It’s been a week since we last delved into the newest developments in the crypto sector, examining their potential impacts on the crypto world’s progression and key figures.
This past week, we delved into discussions about Ripple‘s ongoing battle with the SEC, Binance‘s developments, Nigeria’s role in crypto, among other topics. Moving forward, join us as we explore the latest happenings within the cryptocurrency sphere from May 13 to May 19. Look forward to updates on the Philippines, dYdX, OKX, and more!
Top Crypto News
Recent cryptocurrency headlines from last week feature major developments in the Philippines’ crypto scene, a record-breaking launch of numerous cryptocurrencies, and substantial profits earned by an elusive crypto investor.
The Philippines Started Peso-Baked Stablecoin Sandbox Testing
Summary
As a crypto investor, I’m excited to learn that the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, is conducting trials on a new stablecoin named PHPC. This stablecoin will be pegged to the peso and its primary objective is to assess its feasibility for various applications such as payments, trading, and decentralized finance (DeFi).
Details
The Philippine Central Bank, or Bangko Sentral ng Pilipinas, has launched a trial run of a 1:1 peso-backed stablecoin named PHPC. This collaboration with crypto wallet provider Coins.ph is aimed at evaluating the practicality and effects of this digital currency on the local fiat market. Possible applications for PHPC encompass domestic and international transactions, virtual asset trading, and supplying liquidity in Decentralized Finance platforms.
The CEO of Coins.ph, Wei Zhou, anticipates that the company will achieve its major performance indicators within the next 2 to 3 months. The testing phase may last anywhere from 3 months up to a year, contingent upon the intricacy of the project. However, the official public launch is contingent upon the conclusion of central bank assessments.
Source: Cointelegraph
Over 1 Million New Cryptos Launched Since April
Summary
As a market analyst, I’ve observed a significant increase in the supply of digital tokens, with over a million new ones introduced since April. Notably, Ethereum and Solana have spearheaded this trend. This growth can largely be attributed to the meteoric rise of meme coins.
Details
Over the past few months, starting from April, there’s been a massive influx of approximately one million new cryptocurrency tokens into the market. Among these newcomers, Ethereum and Solana have emerged as the leading contenders.
Approximately 370,000 new tokens have been introduced on the Ethereum blockchain, whereas Solana hosts roughly 640,000 tokens, a significant number of which are meme coins.
The primary cause of this increase can be linked to platforms such as Coinbase’s layer-2 blockchain, Base, which provides an affordable setting for token generation. While there is excitement surrounding this development, the proliferation of meme coins has raised red flags about potential frauds and speculative tendencies within the cryptocurrency market.
As a researcher studying the cryptocurrency market, I’ve observed that the vast majority of new tokens, approximately 88%, have been launched on Coinbase’s platform due to its affordability for creating meme coins. This trend is largely driven by the ease and accessibility offered by Coinbase. On the other hand, Solana has witnessed considerable activity, especially within the meme coin sector. However, this surge in popularity has resulted in a mix of reactions from the crypto community.
Meme coins have become a subject of controversy, with some seeing them as lucrative opportunities while others express concerns over increasing fraudulent activities and misdirection of resources from authentic initiatives. This trend has further amplified problems such as spam and bot usage, contributing significantly to the inherent instability and speculative nature of meme coins.
Source: Cryptonews
A Crypto Trader Made $46 Million with $3,000 PEPE Investment
Summary
A cryptocurrency investor transformed a modest $3,000 stake in PEPE into an astonishing $46 million fortune over the course of just one month, underlining the inherent volatility and potential for substantial gains in the realm of meme coins.
Details
Unidentified cryptocurrency investor generates sensational news with a $46 million windfall from an initial $3,000 investment in PEPE within a single month. The investor bought approximately 4.9 trillion PEPE tokens on April 15 and subsequently sold 1.41 trillion tokens for $7.4 million. The remaining tokens are now worth about $38.9 million. The dramatic price increase of PEPE has led to its market capitalization of over $4.5 billion, positioning it as the third largest meme coin following Dogecoin and Shiba Inu.
