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In 2017-2018, the debate was whether Tron would surpass Ethereum to second place. But, looking at how things have evolved, the debate has been settled. 

Ethereum is the most dominant smart contracts platform. However, this has not prevented analysts from comparing Bitcoin and the world’s most valuable altcoin. 

Will ETH Finally Flip BTC?

Taking to X, one user claims that Ethereum only needs time to flip Bitcoin as the crypto leader. Citing multiple factors, the analyst said Ethereum is better placed to take over from the first cryptocurrency, pointing to, among others, the larger user base and the benefits smart contracts bring to the equation.

Looking at CoinMarketCap data, Bitcoin has a market cap of over $1.3 trillion, with each coin trading for over $68,000 at spot rates when writing on May 28. Meanwhile, Ethereum is perched at second. 

Although it has been one of the top performers in the last week, stretching gains versus Bitcoin, each coin is changing hands for over $3,800. It has a market cap of over $465 billion at this level.

Comparing the two, Bitcoin is roughly three times more valuable than Ethereum. Even with the larger market cap, derived from its first mover advantage, one analyst thinks Ethereum is superior.

For instance, the observer said Ethereum has a significantly larger user base than Bitcoin. The broader user base is because developers can launch protocols on the platform. Some of the most popular ones, like Uniswap and Aave, generate more daily fees than Bitcoin. 

Besides this, the analyst said Ethereum serves as a store of value and a medium of exchange. These features give it more edge than Bitcoin, which purely exists as a transactional layer for moving value trustlessly and cheaply across borders. 

From an infrastructure perspective, the analyst argues that being an Ethereum validator is easier than running a Bitcoin mining rig. Over 1.9 million Ethereum validators have staked at least 32 ETH for a chance to validate a block of transactions and earn rewards. On the other hand, Bitcoin mining requires specialized hardware. Mining rigs are usually expensive and scarce.

Spot Ethereum ETF Listings Approval And The Security Question

While the United States Securities and Exchange Commission’s (SEC) decision to approve spot Ethereum exchange-traded fund (ETF) listing is bullish, whether ETH is a security or a commodity remains to be clarified. Bitcoin, by comparison, enjoys a clearer designation as a commodity.

The United States SEC has not explicitly declared ETH a security. However, ConsenSys recently sued the agency, claiming they considered ETH a security internally. There is a clash since the Commodity Futures Trading Commission (CFTC), a sister agency to the SEC, categorizes ETH as a commodity.

Even as the debate rages on, analysts claim it would be endorsing ETH as a commodity if the commission approves form S-1 for registration.

New reports have revealed that Spot Bitcoin ETF issuers now hold almost 5% of BTC’s total supply. This milestone underscores the growing demand and rapid expansion of Spot BTC ETFs in the market, offering institutional investors a relatively low-risk means to acquire BTC. The surge in demand could also catalyze a potential increase for BTC. 

Bitcoin ETFs Control 5% Of BTC Supply

Spot Bitcoin ETFs now hold nearly 5% of BTC’s total supply of 21 million coins. Data from blockchain analytics platform, Dune has disclosed that the total on-chain holdings for Spot BTC ETFs in the United States is about 842,000 BTC, valued at approximately $57.2 billion. 

Precisely, US Bitcoin ETFs hold 4.27% of the current BTC supply, while global BTC ETF issuers hold about 1,002,343 BTC according to data shared in a screenshot on X (formerly Twitter) by MicroStrategy co-founder and former Chief Executive Officer (CEO), Michael Saylor. 

Saylor disclosed that 32 Spot Bitcoin ETFs now cumulatively hold “one Nakamoto of BTC,” implying that these ETF issuers hold approximately one million BTC. Notably, the global ETF holdings are currently five times the size of Saylor’s BTC assets which amounts to 214,400 BTC, valued at $15 billion. 

The majority of the Spot BTC ETFs held within the US are provided by prominent asset management companies such as BlackRock, Grayscale, Fidelity Investments and more. 

Reports from blockchain analytics platform, Arkham Investments show that Grayscale and BlackRock are one of the largest ETF holders globally. Grayscale Bitcoin Trust (GBTC) holds approximately 288,084 BTC while BlackRock iShares Bitcoin Trust (IBIT) owns 284,027 BTC.

