Cryptocurrency

Cardinal Cryptography, core developer of the zero-knowledge, privacy-focused blockchain Aleph Zero, announced today the launch of Common Automated Market Maker (AMM), the first mainnet release of a novel DeFi platform, Common. Positioned as a decentralized exchange (DEX), Common’s Automated Market Maker (AMM) delivers a user-friendly trading experience, complete with the built-in bridge between Aleph Zero and Ethereum, MOST, and the initial rollout of the platform’s broader capabilities. Launched on Aleph Zero, Common AMM embodies the network’s commitment to on-chain privacy, robust security, and high performance within a user-friendly framework. Key Features of Common AMM Now Live:For more information, users can refer to the latest blog post. Uses can experience seamless trading on Common AMM today and follow the development of the Common platform as it evolves to become the ultimate privacy DeFi suite. For more information about Common, users can visit https://common.fi/ and read the Common Whitepaper. Users can already try the app on the Aleph Zero Mainnet.About Aleph ZeroAleph Zero is a layer 1 blockchain engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via Zero Knowledge Proofs. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications that are supported by Aleph Zero programs.For more information, users can visit https://alephzero.org/ For media inquiryJosh Adams, [email protected] ContactPR ManagerJosh AdamsCardinal [email protected] article was originally published on Chainwire More

The history of the sender’s address, “bc1qc,” reveals limited information. Its initial transaction occurred in March 2024, receiving 0.002 BTC from another unidentified and now empty wallet. A closer examination of the transaction chain shows a series of exchanges between various unknown addresses over several months. This recent transaction represents a significant but not overwhelming portion of the wallet’s total holdings. Currently, 20,282 BTC, valued at approximately $1.44 billion, remain stored in “bc1qc.”Market participants often view such substantial transfers as potential indicators of a major player preparing to sell their holdings. Transferring Bitcoin to highly liquid platforms like Kraken is a common practice before executing large sales. However, it has not yet been confirmed whether this transfer will result in an immediate sell-off. The market impact of such a move could be significant given the large volume of Bitcoin involved.For now, attention remains on the rest of the large holdings in the wallet and the possible market movements that could follow.This article was originally published on U.Today More

Set to hit Mainnet this summer, Sui’s new Mysticeti protocol cuts consensus latency down to 390 ms.Sui, the pioneering Layer 1 blockchain that offers industry-leading performance and infinite horizontal scaling, today announced the successful deployment of Mysticeti, its latest consensus protocol, on Sui Testnet. This significant breakthrough reduces consensus time on Sui’s public Testnet by 80 percent at 390 milliseconds while maintaining the protocol’s industry-leading throughput. This impressive demonstration confirms that Sui is the fastest consensus layer in the industry.Developed from deep research into Byzantine fault tolerance (BFT) consensus mechanisms, Mysticeti represents a significant advancement from Narwhal-Bullshark, the consensus algorithms Sui launched into its Mainnet a year ago, achieving unprecedented transaction speeds and reducing CPU requirements for validators. This enhancement extends Sui’s impressive low latency performance to all transaction types across the network.Sui’s uniquely object-oriented architecture enables the network to process transactions differently based on the characteristics of the transaction and the objects involved. On Sui, transactions involving only “owned objects”, such as peer-to-peer transfers, do not require consensus. Instead, they follow a fast-path execution that can be completed in a shorter time. In contrast, transactions involving the same shared object, for example, transactions involving marketplaces, auctions or collaborative game assets, do require consensus. In the past, that meant more processing latencies. Mysticeti changes that, by processing shared object transactions using an optimized version of BFT consensus. The Mysticeti design involves minimal cross-validator communication and fully takes advantage of network bandwidth in order to maintain high throughput.These advancements are critical as Sui continues to cement its position at the pinnacle of blockchain speed and scale, and provide a seamless experience for developers and users at scale. ContactSui [email protected] article was originally published on Chainwire More

