Blockchain DXB

12th June: Crypto & Coffee at 8

🚀CPI & FOMC both today🚀 SushiSwap’s new business model 🚨Uwulend Exploited for $20 Million 🚨 Polygon- $720M blockchain grants ⚡Australian MP on Blockchain tech !

🚀 Bidenflation (Consumer Price Index) & FOMC meeting by Federal Reserve Board are both schedule to take place today in the USA. How will this impact the price of #BTC & Rest of the crypto market? Check out Blockchain DXB podcast we share more information on this & more

🟤 SushiSwap is now managed by Sushi Labs, an autonomous company that will operate under a council structure similar to Synthetix.

On June 11 SushiSwap launches Sushi Labs, combining a DAO with council governance to improve decision-making. Despite debates on centralization, the model aims to engage the community in governance through council elections. The protocol adapts to financial challenges with revised tokenomics, targeting liquidity issues and enhancing rewards for token holders. Info here https://lnkd.in/dREQkF3E

🟢 Uwulend, an Ethereum-based lending protocol, was exploited for $20 million through three transactions converting Wrapped Bitcoin and DAI into Ether. The attack was detected by Cyvers Alerts early Monday. Uwulend has paused operations to investigate. The attacker’s wallet currently holds 1,282 ETH ($4.7 million), and the UWU token fell 3% to $2.91, continuing its 80% decline over the past year. The exploit stemmed from a price oracle issue across five tokens, manipulated through Tornado Cash. Uwulend, created by controversial QuadrigaX co-founder Sifu, has seen its total value locked drop to $66 million from a $115 million peak in April. More info via The Defiant here https://lnkd.in/d5rYxQsA

🟣 Polygon has launched a $720 million Community Treasury dedicated to supporting blockchain projects over the next 10 years. The CGP offers two tracks: the General Grant Track for all projects and the Consumer Crypto Track for everyday blockchain applications. Applications are open from June 11 to August 31. Ajit Tripathi said this to Cointelegraph more info here https://lnkd.in/dyKRfZzh

🚨 Australian MP Andrew Charlton stressed the need for blockchain technology to boost Australia’s economy by $60 billion and counteract slow productivity growth. At Australia’s Blockchain Week 2024, he noted productivity growth has declined from 2.1% in the 2000s to 0.9% in late 2023. Charlton highlighted blockchain’s potential to enhance various sectors and criticized the slow progress in digital asset regulation. He urged for a regulatory framework and tech skills development to attract digital asset startups, aiming to position Australia as a leader in digital asset innovation. Info via Cointelegraph https://lnkd.in/dqWQpVxn

🟠 Two UAE news

⚡ ADGM and the Bermuda Monetary Authority Sign a Digital Assets Memorandum of Understanding

⚡ How to Start a Podcast on the 09th of July register via Eventbrite here https://lnkd.in/dVswDUF3

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11th June: Crypto & Coffee at 8
🔻Crypto — Do you bleed? 🔴Trump is the best choice for Bitcoin 🔵Ripple + National Bank of Georgia 🟣Solana Whales vs Solana Validators Drama 😱 OKXs 2 users hacked

🥶Global crypto market is down & The U.S.-listed spot BTC ETFs registered a cumulative outflow of over $64 million on Monday. See slides 1& 2 for a global crypto snapshot! 

💯 Let’s Go Brandon!
- Brian Morgenstern has written a great article on Bitcoin Magazine that talks Why Donald Trump is the best Presidential candidate to foster a safe and innovative environment for Bitcoin. Article via Bitcoin Magazine here https://lnkd.in/dpmn8nwB 

Check out Blockchain DXB’s Crypto & Coffee at 8 podcasts where we share our commentary on it

📊 The article also states that President Trump will ban CBDC, protect self-custody, and stop out-of-control regulators from trying to put us out of business. Brian Morgenstern is the head of public policy for Riot Platforms. He previously served as deputy assistant secretary of the Treasury and White House deputy press secretary. 

🟣 Ripple is partnering with the National Bank of Georgia (NBG) to digitize Georgia’s economy, building on their previous collaboration on the digital lari, Georgia’s pilot Central Bank Digital Currency (CBDC). Ripple executive James Wallis and EPAM Systems representative Alistair Brown met with Georgian officials to discuss enhancing financial technology and digitalization. Ripple, already involved in global CBDC projects in several countries, supports the development of CBDCs to facilitate asset tokenization, despite concerns about privacy and government surveillance. Info via LinkedIn post here https://lnkd.in/dEArRd22

🔻 Over 30 Solana validators were removed from the Solana Foundation Delegation Program for facilitating “sandwich attacks” on traders. Despite Solana lacking a native mempool, private mempools emerged after Jito Labs disabled theirs to protect traders. The Solana Foundation targets 32 operators and plans further penalties, with ongoing enforcement against those involved.

