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📰 Bitcoin volatility sees futures slump, while options open interest spikes
🟢Bitcoin's recent volatility sent shockwaves through the derivatives market, particularly between June 23 and June 27 when BTC's value slipped below the crucial $60,000 mark.
📣This price movement triggered a cascade of events. Open interest in Bitcoin futures plummeted significantly due to margin calls and forced liquidations, creating a feedback loop of sell-offs.
🔄But while futures traders were pulling out, another curious trend was emerging in the options market.
📰 New report shows how Sushiswap led CORE’s 74% QoQ DeFi TVL growth
📰 In Q1 2024, Core Chain’s market capitalization soared to $1.21 billion, marking a 144% quarter-over-quarter surge in the Core token price, driven by a 1% increase in its circulating supply.
📰 This growth elevated CORE’s CoinMarketCap rank from 119 to 58. The Core blockchain is a layer one blockchain that utilizes and supports Bitcoin miners (and holders) on an EVM-compatible chain.
📰It is designed to solve the blockchain trilemma by leveraging a unique two-way consensus mechanism called Satoshi Plus.
📰 BitMEX offers 200x leverage for ether perpetuals ahead of anticipated US spot ETFs
📰 The Seychelles-based crypto derivatives exchange announced on Wednesday that it will increase the maximum leverage of its ether perpetuals product to 200x.
📰The leverage boost comes in the wake of the recent U.S. Securities and Exchange Commission (SEC) regulatory approval of spot ether ETFs, which has heightened market volatility.
📰 Milady NFTs Soar Amid NFT Market Volatility
📰 As ETH rallied over the past two days, traders sold off most major Ethereum NFT collections, such as Azuki and the Mutant Ape Yacht Club, but Miladies and related NFTs are bucking the trend.
🟢While most collections trended downwards or remained flat, the Milady floor price soared 35% from 4 ETH ($14,800) to a high of 5.8 ETH ($21,500) in a matter of hours.
🟢While there is no clear catalyst for the rally, the momentum has been sustained as the collection still sits at a 5.5 ETH floor.
🗞️ Bitcoin Difficulty Bounces Back! Mining Profitability on the Rise!
After a recent 5.62% decrease in Bitcoin's mining difficulty, there's finally some good news for miners! At block 844,704 on May 23, 2024, the difficulty surged by 1.48%, reaching an impressive 84.38 trillion.
The dip in difficulty earlier this month was accompanied by a drop in the hashprice, falling below $45 per petahash. But fear not, as BTC's value has been climbing, so has the hashprice, now standing at around $54.85.
With Bitcoin's price soaring over $9,000 since the hashrate hit a low of 582 EH/s, miners are back in business! The overall hashrate has rebounded to over 600 EH/s, indicating a positive trend for the mining ecosystem.
This bounce-back in difficulty and hashrate suggests a recovering network, with mining profitability showing signs of improvement. So, miners, keep those rigs running and your eyes on the prize – the future of Bitcoin mining is looking brighter than ever!
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🗞️ Jito becomes largest protocol on Solana with $1.4 billion in TVL
Liquid staking and MEV infrastructure project Jito has become the largest protocol on Solana, with $1.4 billion in total value locked. At the equivalent of around 10 million SOL, Jito accounts for some 38% of the Solana ecosystem’s $3.7 billion TVL, according to DeFiLlama data.
Staking protocol Marinade is second with $1.37 billion in TVL, followed by Kamino, Raydium, and Marginfi at $1 billion, $613 million, and $424 million, respectively.
🗞️ DeGods NFT Solana Return Teased a Year After Ethereum Migration
The popular DeGods NFT collection may be set to make a shock homecoming.
In 2022, DeGods shot into the limelight on Solana, becoming the most prominent and arguably the most successful NFT collection on the network.
In Q1 2023, however, while Solana reeled from the knock-on effects of FTX’s collapse in light of their strong ties to the exchange’s founder, Sam Bankman-Fried, DeGods decided to migrate to Ethereum supposedly to explore new opportunities.
