Cryptocurrency

Analysts at UBS say that central banks’ aggressive measures to combat inflation with higher interest rates severely dented growth expectations and investment appetites, particularly affecting sectors like cryptocurrencies, which are closely tied to high-beta technology stocks. They also noted “a significant increase in the correlation between Bitcoin and these stocks throughout the year.”The report highlights how the crypto industry faced additional turmoil from specific events, such as the collapse of the Terra Luna stablecoin, which triggered a chain reaction of bankruptcies within the sector. This included major platforms like Celsius and hedge funds such as Three Arrows Capital. Moreover, November 2022 saw the dramatic failure of FTX, once the world’s second largest crypto exchange, along with its sister trading firm Alameda. “FTX’s bankruptcy was particularly damaging, given its widespread influence across the crypto ecosystem and previous role in aiding other struggling firms,” it added.FTX and Alameda’s downfall not only impacted their direct operations but also sent shockwaves through related companies and investment vehicles, including a $175 million exposure by Genesis.The UBS research report also provides a detailed analysis of the dramatic downturn following the FTX collapse, focusing particularly on the severe impact on Solana (SOL) and the broader venture capital landscape.According to the report, “Through Alameda, Bankman-Fried invested directly in selected crypto projects, one being Solana. At the beginning of November, Alameda revealed a SOL position valued at more than USD 1bn, representing an estimated 10% of total SOL market capitalization.” This investment became problematic as FTX/Alameda’s downfall unfolded, severely affecting Solana’s market position and investor confidence.The report also touches on concerns related to “wrapped” Bitcoin and Ether within the Solana ecosystem, highlighting the complexities and risks of cryptocurrencies backed by other tokens, especially when the custodian faces solvency issues.On the venture capital side, the analysis by UBS points out that while the crypto market downturn caused disruptions, the overall exposure of the venture capital industry to digital assets remains relatively low. However, the report notes, “Select venture capitalists (VCs) and growth-focused private equity managers have been prominent investors in digital assets, and the collapse of Terra Luna and FTX raised questions about potential losses and manager survival.”Finally, the report advises that each crypto boom-and-bust cycle, while challenging, is a necessary step toward the industry’s maturation. UBS concludes that “with less competition for capital, more realistic valuations, and greater transparency and regulation, we think digital assets will offer a better, investable environment in the future.” More

Saylor is a vocal Bitcoin evangelist who stood behind the idea of MicroStrategy implementing regular BTC purchases over the past four years. Now, he is promoting the world’s paramount cryptocurrency daily on the X platform.Being a Bitcoin maximalist, Saylor hints that he believes BTC to be the only crypto in the market. Unlike Max Keiser, he does not openly (and not so frequently) criticize altcoins and does not use the “s-coin” word when talking about them. However, in a recent public statement, Saylor said outright that he believes XRP, SOL, ADA, ETH and other altcoins to be unregistered securities, thus agreeing with the SEC stance.Saylor said that he expects quite soon all altcoins to become officially labeled as securities, and then only those holding Bitcoin will win. BTC so far is the only cryptocurrency that has been qualified by the SEC and the CFTC as a commodity. Ethereum has this status as well, however, recently it seems to have become questioned by the SEC leader Gary Gensler. The latter has initiated a real witch-hunt on altcoins and U.S. cryptocurrency exchanges recently for trading them.By now, the price has made a marginal rebound of over 1%, and BTC is changing hands near the $60,920 level.Prominent crypto analyst and trader Michael van de Poppe tweeted yesterday that he expects Bitcoin to follow a scenario that may take BTC to a low of $55,000-$52,000. This is likely to happen, he specified, if Bitcoin loses the range where it is trading at the moment — $61,000-$60,000.This article was originally published on U.Today More

