Travel goes Web3 🏝, The Fed🔻Bitcoin🔺, Bitcoin BRC-20 standard 📌
Daily Crypto, Blockchain & Web3 Update 2023-05-04
CRYPTOCURRENCY
The Fed has little ammo left as $30K Bitcoin price becomes key battle line (5 min read)
BTC options and futures markets show no use of excessive leverage from buyers, a healthy indicator as the $28,000 support gets retested. The Bitcoin price successfully defended the $28,000 support on May 2, but it has yet to prove the strength needed to reclaim the $29,200 level from April 30.
Some analysts attribute the recent downtrend to the US Federal Reserve's expected interest rate increase on May 3, but it's actually due to the market pricing a 92% likelihood of a 25-basis-point increase (the highest since September 2007).
Bitcoin limps into FOMC as flagging volume adds to BTC price hurdles (5 min read)
Bitcoin’s price looks unlikely to break out as markets brace for Fed rate hike volatility. Bitcoin hit daily lows at the May 3 Wall Street open as markets counted down the hours to the Federal Reserve interest rate decision.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $28,152 on Bitstamp, down 2.2% from the day’s highs. The pair continued its volatility into the May 3 meeting of the Federal Open Market Committee (FOMC), the event that accompanies interest rate adjustments.
Bitcoin BRC-20 token standard becomes new destination for meme tokens (2 min read)
The BRC-20 token market cap has seen a 600% rise in the past week, with its transaction volume overtaking standard BTC transactions on the network.
Bitcoin’s BRC-20 token standard has become the latest trend in the crypto ecosystem, especially after the Pepe (PEPE) memecoin rise in recent months. A total of 8,500 different tokens have been minted using the BRC-20 standard, with the majority of these BRC-20 tokens being memecoins, such as PEPE and Memetic (MEME).
$22M of Curve Finance algo stablecoin minted since mainnet launch (3 min read)
As per data from Etherscan blockchain explorer on May 4, the contract produced over $22 million worth of crvUSD in the last eight hours, including $20 million in the first five minutes.
The deployment of crvUSD on the Ethereum network is a significant step toward the public release of the algorithmic stablecoin. Notably, the stablecoin remains inaccessible to general users, pending integration with Curve’s front-end user interface on its official website.
Flare integrates blockchain API on Google Cloud Marketplace (2 min read)
Flare, the Layer-1 Ethereum Virtual Machine blockchain platform, has integrated its API portal onto Google Cloud Marketplace. This move has added multiple essential blockchain APIs to the ecosystem.
Google Cloud Marketplace integrating Flare nodes and connected chain nodes can provide reliable blockchain data to software developers and users. This includes blockchain APIs for Algorand, BNB Smart Chain, Bitcoin, Dogecoin, Ethereum, Flare, Litecoin, Songbird, XRP ledger and future-supported blockchain APIs.
New Cosmos chain will use liquid staking tokens from other networks for security (2 min read)
On May 3rd, developers announced a new blockchain called "Tenet" that will use liquid staking coins from other networks to secure transactions and potentially adopt the security of older networks.
Staked ETH, BNB, ATOM, SOL and MATIC will be usable on Tenet as “restakes” to gain further rewards.
SEC steps back from defining digital assets in new hedge fund rules (2 min read)
The US securities regulator is delaying approval of the definition of "digital assets" in disclosure rules for hedge and equity funds, despite proposing it 9 months ago.
The SEC defined digital assets as assets issued or transferred using distributed ledger or blockchain technology, which includes terms like virtual currencies, coins and tokens.
BLOCKCHAIN
Nigerian national blockchain policy gets government approval (3 min read)
The Nigerian government, known for its interest in cryptocurrencies like Bitcoin, passed a national blockchain policy at its May 3, 2023, meeting. The approval was in response to a memo presented by Isa Ali Ibrahim, the Minister of Communications and Digital Economy.
In the announcement, The Federal Ministry of Communications and Digital Economy (FMCDE) cited a report from PricewaterhouseCoopers (PwC) predicting the widespread adoption of blockchain technology across various industries could potentially contribute $1.76 trillion to the global gross domestic product by 2030, representing 1.4% of the world’s GDP.
State regulators crack down on fraudulent cryptos promoted as 'Elon Musk AI Token' and 'TruthGPT Coin' (2 min read)
The Shark of Wall Street and Hedge4.ai, run by Horatiu Charlie Caragaceanu, were issued cease-and-desist orders by Texas State Securities Board and other state regulators for promoting TruthGPT Coin and Elon Musk AI Token. The orders aim to stop a fake securities scheme that tries to profit from the rising interest in AI.
The TruthGPT Coin is being marketed as a cryptocurrency that utilizes an AI system called Elon Musk AI.
SUI mainnet goes live as token sees immediate action on Binance, OKX, others (2 min read)
Major cryptocurrency exchanges around the world are launching trading of the Sui (SUI) token amid the Sui Network’s mainnet launch on May 3.
According to an official announcement by the Sui Foundation, the Sui mainnet went live at 12:00 pm UTC. Many global crypto trading platforms supported the Sui mainnet launch, enabling investors to buy and sell the new SUI token.
Crypto exchange Binance plans to debut SUI trading immediately after mainnet launch. The platform will allow users to trade between SUI and cryptocurrencies like Bitcoin at 12:15 pm UTC.
NFTs
Travel goes Web3: How this blockchain is leading the way (5 min read)
Industry leaders, stakeholders, and Web3 professionals have joined forces to launch Camino Network, an inclusive blockchain ecosystem aimed at innovating the multi-billion dollar travel industry. Travel giants such as TUI, Lufthansa, Miles & More, and Eurowings back Camino Network in establishing a Web3 travel app and service ecosystem.
Built on Avalanche’s technical base, Camino’s blockchain is tailored specifically for the travel ecosystem. This project uses advanced technology to enhance travel industry with improved efficiency, security and innovation. Its ultimate goal is to deliver tailored, superior travel experiences globally.
NFT art pioneer wants to upload her brain so she can live forever: Josie Bellini, NFT Creator (8 min read)
Crypto artist Josie Bellini is most famously identified by her iconic Bitcoin gas mask from Filter. She has become one of the most prominent NFT artists, being featured at Christie’s and on just about every NFT marketplace platform available, including SuperRare, ASync Art and Nifty Gateway.