It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- Native Liquid Staking on BSC
- Stripe to Reintroduce Crypto Payments
- Consensys Sues SEC
- Project of the Day
- Crypto Corner
- NFT News
- Business & Political Insights
Market Watch
Top Gainers
- Safe ($SAFE): +37.5%
- Wormhole ($W): +14.0%
- NEAR Protocol ($NEAR): +10.2%
Top Losers
- Akash Network ($AKT): -4.7%
- Immutable ($IMX): -4.1%
- Stacks ($STX): -3.6%
Trending Crypto Sectors/Categories
- Base Meme Coins
- Zero Knowledge (ZK)
- Lending/ Borrowing
Total Crypto Market Cap – 2.497 Trillion
Fear and Greed Index – 70
Top NFT Sale
- CryptoPunks #635 Sold for 4000 ETH
Highlights of the Day
Native Liquid Staking on BSC
BNB Chain has revealed plans to integrate native liquid staking on its BNB Smart Chain (BSC). This initiative is part of a larger strategy to consolidate the BNB Chain’s functions, moving away from the BNB Beacon Chain, which is set to shut down in June 2024. The transition aims to create a more efficient and secure network while adapting to evolving technological demands.
Advantages of Liquid Staking
Liquid staking offers significant benefits to BNB holders. By staking their tokens, users can earn rewards while maintaining the flexibility to access their staked assets. This approach also boosts network security by encouraging more users to stake their BNB, ultimately supporting the network’s overall health.
Stripe to Reintroduce Crypto Payments
Stripe, the global payments processor, is set to re-enable cryptocurrency payments after suspending the service in 2018 due to low demand. The company made the announcement at its recent conference, reflecting a shift in its approach to crypto.
Why the Change?
John Collison, Stripe’s president, revealed the company’s renewed focus on cryptocurrencies during his keynote speech at the Stripe Global Internet Economy conference. He attributed the decision to the growing utility of cryptocurrencies and the improved fundamentals of the crypto market. Stripe’s large customer base, combined with this renewed support for crypto payments, could signal a positive move toward broader adoption of digital currencies.
Consensys Sues SEC
In a notable legal move, Consensys, a leading blockchain and Web3 software company, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC). The lawsuit challenges the SEC’s regulatory stance on the Ethereum blockchain, arguing that the commission’s approach constitutes regulatory overreach that could dampen innovation.
SEC’s Response
In response to the lawsuit, Gary Gensler, the chairman of the SEC, has reiterated his view that existing securities laws are sufficient to regulate cryptocurrencies. However, this stance has faced criticism from the crypto community, with industry leaders arguing that the SEC’s approach is too broad and does not take into account the unique nature of blockchain technology.
Project of the Day
Ronin
Ronin ($RON) is an Ethereum Virtual Machine (EVM) compatible layer-1 blockchain designed to support the gaming ecosystem. Developed by Sky Mavis, the creators of the popular Axie Infinity game, Ronin has distinguished itself as the only blockchain capable of scaling a single game to support millions of daily active users. It has processed over $4 billion in NFT volumes, demonstrating its capability to handle a high volume of transactions with near-instant processing and negligible fees.
In terms of market performance, $RON currently has a market cap of approximately $950 million and is priced around $3. While the price has declined by over 30% in the last 30 days, the overall trend over the past year has been positive, with gains exceeding 170%. This indicates a bullish sentiment for the long term, suggesting that $RON could reach a new all-time high if Ronin continues to expand its portfolio of gaming titles and secures major partnerships.
Crazy Day in Crypto
- A Bitcoin whale sold $26.3 million worth of BTC just before the price fell to $63,000 today, sparking speculation about whether large Bitcoin holders may have insider knowledge about market movements.
- Mark Yusko, CEO of Morgan Creek Capital, anticipates that within the next 12 months, the crypto markets will receive a $300 billion influx, mainly sourced from baby boomers’ wealth managed by investment advisers.
- Pantera Capital, a leading digital asset management firm, aims to raise over $1 billion for a new fund that will give investors broad exposure to blockchain assets.
- Morgan Stanley is cautiously incorporating Bitcoin ETF recommendations into its brokerage services, aiming to balance accessibility and controlled deployment to allow investors to engage in the growing cryptocurrency market.
- Institutional investors have raised their digital asset allocations to 3% in their portfolios—the highest level since 2021—due to the launch of US-based spot Bitcoin ETFs.
What’s Poppin with NFTs?
- Magic Eden has extended its platform to support NFT trading on BASE, an Ethereum Layer-2 network, offering users a broader range of trading options.
- Bored Ape Yacht Club (BAYC) NFTs are making a comeback, as the floor price has risen by $21,000 (6.5 ETH) in the last 10 days.
Business Talks & Political Insights
- The FBI cautions Americans not to use unregistered crypto money transmission services that do not comply with federal laws or anti-money laundering regulations.
- Mark Zuckerberg’s net worth plummeted by $18 billion after Meta’s stock price dropped 11% in the wake of the company’s earnings call.
- Snap Inc. (SNAP) reported first quarter 2024 earnings with a 21% year-over-year revenue increase, signaling a return to double-digit growth, which led to a stock surge of over 27% in after-hours trading.
Microsoft’s fiscal third-quarter revenue grew by 17% year-over-year due to strong growth in its cloud computing business, leading to better-than-expected revenue and earnings.