Match System’s CEO Andrei Kutin Announces Full Recovery of $68 mln Stolen Crypto Assets from Cryptex. Summary: $68 million from the incident occurred on May 3, 2024 related to the “dust” attack were fully returned to the victim today with the participation of the cybersecurity agency Match Systems and the Cryptex cryptocurrency exchange. At the moment, the victim has no complaints against the attacker.On May 3, 2024, one of the crypto whales became a victim of a classic dust attack (or “dandruff attack”) resulting in the theft of 1,155.28 WBTC, worth over $68 million.The stolen tokens were received by an unknown scammer to the address 0xd9A1C3788D81257612E2581A6ea0aDa244853a91, from which the funds were moved to the address 0xfB5bcA56A3824E58A2c77217fb667AE67000b7A6. After which the stolen funds began to be distributed in parts to several scammer’s addresses. The victim immediately sought assistance from Match Systems. As a result of promptly conducted work, the assets were found and returned to the crypto whale in full in just a week. This incident perfectly demonstrates that promptly contacting specialists in case of theft of crypto assets significantly increases the chances of the crypto fraud victim to get them back. Moreover, the earlier the victim seeks help, the higher the probability of getting the stolen funds back in full. More detailed information about this type of theft is contained in the article:About Match Systems:Match Systems, is a leading company specializing in AML services, blockchain investigations, and implementation of compliance procedures for cryptocurrency projects around the world. By leveraging advanced technology and expertise in financial crime detection, the company is poised to help organizations to navigate the complex regulatory landscape as well as minimize the risks associated with digital currencies. Media contacts:Name: Joseph AndersonWebsite: https://matchsystems.com/ Email: mediacoverage@matchsystems.comAddress: Dubai, UAEContactJosephmediacoverage@matchsystems.comThis article was originally published on Chainwire More

Penguiana, the latest penguin-themed Solana meme coin, has successfully raised over 800 SOL during the initial week of its presale. The Penguiana team views the growing interest in this new meme coin, spurred by this remarkable achievement, as a testament to its potential within the Solana ecosystem.What is Penguiana?Inspired by the communal and fun-loving nature of penguins, Penguiana is not just another meme coin. It is setting the stage to be a major player in the Solana ecosystem, leveraging the blockchain’s fast processing and low fees to attract both crypto enthusiasts and meme coin investors.$PENGU TokenThe $PENGU token is at the core of this ecosystem, with a total supply of just 100 Million and 60% of this is allocated to the presale.It’s worthy to note that almost 30% of this presale allocation has been filled with more than 21 days to the end of the presale. Interested early adopters looking to acquire $PENGU tokens early can do so by joining the presale here. There’s also a guide on how to acquire $PENGU tokens.$PENGU UtilityThe $Pengu token is designed to be used within the game for various utilities such as minting exclusive NFTs, purchasing in-game items, and participating in special game events.Penguiana Presale DetailsTotal Supply: 100 Million $PENGU TokensPresale Allocation: 60 Million $PENGU TokensPresale Duration: 31 DaysPresale Caps: Minimum 0.5 SOL, Maximum 100 SOLHow To Join The Penguiana PresaleWallet Preparation: Setting up a Solana-compatible wallet such as Phantom or Solflare. It is crucial to use a private wallet for this transaction, as transfers from centralized exchanges are not eligible for the airdrop.Acquisition of $SOL: Participants can purchase SOL tokens from a major exchange and transfer them to their private wallets.Sending $SOL to the Presale Address: Participants can navigate to the Penguiana presale page https://penguiana.com/, where they can Buy $Pengu and copy the presale address, and send their SOL contribution.Allocation Check: The $PENGU token allocation can be checked in the designated section.Receipt of $PENGU Tokens: Following the conclusion of the presale, $PENGU tokens will be airdropped to participants’ wallets, proportional to their contributions.About PenguianaPenguiana is more than just a meme coin; it’s a pioneering project on the Solana blockchain designed to integrate the fun of meme culture with the profitability and engagement of a play-to-earn blockchain game. By utilizing Solana’s high throughput and low transaction costs, Penguiana aims to provide a seamless and immersive gaming experience that also rewards its players.Keep In Touch With PenguianaWebsite: https://penguiana.com/Telegram: https://t.me/penguianaDiscord: https://discord.com/invite/y7M3yDFjUtTwitter: https://twitter.com/penguianaonsolContactTeam LeadZan KowalskiPenguianacontact@penguiana.comThis article was originally published on Chainwire More

