Bitcoin Price: US$ 27,405.61 (+1.38%)
Ethereum Price: US$ 1,822.12 (-0.11%)
Crypto perpetuals exchange DYdX is considering the launch of more subDAOs to further decentralize its ecosystem. The discussion arose from a post by Fox Labs Digital, suggesting the division of oversight responsibilities among smaller decentralized autonomous organizations (DAOs). As DYdX prepares to upgrade to its fourth version (v4) on the Cosmos blockchain, the aim is to achieve full decentralization. Meanwhile, stablecoin issuer Circle Internet Financial is rebalancing the reserves backing USD Coin (USDC) by moving $8.7 billion to repo agreements. This move is made in anticipation of the risk of a U.S. government debt default. The Circle Reserve Fund, managed by BlackRock, engaged in overnight repurchase agreements involving major banks. Additionally, Dogecoin experienced a significant surge in daily transaction volume after the introduction of the DRC-20 token standard, enabling token issuance on the Dogecoin blockchain. The network witnessed over 645,000 transactions, surpassing Bitcoin and Litecoin briefly, and indicating increased network activity and potential for decentralized finance (DeFi) services.
Bitcoin’s price is teetering on the verge of a possible plunge below $26,000 as the looming May 19 options expiry casts a shadow of uncertainty. The failure to breach the stubborn $27,500 resistance, coupled with regulatory developments, has sapped investors’ appetite for risk in the cryptocurrency market. In the United States, Democratic lawmakers are diligently striving to fortify the Securities and Exchange Committee’s jurisdiction over digital assets, contending that most cryptocurrencies should be classified as securities. Simultaneously, the United Kingdom’s Treasury Committee has advocated for the regulation of retail crypto trading and investment, likening them to gambling activities. The outcome of the substantial $735 million Bitcoin weekly options expiry on May 19 bears considerable weight, potentially exerting downward pressure and precipitating a dip below the $26,000 threshold. Nevertheless, an analysis employing the RHODL Ratio metric signals the advent of a fresh phase of speculation in Bitcoin, portending the emergence of a bullish trend. Notably, Tether, the stablecoin issuer, has recently declared its intention to allocate 15% of its net realized operating profits towards acquiring Bitcoin, recognizing its durability, attributes as a store of value, and widespread acceptance among both institutional and retail investors.
In the ongoing legal battle between Ripple and the SEC, Ripple has achieved a victory as a judge denied a motion to seal documents related to a 2018 speech by former SEC director Bill Hinman. The SEC accused Ripple of unlawfully selling XRP without registering it as a security, and the controversial speech and its associated documents have been a focal point in the case. In the speech, Hinman stated that he did not consider Bitcoin or Ethereum as securities. In another news, Axie Infinity, the play-to-earn crypto game, has released a lite version of its game on Apple’s App Store, allowing users to play without purchasing NFTs. The lite version, called Axie Infinity: Origins, provides non-NFT “starter characters” to players and is expanding to key markets in Latin America and Asia. Additionally, DeFi project Bancor is facing a class-action lawsuit in the U.S. District Court for the Western District of Texas. The lawsuit alleges that Bancor deceived investors about its impermanent loss protection mechanism and operated as an unregistered security, bringing charges of violations of securities laws, breach of contract, and unjust enrichment against the defendants.
Compound Finance, a prominent decentralized finance (DeFi) platform, has announced its deployment on Ethereum Layer-2 scaling solution Arbitrum. As one of the pioneers of DeFi, Compound enables users to lend and borrow various cryptocurrencies and was among the first to experiment with yield farming by distributing its native COMP token. Arbitrum currently holds the lead among Ethereum scalers, with a total value locked (TVL) of $5.8 billion, surpassing competitors like Optimism and zkSync. In other news, Binance, the world’s largest spot crypto exchange, has experienced a decline in market share, dropping by nearly 15 percentage points in recent months. However, Binance stated that it doesn’t feel the need to capture more market share and welcomes competition, emphasizing that it is beneficial for the marketplace and the industry as a whole. The decline in market share can be attributed to factors such as the discontinuation of zero fees on bitcoin trading and subdued trading volumes in recent times. Despite this, Binance remains a dominant player and maintains strong financial performance.
Source:
https://coindesk.com
https://cointelegraph.com
https://decrypt.co
https://theblock.co
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