🗞️ An atomic swap protocol aims to bring DeFi on Bitcoin without wrapped tokens
AtomiqDeFi, powered by Mintlayer’s innovative atomic swap technology, aims to enhance interoperability, eliminate reliance on custodians and unlock new possibilities for decentralized finance on Bitcoin.
Creating a decentralized finance (DeFi) ecosystem on Bitcoin had never gained mainstream blockchain adoption before the Taproot upgrade, which has opened the door to smart contracts —self-executing codes that eliminate intermediaries— on Bitcoin’s layer 1 blockchain.
Bitcoin rose by 3,230% on average after each halving
According to the report, after each mining reward was halved, the Bitcoin (BTC) rate increased by an average of 3,230%. The first halving, dated Nov. 28, 2012, reduced the reward from 50 BTC to 25 BTC.
Within 12 months of the halving, the asset’s value rose from $12 to $1,075. Over the year, the rate jumped by 8,858%. By January 2022, the inflation rate changed from 25.7% to 12%.
🗞️ Estonia passes legislation to regulate crypto service providers
The government of Estonia has enacted a bill that introduces stringent legal requirements for digital assets service providers, local media reported on March 21.
Estonia has been a significant location for crypto service providers, with estimates in 2021 suggesting that nearly half of the world’s crypto service companies were registered in the country.
🗞️ Sаo Paulo enshrines in law the use of blockchain for data collection
In the legislative act, blockchain refers to an immutable registry where transactions are recorded and through which the use of various assets based on a computer network can be tracked. The law does not spell out exactly where its use will improve the efficiency of data access and openness tasks.
Some experts in the local media are convinced that the term was included in the law at random, as it does not describe any practical application of the technology.
"Institutions recognize blockchain technology as a positive factor for the economy, but there is no clear prescription for the use of the technology, which creates some risks," said Machado Meyer lawyer Marcelo Castro.
Earlier, representatives of the Brazilian Securities Commission said that the regulator should pay special attention to the supervision of the cryptocurrency industry.
🗞️ 'MadWorld' Mobile NFT Shooter Launches in Early Access as Studio Raises $11 Million
MadWorld, a post-apocalyptic shooter game for iOS and Android, opened up registration for its early access playtest on Thursday, giving players an opportunity to test out its NFT-based territory control elements. And the studio behind the title, Carbonated, also shared that it has raised $11 million in fresh funding from prominent backers.
The studio previously raised $8.5 million in 2020 with Andreessen and Bitkraft both attached then, as well.
Big Move: How Bitcoin Ordinals Is Taking NFTs To New Heights
Wu reported that the BSV community has been instrumental in developing Bitcoin Ordinals and BRC 20. Unisat, the core wallet of BRC20, was created by the Chinese development team of the former BSV community, which also developed Sensible Contract, a smart contract solution on BSV.
The BSV community has extensive participation in Bitcoin Ordinals and BRC 20. Behind Unisat, the core wallet of BRC20, is the Chinese development team of the previous BSV community, which has developed Sensible Contract, a smart contract solution on BSV. By TechFlowPost
— Wu Blockchain (WuBlockchain) May 9, 2023
The team behind Ordswap, the first BRC20 trading platform, developed RelayX, the first decentralized trading platform on the BSV network. Twetch, a social application built on BSV, is behind the Ordinals Wallet. Additionally, the founder of the Mempool mining pool is a core member of the BSV community.
These advancements have paved the way for Binance NFT Marketplace to announce its upcoming support for Bitcoin Ordinals. Bitcoin Ordinals are a way to create NFTs by attaching data to individual satoshis on the blockchain. Each bitcoin consists of 100,000,000 satoshis, and the protocol allows each satoshi to be identified and transacted with extra data attached. The additional data can include text, images, videos, or other content and is added to each satoshi through inscription.
The Taproot and SegWit upgrades to the Bitcoin protocol have made this possible. As a result, ordinal inscriptions do not require a sidechain or separate token and allow the creation of true, immutable collections on the Bitcoin blockchain. More than one million inscriptions have been made in the first three months since the Bitcoin Ordinals launch, creating yet another use case for Bitcoin beyond simple value transfer or storage.