Sternlicht said he expects U.S. regional and community banks to begin to fail one or two each week. There are over 4,000 of those banks around the U.S.The main reason for this, according to Sternlicht, is that the Federal Reserve has been raising interest rates and now it will not start cutting them down – that was announced during the recent FOMC meeting. Therefore, among those who will “get whacked” will be the real estate sector and local banks working with it. Similarly to 2009, real estate loans are likely to suffer now, the billionaire expects.Overall, experts believe that currently the U.S. Fed Reserve is stuck between allowing a banking crisis (if they keep the rates high) and permitting inflation to grow stronger and out of control (if they begin to loosen interest rates). Therefore, high rates will keep inflation more or less tamed while crucial sectors of the economy, which have a strong dependency on loans, are unable to survive in a higher-rate environment, even if they seem strong enough for that at first glance.Max Keiser believes that this is going “exactly as Satoshi planned it.”Kiyosaki advocated investing in Bitcoin, as well as in physical gold and silver, predicting that the prices of these assets are going to skyrocket in the near future. In particular, Kiyosaki tweeted this year that he expects BTC to hit $100,000 by September.Keiser reckons that, mostly, Kiyosaki has been right about the U.S. economy heading downhill at a fast pace.This article was originally published on U.Today More

The well-orchestrated spectacle is a clear indication that the crypto lobby, backed by a war chest of over $85 million, is ready to make a strong impact in this year’s elections. Stand With Crypto’s PAC plans to fund candidates from both major parties in the upcoming elections for the House of Representatives and the Senate, drawing on its base of 440,000 members. According to Federal Election Commission records, other crypto-focused super PACs like Fairshake, Defend American Jobs, and Protect Progress have already raised over $110 million this election cycle.This move is part of a larger effort by the crypto industry to influence U.S. political outcomes, particularly after facing increased regulatory scrutiny.This surge in political funding by crypto entities follows the criminal conviction of FTX founder Sam Bankman-Fried, who was found guilty of misappropriating customer funds, some of which were funneled into political donations.Stand With Crypto differs from super PACs in that it directly collects and distributes funds to candidates rather than operating independently. This allows for closer cooperation with campaigns, although it is subject to stricter donation caps.The PAC supports a diverse slate of candidates including Jim Banks, a Republican Senate candidate in Indiana; Jim Justice, also a Republican Senate candidate, in West Virginia; Shomari Figures, a Democrat aiming for a seat in Alabama’s Second District; Eddy Morales, a Democrat running in Oregon’s Third District; and Troy Downing, a Republican candidate for Montana’s Second District.”The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” Nick Carr, chief strategist at Stand With Crypto, told Reuters.Inside the club, Coinbase CEO Armstrong complained about politicians not giving due regard to the crypto industry, even though, according to Coinbase’s calculations, crypto holders outnumbered EV owners by fivefold and union members by 3.5 times. He, along with others on stage, roused cheers with rally-style queries and highlighted the importance of exercising one’s voting power. More

