“That some achieve great success, is proof to all that others can achieve it as well.”
-Abraham Lincoln
Welcome to Thursday Folks. Another lull day in the news cycle, not much really big to report on. The market is in literally no man's land as it continues to trade in a very narrow channel between $28K and $31K; until we close above $33K for 3 consecutive days down continues to be the most likely direction. Whales continue to accumulate and only time will tell if this is the bottom or just a pause, so listen to The Breakdown as NLW talks about this period being capital flight or seeds for the next cycle.
MOST COVERED
- FTX US launching zero-commission stock trading (TB | Cointelegraph | CryptoPotato | Blockworks | BIC)
- Crypto Investment Now Offered to Rich Clients by One of Oldest Swiss Banking Corporations Julius Baer (UToday | BM | Cointelgraph)
- ‘Huge testing milestone’ for Ethereum: Ropsten testnet Merge set for June 8 (Cointelegraph | BIC | UToday | NewsBTC)
- Tether Displays $82 Billion Reserves to Silence Haters (UToday | Finbold | TB | CryptoPotato)
- Coinbase launches new crypto think tank to help shape policies (Cointelegraph | CryptoPotato | BIC)
- Billionaire Investor Mike Novogratz on Rise and Fall of the Terra ($LUNA) Ecosystem (Cryptoglobe | EWN | ZyCrypto | TDH)
- Panama’s Crypto Bill Faces Setback as President Calls for Stricter AML Controls (CryptoPotato | BIC | TB)
- Luxury watchmaker Tag Heuer starts accepting crypto for online purchases (Finbold | BM | UToday | TB)
- South Korean watchdog reportedly fines Terraform Labs $78M for tax evasion (Cointelegraph | BIC | Bitcoinist | CryptoPotato)
- Pussy Riot Founder’s UnicornDAO To Make Space for Women, LGBTQ+ NFT Artists (Blockworks | Decrypt | Bitcoinist)
- SWIFT, Capgemini team up to test using the international network for CBDC transfers (Cointelegraph | BIC | CryptoPotato)
- Ripple Invests $100 Million into Combating Climate Change (UToday | Bitcoinist | TDH)
CRYPTO MARKET WATCH
- Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover (NewsBTC)
- The High Bitcoin and Ethereum Correlation With Wall Street Continues (CryptoPotato | UToday)
- Babel Finance and FQX target bond market with crypto 'eNote' debut (TB)
- Crypto job market holding up despite tech industry cutbacks (Cointelegraph)
- DeFi-ing exploits: New Chainalysis tool tracks stolen crypto across multiple chains (Cointelegraph)
- New tech streamlines investigations into illicit crypto use (TB)
- Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue (Cointelegraph)
- Argentina NGO Spearheads Mission To Educate High Schoolers About Crypto (Bitcoinist)
RESPONSE TO COLE SOUTH'S ‘WHY I DON'T OWN BITCOIN ANYMORE’
TERRA TERROR
- Could Terra's Do Kwon Go to Prison? (Decrypt)
- Delphi Digital Loses Its Entire LUNA Investment (UToday | TB)
- Terra Network Will Be Reborn, According to Official Voting (UToday | BIC)
- BNB Chain offers another lifeline to Terra ecosystem projects (Cointelegraph)
- Terra validator hits out at Do Kwon’s ‘dictatorship model’ on key fork vote (TB)
- Here’s why Terra’s snowball effect could send Avalanche (AVAX) price to $15 (Cointelegraph)
- Terra crash not a risk to the broader crypto ecosystem, says Huobi Global CEO (Cointelegraph)
- UST Crash Won’t Stop the Industry, Says Morgan Stanley Exec (Blockworks)
- SEC Chair Predicts Other Cryptocurrencies Will Mimic Terra’s Downfall and Harm Investors (CryptoPotato)
- Here’s How the Collapse of TerraUSD Will Impact Stablecoins, According to Bloomberg Strategist Mike McGlone (TDH)
- Another Theranos? Do Kwon Stares At Multiple Lawsuits As Investors Sense Fraud In Terra’s Debacle (ZyCrypto)
