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
- MicroStrategy Becomes the Biggest Holder of Bitcoin
- SEC Serves Robinhood with Wells Notice
- MetaMask Introduces Smart Transactions
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Ethena ($ENA): +10.3%
- Zebec Protocol ($ZBC): +9.3%
- dogwifhat ($WIF): +7.1%
Top Losers
- Akash Network ($AKT): -6.6%
- MultiversX ($EGLD): -6.3%
- Bonk ($BONK): -5.6%
Trending Crypto Sectors/Categories
- Lending/ Borrowing
- Layer (L1)
- Decentralized Finance (DeFi)
Total Crypto Market Cap – 2.469 Trillion
Fear and Greed Index – 68
Top NFT Sale
- CryptoPunks #3758 Sold for 42.42 ETH
Highlights of the Day
MicroStrategy Becomes the Biggest Holder of Bitcoin
MicroStrategy, a prominent US-based software company, has become the largest holder of bitcoin, surpassing the reserves of any single nation. The company currently possesses over 214,400 bitcoins, with a value exceeding $11 billion. This sizable holding accounts for more than 1% of the total bitcoin supply, placing MicroStrategy ahead of even the US government’s bitcoin stash, which holds over 207,000 bitcoins.
Plans Ahead
MicroStrategy’s CEO, Michael Saylor, has repeatedly expressed the company’s steadfast commitment to maintaining its bitcoin investment, regardless of market volatility. Saylor’s public support for bitcoin has encouraged broader institutional adoption and highlighted the company’s long-term strategy.
SEC Serves Robinhood with Wells Notice
Robinhood’s crypto business is under the scrutiny of the U.S. Securities and Exchange Commission (SEC), which has issued a Wells Notice to the company, indicating a potential lawsuit on the horizon. The notice, delivered on May 4th, is a significant step in the SEC’s investigative process, suggesting that it may pursue enforcement action against Robinhood.
Details of Wells Notice
The SEC’s preliminary determination indicates that Robinhood may have violated the Securities Exchange Act of 1934 by offering digital assets to customers that could be considered unregistered securities. This classification is crucial, especially amid ongoing regulatory debates over which cryptocurrencies fall under the SEC’s jurisdiction.
MetaMask Introduces Smart Transactions
MetaMask, the popular Ethereum wallet, has introduced a new feature designed to address some of the most frustrating aspects of transacting on the Ethereum blockchain. Known as Smart Transactions, this optional feature is set to reduce the risk of failed or stuck operations, mitigate the impact of network congestion, and prevent front-running—all common issues that contribute to significant financial losses in the crypto space.
How Smart Transactions Work?
Smart Transactions allow users to submit their transactions to a “virtual mempool” before they are confirmed on the Ethereum blockchain. This pre-simulation step helps ensure transactions are valid and have a higher probability of success, reducing the likelihood of costly failures. Additionally, by offering a clearer view of the transaction process, Smart Transactions can help users save on gas fees and avoid unnecessary expenses.
Project of the Day
Heroes of Mavia
Heroes of Mavia ($MAVIA) is a mobile game set in a fantasy world called Mavia. In this game, players build bases and engage in strategic battles, collecting valuable resources like Gold, Oil, and $RUBY. The ultimate goal is to expand and strengthen bases to become a dominant force in the game.
In terms of price movements, $MAVIA is currently sitting at a market cap of over $113 million and is hovering around a price of $3.8. Notably since making its mark with a dominant launch just a few months ago, the cryptocurrency has seen its value drop by over 30% from its all-time high. However, with regular updates, an increasing number of active players, and gaining traction from Web3 and Web2 enthusiasts, the game has a lot of potential. Thus, the long-term sentiment around $MAVIA remains bullish.
Crazy Day in Crypto
- Bitcoin Runes has rapidly regained its position as the leading source of daily transactions on the Bitcoin network, accounting for over 60% of all Bitcoin transactions in the past three days.
- Bitcoin has reached a major milestone, processing over 1 billion transactions since its launch on January 3, 2009, approximately 800 weeks after its launch.
Market Sentiment & Predictions
- Rostin Behnam, chair of the U.S. Commodity Futures Trading Commission (CFTC), anticipates a rise in enforcement actions against cryptocurrency companies within the next 6 to 24 months.
- Robinhood’s CEO claims that the SEC is taking yet another step to hinder innovation in the crypto sector.
- Analysts from AllianceBernstein and Standard Chartered anticipate that Bitcoin will reach $150,000 within the next 18 months, despite the recent price decline.
Business Talks & Political Insights
- Visa has revealed that more than 90% of stablecoin transactions on platforms like Ethereum, Tron, and Solana occur without human involvement, indicating that smart contracts and bots drive almost all activity.
- In April 2024, crypto phishing scams dropped 46% to a record low of $38 million, with security experts citing increased awareness and improved security measures in the crypto community as contributing factors.
- Hermetica has announced the upcoming launch of USDh, a Bitcoin-backed synthetic U.S. dollar that offers up to 25% yield, with a planned release in June.
- After recently adding support for the Bitcoin Lightning Network, Coinbase is reportedly experiencing an outage, affecting users and raising concerns about the reliability of the new feature.
Hightower Advisors, a $130 billion asset management firm, has invested $68 million in spot Bitcoin ETFs, signaling strong confidence in Bitcoin from a major financial institution.
