🔵 Aave Labs debuts V4 roadmap in series of governance proposal

Aave Labs unveiled a trio of governance proposals on Wednesday to guide its development of Aave V4. The Aave V4 roadmap, which is in the advanced research stage, proposes several improvements to Aave’s lending platform, such as improved support for its native GHO stablecoin and lower transaction fees, the protocol said Wednesday in a post on its governance forum.

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💰 Bitcoin's average daily transaction fees fall back to 🪙 Ethereum levels after Runes hype subsides

Average daily Bitcoin transaction fees have fallen back to the same level as Ethereum after the frenzy of activity surrounding the launch of the Runes protocol died down after the halving. The seven-day moving average of daily Bitcoin transaction fees surged to an all-time high of $25.8 million on April 24, more than five times the daily transaction fees Ethereum was generating at the time. However, it subsequently fell to $4.1 million on Wednesday — the same daily transaction fee average as Ethereum.

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💰 Terraform Labs' lawyers push back against 🇺🇸 SEC, argue token sales were mostly outside US

Lawyers for Terraform Labs pushed back against the Securities and Exchange Commission after the agency requested them to pay billions of dollars in fines. Terraform's offer and sales of tokens happened "almost entirely outside the U.S." the firm's lawyers argued in a brief filed on Wednesday. Meanwhile, the SEC has argued that the firm "targeted U.S. investors" and says they should pay $5.3 billion in fines, most of that being in disgorgement.

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🪙 Saylor predicts SEC will designate Ethereum as a security and deny spot ETF applications this summer

MicroStrategy executive chairman and co-founder Michael Saylor believes the SEC will classify Ethereum as a security this summer and reject the related spot ETF applications filed by various asset managers, including BlackRock. Saylor made the prediction in a social media post on May 2 during a presentation at the MicroStrategy World 2024 conference. He further predicted that other cryptos “down the stack” will also gain an unregistered security designation, including BNB, Solana (SOL), XRP, and Cardano (ADA).

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⚪️ Paypal Partnership Allows US-Based Moonpay Users to Buy Crypto With Their Paypal Accounts

The digital asset trading platform, Moonpay, announced on May 2 that it had formed a partnership with Paypal. This partnership will allow U.S. users to purchase cryptocurrency using their Paypal accounts. Users of Moonpay can benefit from the security offered by Paypal, a payment provider known for sharing comprehensive financial information about transactions.

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💰 Sui creator says crypto’s “ChatGPT moment” coming as protocol celebrates mainnet's first year

After a busy 12 months that included launching on mainnet and the announcement of fresh partnerships with TikTok parent ByteDance and Google, Mysten Labs, creator of the Layer 1 Sui protocol, is confident that blockchain tech is about turn the proverbial corner. “The killer app for web3 is coming. The ChatGPT moment is coming soon,” Evan Cheng, CEO and co-founder of Mysten Labs told The Block, adding the current bull run is coinciding with web2 tech giants expressing more interest in blockchain than before.

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💰 Bitcoin will ‘propel the next leg up’ if key trading pattern confirms — Traders

Bitcoin’s price could see a bullish trend reversal and “propel the next leg up” if the popular trading indicator known as the inverse head-and-shoulders pattern is confirmed, according to a crypto trader. “If we don’t break straight through $67.5k then something like this forming over the next month would make sense for a bottom pattern reversal,” crypto trader Matthew Hyland explained in a May 4 post on X.

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🏦 Bitfinex CTO Paolo Ardoino confirms supposed database breach was 'fake'

After initially suspecting it, Bitfinex's chief technology officer, Paolo Ardoino, has now definitively confirmed that the allegations of a database breach were "fake." "As I said on Saturday, Bitfinex's user database was not breached," Ardoino told The Block. "We spent the weekend reviewing all internal data to avoid leaving any stone unturned. We concluded that the claim was fake, as suspected from the beginning.".

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🇺🇸 SEC punts Galaxy spot 🪙 Ethereum ETF decision to July

The United States Securities and Exchange Commission has delayed its decision on Galaxy Invesco’s application for a spot Ether exchange-traded fund (ETF). “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC wrote.