The significant increase in value is a testament to the excitement and speculation surrounding meme coins, frequently regarded as high-risk investments.
Source: Cointelegraph
Top Crypto News – DeFi
In the rapidly evolving Decentralized Finance (DeFi) sector, recent weeks have seen a flurry of new releases and enhancements designed to boost functionality for global users and streamline their experience. Notably, dYdX, Rain exchange, OKX, and Bitget wallet have been garnering significant attention.
dYdX Was Left Without a CEO
Summary
Antonio Juliano, the founder of dYdX, has announced his departure from the position of CEO, with Ivo Crnkovic-Rubsamen poised to assume this leadership role.
Details
Antonio Juliano, the founder of decentralized exchange dYdX, has decided to relinquish his role as CEO. He will instead assume the positions of chairman and president at dYdX Trading. Ivo Crnkovic-Rubsamen, the current COO, is set to take over as CEO, leveraging his background in operations and strategic planning for the role. This shift aims to prepare dYdX for its upcoming expansion and advancement in the decentralized finance industry.
Juliano is shifting into a more encompassing position as both chairman and president within the company, with a focus on defining dYdX’s overarching objectives and future direction. Meanwhile, Crnkovic-Rubsamen will manage the day-to-day operations of the DeFi platform as it continues to grow in influence, having recently achieved notable achievements in trading volume and user base expansion.
Source: CoinDesk
Rain Exchange Lost $14.1 Million in a Confirmed Exploit
Summary
On April 29, 2024, Rain Crypto Exchange experienced a hack resulting in a loss of approximately $14.1 million. This unfortunate event was not made public until May 13. Rest assured, users, the exchange has guaranteed coverage for all incurred damages.
Details
On April 29, 2024, Rain, a well-known cryptocurrency exchange headquartered in Bahrain, experienced a major security incident. Consequently, the exchange lost approximately $14.1 million in value from its holdings of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP).
On May 13, it came to light that Rain had experienced a hack. Following this security incident, the stolen Ethereum was swiftly exchanged through UniSwap. Initially, Rain chose not to disclose the breach publicly until making an official announcement on May 14. In this statement, Rain acknowledged the incident and reassured users that their funds were safe, as the exchange had taken responsibility for covering any losses incurred.
Source: CryptoDaily
OKX Launched a Local Entity in Australia
Summary
I’m excited to share that OKX, the cryptocurrency exchange platform, has expanded its services to include spot and derivatives trading in Australia. Now, local users can enjoy a broader selection of crypto assets and related offerings right at their fingertips.
Details
OKX has formally initiated its cryptocurrency exchange operations in Australia, providing spot trading for all clients and derivatives trading for verified accounts. This step is aligned with OKX’s plan to broaden its reach on a global scale, having opened an office in Sydney and assembled a local workforce over the previous year. Australian residents can now fund their accounts using AUD via the majority of banks or acquire crypto through external providers such as Simplex, MoonPay, and Banxa.
Source: OKX
Bitget Wallet Launched $10 Million Ecosystem Fund
Summary
I’m excited to announce that Bitget Wallet has introduced its Bitget Onchain Layer and set up a $10 million BWB Ecosystem Fund. This initiative is aimed at backing Web3 projects and enhancing our DeFi offerings.
Details
Bitget Wallet has introduced a new product called the Bitget Onchain Layer, which allows users to access decentralized applications (DApps) directly from their wallet, enhancing both user experience and security in the Web3 realm. This on-chain layer is designed to streamline interactions and improve liquidity aggregation, making Bitget Wallet a key extension of Bitget’s ecosystem within the blockchain network.
In our ecosystem, the investment fund is geared towards nurturing emerging Web3 trading platforms, including Pre-Market, On-chain Derivatives Market, and Trading Bot. These offerings complement our current Swap trading solution. The BWB token serves multiple purposes within this environment: it facilitates decision-making through governance, offers incentives via staking rewards, and covers gas fees across various blockchains.