Other Spot Bitcoin ETF issuers who hold BTC include Fidelity Wise Origin Bitcoin BTC (FBTC) with 154,370 BTC, Active Bitcoin Futures Strategy ETF (ARKA) with 48,444 BTC, and Bitwise Bitcoin ETF (BITB) with 36,092 BTC.  

Potential Price Surge Ahead For BTC?

Following the approval of Spot BTC ETFs on January 10, BTC witnessed an exponential price increase, surging to a new all-time high above $73,000 in March. As the demand for Spot Bitcoin ETFs grew, BTC also experienced soaring adoption. 

Now, with Spot BTC ETFs holding approximately 5% of BTC’s total supply, this could signal a bullish rally for BTC, potentially triggering price surges to new highs. As of writing, BTC’s price is trading below the $70,000 mark at $68,192, according to CoinMarketCap.

With the increasing demand for Spot BTC ETFs and consistent inflows, BTC’s price could witness a rebound soon. Crypto analyst Ali Martinez has also maintained an optimistic outlook on BTC, predicting a potential rebound soon. He disclosed in an X post that BTC’s TD Sequential is currently presenting a buy signal on its hourly chart. 

According to local media reports, Binance, the world’s largest cryptocurrency exchange, is embroiled in a controversy involving the alleged mishandling of victims’ assets and the unauthorized sale of crypto lender Genesis’ claims. 

The allegations suggest that Binance used these assets to offset the debts of Gopax, a South Korean crypto exchange, potentially hiding significant losses amounting to billions of won.

Binance Accused Of Transferring Debt Burden To Victims

It is alleged that Binance had initially pledged to compensate the victims of the virtual asset deposit service ‘GoFi’ for the damages incurred during the suspension of fund withdrawals. 

However, instead of using its funds, Binance reportedly acquired Gopax shares at a discounted rate, becoming the company’s largest shareholder. It has since come to light that Binance compensated the victims by selling their asset claims at “lower-than-face-value” prices, effectively transferring the debt burden onto them.

Local media reports suggest that the aftermath of these transactions has been particularly damaging for the victims. Following the sale of their asset claims, the prices of virtual assets, including Bitcoin, experienced significant surges, exacerbating the losses suffered by Gopax. 

According to current estimates, Gopax’s debt, excluding previous repayments, is now about 100 billion won, or about $73 million.

Although Binance had initially promised to compensate for the damages with its Industrial Recovery Fund (IRI), it appears that only a portion of the damages was covered, with the remainder being delayed until the Gopax acquisition was finalized.

Money Laundering And Illegal Activities Suspected

The acquisition of Gopax by Binance in February 2023 has faced scrutiny, with questions raised about its fairness and legality. Financial authorities in South Korea have launched investigations into the transaction, focusing on potential money laundering concerns and other illegal activities. 

The Financial Services Commission is reviewing Gopax’s management change report, considering the acquisition’s impact and compliance with regulatory standards.

Meanwhile, Gopax has remained “tight-lipped” about the matter, with no official statements addressing the sale of Genesis claim rights. 

Critics argue that Gopax’s request for GoPay investors to convert their debt into stock investments is an attempt to shift the responsibility for the debt onto the victims rather than holding Binance accountable.

As the investigations unfold, Binance faces increasing pressure to clarify the circumstances surrounding the alleged misuse of victims’ assets and the sale of Genesis claims. 

Financial authorities are known to be determined to prevent illegal activities and protect the interests of investors in the cryptocurrency market. The outcome of these investigations will have far-reaching implications for Binance, Gopax, and the broader ecosystem in South Korea. 

At press time, the exchange’s native token BNB was trading at $598, down nearly 2% in the past 24 hours and 3% in the past seven days after failed attempts to consolidate above the $600 mark. 

Featured image from Shutterstock, chart from TradingView.com

On-chain data shows the Bitcoin mining hashrate has sharply rebounded from its post-Halving lows and has achieved a new all-time high (ATH).

7-Day Average Bitcoin Mining Hashrate Has Just Set A New ATH

The Bitcoin network runs on a consensus mechanism known as the “proof-of-work” (PoW). In this system, validators called miners compete with each other using computing power to get the chance to add the next block to the blockchain.

The “mining hashrate” refers to a measure of the total computing power the miners have currently connected to the network for this purpose.

When the value of this metric goes up, it means that either exiting miners are expanding their facilities or new miners are joining the chain. Such a trend implies these validators are finding the network attractive right now.

