementation, which is associated with Lightspark, with Coinbase exclusively managing the signing keys while Lightspark operates its node.

The intention to integrate the Lightning Network was disclosed by Protocol Specialist Viktor Bunin in September 2023. Since then, according to Bunin, Coinbase has been assessing the potential and hurdles associated with this technology. Despite the delay, this addition shows that Coinbase is dedicated to remaining at the forefront of technological advancements in the cryptocurrency sector.

 

A Much Needed Integration

The Lightning Network functions as a payment solution layered atop Bitcoin, utilizing BTC transactions and time-locks to establish nodes and channels that facilitate cost-effective and rapid transactions. While conventional Bitcoin transactions often require a minimum of ten minutes for confirmation on the Bitcoin base layer, this solution reduces the wait time to mere seconds and significantly lowers transaction fees. Now, eight months later, this implementation is accessible to millions of Coinbase users.

David Marcus, CEO of Lightspark, expressed excitement about collaborating to introduce the Bitcoin Lightning Network to hundreds of millions of people across more than 100 countries. This milestone marks a significant advancement for the entire network as well as for Bitcoin as a whole.