May 13th brings a flurry of news in the cryptocurrency ecosystem. From ongoing positive flows into Bitcoin Spot ETFs to security concerns surrounding ZKsync and Curve Finance hacks, along with major regulatory announcements and notable market movements. Stay tuned for a comprehensive summary of the latest updates.
The crypto world knows no rest, and this 13th of May is no exception. Between positive signals on the institutional investment front, persistent security challenges, expected regulatory developments, and speculative maneuvers, the sector continues to buzz with intense news. Here are the ten key pieces of information that mark this day.
The Bitcoin Spot ETFs recorded a total net inflow of 334.58 million US dollars yesterday (May 12, Eastern Time), marking a third consecutive day of net inflows. This positive trend continues to highlight investors’ interest in these products, providing regulated exposure to Bitcoin.
The X accounts (formerly Twitter) of the layer two network Ethereum, ZKsync, and its developer, Matter Labs, were compromised on May 13. Fraudulent messages, including fake airdrop announcements and SEC alerts, were disseminated. Users are urged to exercise caution against phishing risks and disinformation. The teams have since announced to have regained control of their accounts.
The new chairman of the United States Securities and Exchange Commission (SEC), Paul Atkins, has recently unveiled his vision for a new regulatory approach to cryptocurrencies. He advocates for a more favorable policy towards digital assets, aiming to establish clear rules to foster innovation while protecting investors. This stance could signal a change in tone from the strict enforcement policy pursued by the agency in recent years.
The decentralized finance protocol (DeFi) Curve Finance is once again facing a security incident, this time a hacking of its Domain Name System (DNS). This type of attack can redirect users to malicious sites. This is not the first time Curve has encountered security issues, reigniting concerns about the robustness of DeFi infrastructures.
A major market player, termed a “whale,” has once again deposited 10 million USDC on the derivative trading platform HyperLiquid. These funds purportedly were used to increase short positions on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), indicating a bet on an imminent decline in the prices of these major cryptocurrencies.
The cryptocurrency exchange platform Coinbase is set to become the first company primarily focused on cryptocurrencies to join the prestigious stock index S&P 500. The announcement of this inclusion has caused an 8% increase in its stock price (COIN), marking a significant symbolic milestone for the recognition of the sector by traditional finance.
The mayor of New York, Eric Adams, has once again emphasized the long-term value of cryptocurrency technology. In this regard, he announced the promotion of the city’s first summit dedicated to cryptocurrencies, confirming New York’s ambition to position itself as an innovation hub in this field.
As BTC rises, speculative assets attract more liquidity. With a dinner offered to the largest holders of the TRUMP token scheduled for May 22, speculations are rife about this memecoin that continues to stir discussions.
An analysis of cryptocurrency wallets reveals that the top 220 holders of TRUMP tokens, associated with a recent dinner with the former American president, collectively hold a value of around 174 million US dollars. This concentration underscores the often speculative nature and the influence of political events on certain segments of the memecoin market.
Highlighting the inherent risks of memecoins, a “whale” reportedly lost a substantial amount of 453,000 US dollars in just three days trading the TRUMP token. This episode serves as a reminder of the highly speculative and volatile nature of these digital assets.
The Nasdaq-listed company GD Culture Group has announced its intention to sell 300 million US dollars worth of its shares. The raised funds would be used to purchase Bitcoin (BTC) as well as TRUMP memecoins. This bold investment strategy by a publicly traded company reflects a growing institutional interest, including in more speculative assets within the crypto ecosystem.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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