🔷 OKX 2 Users Suffer Hack
- On June 9, 2024, SlowMist Team reported a hack on two OKX users involving an SMS breach. Attackers created new API keys for withdrawals and trading, indicating a coordinated cybercrime group. OKX acknowledged the incident and is investigating. This highlights the need for stronger security standards in the crypto industry

🟠 Two UAE news (See slides)
⚡ Zandbank signs MoU with MANTRA
⚡ Chief AI Officers appointed in 22 Dubai government entities

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10th June: Crypto & Coffee at 8
💡 Kill Maker Dao — Rune Christensen 🟠Bitcoin with Zero Knowledge Proof? ❎Arbitrum $237 Million Gaming Proposal 🏆Binance Hits 200M users

🚨 Rune Christensen on Remaking MakerDAO and Replacing DAI
In an interview, MakerDAO founder Rune Christensen discussed his Endgame proposal to overhaul MakerDAO and replace its stablecoin, DAI. Key points include:
-Endgame Proposal- Aims to launch new stablecoins, generate new revenue streams, and create “subDAOs” for business expansion.

- Decentralization: Christensen differentiates between using decentralization as a tool for resilience versus an end goal.

- Governance: He believes MakerDAO’s governance is currently under-engineered and needs a more transparent framework.

-VC Opposition: Some VCs opposed Endgame, but new investors who support the proposal have since bought MKR tokens.

- Future Goals: The proposal includes rebranding, new tokens, and yield farming to attract users and drive growth.

Christensen’s Endgame proposal seeks to ensure MakerDAO’s long-term success and resilience through innovation and adaptation. Check out Blockchain DXB’s Crypto & Coffee at 8 podcasts we share our thoughts and commentary on this

⚡ StarkWare plans to explore Bitcoin scaling using zero-knowledge proofs (ZKPs) with the OP_CAT soft fork proposal, marking a significant milestone. Despite progress, generating ZKPs at scale remains computationally expensive and less battle-hardened than Bitcoin’s current cryptographic techniques. Rollups, which use off-chain sequencing to scale applications, still rely on central operators and face security issues. BitVM has further spurred ZKP research, but challenges like liquidity and security concerns persist. Details here https://lnkd.in/dWTb5Cfj 

🟢 The Arbitrum ecosystem is deliberating on a proposed $237 million program aimed at supporting gaming. However, the initiative faces significant opposition and demands for a repeal or re-vote. Critics are concerned about the substantial budget allocation, potential market repercussions, unclear legal structures, and high operational costs. Additionally, some voters have shifted their stance due to the increased earmarked funds and a perceived lack of transparency. While the proposal has backing from certain organizations, there are growing calls for a re-vote or repeal. https://lnkd.in/duE254f5

🚨 Binance announced via Twitter (X) it had surpassed the 200 million user mark, solidifying its status as the largest crypto exchange in the world. With this milestone, no other exchange comes close to challenging its dominance. Bybit, the second-largest exchange, reports only 27 million users. https://lnkd.in/dQdkpfAE 

🟠 Two UAE news
⚡ Crystal Expands Presence in Dubai, Bringing Deeper Support and Market Compliance Capabilities for Virtual Asset Entities in the Region
⚡ WISeKey SA and The Hashgraph Association Join Forces to Bring Secure IoT and DePIN Solutions to Saudi Arabia

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Today, we dive deep into blockchain and cryptocurrency, focusing on ICOs vs. STOs, asset tokenization, and key considerations for Central Bank Digital Currencies (CBDCs) and the danger of double spending.

**Segment 1: ICOs vs. STOs**

**Purpose and Utility**

- **ICOs:** Raise capital via utility tokens for project access.

- **STOs:** Issue security tokens with ownership rights, similar to traditional securities.

**Regulatory Landscape**

- **ICOs:** Unregulated, high risk of fraud and lack of investor protection.

- **STOs:** Comply with securities regulations, offering legal protections.

**Investor Risks**

- **ICOs:** High risk due to project failures and scams.

- **STOs:** Lower risk with regulatory compliance and transparency.

