{"id":295,"date":"2023-05-06T11:00:14","date_gmt":"2023-05-06T11:00:14","guid":{"rendered":"https:\/\/wagecan.com\/blog\/?p=295"},"modified":"2023-06-04T19:32:52","modified_gmt":"2023-06-04T19:32:52","slug":"weekly-headlines-2023-5-w1","status":"publish","type":"post","link":"https:\/\/wagecan.com\/blog\/2023\/05\/06\/weekly-headlines-2023-5-w1\/","title":{"rendered":"Weekly Headlines 2023.5 W1"},"content":{"rendered":"\n

\u201cThe best time to start a necessary journey was when you first heard about it. The next best time is now. Don\u2019t let your pride, envy, or sloth get in the way.\u201d  <\/em><\/strong>\u2013 Jimmy Song<\/em><\/p>\n\n\n\n

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Weekly News Report:<\/strong>
News<\/strong><\/p>\n\n\n\n

1. SUI mainnet goes live as token sees immediate action on Binance, OKX, others<\/p>\n\n\n\n

\u2013 Major cryptocurrency exchanges around the world are launching trading of the Sui (SUI) token amid the Sui Network\u2019s mainnet launch on May 3.<\/p>\n\n\n\n

2. Zimbabwe Central Bank Wants Citizens to Subscribe to Its Gold-Backed Digital Currency<\/p>\n\n\n\n

\u2013 The Reserve Bank of Zimbabwe has said the tokens will be issued on May 8.<\/p>\n\n\n\n

3. 3% Tax on Crypto Transfers Part of Kenya\u2019s Proposed Budget: Bloomberg<\/p>\n\n\n\n

\u2013 The nation\u2019s budget will be presented on June 8.<\/p>\n\n\n\n

4. Montana governor signs pro-cryptocurrency mining bill into law<\/p>\n\n\n\n

\u2013 The legislation includes revisions to laws aimed at prohibiting discriminatory electrical rates for mining firms and not allowing taxation for crypto used as a method of payment.<\/p>\n\n\n\n

5. FTX Seeks to Claw Back Nearly $4B in Ongoing Bankruptcy Case<\/p>\n\n\n\n

\u2013 There will be a hearing on May 25 to discuss the motion by the FTX estate.<\/p>\n\n\n\n

Institution<\/strong><\/p>\n\n\n\n

1. BNP Paribas Will Link Digital Yuan to Bank Accounts for Promoting CBDC Use: Report<\/p>\n\n\n\n

\u2013 French bank BNP Paribas (BNP) is promoting the use of China\u2019s digital yuan by linking wallets to bank accounts, the South China Morning Post (SCMP) reported on Friday.<\/p>\n\n\n\n

2. French Senate proposal would allow influencers to promote cryptocurrency<\/p>\n\n\n\n

\u2013 The Senate\u2019s proposal comes just months after the National Assembly floated legislation banning influencer advertising for crypto products and services.<\/strong><\/p>\n\n\n\n

3. Blockchain Association Leaves New York as Federal Regulatory Fight Looms<\/p>\n\n\n\n

\u2013 The Blockchain Association, a crypto industry advocacy group, is exiting New York as it gears up to fight against federal regulators\u2019 increasingly stringent restrictions on the cryptocurrency industry.<\/strong><\/p>\n\n\n\n

4. Bitcoin Rises as Latest Teetering U.S. Bank Sends Traders to Crypto Haven<\/p>\n\n\n\n

\u2013 The banking crisis doesn\u2019t appear to be over yet. Shares of PacWest Bancorp (PACW) fell by more than 50% in after-hours action on Wednesday following a Bloomberg report the U.S.-based lender is mulling a range of strategic options.<\/strong><\/p>\n\n\n\n

5. U.S. SEC Changes Its Mind on Officially Labeling Digital Assets<\/p>\n\n\n\n

\u2013 The SEC took one small step backward in regulating the crypto sector on Wednesday when it erased what would have been its first formal definition of \u201cdigital asset\u201d from its latest hedge fund rule.<\/p>\n\n\n\n

6. Coinbase Grew Quickly by Working With U.S. Regulators. Will It Expand Even More by Disregarding the SEC?<\/p>\n\n\n\n

\u2013 After its IPO in 2021, the largest U.S. crypto exchange had reason to think it was in the SEC\u2019s good books. Then came Gary Gensler and now the exchange is going overseas with its new business.<\/strong><\/p>\n\n\n\n

7. Liechtenstein adapts blockchain laws to developing crypto landscape<\/p>\n\n\n\n

\u2013 Future regulation is intended to ensure uniform regulation for all European countries and covered participants.<\/strong><\/p>\n\n\n\n