🗞️ Dogecoin Bullish Bets Reach Record $1B
Traders are continuing to use prominent meme tokens as ecosystem bets on their respective blockchains, boosting dogecoin (DOGE) futures to set a record level.
DOGE tokens were up as much as 40% before giving back some gains in the past 24 hours as bitcoin (BTC) rallied to over $63,000 from $59,000.
DOGE led gains among major tokens and significantly beat the broader CoinDesk 20 (CD20) index, which is up nearly 7.8% in the same period.
📰 Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock
📰 One of the most high-flying crypto stocks came crashing back to Earth this week after a report argued that it wasn’t rising “for the right reasons.” Today, the company issued a strenuous defense of its business.
🔄In its Tuesday issue, crypto newsletter CoinSnacks outlined an extensive marketing campaign undertaken over the past few months to provide positive coverage for DeFi Technologies (DEFI)—a Toronto-based crypto fund provider that publicly trades on Canada’s Chicago Board Options Exchange (CBOE).
📰 Spot Ethereum ETF issuers still waiting on SEC for first round of S-1 comments: Sources
🟢Prospective spot Ethereum ETF issuers are still waiting on the SEC to provide comments on their S-1 filings after they submitted first drafts on May 31, according to two sources.
🟢The issuers had been anticipating the SEC would provide comments on these drafts on June 7, according to one source based on conversations with the agency. Yet, at least two issuers have not received anything yet. One source said they now anticipate comments to come back this week.
📰 Walmart’s 3D e-commerce platform Realm is the retailer’s latest metaverse bet
📰 Launched on Wednesday, the new e-commerce platform from the world’s largest retailer lets people shop digital doubles of select products sold at real-life Walmart stores via virtual bazaars designed to look like outlandish, make-believe worlds.
📰 There’s “So Jelly,” an underwater universe, “Y’allternative,” a frontier where the Wild West meets Gothic aestheticism and “Go Chromatic,” a metallic environment seemingly set in the middle of outer space.
🗞️ Uniswap gets $5.5bn bump from Ethereum ETF approval
Trading volume on decentralised exchanges surged to $11.2 billion on Thursday, the day the Securities and Exchange Commission approved a set of filings for spot Ethereum exchange-traded funds.
Uniswap, the largest decentralised exchange, or DEX, especially benefited from the increase, generating $5.5 billion in trading volume on Thursday alone, with Ether accounting for nearly $3 billion of that volume.
🗞️ Exchanges told SEC leaning toward approval of spot Ethereum ETFs: report
Securities and Exchange Commission staff told exchanges on Monday the agency is "leaning" towards approving spot ether ETFs, according to a report in Barron's, which cited anonymous sources.
On Monday, news that the SEC had perhaps changed its tune regarding spot ether ETFs shook the world of crypto and caused the price of ETH to surge.
Bloomberg ETF analysts were the first to suggest that the U.S. government might do an about-face on the Ethereum-based products, given shifting political winds.
🗞️ DOJ taps FRA over Sullivan & Cromwell for Binance's 3-year monitorship: report
The United States Department of Justice (DOJ) appointed Forensic Risk Alliance (FRA) to serve as the outside monitor over the crypto exchange Binance, reports Bloomberg citing people familiar with the matter.
FRA, a London-based providing services in forensic accounting and compliance consulting services, beat out Sullivan & Cromwell to take on the position, Bloomberg adds. Binance must undergo a monitorship of three years as part of its plea deal with the DOJ related to money laundering violations.
🗞️ FBI Warns Against Using Unregistered Cryptocurrency Money Transmitting Services
The Federal Bureau of Investigation (FBI) has issued a warning about using unregistered cryptocurrency money transmitting services that fail to comply with U.S. anti-money laundering laws.
The agency has provided tips for the public to protect themselves, advising them to avoid providers that do not require Know Your Customer (KYC) information.
🗞️ Aptos Strikes DeFi Partnership With Microsoft, Brevan Howard, SK Telecom
Aptos Labs, the developers behind the Aptos layer-1 blockchain, said it is collaborating with Microsoft, Brevan Howard and South Korean wireless telecommunications operator SK Telecom to offer institutions a gateway into decentralized finance.