- New Data Shows South Koreans Heavily Accumulating LUNA In Hopes of A Gigantic Price Rebound (ZyCrypto)
- South Korean authorities worried about investors betting on a Terra’s (LUNA) comeback (Finbold)
BITCOIN
- Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up (NewsBTC)
- Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry (Cointelegraph)
- Bitcoin (BTC) On-Chain Analysis: Realized Losses Capture May 12 Capitulation (BIC)
- Bitcoin price predictions abound as traders focus on the next BTC halving cycle (Cointelegraph)
- Here's Why Bitcoin Looks Ready to Plunge Further: Bloomberg (UToday | NewsBTC)
- Bitcoin (BTC) Reaches Lowest Daily Close Since 2020 (BIC | Cointelegraph)
- Retail Investors Buy the Bitcoin Dip as 40,000 $BTC Move to Exchanges (Cryptoglobe)
- Richest Bitcoin Whale Splurges $90,000,000 on BTC in Less Than a Month Amid Crypto Market Tumble (TDH)
ALTCOINS
- Ether Alternatives SOL and DOT Outperform Top Tokens as Markets Recover (Blockworks)
- $0 SHIB? Finder’s Fintech Panel Predict The Death Of Shiba Inu, But There’s A Catch (ZyCrypto)
- Shiba Inu Burn Rate Jumps 800% to 12.6 Billion $SHIB After Burn Rewards Start Being Distributed (Cryptoglobe | UToday)
- Shiba Inu Faces Spike in Purchases After Reaching Fundamental Support (UToday)
- Avalanche Plummets Double-Digits as Crypto Meltdown Continues (Decrypt | BIC)
- Celsius token is on ‘high alert’ as it falls more than 60% in May (Finbold)
- Lost SOL? Persistent challenges continue to impact Solana price (Cointelegraph)
- Revolut's planned native token will reward customer loyalty, Storonosky says (TB)
- Tron (TRX) Breaks out From Consolidation Pattern: Multi-Coin Analysis (BIC)
- Cryptocurrency Gold (PAXG) Becomes One of Most Profitable Assets on Market During Correction (UToday)
- THORChain (RUNE) Breaks Down From 300-Day Horizontal Support Area (BIC)
CBDCs/STABLECOINS
- Confirmed: SWIFT is conducting CBDC-related tests for cross-border payments involving crypto (Finbold)
- House Republicans seek more analysis on a possible US CBDC in letter to the Fed (TB)
- Biden's pick for Fed vice chair for supervision calls for congressional action on stablecoins (Cointelegraph)
- Stablecoin Supplies See Largest Drop in History as Crypto Exodus Continues (BIC)
- Tether launches crypto and blockchain education program in Switzerland (Cointelegraph)
- Tether reports 17% decrease in commercial paper holdings over Q1 2022 (Cointelegraph)
- USDC Increasingly Becoming Preferred Stablecoin Over USDT (Bitcoinist)
ANALYST'S CORNER
- Guy: Bitcoin, Ethereum, Dogecoin and Two Additional Altcoins Are the Most Decentralized Crypto Assets: Coin Bureau (TDH)
- Jurrien Timmer: Contrarian Bitcoin investors identify buy zones even as extreme fear grips the market (Cointelegraph)
- Credible: Crypto Analyst Predicts ‘Brutal’ Bitcoin (BTC) Rally Catches Bears off Guard – Here’s His Target (TDH)
- Michaël van de Poppe: One of 2022’s Most Explosive Altcoins May Be Gearing Up for 47% Rally (TDH)
- Rekt Capital: Bitcoin ($BTC): Key Technical Indicator Nears Levels That Historically Preceded ‘Outsized Returns’, Analyst Says (Cryptoglobe)
- Zhu Su: Bitcoin Could be Entering an Accumulation Range – Three Arrows Capital Co-founder (EWN)
- Santiment: Ethereum Showing Bullish Divergence On-Chain As Idle Bitcoin Addresses Start To Wake Up (TDH)
- Bitcoin must defend these price levels to avoid 'much deeper' fall: Analysis (Cointelegraph)
- Ki Young Ju: Institutional Investors Are Now Dominating Bitcoin (BTC) Market, According to CryptoQuant CEO (TDH | Cryptoglobe)
- H. Dent: Economist predicts Bitcoin crash to $3k before shooting to ‘$500k in next global boom’ (Finbold)