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💰 Bitcoin options traders bet on a bullish September price move above $100,000, analysts say

Analysts are observing bullish conditions in the bitcoin options market following the digital asset's bounce back on Friday — an uptick sustained throughout the weekend and into early week trading. QCP Capital analysts say bitcoin risk reversals have gone positive, with calls now more expensive than puts. This suggests a bullish sentiment among investors, as they are willing to pay more for options that benefit from a rise in bitcoin than options that protect against a decline in price.

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🪙 Chainlink Chosen as Technology Partner for HKDR Hong Kong Dollar Stablecoin

On May 7, the crypto oracle solutions provider announced that RD Technologies was integrating Chainlink CCIP and Proof of Reserve to power its Hong Kong dollar stablecoin. Chainlink’s Cross-Chain Interoperability Protocol will be integrated to enable secure and reliable cross-chain transfers of HKDR and easier access to the new stablecoin. Additionally, the firm is also adopting Chainlink’s Proof of Reserve (PoR) to help provide reliable on-chain verification of HKDR’s reserve backing, according to the announcement.

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🪙 NYSE Arca withdraws Grayscale’s futures ETH ETF 19-b4 filing

The US SEC reported a critical Grayscale withdrawal on May 7 that could have broad implications for spot Ethereum ETFs. Specifically, NYSE Arca withdrew a 19-b4 filing containing a proposed rule change through which it intended to list and trade shares of Grayscale’s Ethereum Futures Trust ETF. NYSE Arca withdrew the proposal on May 3, days before the SEC notice. The regulator would have been required to decide on the proposed rule change by May 30.

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📊 Crypto Monthly Trading Volume Drops for First Time in Seven Months to $6.58T

Cryptocurrency trading volume cooled in April, registering the first decline in seven months as escalating geopolitical tensions and slower inflows into U.S.-listed spot ETFs weighed over the digital assets market. The cumulative volume in spot and derivatives markets fell by 43.8% to $6.58 trillion, a sharp retracement from March’s record high of $9.12 trillion, according to a report by London-based digital assets data provider CCData.

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🇨🇦 Canadian financial regulator fines 🟠 Binance 6 million CAD over money laundering violations

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a regulatory action against the crypto exchange giant Binance for allegedly violating money laundering rules. The regulator cited two violations: failing to register as a foreign money services business with FINTRAC and failing to report a virtual currency transaction surpassing $10,000 in a single trade.

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🟠 Binance Reportedly Fired Investigator Who Discovered Market Manipulation at Client Company

Binance and DWF Labs have refuted market manipulation claims in a WSJ report, with the former stating that the company is intolerant to market abuse. With Binance founder and former CEO Changpeng “CZ” Zhao recently sentenced to four months imprisonment, a WSJ report is alleging that the crypto exchange giant fired one of its investigators who exposed market manipulation by one of the company’s clients, DWF Labs.

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🇺🇸 DOJ Said to Snub Sullivan & Cromwell, Appoint Competitor to Coveted 🟠 Binance Monitorship: Bloomberg

The Department of Justice (DOJ) has chosen a London-based consulting firm for a coveted three-year monitorship of Binance, according to a Friday report from Bloomberg citing anonymous sources. DOJ earlier this year, the crypto exchange agreed to pay $4.3 billion in fines and appoint an independent compliance monitor. The firm’s CEO and co-founder Changpeng “CZ” Zhao also agreed to step down as part of the agreement, and was sentenced to four months in prison.

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🇰🇷 South Korea's 💰 Bitcoin Premium Narrows, Yet Remains Above Global Average

Recent figures show that despite bitcoin’s downturn in price, premiums in South Korea have diminished yet remain around $1,800 to $2,000 higher than BTC’s weighted global average price. Further metrics reveal that the South Korean won still ranks as the second most traded fiat currency against bitcoin, accounting for 2.07% of all spot bitcoin trades, only behind the U.S. dollar.

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