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BlockNews
Home BUSINESS

The Block Letter – May 03

Gary Ponce by Gary Ponce
May 4, 2024
in BUSINESS, CRYPTO, NFT
Reading Time: 7 mins read
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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
    • US Dollar Faces Growing Challenges from BRICS and Rising Debt
    • Billions of Vested Crypto Assets Set to Unlock in May
    • Uniswap x Robinhood
  • Project of the Day
  • Crypto Corner
  • Market Sentiment & Predictions
  • Business & Political Insights 

Market Watch

Top Gainers

  • NEAR Protocol ($NEAR): +12.7%
  • Hedera ($HBAR): +12.0%
  • The Graph ($GRT): +11.6%

Top Losers

  • LEO Token ($LEO): -2.1%
  • Sui  ($SUI): -1.0%
  • Arweave ($AR): -0.9%

Trending Crypto Sectors/Categories

  • Farcaster Ecosystem
  • Decentralized Finance (DeFi)
  • Alameda Research Portfolio

Total Crypto Market Cap – 2.438 Trillion

Fear and Greed Index – 48

Top NFT Sale

  • CryptoPunks #4447 Sold for 40 ETH 

Highlights of the Day

US Dollar Faces Growing Challenges from BRICS and Rising Debt

The US dollar’s dominance in global markets appears to be under threat. The BRICS alliance has been actively reducing its reliance on the US dollar for international trade. A recent move involves creating a joint fund aimed at promoting transactions in their own national currencies, diminishing the global demand for the dollar. Additionally, BRICS countries are now buying key commodities like oil using non-dollar currencies, further weakening the dollar’s grip.

Musk Warns About Rising Debt

Elon Musk, CEO of Tesla and SpaceX, has also raised concerns about the dollar’s future value, citing America’s national debt as a major risk factor. Musk warned that if the national debt is not addressed, the dollar “will be worth nothing.” Notably, the US national debt has soared past $34 trillion, raising alarm among experts who believe that the growing debt could trigger an economic crisis. 

Billions of Vested Crypto Assets Set to Unlock in May

This May, the cryptocurrency sector is set to experience a significant increase in token supply as over $3.1 billion worth of vested crypto assets are scheduled for release. Leading the charge are Sui and Pyth Network, with each project planning to unlock over $1 billion in tokens. The community will closely monitor these large unlocks, as they could impact both individual token prices and the overall dynamics of the crypto market.

Key Unlocks to Watch

While Sui and Pyth top the list, several other prominent projects have substantial token unlocks planned this month:

  • Aptos – $101 million on May 12.
  • Starknet – $84 million on May 15.
  • Arbitrum – $95 million on May 16.
  • Immutable – $56 million on May 17.
  • Avalanche – $321 million on May 22.
  • Optimism – $70 million on May 29.

Uniswap x Robinhood

Uniswap, one of the leading decentralized exchanges (DEX), has partnered with Robinhood, a popular online trading platform, to make purchasing cryptocurrencies more accessible. Through this collaboration, Uniswap users can now leverage Robinhood Connect to buy crypto directly, adding another convenient way to fund their transactions.

Benefits of the Integration

The integration brings significant benefits for both Uniswap and Robinhood. Uniswap now has an additional fiat onramp, allowing users to convert traditional currency into crypto seamlessly. At the same time, Robinhood users gain a new pathway to access decentralized exchanges, exploring the broader world of decentralized finance (DeFi).

Project of the Day

The Graph 

The Graph ($GRT) is gaining traction as an open-source platform designed to collect, process, and store data from a variety of blockchain applications. Originally built on the Ethereum blockchain, The Graph offers developers a valuable tool for retrieving information and enhancing the performance of their decentralized applications (dapps). With its innovative approach, The Graph has become a key resource in the blockchain ecosystem.

From a market perspective, $GRT’s valuation has been climbing. The token currently boasts a market cap of over $2.67 billion, with its price hovering around $0.28. Over the past 12 months, $GRT has delivered impressive returns, with gains exceeding 100%. This upward momentum reflects a broader interest in blockchain-based data solutions and suggests that investors are optimistic about its long-term prospects.

Looking ahead, $GRT seems poised for further growth. If the bullish sentiment continues, there’s potential for the token to reach its next target of $0.43. However, a bearish turn could see the price retreat to its support level of $0.23. Despite this uncertainty, the general outlook for $GRT remains positive, given its strong use case and potential for scalability.

Crazy Day in Crypto

  • Bitcoin and Ethereum options worth $2.4 billion are set to expire on May 3, potentially causing market turbulence. 
  • Over the past 24 hours, $100 million in cryptocurrency short positions have been liquidated.
  • Bitcoin whales have purchased more than 47,000 BTC in the past 24 hours, driving Bitcoin’s price above $62,000.

Market Sentiment & Predictions

  • Michael Saylor predicts the SEC will classify Ethereum and several other cryptocurrencies as securities this summer, a move with significant implications for the crypto market, especially as the industry awaits decisions on Ethereum-based spot ETFs from major asset managers.

Business Talks & Political Insights

An anonymous trader has allegedly lost $68 million in Wrapped Bitcoin (WBTC) due to a serious address-poisoning scam, as reported by on-chain security firm Cyvers.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: CryptoPunks #4447Elon MuskMichael SaylorRobinhoodStarknetThe GraphUniswap
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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