- Andreessen Horowitz: Two Ethereum Rivals ($BNB/$SOL) Are Far Outperforming ETH in Pair of Key Metrics, Says Venture Capital Giant (TDH)
WEB3
- Try topping this: PizzaDAO celebrating Bitcoin Pizza Day with 100 parties worldwide (Cointelegraph)
- How will GameFi and P2E blockchain gaming evolve in 2022? Report (Cointelegraph)
- Chicago to let vaccinated teens mint NFTs of themselves as part of COVID-19 prevention effort (TB)
- How NFTs are making real estate investments more attainable (Cointelegraph)
- NBA Top Shot Surpasses $1 Billion in All-Time Sales (BIC)
- Here's Why Coinbase's Web3 Browser Is Important for DeFi: Head of Engineering (UToday)
- Singer Kiesza backs robot NFT to give prosthetic limbs to a young man and a dog (Cointelegraph)
- What is Sorare and how to play it? (Cointelegraph)
- Survey Shows 40% Of Americans Want Metaverse Gym Memberships (Bitcoinist)
NOTABLE VOICES
- Bill Gates: Explains Why He Doesn’t Own Any Cryptocurrency (Forbes)
- Paul Krugman: Mocks Institutions for Hopping on Blockchain Bandwagon (UToday)
- Rostin Behnam: ‘It’s Time to Move Bitcoin to Proof of Stake’ — CFTC Chair Rostin Behnam Posits (ZyCrypto)
- Jack Dorsey: Bitcoin is the Internet’s Only Money (CryptoPotato)
PEOPLE ON THE MOVE
- Former Execs at CoinFund, Aave Join Aglaé Ventures (Blockworks)
- Binance US hires former DOJ official as head of legal (TB)
- Polymarket appoints former CFTC chief Giancarlo as chair of advisory board (TB)
BLOCKCHAINS
- Ripple Brings Its XRP-Powered On-Demand Liquidity (ODL) Solution to Lithuania (Cryptoglobe)
- Avalanche (AVAX) Team Explains Why Subnets Are Better Than Other Scalability Solutions (UToday)
- Hyperledger Foundation deploy new versions of three blockchain tools to enhance ecosystem (Cointelegraph)
WHY BITCOIN’S OSSIFICATION WILL EVENTUALLY BE NECESSARY
EXCHANGES
- Latin American Crypto Exchange Bitso Launches App in Colombia (BIC)
- Binance Visa Card Guide: Read Before You Order (CryptoPotato)
- Coinbase is launching an initiative to slash spending and grow revenue: The Information (TB)
- One of Australia’s largest banks pauses in-app crypto pilot amid market downturn: Guardian (TB | Cointelegraph)
WASABI VERSUS SAMOURAI: TX0 HAS NOTHING TO DO WITH IT
MINING
- Crypto Meltdown? What Crypto Meltdown? Bitcoin Mining Still in Full Swing (BIC)
- Digihost Announces Launch of 1.22M Share Buyback Program (AP)
- Digihost Announces First Quarter Results With a 77% Increase in Coins Mined During Q1 2022 Compared to Q1 2021 (Yahoo!finance)
- Bitcoin mining stock report: Thursday, May 19 (TB)
WHY WE CAN’T TRUST HASH RATE DATA FROM CHINA
REGULATION/LEGISLATIONS
- US Senators to Release Long-Awaited Crypto Legislation Next Week (PYMNTS)
- The Dept. of Commerce has 17 questions to help develop a crypto framework (Cointelegraph)
- Australia’s CBA to Delay Crypto App Launch; Wants More Regulatory Clarity (BIC)
- Swiss think tank urges greater global cooperation on crypto regulation (Cointelegraph)
- Indian government's ‘blockchain not crypto’ stance highlights lack of understanding (Cointelegraph)
- Russia To Legalize Cryptocurrency As Form Of Payment, Minister Says (Bitcoinist)
FOLLOW DAT MONEY
- Saga raises $6.5 million to build scalable ‘chainlets’ for web3 developers (TB)
- Blockchain gaming firm Azra Games raises $15 million in seed funding led by a16z (TB | Decrypt)
PODCASTS
- The Breakdown: Capital Flight or the Seeds of the Next Cycle?
- Bitcoin Magazine: Buying Houses with Bitcoin w/ George Mekhail
- Unchained: The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash
- The Crypto Conversation: Anoma - Protect your privacy with zero-knowledge technology
- Decrypt Daily: May 18: Bernanke Crypto Remarks, Ackman Says LUNA is a Ponzi, Vitalik’s Contradictions