The crypto rally on Tuesday was chiefly led by Ether, with the world’s second-largest crypto asset surging more than 22% to $3,781.Adding to the speculation was a report by CoinDesk, which, citing sources familiar with the matter, said that the SEC had asked exchanges to update their 19b-4 filings on an accelerated basis, signaling potential approval of these applications ahead of a key deadline on Thursday.However, this does not guarantee the authorization of Ethereum ETFs, the report added.Issuers must also have their S-1 applications approved before the products can start trading. The SEC can take an indefinite amount of time to approve the S-1 documents, as it is not bound by a deadline, per the report.One company in discussions with the SEC reportedly suggested it might be on the right track for approval, a notable shift from weeks earlier when it felt the SEC was delaying.Bloomberg Intelligence ETF analysts hiked the odds of spot Ethereum ETF approval to 75% from 25% after hearing that the SEC might be adopting a more favorable stance toward the applications.The broader crypto market tracked Ethereum price gains. Bitcoin climbed 6% on the day, while XRP, ADA, and DOGE jumped 5.8%, 6.9%, and 10.3%, respectively.“This sudden flip in expectations is an unexpected boon for investors who have been crying out for a driver after the [Bitcoin] halving passed and bitcoin ETFs were launched in the U.S. and Hong Kong,” said Antoni Trenchev, co-founder and managing partner of Nexo.“If the spot ETH ETFs are approved, altcoins should take off as ether is often a leading indicator for the rest of the crypto market.”If the reports are true, it marks significant progress from previous expectations as many expected the SEC to deny Ethereum ETF applications this week due to concerns over the complexity and regulatory challenges associated with Ether compared to Bitcoin.The lack of a legal precedent similar to Bitcoin’s ETF approval further complicates the issue, with SEC Chair Gary Gensler recently stressing the need for investor protection and compliance with securities laws.In their comments on the aforementioned developments, Bernstein analysts said Tuesday that given Bitcoin’s 75% rally since the ETF approval, they would expect a similar surge in Ethereum prices. Moreover, they note that ETH’s free float and supply appear even more attractive than Bitcoin’s.“ETH since its transition to proof of stake, has been deflationary. Further, 38% of ETH is locked in staking, financial smart contracts and layer 2 chains – feature unique to programmable ETH and not seen with Bitcoin,” Bernstein analysts said.“66% of ETH supply has not moved in last 1 year (similar holding behavior as Bitcoin) and supply on exchanges is at all-time-low. Thus, ETH supply remains constrained by sticky investors and utility locking supply in financial smart contracts,” they added.Earlier this year, Standard Chartered (OTC:SCBFF) analysts said they expect the SEC to approve Ethereum ETFs on May 23, aligning with the timeline for Bitcoin ETFs approved in January 2024.The bank predicted significant inflows for the crypto asset, estimating 2.39-9.15 million ETH, which amounts to between $15 and $45 billion, in the first year post-approval.If approved, Standard Chartered anticipated that Ethereum prices would keep pace with BTC, maintaining the current 5.4% price ratio through 2024. Given their projection of BTC reaching $150,000 by the end of 2024, this implies an Ethereum price of around $8,000. More

The world’s largest cryptocurrency rose 6.6% in the past 24 hours to $71,349 by 08:47 ET (12:47 GMT).But world no.2 token Ether was the star performer on Tuesday, surging 22.5% to a 1-½ month high of $3,776.1.A report from Coindesk showed that the U.S. Securities and Exchange Commission asked applicants for spot Ether ETFs to update some key filings, ahead of a key deadline for the approval of the funds later this Thursday. While the report said that there was still no guarantee that the regulator will approve the ETFs, it did mark some progress towards an eventual approval.Bloomberg analysts Eric Balchunas and James Seyffart updated their expectations for a spot Ether ETF approval to a 75% probability from 25%, citing the Coindesk report and stating that the SEC could be “doing a 180” on a potential approval.The SEC was seen largely averse towards a spot Ether ETF, especially as recent reports said the regulator was also pursuing action against the Ethereum Foundation over Ether’s potential nature as a security. But a spot ETF approval could trigger a similar rally in Ether as it did for Bitcoin earlier in 2024, where the token surged to a record high on increased capital inflows as institutional investors piled into the ETFs.Data from digital assets manager CoinShares showed on Monday that crypto investment products saw a second straight week of capital inflows, as some soft readings on U.S. inflation ramped up bets that the Federal Reserve will cut interest rates this year. Total capital inflows were at $932 million in the week to May 20, with Bitcoin continuing to dominate capital flows. Still, overall trading volumes remained well below peaks seen in the aftermath of the spot-Bitcoin ETF approvals in February and March. Altcoins drifted higher, tracking gains in Ether. Solana rose 1.2%, while XRP added 6%.Meme tokens Dogecoin and SHIB climbed 10.5% and 8%, respectively.House Democrats Maxine Waters (NYSE:WAT) (D-Calif.) and David Scott (D-Ga.) have voiced to their colleagues their strong opposition to the Financial Innovation and Technology for the 21st Century Act, also referred to as the crypto bill.However, despite this stance, the pair is not actively urging members to vote against the bill, as reported by Politico.Waters and Scott argue that the bill undermines established legal precedents and creates uncertainty in the traditional securities market.They claim the bill’s safe harbor provision, allowing entities to file an “intent to register” if they meet certain requirements, effectively shields these entities from existing securities laws until the SEC and CFTC finalize new regulations.This, they argue, “weakens investor protections and opens the door to fraud and market manipulation,” the email said.The letter also states that if the bill becomes law, it would prevent shareholders from suing publicly traded companies, override state regulations regarding digital assets, weaken fiduciary requirements, and undermine capital markets. More

