🪙 Consensys alleges the SEC considered ether to be a security over a year ago

The U.S. Securities and Exchange Commission approved a "formal order" to investigate ethereum a year ago, Consensys Software Inc. alleged in a newly unredacted complaint on Monday. The blockchain and web3 development company behind the well-known MetaMask Wallet said the regulator "already made what it knew would be a destabilizing reversal of its declaration that ETH was not a security" by early 2023.

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💰 Bitcoin's 61-Day Streak Above $60K Threatened, $271M in Liquidations as BTC Nears Critical Threshold

Bitcoin prices experienced a notable decline on Tuesday, dropping more than 2% against the U.S. dollar in the last 24 hours, following a 7.8% decrease over the previous week. Global trading volumes on spot crypto exchanges have remained subdued, and in the past day, derivatives exchanges saw $271 million in both short and long positions liquidated.

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💰 Bitcoin retraces back to critical monthly all-time high support level from 2021

Bitcoin will close April down this evening following a drawdown of roughly 15% since the start of the month. The close of the monthly candle will mark the end of seven successive green candles and the end of a record-making streak. Bitcoin opened the month with a new all-time high for a monthly candle close at around $71,200. The previous high was around $60,500, set in 2021 when Bitcoin traded again as of press time.

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💰 Bitcoin faces potential miner capitulation as hash rate continues to drop

The price of Bitcoin has tumbled from its highs of around $73,500 to below $57,000, and as a result of this, further hash rate drops are expected. Luxor’s “hashprice” metric, which quantifies the expected value of 1 TH/s of hashing power per day, currently sits at a five-year low of $0.045 per terahash/second per day. If this trend persists, the digital asset community may witness a miner capitulation event, where Bitcoin mining becomes too expensive relative to the cost of mining.

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📣 Bitcoin's Ethereum-Style Programmability Could Come in 12 Months, Rootstock Founder Says

The founder of Bitcoin layer-2 protocol Rootstock has detailed plans for a new "BitVMX" project designed to improve the oldest blockchain's programmability by keying off developer Robin Linus's much-discussed "BitVM" design unveiled last year. "We have a roadmap to finish this in one year" and "we are moving forward at full speed," Lerner said during the presentation.

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💰 Microstrategy Plans to Launch a Decentralized Identity Solution on Bitcoin

According to an unofficial draft on Github, the Orange platform leverages the Bitcoin Inscription DID method (did:btc), which incorporates data inscriptions in Bitcoin’s witness sections to manage decentralized identifiers (DIDs). By utilizing unspent transaction outputs (UTXOs) on the Bitcoin blockchain, Microstrategy Orange aims to ensure a secure and efficient management of digital identities, reducing both transaction fees and block space.

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🏦 Coinbase's Q1 earnings jump to $1.6 billion as transaction revenue soars

Coinbase had a bumper first quarter, reporting $1.6 billion in revenue, an increase of 72% from the previous quarter, the company said after today's closing bell. The company also reported a huge swing in net income, registering of $1.18 billion for the quarter, compared to a loss of $79 million in the same period of last year. Coinbase also generated $1.01 billion in EBITDA. Earnings of $4.04 per share beat the consensus estimate of $1.15 per share, according to MarketWatch data.

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💰 Spot bitcoin ETFs see reduced daily outflows, totaling $34 million

Spot bitcoin exchange-traded funds (ETFs) in the U.S. experienced a net outflow of $34.4 million on Thursday, indicating a slowdown compared to the previous day’s record outflows. BlackRock and Fidelity’s bitcoin funds, which are ranked second and third in terms of total net assets, both recorded zero flows on Thursday. Bloomberg’s ETF analyst James Seyffart previously explained that a day of zero flows is normal in ETFs.

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💰 Bitcoin's Rally to $64,000 Triggers $26.65 Million Short Squeeze in 4 Hours

The price of bitcoin (BTC) increased by 4.5% against the U.S. dollar on Friday, rebounding from last week’s decline when it fell beneath the psychological $60,000 mark. Despite this 4.5% rise over 24 hours, BTC prices remain 4.3% below their level from seven days prior. After stabilizing for nearly two days, the upward movement of BTC began at 8 a.m. Eastern Time (ET) on Friday.

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🇺🇸 SEC postpones decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

The Securities and Exchange Commission said it will take more time to decide next steps on a proposed exchange-traded fund focused on carbon credit futures contracts and bitcoin. In a filing made on Thursday, the agency said it would decide to "approve or disapprove, or institute proceedings" for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF by June 24, 2024.

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🏦 Coinbase faces new lawsuit over alleged investor deception

Coinbase crypto exchange and its CEO, Brian Armstrong, face a new class-action lawsuit alleging investors were deceived into buying securities and claims the company’s business model is illegal. The lawsuit filed in the United States District Court for the Northern District of California San Francisco Division, representing plaintiffs Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi and Brett Maggard from California and Florida, alleges that Coinbase’s digital asset sales knowingly violated state securities laws since the company’s inception.

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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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💰 Bitcoin miners are starting to feel the pinch

Last week, The Block’s Data & Insights newsletter talked about the crazy impacts the hype around Runes was having on the Bitcoin network. Specifically, the new token standard that launched at the halving helped push both the number of transactions and the amount of fees being paid on the network to new all-time highs. As is often the case, hype cannot last forever. While roughly half of the transactions on Bitcoin are still related to Runes, the number of transactions has vastly subsided.

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🇰🇷 South Korea’s winning party moves toward 💰 bitcoin ETF promise: report

South Korea’s left-wing Democratic Party plans to request financial regulators to review the currently banned spot bitcoin exchange-traded funds, according to a South Korean news report. This signifies the party’s next step in its initiative to make spot bitcoin funds locally accessible.

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⚪️ Robinhood Would Likely Win Crypto Court Case With the SEC: KBW

Robinhood (HOOD) being issued a Wells Notice by the Securities and Exchange Commission (SEC) is surprising given the company’s very conservative approach to digital asset listings, KBW said in a research report on Monday. KBW notes that Robinhood only offers fifteen cryptocurrencies on its U.S. platform, while some of its peers offer more than two hundred digital assets.

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🇺🇸 SEC calls Ripple’s proposed stablecoin an ‘unregistered crypto asset’

The US Securities and Exchange Commission (SEC) appears to be targeting Ripple’s proposed stablecoin in its latest court filing against the crypto company. In its May 7 redacted remedies reply brief, the regulator described the proposed stablecoin as an “unregistered crypto asset” and further evidence that the company will continue to engage in unregulated activities if there is no permanent injunction against it. Ripple revealed plans to issue a stablecoin in April but has not provided additional details about the token since then.

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