Market<\/strong><\/strong><\/p>\n\n\n\n

1. Ethereum Gas Fee Surges to 12-Month High as PEPE Frenzy Grips Market<\/p>\n\n\n\n

\u2013 Ethereum is becoming costlier to use as the latest meme coin mania has investors churning millions for a frog-themed token called pepecoin (PEPE).<\/p>\n\n\n\n

2. Pepecoin\u2019s Bewildering Rise Turned a Pittance Into an Almost 5,000,000% Meme Coin Profit<\/p>\n\n\n\n

\u2013 A pseudonymous crypto trader bought trillions of the meme coin three weeks ago on UniSwap for $263, and still holds about $9 million of PEPE after selling several million dollars worth, according to data from blockchain platform Arkham.<\/p>\n\n\n\n

3. Coinbase Jumps 17% Post-Earnings; Analysts Praise Results but Worry About Regulatory Uncertainty<\/p>\n\n\n\n

\u2013 The crypto exchange\u2019s first quarter revenue of $773 million was up 23% from the previous three months and blew past estimates for just $655 million.<\/p>\n\n\n\n

4. Bitcoin eyes liquidity above $30K as gold hits new all-time high<\/p>\n\n\n\n

\u2013 Bitcoin is back above $29,000 as the ongoing U.S. banking crisis sends spot gold higher than ever.<\/p>\n\n\n\n

5. Liquid Staking Platform Lido Surpasses 6M Ether Deposits as Shanghai Upgrade Spurs Inflows<\/p>\n\n\n\n

\u2013 DeFi protocol Lido Finance has surpassed six million ETH deposited on its liquid staking platform amid steady inflows following the Ethereum blockchain\u2019s Shanghai upgrade.<\/p>\n\n\n\n

6. Bitcoin\u2019s Frenzy of Activity Pushes Average Transaction Fee Over $7, Nearly 2-Year High<\/p>\n\n\n\n

\u2013 The average transaction fee on Bitcoin has shot above $7, pushing total fees up nearly fivefold in two weeks, thanks to a surge in Ethereum-style \u201cBRC-20\u201d tokens and NFT-like \u201cinscriptions\u201d on the increasingly popular Ordinals project.<\/p>\n\n\n\n

7. Bitcoin, Ether Decouple From Stocks: What\u2019s Next for Crypto After Fed Rate Hike?<\/p>\n\n\n\n

\u2013 A 14-month monetary tightening cycle that included 10 consecutive interest rate increases by the Fed has taken the federal funds rate to 5.25%, a level considered its probable stopping point.<\/p>\n\n\n\n

8. In the \u2018Stablecoin Olympics,\u2019 No Winner Will Take All<\/p>\n\n\n\n

\u2013 The fight involving stablecoins, central bank digital currencies and tokenized deposits will play out across multiple disciplines. No single contender will win them all, says Dea Markova, of Forefront Advisers.<\/p>\n\n\n\n

9. ARK Invest grabs another $8M in Coinbase shares<\/p>\n\n\n\n

\u2013 Despite Coinbase shares tumbling amid its legal battle with the SEC, Cathie Wood is still bullish on the crypto exchange.<\/p>\n\n\n\n

10. Number of Stablecoins Held on Exchanges Slips to 2-Year Low<\/p>\n\n\n\n

\u2013 The number of stablecoins, or dollar-pegged cryptocurrencies, held in addresses tied to centralized exchanges extended its decline to reach the lowest since May 2021 in a sign of increasing investor aversion to risk.<\/p>\n\n\n\n

11. PEPE Token Soars to $500M Market Cap as Meme Coin Fever Grips Crypto Traders<\/p>\n\n\n\n

\u2013 PEPE derivatives will be listed on BitMEX with up to 50x leverage and have rocketed to a $502 million market cap following a 2,100% rise since it was issued last month.<\/p>\n\n\n\n

12. Bitcoin \u2018Flash Rally\u2019 Briefly Pushed BTC Derivatives Above $56K on Bitfinex<\/p>\n\n\n\n

\u2013 Bitcoin\u2019s price on Bitfinex\u2019s perpetual swap market momentarily topped $56,000 on Tuesday \u2013 well above prevailing levels elsewhere and prices on Bitfinex\u2019s exchange right before or after \u2013 amid a flurry of volume amid an absence of liquidity.<\/p>\n\n\n\n

13. Justin Sun to Reverse $56M Binance Transfer After CEO Zhao Warns Against Potential SUI Token Grab<\/p>\n\n\n\n

\u2013 \u201cBinance Launchpool are meant as airdrops for our retail users, not just for a few whales,\u201d Binance CEO Zhao tweeted after Sun transferred $56M in TUSD to Binance.<\/p>\n\n\n\n