**Market Dynamics**

- **ICOs:** Boomed in 2017, then declined due to regulation and skepticism.

- **STOs:** Offer better liquidity and market access under regulated frameworks.

**Segment 2: The Intricacies of Asset Tokenization**

**Asset Representation**

- Tokenize assets like real estate and artwork on a blockchain.

- Tokens represent ownership or rights.

**Fractional Ownership**

- Enables investment in fractions, making assets accessible to more investors.

- Allows for portfolio diversification.

**Liquidity**

- Blockchain platforms enable 24/7 trading, increasing liquidity.

- Peer-to-peer transactions reduce costs.

**Transparency and Security**

- Blockchain provides immutable transaction records.

- Smart contracts automate processes and build trust.

**Compliance and Regulation**

- Adhere to KYC and AML checks for legitimacy.

**Interoperability**

- Standards like ERC-20 facilitate token transfer across networks.

**Emerging Use Cases**

- Applications in supply chain, intellectual property, and identity management.

**Segment 3: Tokenization in the Context of CBDCs**

**Asset Tokenization**

- CBDCs can represent various assets on blockchains.

**Interoperability and Standards**

- Essential for cross-border transactions and compatibility with existing systems.

**Smart Contracts and Programmability**

- Enable programmable transactions and automated compliance.

**Privacy and Confidentiality**

- Balance transparency with privacy using advanced technologies.

**Regulatory Considerations**

- Establish clear guidelines and frameworks for tokenized assets.

**Technological Challenges**

- Address scalability, interoperability, and security issues.

**Segment 4: Double Spending in Tokenized CBDCs**

**Double Spending Risk**

- Spending the same digital currency more than once.

**Tokenization and Double Spending**

- Risk of counterfeit tokens or manipulated records.

**Security Measures**

- Implement cryptographic techniques and consensus mechanisms.

- Ensure integrity with digital signatures and timestamping.

**Real-Time Transaction Verification**

- Reduce double spending risk with real-time verification and instant settlement.

**Regulatory Oversight**

- Develop guidelines and collaborate with regulatory authorities.

**Conclusion:**

Tokenization and blockchain technology offer transformative potential. Understanding ICOs vs. STOs, asset tokenization, and CBDCs is crucial for navigating the evolving digital landscape. Stay tuned for more episodes on blockchain and digital finance's latest trends and innovations.

06th June: Crypto & Coffee at 8.
💡 Paxos Launches Regulated Stablecoin, 🚨 Coinbase Introduces Smart Wallet 🐶 Bitcoin-based DOG memecoin 🚀 Centralized crypto exchange volume

💡(USDL) — Stablecoin that generates yield
- Paxos has launched a new stablecoin called the Lift Dollar (USDL), issued by its UAE division and regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market. USDL is designed to generate a programmatic daily yield of around 5%, similar to the returns on U.S. Treasury bonds. Like other Paxos stablecoins, USDL is backed 1:1 with dollars and short-term U.S. government securities, ensuring asset safety and regulatory oversight.

💡Important to note Paxos USDL will not be available in the U.S. because of a lack of regulatory guidance. but will focus on the Argentine market through partners Ripio, Buenbit, and TiendaCrypto. For the launch, Paxos is reducing its asset management fee to 20 basis points, allowing users to receive a yield of more than 5%. Info via CoinDesk https://lnkd.in/dCKnNMwP 

🚨 Coinbase has launched its Smart Wallet, designed to simplify the onboarding process for new users in the DeFi space. The wallet allows users to create a free, secure, self-custody wallet in seconds and seamlessly use their Coinbase balances. It also addresses challenges such as slow and expensive transactions and the need to manage multiple wallets. Coinbase’s new wallets aim to address challenges to the typical DeFi user experience, especially getting started. via Decrypt here https://lnkd.in/d-w_HGJg 

🐶 The Bitcoin-based meme coin DOG, launched on the Runes protocol, is nearing a $1 billion market cap after a 200% rise in the past month. It is now the largest meme coin on Bitcoin and the seventh-largest overall. DOG, which debuted on April 20 during the bitcoin halving event, initially fell by 60% but has recently surged amid increased meme coin activity. The Runes protocol aims to improve transaction speed and cost on Bitcoin. DOG has seen nearly $100 million in trading volume in the past 24 hours, although meme coins remain highly volatile and driven by social media trends.