On the other hand, the indicator trending down suggests some mines have decided to disconnect from the network, potentially because they are finding the chain unprofitable to mine on.

Now, here is a chart that shows the trend in the 7-day average Bitcoin mining hashrate over the past year:

As displayed in the above graph, the 7-day average Bitcoin mining hashrate had started declining after setting a new ATH last month. The drawdown had intensified in the first couple of weeks of this month, taking the metric down to notably lower levels.

This sharp downward trajectory in the indicator is due to a major event on the network last month: the fourth Halving. Halvings are periodic events that occur every four years and permanently slash the BTC block rewards in half.

The block rewards miners receive for solving blocks on the network are one of the two main components of their revenue. The other part of their income, the transaction fees, has historically been quite low compared to the block rewards, so the latter has essentially been their main earning source.

As such, it’s not surprising that some of the miners living in zones with high electricity prices and using inefficient mining rigs would disconnect as the economic effects of the Halving set in.

But then one question arises: if there had already been three Halving events in the asset’s history before this one, how did the hashrate keep growing to new highs if the miner revenue continuously got squeezed?

Two factors explain this. The first is that mining rigs have become more efficient over the years, allowing miners to host more power while consuming less energy.

The other and perhaps the more important one is that the coin’s price has been on the up overall in its history. While block rewards remain fixed in BTC value until the Halving rolls around, their USD value still naturally fluctuates with the spot price.

Time and time again, the growth in the price has helped offset revenue loss for miners arising from the halvings. Recently, the price has shown some recovery, and as is visible in the hashrate chart, the metric has also bounced back alongside it.

It would appear that the miners have been satisfied enough with this revenue boost from the rally that they have taken their computing power to a brand new ATH.

BTC Price

At the time of writing, Bitcoin is trading at around $68,000, down more than 3% over the past week.

Dogecoin and Shiba Inu are beginning to lose their dominance in the market despite being the largest meme coins. In terms of returns, newer meme coins have performed better, leaving the OGs in the dust as they continue to nurse losses. Here are the top meme coins that have seen the highest returns in the last week.

Pepe (PEPE) Dominates Meme Coins Ahead Of Dogecoin

Pepe’s dominance in the meme coin space so far has been nothing short of astounding. Even after staging one of the fastest runs from under $500,000 market cap to over $1 billion, it is yet to run out of steam. Recently, it has been the only top meme coin hitting new all-time highs.

In the last month, the Pepe price rose by more than 100% after recovery from the market-wide crash that plagued cryptocurrencies in April. Then in mid-May, its price hit an all-time high above $0.00001. It has since grown another 60% from there to reach $0.00001655, to reach a $6.88 billion market cap, making it the third-largest meme coin in the space.

In terms of weekly returns, the Pepe price is still ahead, rising 48.6% in the last last seven days alone, according to data from CoinGecko.

Floki (FLOKI) Beats Out Shiba Inu

Floki is arguably one of the most surprising recoveries of this year, going from a below $500 million market cap to over $2.5 billion in the space of a year. This recovery has seen Floki secure its spot as the 4th-largest meme coin, beating out the likes of BONK for the title.

Just like Pepe, FLOKI has had an incredible run this month as well, jumping more than 100% in this time. Then, in the last seven days, BONK’s price is up 30.6%, to bring it toward its all-time high price of $0.0003365. At its current price of $0.0003016, at the time of this writing, Floki is only 10% away from making a brand-new all-time high.

Bonk (BONK)

Bonk has continued on its upward trajectory after successfully clearing the resistance at $0.000036. It has recorded gains of 26.7% in the last week, and with an 11.8%  increase in the last day, the meme coin is now sitting at a $780 million market cap.

This market cap puts it behind FLOKI on the list of top meme coins, but has now fallen out off the top 5. However, it is ahead of Book Of MEME (BOME), which currently sits at $395 million.

Dogwifhat (WIF)

The Dogwifhat meme coin is less than one year old, but in that time, the cryptocurrency has made a lot of strides in that time. In the last week alone, the Dogwifhat price has dominated among meme coins, recording the fourth-highest returns for investors on the weekly chart.

CoinGecko data shows that the Dogwifhat price is up 1.1%. Despite falling behind the likes of PEPE and BONK, it is still far ahead of market leaders such as Dogecoin and Shiba Inu.