14. Bitcoin Set New Record of Daily Transactions the Same Day the U.S. Government Quietly Engineered a Bank Buyout<\/p>\n\n\n\n

\u2013 The events are unconnected, but crypto has a role to play in the wider political realignment questioning the sanctity of central banks and established powers.<\/p>\n\n\n\n

15. Michael Saylor\u2019s MicroStrategy Books a Much Smaller Bitcoin Impairment Charge<\/p>\n\n\n\n

\u2013 Amid BTC\u2019s big rally, the company\u2019s impairment loss narrowed to $18.9 million in the first quarter from $197.6 million in the fourth quarter.<\/p>\n\n\n\n

NFT<\/strong><\/p>\n\n\n\n

1. NFT Lending Platform Blend Sparks Concerns Over Ecosystem Liquidity<\/p>\n\n\n\n

\u2013 Blend, the name of NFT marketplace Blur\u2019s new lending platform, allows traders to lease NFTs to bolster liquidity. However, concerns have been raised about its impact on broader NFT markets.<\/p>\n\n\n\n

2. Sports Illustrated Launches NFT Ticketing Platform on Polygon<\/p>\n\n\n\n

\u2013 U.S. sports publication Sports Illustrated is launching an NFT ticketing platform built on the Polygon network, an Ethereum scaling tool.<\/p>\n\n\n\n

3. Sotheby\u2019s Launches On-Chain Secondary NFT Marketplace<\/p>\n\n\n\n

\u2013 Sotheby\u2019s Metaverse will now offer a curated, peer-to-peer marketplace via the Ethereum and Polygon networks.<\/p>\n\n\n\n

4. NFT Marketplace Blur Launches Blend, a Peer-to-Peer Lending Platform<\/p>\n\n\n\n

\u2013 Short for Blur Lending, Blend will allow collectors to buy blue-chip NFTs with a smaller upfront payment, similar to a down payment on a house.<\/p>\n\n\n\n

Metaverse<\/strong><\/p>\n\n\n\n

Alibaba Cloud Builds Metaverse Launchpad on Avalanche<\/p>\n\n\n\n

\u2013 The cloud division of Chinese tech behemoth Alibaba has built a launchpad for businesses to deploy metaverses on the Avalanche blockchain.<\/p>\n\n\n\n

DeFi<\/strong><\/p>\n\n\n\n

DeFi Protocol Curve Finance Deploys Native Stablecoin on Ethereum Mainnet<\/p>\n\n\n\n

\u2013 The deployment marks a major milestone for the public release of Curve\u2019s highly anticipated native stablecoin.<\/p>\n\n\n\n

Web3<\/strong><\/p>\n\n\n\n

1. Alibaba Says \u2018Open Sesame\u2019 to Web3<\/p>\n\n\n\n

\u2013 China\u2019s tech behemoth Alibaba announced a metaverse launchpad for brands called Cloudverse built on the Avalanche blockchain, while Sports Illustrated released a non-fungible token ticketing platform on the Polygon network.<\/p>\n\n\n\n

2. Blockchain Developer Platform Alchemy Launches Public Support for ZK Rollup Starknet<\/p>\n\n\n\n

\u2013 The blockchain is the first with native account abstraction that the Web3 developer platform offers, allowing developers to build applications with Alchemy\u2019s infrastructure on Starknet.<\/p>\n\n\n\n

3. \u2018Shark Tank\u2019 but Make It Crypto: CoinMarketCap Launching Competition TV Show<\/p>\n\n\n\n

\u2013 \u201cKiller Whale\u201d will allow entrepreneurs to pitch ideas for new Web3 products and projects to a panel of judges.<\/p>\n\n\n\n

4. Web3 Gaming Reigns Supreme In Crypto, Raises Over $7 Billion In Record Time<\/p>\n\n\n\n

\u2013 Web3 gaming has emerged as the hottest sector in the crypto world, raising over $7B in funding over the past 18 months. This is more than any other crypto sector in the industry, highlighting the immense potential and popularity of the gaming sector in the crypto ecosystem.<\/p>\n\n\n\n

May 5, 2023<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThe best time to start a necessary journey was when you first heard about it. The next best time is now. Don\u2019t let your pride, envy, or sloth get in the way.\u201d  \u2013 Jimmy Song Weekly News Report:News 1. SUI mainnet goes live as token sees immediate action on Binance, OKX, others \u2013 Major cryptocurrency exchanges […]<\/p>\n","protected":false},"author":3,"featured_media":288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[77,72,75,5,78,74,76],"_links":{"self":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/295"}],"collection":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/comments?post=295"}],"version-history":[{"count":3,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/295\/revisions"}],"predecessor-version":[{"id":380,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/295\/revisions\/380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media\/288"}],"wp:attachment":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media?parent=295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/categories?post=295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/tags?post=295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}