Weekly Crypto Digest for May 29- June 4, 2003.
Monday, June 05, 2023
TOP news of the crypto industry by Yellow Capital.
May for Bitcoin closed at -7.1%
At the end of May, the cost of the first cryptocurrency showed a decrease of -7.1%. The May candle opened at $29,339 and closed at $27,209.
Biden signs bill to raise national debt
On May 28, Speaker of the US House of Representatives Kevin McCarthy announced an agreement in principle with the White House on a national debt limit. Against this background, Bitcoin rose above $28,400 at one moment but did not hold the level and rolled back down.
At the end of the week, it became known that the bill to increase the national debt passed the House of Representatives and received the approval of the Senate. On June 3, US President Joe Biden signed the document. The first cryptocurrency reacted by rising above $27,100.
Drive organic growth for your tokens with Yellow Capital's Crypto Market Making services.
Our team of experts specializes in creating a sustainable and profitable crypto market for your tokens through our proven strategies including crypto market making, algorithmic trading, liquidity provision, token growth, and crypto exchange listing.
Yellow's algorithmic trading infrastructure can connect to over 100 exchanges, and our constantly evolving architecture is compatible with all major Blockchain protocols.
Schedule a Call now with Yellow Capital
Bali authorities announced the fight against cryptocurrencies in the tourism sector
The provincial government of Bali (Indonesia) will stop the use of digital assets by tourists for payments in hotels, restaurants, shopping centers, and other places. The proposed measures include deportation, administrative penalties, criminal prosecution, business closures, and other sanctions.
The total income of Bitcoin miners in May exceeded $900 million
The total revenues of Bitcoin miners in May reached $916 million. The share of commissions in the total revenues for the last month was ~13.7%. In all likelihood, such a rapid growth of the indicator is associated with increased on-chain activity due to the hype around Ordinals and BRC-20.
The crypto industry lost over $45 million due to rug pull schemes in May
According to Beosin, losses from rug pull in May were twice the damage from exploits in DeFi protocols and amounted to more than $45 million. The largest incident was an alleged exit scam by the Fintoch DeFi project team on May 24, as a result of which clients lost $31.6 in assets. million
*rug pull is a scam where developers pair a token with standard cryptocurrencies such as ETH or USDT, list the token on a decentralized exchange, and withdraw all funds after purchasing by investors.
Elon Musk accused of insider trading in Dogecoin token
Investors have filed a third complaint against Elon Musk and claim that Musk's pranks cost them millions of dollars.
They also claim that Elon Musk deliberately inflated the price of Dogecoin by more than 36,000% in two years, and then provoked its collapse. Reuters writes about this, citing court documents.
Binance to delist 12 privacy coins
In France, Italy, Poland, and Spain, the following coins will be excluded from the listing: Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), Monero (XMR) and MobileCoin (MOB).
Investment company VanEck predicts the price of Ethereum at $51,000 by 2030
In early May, the investment company VanEck published a report predicting the movement of the price trend in the ETH market. The organization believes that, according to their "bullish" scenario, by 2030 the asset price will overcome the mark of $51,000.
This prediction is based on the thesis that Ethereum is an open-source global settlement network that hosts a large proportion of the commercial activity of counterparties from sectors that will benefit from moving business functions to the blockchain.
But there are 2 more development scenarios.
Pessimistic. The share of Ethereum as the main settlement platform will be reduced to 15%. In this case, by 2030, the ETH rate will fall to $343.2.
Optimistic. It is possible provided that Ethereum maintains its position in the market. Then, by the end of the decade, the asset will overcome the $11,000 mark.
China arrested Trust Reserve stablecoin issuers
Chinese journalists reported that the police raided and made arrests at Trust Reserve. It is the issuer of offshore stablecoins CNHC and HKD. Authorities have confiscated the firm's property for investigation, and the office is being searched.
Insiders told PANews reporters that the reason for the Trust Reserve raids was not the stablecoin business. This asset has not received wide popularity in practice. But the company has another cross-border payment business, and China suspects them of fraud.
USDT Market Cap Reaches ATH
Stablecoin Tether (USDT) has reached a new all-time high market capitalization of over $83 billion as its market dominance continues.
Aliexpress adds FLOKI as a payment option
The developers of the Floki memcoin announced that it is now possible to make purchases using the memcoin on the popular marketplace AliExpress.
Payment in FLOKI is now integrated into the Shopping.io platform, through which users will be able to buy stuff on Aliexpress.
Hi, I am Alexis Yellow
CEO of Yellow Capital
Are you ready for a wild career transition? I went from launching rockets into outer space at the European Space Center to helping Token Issuers launch their Crypto Projects!
Yellow Capital provides advisory services, strategic investments, and prime crypto market making.
Join me on this journey as I share my experiences and expertise in the crypto world, and maybe we'll even launch a few successful projects together!
Investment
Private Rounds
Early stage pre-listing
Investment and Incubation
Market Making
Token Issuers
We are Prime Market Makers for the projects we invest into.
Increase Your Cash Flow
Listed Tokens
We buy up to $5,000,000
Exclusive For the Projects We Invest In
Get Free Market Making
Our investment strategy involves providing deep liquidity crypto market making to the projects we invest in. This approach allows us to ensure continuous and substantial liquidity in exchanges. By doing so, we aim to increase market efficiency and reduce price volatility. We help to stabilize prices and reduce the bid-ask spread, which can lower transaction costs for traders. This usually attracts more traders to the markets, by making it easier and less risky to trade your token which can help to increase the overall liquidity and trading volumes both for the benefit of traders and issuers. However, we recognize that providing liquidity also comes with potential risks, which we carefully evaluate and manage as part of our investment decision-making process.
Strategic Investments and Prime Crypto Market Making
© 2024 Yellow | All rights reserved