Hong Kong’s Securities and Futures Commission (SFC) has recently announced it will conduct in-site office inspections for the crypto platforms seeking licensing. The watchdog highlighted that the 18 “deemed-to-be-licensed” applicants would have to undergo the examination to receive approval of their application.

SFC Announces Crypto Inspection

On Tuesday, the SFC revealed that it would inspect the platforms applying to become licensed virtual asset trading platforms (VATPs) in Hong Kong. The examination will occur in the coming months while the deemed-to-be-licensed VATP applicants pursue their applications.

The on-site inspection will focus on the crypto platforms’ safeguarding of client assets and Know-Your-Customer (KYC) processes to determine the company’s compliance with the SFC’s regulatory requirements.

The inspection findings “will feed into the license application process,” which requires VATPs and their owners to comply with all applicable laws and regulations. According to the announcement, any violation or non-compliance of key regulatory requirements will result in the license being denied.

Moreover, failing to meet investors’ protection regulations during the inspection could result in the SFC taking other regulatory actions against crypto platforms if it considers them necessary.

The regulator also reminded the applicants they must comply with all of SFC’s regulatory requirements and licensing conditions during the application process. These conditions include preventing Mainland Chinese residents from accessing the platforms’ virtual asset-related services, marketing their services, or onboarding retail users.

The SFC does not expect these applicants to actively market their services or onboard new retail clients prior to demonstrating the actual implementation and effectiveness of their policies, procedures, systems, and controls to the satisfaction of the SFC and being formally licensed.

Non-Contravention Period Ends This Week

In the announcement, the SFC pointed out that the key deadline was approaching. Hong Kong’s watchdog reminded crypto platforms that the non-contravention period for VATPs operating in the jurisdiction ends on June 1, 2024.

As reported by Bitcoinist, the SFC issued a new regulatory guideline that required all VATPs operating in Hong Kong to submit a license application by February 29. After the deadline, the crypto platforms that didn’t apply for a license had a non-contravention period under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

However, by June 1, all VATPs remaining in the area must be licensed or “deemed-to-be-licensed” VATP applicants under the AMLO. The companies that continue to operate after the designated period will face legal actions:

It is a criminal offense to operate a VATP in Hong Kong in breach of the AMLO, and the SFC will take all appropriate actions against any breaches of the law.

As the end of the non-contravention period approaches, Hong Kong’s regulator urged investors in the area to trade virtual assets only on SFC-licensed platforms. Additionally, Hong Kong investors were reminded that the VATP applicants are not formally licensed despite undertaking measures to comply with the SFC.

At the time of this writing, only HashKey Exchange and OSL Exchange are licensed VATPs operating in the area. The other 18 VATPs await the SFC’s decision on their license applications.

Ryan Salame, a former high-ranking official at Alameda Research and co-CEO of bankrupt crypto exchange FTX, has been sentenced to 90 months in prison for his involvement in what the US Southern District of New York calls “illegal political contributions” and operating an unlicensed money transmitter business. 

Conspiracy Charges In Financial And Political Schemes

The sentencing, delivered by US District Judge Lewis A. Kaplan, follows Salame’s guilty plea to conspiracy to defraud the Federal Election Commission and conspiracy to operate an unlicensed money-transmitting business. 

The United States Attorney for the Southern District of New York, Damian Williams, emphasized Salame’s actions’ consequences, which undermined public trust in American elections and the integrity of the financial system.

According to court filings and statements made during the proceedings, Ryan Salame served as a top official at Alameda Research, FTX’s trading arm founded by Samuel Bankman-Fried, from 2019 to 2021. In October 2021, Salame was appointed co-CEO of FTX’s Bahamian affiliate, FTX Digital Markets Ltd.

FTX Executive’s Covert Contributions

In addition to the unlicensed money-transmitting business, U.S. authorities allege that Salame conspired with Bankman-Fried and FTX executive Nishad Singh to make campaign contributions that concealed Bankman-Fried’s connection to the contributions. 

These contributions, totaling “tens of millions of dollars,” were intended to enhance Bankman-Fried’s standing in Washington, D.C., raise FTX’s profile, and curry favor with candidates who might sponsor legislation favorable to FTX, Alameda, or Bankman-Fried’s agenda. 

