2023-05-07 16:58:29
The Sui Network team launched the main network of the project, the daily number of transactions in the Bitcoin blockchain updated its historical maximum, the Fed raised the key rate and other events of the outgoing week.
Bitcoin reacted to the Fed’s rate hike with restraint
On May 3, the US Federal Reserve raised the key rate range by 25 basis points to 5-5.25% per annum.The stock and cryptocurrency markets reacted to the
news with restraint.
At the time of writing, Bitcoin is trading near $28,900, while Ethereum is trading near $1,910.
Digital assets from the top 10 by capitalization closed the week with mixed success.Cardano (ADA) showed the worst dynamics — its price fell by 5.4%.The best result was demonstrated by BNB Coin (BNB) — the asset went up by 0.7%.
The total capitalization of the cryptocurrency market has decreased to ~$1.24 trillion.The Bitcoin dominance index fell to 45.2%.
The Sui Network team launched the main network of the project
On May 3, the first-level blockchain developers Sui Network launched the main network of the project.
The SUI token began trading on all leading platforms, approaching $2 at the moment.Cryptocurrency wallet Trust Wallet has integrated Sui Network with Toncoin.
On the eve of the mainnet launch, Whale Alert analysts recorded a transfer of 115.1 million TrueUSD (TUSD) from Tron founder Justin Sun to the Binance cryptocurrency exchange.Changpeng Zhao warned Sun against farming SUI, saying that the option is for retail investors.
In response, Sun wrote that the TUSD transfer was made to provide liquidity.
However, due to misunderstandings within the company, some errors arose.
PEPE ranked third in terms of capitalization among meme tokens
Over the past week, quotes of the meme-cryptocurrency Pepe (PEPE) have grown by more than 900%.At the end of the week, the asset was listed by Binance.
Capitalization of PEPE exceeded $1 billion, which provided it with the third place in the category of similar assets and a position in the top 50.The daily trading volume as of Friday exceeds the combined volume of Dogecoin and Shiba Inu.The rise in the price of PEPE has turned the holders of the meme token into millionaires.
Since April 16, 2023, PEPE holders have realized $160 million in profits, almost the entire amount comes from users who purchased the asset in the first week after launch, according to an analyst at the trading company Scimitar Capital under the nickname Alex.
The daily number of transactions in the Bitcoin network has updated its historical maximum
On May 1, the daily number of transactions in the Bitcoin network reached an all-time high of 685,711.The reason is a surge in activity related to the Ordinals protocol.The situation led to the loading of the mempool and the growth of commissions.
A similar situation has developed in the Ethereum network.The rise in popularity of meme-cryptocurrencies has led to a significant increase in fees.The main load falls on the decentralized exchange Uniswap, which is the main consumer of gas.
At the end of the week, commissions in the blockchain of the second largest cryptocurrency by capitalization exceeded $15.
Coinbase shares rose amid the publication of financial statements
Coinbase has released its financial report for the first quarter of 2023.Net loss amounted to $78.9 million or $0.34 per share, which was significantly better than analysts’ expectations ($0.87).
In the post-trading session, securities reacted with growth.
The leading American platform also announced the launch of an international digital asset futures exchange, Coinbase
International Exchange.The company received a license from the Bermuda regulator, where it registered a new organization.
The platform will allow institutional users located in eligible jurisdictions outside the US to trade perpetual futures with up to 5x leverage.
At the same time, the main platform in the US announced the closure of the Borrow service for lending secured by bitcoin from May 10th.
The company noted that the reason is related to falling demand, and not regulatory pressure.
Israel has arrested 189 terrorist-linked Binance accounts since 2021
Since December 2021, the Israeli authorities have confiscated 189 Binance accounts allegedly linked to the terrorist groups ISIS and Hamas.
The Israeli National Counter-Terrorism Bureau did not provide a specific amount of the seized cryptocurrency and evidence of a connection with terrorists.According to the media, most of the remaining accounts belonged to three Palestinian currency exchange firms.
Binance confirmed cooperation in this direction, noting that the attackers do not register accounts in the names of their criminal enterprises.
What to discuss with friends?
– Binance: ChatGPT is spreading fake news about Changpeng Zhao.
– The loss of division of Meta with focus on the metaverse reached $4 billion.
– Ex-CTO of Coinbase lost $1 million in a bet on the collapse of the fiat economy.
– Texas authorities accused the creator of Elon Musk AI Token of fraud.
Kingdom of Bhutan and Jihan Wu’s Bitdeer allocate $500 million for Bitcoin mining
Bhutanese-established firm Druk Holding & Investments and mining services provider Bitdeer will set up a $500 million fund to mine cryptocurrencies in the Himalayas.The capital raised will be used to deploy the necessary renewable energy infrastructure.
The day before, the media reported that Bhutan started mining bitcoin when it was trading at $5,000.
Curve developers deploy crvUSD stablecoin
The developers of the Curve Finance decentralized exchange have deployed smart contracts for the crvUSD decentralized stablecoin on the Ethereum mainnet.However, after a few hours, the project team announced the need for a second procedure.
The reasons for this decision were not reported.
The stablecoin is built on the Lending-Liquidating AMM (LLAMMA) algorithm, which continuously liquidates and automatically deposits collateral to manage risk and maintain parity with the US dollar.A similar mechanism is used by DAI from MakerDAO.
Poloniex to pay $7.6M in settlement with OFAC
Justin Sun-owned crypto exchange Poloniex has agreed with OFAC on payment of $7.6 million for violation of the sanctions regime.According to the regulator, between 2014 and 2019, the platform conducted over 66,000 transactions worth more than $15.3 million in “prohibited jurisdictions” – Crimea, Cuba, Iran, Sudan and Syria.
Cardano Developers Launch Hydra L2 Protocol on Mainnet
The initiative aims to make the network more “scalable and adaptable to a variety of use cases requiring fast and cheap transactions.” Developer Sebastian Nagel noted that Hydra is the first of the protocols that will help Cardano achieve its desired maximum throughput.
Block Jack Dorsey has developed a prototype chip for mining
Block by Jack Dorsey has completed an open-source bitcoin ASIC mining prototype.Through development, the company aims to reduce the centralization of the industry in order to “optimize innovation and expand the ecosystem” of cryptocurrency mining.
As part of the project, Block purchased a batch of ASIC chips from Intel.
The Lightning Network team has simplified the function of managing nodes
Lightning Labs has released an update to the Litd node management tool.It aims to simplify the use of the bitcoin micropayment network by abstracting some node functionality so that users do not have to manage them directly.
The protocol now updates transaction fees on its own based on the number of weekly transactions of a particular node.
Also on ForkLog:
– FTX has demanded a $4 billion refund from bankrupt Genesis.
– The court found the ex-manager of OpenSea guilty of insider trading in NFTs.
– The expert pointed out the problems of bitcoin mining in Kazakhstan.
– In South Korea, they called for the extradition of Do Kwon to his homeland.
What else to read?
The Shapella hard fork caused a surge of interest in staking, Arbitrum outperformed Ethereum in the average daily number of transactions, and the hashrate and mining difficulty of bitcoin hit new highs again.We have published the ForkLog analytical report for April.
In an exclusive material, we considered the features of promising second-level solutions StarkNet and LayerZero.
Analyzed bills in detail MiCA and TFR together with the lawyer, CEO and founder of Manimama Legal & Growth Agency Anna Voevodina.
Traditional digests collected the main events of the week in the fields of cybersecurity and artificial intelligence.
The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrency investors.ForkLog has collected the most important events and
news of recent weeks in a digest.
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