The cryptocurrency market in the first week of May saw Bitcoin lose its seven-month chain of continuous growth, as well as the prevailing "Sell in May" mentality. All of this caused BTC ETFs to record a record outflow day of up to half a billion USD, causing BTC prices to fall to their lowest level since the end of February, before recovering strongly over the weekend.
Last week also witnessed controversies breaking out about Token Airdrop of highly anticipated protocols by the community such as EigenLayer, friend.tech and LayerZero, stemming from information ambiguity as well as requests for "filtering". sybil" from the project team.
Let's review all the crypto movements of the week with Coin68 to make sure you don't miss any important news!
Volatility in top cryptocurrencies compared to 7 days ago. Coin360 screenshot at 09:30 AM on May 5, 2024
📌 Coin68 Originals - Must-read article
- Outstanding on-chain events last week (April 29 - May 4): April on-chain data - New BTC Dip detection tool from Glassnode - GBTC has positive netflow
- Perspective: Recent Airdrop projects have all had poor performance - Are the days of Airdrop Token over?
📺 Coin68 TV
- DeFi Discussion ep.145: Are DEXs still attractive?
- Analysis:
- Coin68 Exclusive: Ranier Gadduang (Head of Growth, Sui Foundation) - Building blockchain for billions of people
- Project review: Pixelverse - Opportunity to receive Airdrop from potential GameFi project
📄 News
Focus 🔥
- Former Binance CEO Changpeng Zhao was sentenced to 4 months in prison
- Bitcoin's "unstable" week:"
- Lost chain of 7 consecutive months of growth
- Reduced to 56,600 USD because the Fed announced to keep interest rates unchanged
- Bitcoin ETFs set an outflow record of more than half a billion USD, BlackRock went negative for the first time
- GBTC has a positive cash day for the first time, Bitcoin ETFs attract 380 million USD inflow - BTC price recovers to 63,600 USD
- EigenLayer introduced the EIGEN Token and Airdrop plan for users , causing extreme controversy and requiring additional Airdrop
- Tether reported a "profit" of 4.52 billion USD in just the first 3 months of 2024
- friend.tech Airdrop FRIEND Token , users rush to claim to "Dump" - Token price drops 99%
- Hong Kong crypto ETFs begin trading
- Notable Token unlocks in May 2024
Big Cap 💎
- A "solo" Bitcoin Miners collected more than 218 thousand USD in block rewards
- Ethereum 's client diversity rate drops below a dangerous threshold
- LayerZerohas taken a Snapshot, preparing to Airdrop Token - Wants the person doing the Airdrop to self-declare sybil behavior
- Pantera Capital invests in The Open Network (TON)
- AltLayer launches reALT Token for phase II Staking program
- The DEPIN io.net project clarifies the accusation of "virtual" GPU numbers
- Binance Labs announced investment in Movement Labs
- Capital raising: MilkyWay (5 million USD) , Securitize (47 million USD)
DeFi and Layer 2 🦄
- AAVE announced plans to deploy version V4
- Layer-2 Mode Network announced the Airdrop of MODE Token on May 7
- Jito becomes the largest protocol on Solana with TVL reaching 1.4 billion USD
- Velodrome deploys DEX to Layer 2 of Optimism Superchain
- Maker announced more information about 2 new Token to replace MKR and Dai
- Layer-2 BOB officially operates on mainnet
-Losses from crypto hacks hit lowest level since 2021
- Wrongly transferred 68 million USD WBTC to bad guys because of impersonation address spam
Non-Fungible Token, GameFi and Metaverse 🖼 🎮🌐
Large organizations 💰
- Coinbaseclosed the "dream" Q1/2024 with 1.6 billion USD in revenue
- FTX liquidated two locked SOL lots at a price around 100 USD
- BlackRock's BUIDL becomes the world's largest Token fund
- Block, Inc reinvests 10% of profits from Bitcoin into BTC
- a16z is the "anonymous" fund that poured another 90 million USD into Optimism (OP)?
- Tether invested 200 million USD in biotech company Blackrock Neurotech
- MicroStrategy bought 122 more Bitcoins in April 2024 , about to launch a decentralized identification solution on Bitcoin
Legal and Reception ⚖️
- US Congressman accused SEC Chairman of being dishonest about classifying ETH as a security
- The Netherlands arrested a member of the ZKasino project for alleged Rug Pull
Coin68 compiled
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