The partnership will offer Aptos Ascend, a suite of end-to-end institutional solutions like regulatory requirement help, tools to maintain account and transaction privacy and embedded features for know-your-customer (KYC) checks.
🗞️ Next Bitcoin Halving to Propel Prices to Between $150,000 and $169,000, Says Bitfinex
Bitfinex’s Alpha report delves into Bitcoin’s past halving events since the first one in 2012, employing a regression model to forecast the potential impact of the upcoming halving.
Despite acknowledging the simplicity of their model, researchers argue for a significant upswing in bitcoin’s value, projecting it to hit between $150,000 and $169,000.
This optimistic outlook is tempered by the recognition of unprecedented market dynamics, such as pre-halving all-time highs and increased selling pressure from both long-term and short-term BTC holders.
🗞️ Defi Platforms Lose More Than $336 Million in Digital Funds in Q1 of 2024, Study Finds
In the first quarter of 2024, more than $336 million in digital assets were stolen from decentralized finance platforms across 61 incidents of hacking and fraud.
During this period, criminals made off with digital assets valued at $144.48 million in two major hacking incidents. In contrast, centralized finance platforms reported no incidents of hacking or fraud in the first three months of the year.
Autonomous Secure Dollar (USSD) is a low-risk stablecoin that provides a transparent way to earn more than inflation interest. A new ideal stablecoin?
USSD (Arbitrum) is already working as an independent, censorship-resistant stablecoin with no ties to real-world assets - with the opportunity to earn a natural high interest rate (APY 15%+). To enhance the permanent over-collateralization ratio, insurance capital was involved.
Disclaimer
Before we start, I would like to say that this is a post for smart and critical thinking crypto enthusiasts. If you think that Binance exchange is a blockchain (or crypto or other keyword) and USDT is safe or, acting as mommy nihilists, you reject everything and claim expertise in all, please do not proceed.
Anouther thing, USSD smart contracts is already deployed on 12.03.2024, was locked from any changes, and was audited by a famous smart-contract auditor with a high score. No weak ideas and imaginations from fantasists; it is already working.
OK, let's continue.
Main part
Do you know about stablecoins like USDT (Tether), USDC (USD Coin), and UST (from the Terra/Luna project)? USDT and USDC are popular and generally seen as safe options. Yet, there's a risk: the organizations that issue these coins can block certain addresses. If that happens, you might not be able to access your money, which brings up worries about too much power and monitoring by these central authorities.
If you believe I'm overreacting or causing unnecessary drama, take a look for yourself here: https://dune.com/phabc/usdt---banned-addresses. Over 1200 addresses have already been banned, involving around 1 billion dollars. What would you do if it happened to you? How can you prove that you are not guilty and your money should be returned to you?
UST. How about we explore this fascinating option? UST, from the Terra/Luna project, caught attention by offering high interest rates. However, its value fell sharply to just 2-3 cents. The big issue with UST was the unclear origin of its interest payments. Without a clear and lasting plan for its economy, the reliability of such a system remains doubtful.
However, imagine a scenario where there is a solution that allows you to safeguard your cryptocurrency dollars without the risk of being blacklisted by authorities. Also, this solution would enable you to earn interest derived from the natural growth of the crypto market, rather than from an opaque or unsustainable source.
David Lee has developed a solution featuring the following:
- The Smart Contract is immutable and does not contain any functions for blacklisting.
- It boasts a high level of security, having been audited by Hacken with a perfect score of 9.3.
- The stablecoin is backed solely by major cryptocurrencies (BTC and ETH), excluding altcoins.
- A non-withdrawable Insurance fund ensures permanent overcollateralization for this stablecoin.
- USSD holders receive anti-inflation interest, with rewards directly tied to the growth of the crypto collateral - specifically, the increase in value of BTC and ETH within the collateral. This system relies on straightforward mathematics without resorting to unpredictable "black swan" events. No magic interest out of nowhere.