Source: BSC News
Top Crypto News – Altcoins
Last week, among all the alternative cryptocurrencies, or altcoins, PEPE made remarkable strides and achieved a noteworthy accomplishment.
PEPE Exceeded Its All-Time High
Summary
As a meme coin analyst, I’ve observed a significant surge in the prices of digital currencies like PEPE. This upward trend can be attributed to none other than Keith Gill, who gained notoriety for his influence on the GameStop stock market frenzy, making a comeback on social media platforms.
Details
Recently, the meme coin market, specifically the PEPE token, underwent a substantial price surge. This was reflected in a larger market capitalization and heightened trading activity. The peak price for PEPE reached an unprecedented level of $0.00001119.
As a seasoned market analyst, I’ve observed intriguing patterns in social media activity and its impact on financial markets. In particular, the recent surge of interest in meme coins can be attributed to none other than Keith Gill, or “Roaring Kitty,” who reemerged online after a three-year hiatus. His return ignited renewed excitement among his followers, many of whom were reminded of his past role as a catalyst during the 2021 GameStop stock frenzy. To put it simply, Gill’s comeback on social media sparked fresh interest in meme coins, leading to an uptick in trading activity.
As a crypto investor, I’ve witnessed firsthand how social media can significantly impact the market performance of certain cryptocurrencies, particularly meme coins like PEPE, Dogecoin, and Shiba Inu. An intriguing event sparked immense trading activity and substantial increases in market capitalization for these coins, demonstrating their sensitivity to online trends and buzz.
Source: Cointelegraph
Top Crypto News – ETFs
As a researcher studying investment trends, I’ve noticed an intriguing surge in popularity for Exchange-Traded Funds (ETFs) since the beginning of January 2024. Recently, these funds have sparked considerable interest and debate within the investment community here in Wisconsin.
The State of Wisconsin Reported $164 Million Investments in BTC ETFs
Summary
Wisconsin State announced a investment of $164 million in Bitcoin ETFs, signifying a substantial entry into the cryptocurrency market.
Details
Wisconsin State’s Latest Move: Investing $164 Million in Real Bitcoin ETFs
This strategic action clearly demonstrates the expanding enthusiasm of the state towards cryptocurrencies and their growing popularity. Allocating a substantial sum into BTC Spot ETFs is an element of a larger trend among institutional investors, who are progressively acknowledging the value of digital assets as a worthwhile addition to their investment portfolios.
Source: CryptoDaily
Top Crypto News – Markets
As a researcher studying the dynamic crypto market, I’m intrigued by how each development or change can shape the progression of different projects. Let’s explore the potential impact of last week’s new launch within the Robinhood ecosystem on Solana’s evolution.
Robinhood Introduced SOL Staking to European Markets
Summary
Robinhood broadens its European reach by introducing Solana (SOL) staking, enabling users to generate returns simply by keeping their SOL tokens in their accounts.
Details
As a financial analyst, I’d put it this way: I’m here to share some exciting news about Robinhood, a widely-used trading platform. The company is planning to expand its reach to European markets by incorporating the Solana (SOL) staking feature in their services.
As a researcher studying the cryptocurrency market, I’ve discovered an exciting opportunity with Solana: by holding SOL tokens, users can earn rewards through staking. This benefit is especially appealing to those seeking passive income within the growing trend of cryptocurrencies. Solana’s advanced blockchain technology, celebrated for its impressive scalability and minimal transaction fees, makes it a compelling choice for staking investments.
Through supporting SOL staking, Robinhood intends to expand its range of offerings in Europe and attract a larger user base in the region. This growth is aligned with Robinhood’s dedication to granting users broader investment options and solidifies its role as a major player in the global digital asset services landscape.
Source: Cointelegraph
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2024-05-21 14:34