In addition to the 90-month prison term, Ryan Salame was sentenced to three years of supervised release. He has also been ordered to pay over $6 million in forfeiture and more than $5 million in restitution for the financial harm caused by his actions.

Featured image from Bloomberg, chart from TradingView.com 

Russian commodity firms have increasingly turned to cryptocurrency to circumvent financial hurdles posed by international sanctions.

With traditional banking channels facing challenges, companies are now leveraging stablecoins, notably Tether (USDT), to facilitate “seamless and swift cross-border transactions” with their Chinese counterparts, as reported by Bloomberg.

Major Russian metal producers have primarily adopted this transition, seeking efficient alternatives to conventional financial systems to maintain their trading operations.

How Stablecoins Are Transforming International Trade Finance

These developments respond to the extended economic ramifications of international sanctions following geopolitical tensions that began in early 2022.

According to Bloomberg, despite not being directly targeted by sanctions, these firms have encountered substantial obstacles in conducting business internationally, particularly in receiving payments and acquiring necessary materials and equipment.

Notably, adopting stablecoins appears to be a strategic move to preserve business continuity and mitigate the risks associated with frozen bank accounts and the slow pace of traditional banking transactions.

As disclosed, the appeal of using stablecoins like Tether’s USDT lies in their ability to facilitate transactions quickly and cheaply. Ivan Kozlov, a digital currency expert and co-founder at Resolv Labs, explained:

With stablecoins, the transfer may take just 5-15 seconds and cost a few cents, making such transactions pretty efficient when the sender already has an asset base in stablecoins.

Furthermore, Kozlov revealed that the use of cryptocurrencies in trade finance is gaining traction among unsanctioned firms and as a broader practice in countries facing financial restrictions or dollar “liquidity issues.”

This highlights a growing recognition of cryptocurrency’s potential to serve as a “reliable” medium for substantial international transactions, especially in environments where traditional financial systems pose considerable operational challenges.

Russia’s Current Crypto Stance

Meanwhile, integrating cryptocurrencies into Russia’s trade mechanisms also signifies a change in the country’s regulatory stance towards digital assets.

Bloomberg noted that initially skeptical, the Russian central bank has shifted its view, recognizing the potential benefits of cryptocurrencies in circumventing financial barriers.

The report read:

Previously, the Bank of Russia had considered a blanket ban on the use and creation of all cryptocurrencies, but in November, Governor Elvira Nabiullina told parliament that she supports experimenting with such payments in international transactions.

Amidst these developments, strategic advisors like Gabor Gurbacs from Tether and VanEck have advocated for the broader adoption of cryptocurrencies like Bitcoin by central banks, especially for those countries experiencing fiat currency devaluation.

No fiat currency today is a better alternative to the U.S. Dollar. Bitcoin is the only real better alternative. Countries with depreciating fiat currencies should consider adopting Bitcoin as a reserve currency then legal tender.

— Gabor Gurbacs (@gaborgurbacs) May 27, 2024

Gurbacs suggests that adding Bitcoin to national reserves could provide economic stability and diversification, proposing that countries start allocating a small percentage to cryptocurrencies and gradually increasing their holdings.

Featured image created with DALL·E, Chart from TradingView

Аналитики одного из крупнейших в мире банковских холдингов JPMorgan считают, что Комиссия по ценным бумагам и биржам США (SEC) в ближайшие месяцы точно не одобрит другие биржевые фонды на криптовалюты, помимо уже одобренных ETF на биткоин и эфир.

Genuine Labs, a Terra Classic developer group, recently announced that it had submitted a proposed upgrade to the Terra blockchain for governance voting. If passed, this upgrade could positively impact the Terra ecosystem, including Terra Classic’s (LUNC) price. 

What The Major Upgrade Is About

The major upgrade involves implementing the v.3.0.1 software upgrade for the Terra chain. Genuine Labs will integrate the latest version of the Cosmos SDK (Software Development Kit), SDK 47, as part of the upgrade. While explaining the reason for voting yes to the proposal, LUNC validator Lunanauts also explained how this upgrade is “essential for the stability and improvement of the Terra Classic network.”

One, the validator noted that the upgrade would fix the app hash error on the network, which is said to have been a “critical issue” that has persisted on the current version of the Terra chain. This proposed upgrade will help fix that as it would ensure that nodes do not encounter any app hash error when there is a WebAssembly (Wasm) transaction. 