Additionally, USSD community is excited to announce the ICEBreaker program. ICEBreaker is a local currency stablecoin franchise for earning where they are seeking other anonymous founders to champion stablecoins in various markets such as KRW, BRL, etc. USSD community is committing a marketing fund to test all promotional ideas.
I'm not here to push marketing hype. My goal is to encourage you to think critically and make informed choices. I am ready to share all relevant links and am eager to discuss both the strengths and weaknesses of USSD in our Tg community.
What to do next?
Let's stand for autonomy and radical transparency. Analyze with a critical mindset. Here is more info about USSD: https://www.ussd.ai/ and https://www.ussd.ai/docs . Ask anything in front of everyone in our community: /channel/ussdtalk
Author: David Lee
Porsche NFT Collection Is a Reminder to Let Web3 Natives Take the Wheel
“Is it still ok to get a physical Porsche tho?” said Alfonso (Fonz) Olvera, CEO of non-fungible token (NFT) ownership platform Tokenproof, on Twitter Tuesday morning.
“Wen Kia mint? I’m sure I could afford that,” he joked in another tweet.
Olvera’s tweets reflect the broader sentiments felt by some in the NFT community in response to German carmaker Porsche’s debut NFT collection, which opened for minting on Monday. While users took to Twitter to poke fun at the project as it struggled to gain traction in the hours post-launch, the stalled mint served as a lesson to companies on how to build a Web3 strategy with community input at the forefront.
The legacy sports car manufacturer opened its mint on Monday morning, pricing each NFT – a digital replica of the iconic 911 model – at 0.911 ETH, or about $1,490. The company teased future integrations for holders, including the ability to customize the design and rarity of their NFTs.
But it appears Porsche could have used some roadside assistance in its project rollout. As of Tuesday afternoon, only around 1,600 of the 7,500 NFTs had been minted, and many NFTs were selling on secondary marketplaces like OpenSea for less than the mint price.
Noting the lack of momentum, Porsche put its project in reverse and said that it would halt its mint. “Our holders have spoken,” its official account tweeted.
🗞️ Cricket Legend AB de Villiers Reveals How He Got His NFTs Stolen
The South African cricket legend Abraham Benjamin de Villiers, aka AB de Villiers, revealed how he became a victim of NFT hack. At the time of the hack, AB owned as much as 300 NFTs.
In an interview with Cointelegraph, de Villiers revealed that he held over 300 digital collectibles before he became a victim of a hack last year.
AB de Villeres signed a malicious contract
AB, who has vocally embraced NFTs and crypto, got fooled by a malicious NFT masquerading as a new Pudgy Penguin drop, the legendary cricketer inadvertently gave a hacker access to his wallet by signing a malicious contract. AB revealed that tapped on the link as it looked very legit. There was a $1 gas fee. The minute he hit that gas fee, it stalled. AB said that he hit it about five times, giving the hacker complete access to his whole wallet.
AB de Villiers ended up losing a good chunk of his collection before sending the remainder of his NFTs to another wallet for safekeeping. The South African cricketer admitted that the experience had made him recognize some of the challenges of navigating Web3.
🗞️ DeFi poised for major comeback amid Bitcoin’s rally, predict Bernstein analysts
With bitcoin approaching all-time highs amid strong spot exchange-traded fund inflows, analysts at research and brokerage firm Bernstein anticipate a “big bang” DeFi recovery to come next.
The DeFi segment got “completely wiped out” during the last cycle, playing a game of unsustainable yields driven by subsidies from token incentives (inflation) that ultimately came crashing down, the analysts argued.
🗞️ MSTR rallies 10% as MicroStrategy buys $155 million Bitcoin in 10 days
MicroStrategy bolstered its Bitcoin reserves by purchasing 3,000 BTC for approximately $155 million within ten days.
This purchase takes the business intelligence and Bitcoin development firm’s total holding to 193,000 BTC, acquired for around $6.09 billion at an average price of $31,544 per BTC.
According to Nasdaq data, the news has positively impacted the early trading of its MSTR shares, which rose by around 10% to $751 as of press time.