⚡️ Liquid Restaking Protocol Renzo Airdrops REZ Token, Debuts at $289M Market Cap

🌐 Renzo entered the market with the successful launch of its REZ token, which achieved an initial market capitalization of $289 million.

🛍 The distribution strategy for the 1.15 billion tokens in circulation involves various stakeholders, including the community, investors, and the Renzo team, with safety measures like lock-up periods implemented to prevent quick sell-offs.

🖥 Despite Renzo’s official announcements on Twitter denying the token’s availability on DEXs, transactions totaling around $75 million were reported on Uniswap shortly after its release.

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💸 Bitcoin Could Drop Further to As Low As $50K, Standard Chartered Says

📉 Standard Chartered believes Bitcoin could drop to the $50,000–$52,000 range. The bank cites Bitcoin trading below the $58,000 average purchase price of spot ETFs, risking potential liquidations. As we noticed in previous posts, Lacklustre Hong Kong spot ETF debut volumes of $11 million also impacted sentiment negatively.

📊 However, Standard Chartered recommends buying if Bitcoin hits that $50,000–$52,000 level or if the upcoming May 15 U.S. CPI inflation data delivers a “friendly” reading. The bank warns risk assets like crypto face headwinds from deteriorating liquidity conditions. Upcoming economic data will likely guide Bitcoin’s direction.

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❓ What is the Solana Virtual Machine (SVM)?

In this edition of #Basics, we will cover “the transactional engine” of the Solana blockchain, which is also known as SVM.

🌐 The Solana Virtual Machine is the software infrastructure enabling the Solana blockchain’s higher transaction throughput and smart contract execution.

⌛️ Unlike Ethereum’s sequential EVM using Solidity, the SVM employs parallel transaction processing and the Rust programming language. It uses SeaLevel to manage potential conflicts from parallel execution. While offering efficiency gains, the SVM faces challenges around maintaining security with parallel processing and the learning curve for Rust.

➡️ Overall, the SVM represents an innovative approach to improving blockchain scalability and performance compared to established virtual machine architectures.

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🔵 Crypto Exchange Coinbase Had a Blowout First Quarter: Analysts

📈 Analysts are bullish on Coinbase after its strong Q1 earnings, which were driven by improving crypto market conditions and diversification efforts.

🔵 Key positives highlighted include Coinbase’s new smart wallet, institutional offering Coinbase Prime, layer-2 blockchain Base, and growing international presence. Transaction revenues from consumers and institutions more than doubled quarter-over-quarter.

🎥 However, some caution exists around the sustainability of revenues from stablecoin USDC holdings once interest rates decline. While raising price targets, analysts recommend a balanced approach, given the crypto industry’s volatile nature.

ℹ️ Overall, Coinbase appears well-positioned to benefit from crypto adoption tailwinds through its expanding product suite and global reach. But investors should remain level-headed about the cyclical dynamics impacting the sector.

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💸🌐 Bitcoin’s Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says

🕯 According to Coinbase, Bitcoin’s recent price weakness is more tied to broader global market trends rather than crypto-specific factors. Both equities and gold have also traded lower since mid-April amid a strengthening U.S. dollar.

🔗 Coinbase notes that Bitcoin’s maximum 23% drawdown from its peak is still below its historical range. The report cites the example of gold ETFs seeing outflows despite gold’s price rise in 2024, highlighting that ETF flows may not fully capture global investment trends.

ℹ️ Overall, Coinbase attributes Bitcoin’s recent pullback to macroeconomic forces impacting wider asset classes, remaining optimistic about its resilience based on historical volatility patterns and global trading activity.

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