Kintsu, a leading innovator in the DeFi space, is thrilled to announce the launch of its highly anticipated Testnet on May 13th. This exclusive event invites a select group, including the Kintsu OGs, to pioneer a new era in liquid staking on the cutting-edge Aleph Zero blockchain.Aleph Zero is a permissionless Layer-1 blockchain that combines a Proof of Stake (PoS) consensus mechanism with a Directed Acyclic Graph (DAG) for scalability, security, and efficiency. Its advanced privacy features include zero-knowledge proofs (ZK-SNARKs) and secure multi-party computation (sMPC) within the Liminal privacy layer.About KintsuKintsu aims to reshape the DeFi landscape with its next-generation liquid staking platform, empowering users to stake their assets while maintaining liquidity. By leveraging Aleph Zero’s state-of-the-art security and unparalleled transaction speeds, Kintsu provides unmatched flexibility and efficiency in liquid staking.A recipient of the Aleph Zero Ecosystem Funding Program, Kintsu is recognized as a pioneer within the Aleph Zero, INK, and Substrate ecosystem. With a focus on decentralization, and security, Kintsu aims to redefine liquid staking, providing DeFi users with a efficient, scalable, liquid, and composable staking solution.Key Features of the Kintsu Testnet- Exclusive Early Access: A select group, including the Kintsu OGs, will have the opportunity to participate first, offering focused feedback to enhance the platform iteratively.- Seamless Staking Process: Users can stake their tokens with ease and have them allocated among carefully selected validators for optimal security and efficiency.- Innovative Unstaking and Batching Process: Unstaking requests are collected over a 48-hour period before being batched, followed by a standard 14-day unbonding period. Participants can cancel their requests until they are batched.- Claimable Gas Rewards: Following the unbonding period, participants can claim gas rewards from the Liquid Staking Tokens (LSTs) initially escrowed.- Comprehensive Wallet Support: Participants can utilize wallets like Aleph Zero Signer, Nightly, Subwallet, Talisman, and Polkadot{.js}.Hats Finance Audit Competition:Kintsu has partnered with Hats Finance, a decentralized cybersecurity network, to conduct an audit competition on the contracts that will be deployed on the Testnet. The competition features a bounty of $40,000, incentivizing ethical hackers and security experts to identify and report vulnerabilities. This initiative ensures that Kintsu’s contracts are thoroughly vetted before their mainnet launch, maintaining the highest security standards as Kintsu pioneers the future of liquid staking.Participation and Feedback:Kintsu invites its community to actively participate in the Testnet, exploring its innovative features and providing crucial feedback. This feedback will play a significant role in enhancing the platform’s user experience.Connecting with the Kintsu CommunityUsers can stay updated on the latest developments and engage with other like-minded individuals by joining the Kintsu Discord community and following on Twitter. Insights and feedback from the community are crucial in shaping the future of DeFi.ContactDirector of GrowthAlexios KonstantinidisKintsuhello@kintsu.xyzThis article was originally published on Chainwire More

The purchase was made on April 23, and it is valued at an aggregate amount of 200 million yen ($1.2 million). With this acquisition, the firm’s total Bitcoin holdings now come in at 117.7217 Bitcoin worth 10,193,536 yen per BTC. This Bitcoin bag is worth 1.2 billion yen, or $7,708,020.When Metaplanet started acquiring Bitcoin back in April, it triggered positive sentiment in Asia’s investment landscape. This sentiment was ignited in the United States back in August 2020, when MicroStrategy made its first Bitcoin purchase. Today, MicroStrategy is the second-largest corporate holder of Bitcoin after BlackRock Inc (NYSE:BLK).Under the leadership of its Chairman Michael Saylor, MicroStrategy stacks Bitcoin regularly. Its last buy-up came in March when it acquired 12,000 BTC for $821.7 million. At the moment, the firm now holds a total of 214,246 tokens valued at around $14 billion. As U.Today reported earlier, MicroStrategy’s unrealized gain on its Bitcoin bet now comes in at $6.2 billion.MicroStrategy’s aggressive approach involves selling Convertible Senior Notes with the proceeds injected into the asset. Thus far, the move has paid off, and it remains unclear how long Metaplanet plans to sustain its strategy.Since Metaplanet joined the Bitcoin bandwagon, the price of BTC has generally slumped amid erratic sell-offs. However, with new mainstream firms reporting Bitcoin bets, bullish optimism has largely returned to the market. At the time of writing, the coin is seeing a mild recovery, up 3.14% in 24 hours to $62,907.50. With Metaplanet borrowing MicroStrategy’s playbook, it is likely to record similar bullish returns in the long term.This article was originally published on U.Today More