Additionally, Lunanauts revealed that the upgrade includes support for legacy contracts with WASMD 0.45.0. These contracts could not be imported under previous versions. As such, the validator believes that the v.3.0.1 upgrade solving this issue ensures better network performance and stability. 

Furthermore, the proposed upgrade prevents peer-to-peer (p2p) storms by including backporting changes. These p2p storms are another critical issue on the network as they cause “significant disruptions and inefficiencies.” The upgrade will also limit the meme and receiver length in Inter-Blockchain Communication Protocol (IBC)-go for both v6 and v7, thereby fostering blockchain interoperability between Terra and other Cosmos chains. 

If passed, the proposed upgrade will be deployed by halting the chain for a software upgrade. The proposed chain halt will occur at a block height of 18,303,000, and validators will be required to replace the old binary with the proposed one. According to the proposal, the chain halt block height will be processed at approximately June 2, when the upgrade will likely occur. 

The proposal already includes necessary updates and pull requests to address any “breaking changes” that might occur during the upgrade. That helps to minimize any disruption that might occur and preserves Terra’s integrity. 

How This Upgrade Could Positively Impact Terra Classic’s Price

This upgrade will boost investors’ confidence in the Terra Classic ecosystem, leading to greater adoption and demand for the LUNC token. The network’s reputation has been severely tarnished following the LUNA crash in 2022. Therefore, proposals like these can easily fix up the network’s image in the broader crypto ecosystem. 

Meanwhile, crypto analyst Javon Marks suggested that Terra Classic’s price was well primed for a 1,300% rally. As such, the network upgrade can serve as a catalyst to trigger this upward trend for the crypto token.  

At the time of writing, Terra Classic is trading at around $0.0001128, up in the last 24 hours, according to data from CoinMarketCap.

Комиссия по ценным бумагам и фьючерсам Гонконга (SFC) собирается провести проверку все платформ для торговли криптовалютой, желающих работать в этом специальном регионе КНР в качестве легальных лицензированных компаний.

Острые моменты актуальной повестки дня, обращение к вечным истинам, реальная политика и новый русский андеграунд. Как выглядит общество в зеркале власти и наоборот. А также стихи Максима Шингаркина, законы...

Агентство Bloomberg со ссылкой на топ-менеджеров нескольких китайских и российских компаний сообщило, что как минимум два крупнейших производителя металлов, оба из которых не находятся под санкциями, начали регулярно использовать при трансграничных расчетах стейблкоины USDT.

В последнем отчете Proof of Reserves (PoR) за май 2024 года криптобиржа Bitget подтвердила общий коэффициент резервирования активов в 169%, а для BTC и ETH 295% и 209% соответственно.

Popular YouTube Co-founder Steve Chen is currently in the limelight as he revealed his support of the new Solana-based meme coin Pajamas (PAJAMAS), inspired by his beloved cat. This move marks Chen’s significant foray into the cryptocurrency landscape, indicating a shift from his prior emphasis on video technology to the ever-evolving digital currency market.

Chen Supports Solana-based Memecoin Pajamas

According to the TOBTC trading platform, YouTube co-founder Steve Chen is backing Pajamas, a meme coin built on the Solana blockchain. This project which was inspired by one of YouTube’s first cat videos from 2005 is currently valued at over $20 million since its launch in mid-March.

Given that the community recognized the nostalgia for bygone times and the need to immortalize them, the token gained popularity as the tale of The First YouTube Cat’s creation.

The trading platform then drew attention to Chen’s post where he first revealed his support for the memecoin. Apparently, the meme coin is not the only digital asset currently owned by the YouTube co-founder.

By endorsing this meme coin, Chen is promoting the wider adoption of Solana’s scalable blockchain infrastructure and using his platform to boost Pajamas in the cutthroat cryptocurrency market.

This endorsement is anticipated to draw a surge of new investors and traders to Pajamas as well as the larger Solana community, which reflects the growing trend of well-known tech figures adopting cryptocurrency innovations.

TOBTC also noted that Chen’s initial upload of his cat Pajamas served as the inspiration for the Solana-based memecoin. The video, which was first seen nearly 20 years ago, featured the co-founder’s cat dancing to a song by Nick Drake. 