Ether, which underpins the ethereum blockchain network, was 8% higher on the day at $3,775, its highest in two months, after jumping 13.8% on Tuesday. Top cryptocurrency bitcoin was last up 2.2% at $71,000, around 4% shy of its March peak of $73,803.25. The U.S. markets watchdog will give its ruling on some spot ether ETF applications this week. Analysts and investors said Tuesday’s jump was a result of unconfirmed talk that the Securities and Futures Commission might approve these products, after investors had previously thought they would be rejected. Bitcoin rallied sharply earlier this year after the SEC gave approval to several spot bitcoin ETFs, which have seen billions of dollars in inflows.So far in 2024, bitcoin has gained 67%, but ether is now close behind, with a gain of 60%. “Ethereum has taken pole position in the latest crypto rally ahead of Thursday’s first final SEC deadline to decide on an ETH ETF,” said Ben Laidler, global markets strategist at eToro, using ether’s market ticker. “Outright approval is a long shot, but any guidance on a pathway to eventual acceptance would be a big step forward.”VanEck, ARK Investment Management and seven other issuers have filed with the SEC to list spot ether ETFs. The SEC must decide on VanEck’s and ARK’s filings, which are first in line, by May 23 and May 24 respectively Joseph Edwards, head of research at Enigma Securities, cited reports saying the SEC had asked exchanges that would list the ether ETF to update their filings and separate Bloomberg ETF research that showed analysts have raised their informal probabilities of approval. An SEC spokesperson said they did not comment on individual filings. “Opposing the ETH ETF after the BTC one was approved always seemed like an odd case for the SEC to try to push, unless they were willing to open up questions on Ethereum’s securities status more broadly, and it’s likely that the call has come in somewhere to not take that fight,” Edwards said. Crypto markets took another leg higher last week, after data showing a slowdown in U.S. inflation drove a rally in risk assets. More

Bybit, one of the world’s top three crypto exchanges by volume, experienced a surge in trading volume on the popular ETH/BTC pair on the back of news that US regulators may approve an Ethereum ETF soon. Following the news, traders potentially profited from ETH’s impressive 15% move against BTC.The news that caused the surge was that US regulators asked ETH ETF applicants to update their filings, causing speculation that the updates pointed to a higher likelihood of approval — though nothing is guaranteed. Even so, traders were quick to pay double the funding rate to long ETH against BTC in the wake of the news.For some traders, ETH/BTC is a key ratio in crypto markets because the top two crypto assets account for roughly 74% of the crypto market cap. Recently, it’s been “down only” for ETH as it lost momentum and struggled to fend off competitors; just last week, it made a new low against BTC falling to the lowest level in three years. Traders on Bybit can capitalize on the volatility surrounding this narrative by trading BTC/ETH perpetual contracts themselves or via an array of simple bots that do all the calculations for you. Furthermore, Bybit, which just hit 30 million users globally, is running its Ethereum Euphoria event, offering users the chance to win USDT and a Tesla (NASDAQ:TSLA) Cybertruck while learning about the impact of this kind of market event.About BybitBybit is one of the top three cryptocurrency exchanges by trading volume with 30 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, users can visit Bybit Press. For media inquiries, users can contact: [email protected] more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony [email protected] article was originally published on Chainwire More

H.C. Wainwright estimates that Morgan Stanley owned $270 million of Grayscale Bitcoin Trust (BTC) (NYSE:GBTC) as of March 31, according to a 13F filing. Other banking giants, including JPMorgan, Wells Fargo, and UBS, also disclosed holdings in spot bitcoin exchange-traded funds during the first quarter. The investment bank speculates that these 13-F filings drove nearly $1 billion in net inflows into spot BTC ETFs last week, reversing nearly $500 million of net outflows from the prior eight weeks. Year-to-date net flows have now surpassed $12 billion.Other highlights show that 563 professional investment firms reported owning $3.5 billion worth of BTC ETFs based on filings released through May 9. The memo notes that 60% of these holders were investment advisors, with 25% being hedge funds.Data from Bitcoin brokerage firm River Financial also revealed that 13 out of the top 25 U.S. hedge funds, including Citadel, Millennium, and Point72, established positions in the ETFs during the January-March quarter. Moreover, the State of Wisconsin Investment Board became the first U.S. state pension fund to allocate to the spot BTC ETFs, acquiring $163 million worth of IBIT and GBTC in Q1.In the latest update on Bitcoin mining and market trends, H.C. Wainwright noted that for the week ending May 19, Bitcoin rose 7.9% to finish just above the $66,200 mark. This surge outpaced broader equity indexes, with the S&P 500 and Nasdaq rising by 1.5% and 2.1%, respectively. Bitcoin mining stocks also climbed 3.1% following slightly better-than-expected April CPI data and growing institutional adoption.Meanwhile, the network hash rate increased by 2.6% on a weekly basis to 592 EH/s after two consecutive weeks of decline, while network difficulty remained steady at 83.1T following a 5.6% adjustment on May 9. On the regulatory front, Oklahoma passed a landmark bill protecting Bitcoin rights within the state. Effective November 1, 2024, the bill ensures fundamental rights for individuals and corporations engaged in digital asset activities. Key protections include the right to self-custody and use BTC for transactions without additional taxes or penalties. The bill also offers specific protections for Bitcoin miners that safeguard them from local government impediments and remove the requirement for a money transmitter license. This legislative move follows similar favorable actions from other Bitcoin-friendly states, including Montana, Arkansas, and Wyoming. More