Headlines
Kashkari of the Federal Reserve stated that it is expected that there will be no more than 2 interest rate cuts in the June economic forecast, and inflation seems to remain stable for a period of time, which may require more patience. The U.S. economy is in good shape, but if it fails to reach the 2% inflation target, it will damage the credibility of the Federal Reserve. It is more likely that the interest rate will be maintained at the current level for longer than the public expects, rather than no impact from monetary policy, just not as significant as expected, and not as fast as expected. (Jinshi)
Grayscale withdraws the 19b-4 application for Ethereum futures ETF
Grayscale submitted a notice to the U.S. SEC on May 7 to withdraw its 19b-4 application for its Ethereum futures ETF, leaving the SEC with only three weeks to make a decision on its application.
The SEC originally planned to make a final decision on the Grayscale Ethereum futures ETF on May 30. Grayscale initially submitted the 19b-4 application on September 19, 2023, hoping to list its Ethereum futures ETF on the New York Stock Exchange.
Bloomberg ETF analyst James Seyffart initially believed that Grayscale strategically planned to use its Ethereum futures ETF as a "Trojan horse" to force the SEC to approve its Ethereum spot ETF. However, he is puzzled as to why Grayscale is now withdrawing the application, as the SEC will be forced to decide whether to approve at least one Ethereum spot ETF by May 23. (Cointelegraph)
Reuters: Robinhood's first-quarter revenue may hit a near three-year high
Thanks to the stable rebound in the stock market and cryptocurrency trading, Robinhood Markets' first-quarter revenue may hit a near three-year high. Analysts believe that Robinhood was at the core of the 2021 meme stock frenzy, and the bet on global interest rate cuts at the beginning of the year has driven the U.S. stock market and Bitcoin to historic highs, helping Robinhood earn more trading revenue. (Reuters)
Industry News
BlackRock: As of May 6, the IBIT position has nearly reached 275,000 BTC
According to official data from BlackRock's spot Bitcoin exchange-traded fund, as of May 6, the Bitcoin holdings of its IBIT reached 274,370.8969 BTC, with a current market value of approximately $17,303,230,795.92, and the circulating share quantity has risen to 481,120,000 shares.
IntoTheBlock: DeFi security incidents have caused losses close to $59 billion to date
IntoTheBlock stated on the X platform that to date, losses caused by DeFi security incidents have reached nearly $59 billion.
Historically, the main reasons for attacks on DeFi projects include private key management, mechanism design, and smart contract vulnerabilities. However, the first quarter of 2024 showed a shift, with most losses attributed to Rug Pull, due to the overall rise in the cryptocurrency market.
FTX and its affiliated debtors submitted a revised reorganization plan and disclosure statement to the U.S. Bankruptcy Court in Delaware on Tuesday. The plan is expected to concentrate on distributing almost all of FTX's assets at the time of its bankruptcy in November 2022 to its global customers and other creditors. FTX expects that the total value of assets collected, converted to cash, and available for distribution will be between $14.5 billion and $16.3 billion. This amount includes assets controlled by the Chapter 11 debtors and assets controlled by FTX Digital Markets, Ltd. (Bahamas) joint official liquidators, the Securities Commission of the Bahamas, and FTX Australia joint official liquidators.
FTX owes customers and other non-government creditors approximately $11 billion. This additional cash will be used to pay interest to the company's more than 2 million customers, which is a rare outcome, as in U.S. bankruptcy cases, creditors usually only receive a small portion of the face value.
Court documents show that although all debts will be fully repaid and interest paid, shareholders will receive nothing. Depending on the type of claim held, some creditors may recover 142% of the claim amount. However, the vast majority of customers may receive 118% of the amount they held on the FTX platform on the day FTX applied for bankruptcy protection.
FTX also proposes to establish a fund to repay some creditors, including those who provided cryptocurrency loans to FTX, which would have otherwise flowed to government regulatory agencies. As FTX enters the final stage of the bankruptcy case, compensation may be distributed several months later. (Bloomberg)
Bancolombia, a Colombian bank, launches cryptocurrency exchange Wenia and stablecoin
Bancolombia Group, one of Colombia's largest banking groups, has launched the cryptocurrency exchange Wenia. The exchange aims to compete for market share in Latin America and Colombia's cryptocurrency exchange market with Binance and Bitso by providing new users in this field with high-level security associated with Bancolombia.
According to Juan Carlos Mora, President of Bancolombia, the related solutions involve simplifying the adoption of digital assets and blockchain-based products in Colombia. The platform estimates that it will reach 60,000 users in its first year, given Colombia's potential as the third country in Latin America with the most adoption of cryptocurrencies.