“This is my cat, Pajamas, playing and dancing to the tune of Nick Drake,” Chen wrote in the video description. Although Pajamas passed away the same year, the project still aims to celebrate the cat.

Chen has disclosed his commitment thus far toward supporting the memecoin project ever since its launch. He asserted that he had been supporting Pajamas by volunteering about 80-100 hours of his time each week.

Steve Chen’s Path Into The Crypto Space

It is important to note that Steve Chen became a supporter of Pajamas and crypto after community engagement, with his other tech-related investments and endeavors. He was prompted to invest in the meme coin after receiving over a hundred X (formerly Twitter) tags regarding it from users.

Chen has underscored the lack of trust he has observed ever since his involvement in the cryptocurrency industry. According to the co-founder, at least one person always cautions him against meeting or conversing with any crucial or powerful figure in the Web3 world whom he wishes to meet. “Every day on Telegram, there are at least 25+ new people trying to find a way to steal my money,” he added.

Правовед Евгений Варшавский и геолог Сергей Голомолзин о внутренней и внешней мотивации как основах всего Ведущий: Кирилл Рычков, координатор Проекта ЭРА, член Союза журналистов России Проект ЭРА: https://aurora.network/articles/345-tochka-sborki/111108-natsional-nyy-proekt-jera...

The winds of change are blowing through the Russian cryptocurrency market. Following Binance’s exit in early 2024, a digital exodus has unfolded, with users scrambling to find new platforms to house their digital assets.

This shift in allegiance, however, has presented an unexpected opportunity for local players, igniting a land grab for dominance in the world’s largest nation by landmass.

Crypto Market Heats Up Despite Binance Chill

The Bank of Russia’s latest report paints a fascinating picture. While Binance’s grip on the market loosened considerably – its web traffic share plummeting from 47% to a mere 16% in just a quarter – overall crypto activity surged.

Web traffic across all major crypto platforms, including exchanges, peer-to-peer platforms, and over-the-counter services, shot up by a healthy 16.4% compared to the previous six months. This upswing coincides with a period of rising valuations in the crypto market, suggesting a growing appetite for digital assets among Russian users.

Binance’s retreat left a gaping hole, and a host of local contenders are stepping up to fill it. The report identifies a collective of five unnamed exchanges that have seen their web traffic share balloon from 39% to a commanding 64% in the same period. This meteoric rise suggests that these local platforms are effectively capturing the wave of users migrating away from Binance.

Crypto Engagement On The Rise

The crypto market churn isn’t just about traffic – it’s about user engagement as well. The Bank of Russia reports a significant increase in the average monthly number of unique users (identified by IP addresses) on these platforms. This growth is accompanied by a rise in the proportion of Russian internet visits directed towards crypto sites, indicating a deepening interest in the digital asset space.

The data doesn’t stop there. The report highlights a substantial increase in the inflows and outflows of major cryptocurrencies like Bitcoin, Ethereum, Tether, and USD Coin by Russian users.

This activity translates to a staggering 4.5 trillion rubles (roughly $51 billion), a 15.6% jump compared to the previous half-year. These figures underscore the significant role cryptocurrencies are playing in the Russian financial landscape.

The Shadow Of Rug Pulls: Security Concerns Loom Large

While the market is thriving, a dark cloud hangs overhead – the specter of rug pulls. The recent scandal surrounding Beribit, a Russian exchange allegedly linked to a Ukrainian oligarch, serves as a stark reminder of the security risks associated with some platforms.

Beribit’s alleged disappearance with a reported $4 million of user funds has understandably shaken confidence and intensified the demand for reliable alternatives.

The departure of Binance has undoubtedly reshaped the Russian crypto market. With new players emerging, user activity rising, and security concerns demanding attention, the coming months will be crucial in determining the future of this dynamic digital landscape.

Featured image from Unsplash, chart from TradingView

Управляющий Центрального банка Шри-Ланки выразил обеспокоенность по поводу использования криптовалют инвесторами и отсутствия четких правил регулирования цифровых активов.

Аналитики платформы CryptoQuant обратили внимание на низкую долю нереализованной прибыли биткоин-инвесторов: 3% по итогам апреля — против 69% в марте 2024 года.

Один из самых известных в мире инвесторов-миллиардеров раскрыл структуру инвестиционного портфеля своего George Soros Fund за январь-март, подтвердив слухи о вложении средств семейного фонда в акции MicroStrategy.