Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for May 29- June 4, 2003.

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.

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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 platform, through which users will be able to buy stuff on Aliexpress.

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