Pablo Arboleda, CEO of Wenia, emphasized the importance of providing a user-friendly platform for new cryptocurrency customers. He emphasized, "Our goal is to help people establish connections with cryptocurrencies in a more convenient, inclusive, and efficient manner." Meanwhile, Wenia has also launched COPW, a stablecoin anchored to the Colombian peso. (Bitcoin.com)
Binance Research released the April cryptocurrency market report, with the following key points:
The total market value of cryptocurrencies decreased by 11.3% in April. The main reasons for this include changes in interest rate expectations, geopolitical risks, and a slowdown in spot Bitcoin ETF trading volume.
At the same time, the total supply of US dollar-pegged stablecoins reached a two-year high. The supplies of USDT and USDC have been steadily increasing, indicating continued capital inflows into the cryptocurrency market.
Most of the top ten tokens by market capitalization were in a downward trend at the end of the month. TON and BNB rose by 1.0% and fell slightly by 1.4%, respectively. ETH and BTC both fell by around 8% in April, while XRP and SHIB fell by 17.1% and 19.2% respectively. DOGE, ADA, SOL, and AVAX fell by approximately 30% by the end of the month.
The overall TVL of DeFi decreased by 0.7% in April. Among the top ten blockchains, Merlin Chain's TVL grew the fastest, with an increase of 1000%, surpassing $1 billion in TVL.
The NFT market also experienced a decline in April, with total monthly sales decreasing by 21% to $1.11 billion. Four of the top five NFT series in monthly sales belong to the Bitcoin ecosystem.
Project News
MyShell: The first phase of the testnet NFT airdrop is about to be distributed, ending in May
Decentralized AI content platform MyShell announced on the X platform that the first phase of the testnet airdrop is coming, with new NFTs accompanying more privileges, planned to continue until the end of May. Earlier news indicated that the first phase of the MyShell testnet had already been launched.
Bitcoin L2 network BOB Fusion's second season has now started
The Bitcoin L2 network BOB (Build on Bitcoin) announced on the X platform that the second season of BOB Fusion has now started. Users can participate by:
• Bridging to BOB and providing TVL to DApps;
• Actively using BOB DApps;
• Participating in tasks on Galxe.
Personal Voices
SlowMist CISO: Beware of Telegram malicious phishing links leading to account takeover risks
SlowMist's Chief Information Security Officer (CISO) 23pds stated on the X platform to beware of Telegram malicious phishing links leading to the risk of Telegram account takeover.
Recently, the team discovered a risk in the identity link feature of the popular chat tool Telegram. Malicious users send specific links to victims through private chats, which, once clicked by the victim, may lead to the takeover of their Telegram account.
According to South Korean media reports, the South Korean Democratic Party plans to request the financial regulatory agency to review the currently prohibited spot Bitcoin ETF.
The Democratic Party won a landslide victory in the April election, winning 175 out of 300 seats in the local legislature, while the ruling conservative party won 108 seats. The Democratic Party promised to enable local financial institutions to launch spot crypto ETFs and allow retail investors to purchase these funds through tax-free accounts.
According to BloomingBit, a Democratic Party member stated that once the 22nd National Assembly of Korea begins in June, the Democratic Party plans to request the country's top financial regulatory agency, the Financial Services Commission (FSC), to re-examine spot Bitcoin ETFs with the aim of opening such products locally. (The Block)
Investment and Financing
Lava Foundation completes $11 million financing, with participation from Animoca Brands, etc.
The Lava Foundation, dedicated to developing the modular blockchain network Lava, announced the completion of an $11 million financing round, with participation from Animoca Brands, Gate.io Ventures, CoinGecko Ventures, Polygon co-founder Sandeep Nailwal, Ash Crypto, CryptoLark, and media outlets Crypto Times Japan, Le Journal Du Coin, and The Rollup. It is reported that the mainnet release and airdrop of Lava are expected to take place in the coming months. (The Block)
Singapore Web3 platform Galaxis completes $10 million financing, with participation from Chainlink
According to Coindesk on the X platform, the Singapore Web3 platform Galaxis announced the completion of a $10 million financing round, with participation from Chainlink, Ethereum Name Service (ENS), Rarestone Capital, Taisu Ventures, and ENS co-founder Nick Johnson.
Ambient, a decentralized environmental data network project based on Solana, announced the completion of a $2 million seed round financing, led by Borderless Capital, with participation from Solana Ventures, Parami Investors, Sonic Boom Ventures, Primal Capital, and others.
It is reported that Ambient was established in January this year, acquired the environmental data project PlanetWatch based on Algorand in March, and decided to migrate to Solana.
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