❗ According to the latest report by CCData, In May, the combined spot and derivatives trading volume on centralised exchanges fell 20.1% to $5.27tn, as major crypto assets including Bitcoin and Ethereum remained largely rangebound. Toward the end of the month, many assets experienced a sudden spike in volatility following the SEC’s surprise approval of spot Ethereum ETF in the US. Report here https://lnkd.in/dFvfYifS

🟠 Two UAE news( See slides)
⚡ Central Bank of the United Arab Emirates (CBUAE) completes the first real-value cross-border payment transactions “mBridge” in pilot wholesale CBDC project
⚡ Dubai “ AI Retreat” to Convene 1,000 AI Experts, Business Leaders and Tech Giants

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05th June: Crypto & Coffee at 8

🟠 Thailand Approves First Bitcoin ETF 🟢 Dapper Labs Agrees to $4M Settlement 🔵Donations against ‘Anti-Crypto Candidates’ 🔴 CFTC Info

🟠Thailand has approved its first Bitcoin ETF, the ONE Bitcoin ETF Fund of Funds Unhedged by One Asset Management (ONEAM), available from May 31 to June 6. Access is limited to wealthy and institutional investors. The ETF will invest in 11 global funds to ensure liquidity and security. This follows the Thai SEC’s rule change allowing local firms to offer Bitcoin ETFs to a restricted investor base. ONEAM’s CEO advises allocating no more than 5% of portfolios to Bitcoin due to its high return potential and volatility. More info Bitcoin Magazine https://tinyurl.com/36xr99k2

🟢 Dapper Labs has agreed to a $4 million settlement to end a class-action lawsuit alleging its NBA Top Shot NFTs were unregistered securities and that it restricted withdrawals to maintain value. Pending court approval, the settlement covers payments to investors and legal fees. Dapper Labs will also enhance compliance training and transaction speeds. CEO Roham Gharegozlou highlighted the need for clearer regulations distinguishing consumer NFTs from financial products, noting no regulators have classified NBA Top Shot NFTs as securities, and the SEC closed its investigation into the company. Info via CoinDesk https://tinyurl.com/mts7xnvu

🔴 ‘Anti-Crypto Candidates’

On May 22, the U.S. House of Representatives passed FIT 21, a regulatory framework for the crypto industry. On Friday, Biden vetoed the SAB 121 repeal, underscoring crypto-related tensions not just in national politics, but within his own party

- FairShake has nearly doubled its fundraising to $160 million, thanks to donations from Coinbase, Ripple, and Andreessen Horowitz. Coinbase contributed an additional $25 million to Fairshake, a crypto industry political action committee (PAC), highlighting increased crypto spending on the 2024 election. According to OpenSecrets, Fairshake’s fundraising is surpassed only by ActBlue and WinRed, the main payment processors for the Democratic and Republican parties. Info via Decrypt here https://tinyurl.com/ywwyfkzx

🎙️ Check out the Blockchain DXB podcast we share our commentary on this. We also discuss Interoperability and some technical information in the Blockchain context.

🟠 CFTC Digital Asset Subcommittee

Aptos Labs Founder Mo S. Joins CFTC Digital Assets Subcommittee Alongside BlackRock, BNY Mellon Reps. The subcommittee is part of the larger Global Markets Advisory Committee and includes industry representatives from companies like BlackRock, BNY Mellon, and Uniswap Labs. The subcommittee advises the CFTC on rulemaking related to international trade and business. via DLNews https://tinyurl.com/59uan7hy

🟠 Two UAE news

⚡ Qatar Central Bank Announces Launch of Digital Currency Project

⚡ Saudi Central Bank — SAMA mulls blockchain use, says no to phasing out cash

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03rd June: Crypto & Coffee at 8
🟠 DMM Bitcoin — $305 million hack 🔵Biden Vetoes SAB 121 ❗ Google and Magic Leap — Metaverse 🕶️Estonia — Mining Fraud 

🟠 DMM Bitcoin, a Japanese crypto exchange, was hacked, losing 4,502.9 BTC ($305 million). The hacker split the stolen BTC into 10 wallets. DMM Bitcoin has taken measures to prevent further theft and promised to reimburse the full amount. All spot buys are temporarily restricted, and yen withdrawals may be delayed. This hack is the second-largest in Japan, following the 2018 Coincheck hack. Info via CoinDesk https://lnkd.in/d77w2JDi 

❗ How will it impact the regulatory landscape for cryptocurrency exchanges in Japan and globally?

🔵 SAB 121
- Biden has vetoed H.J.Res. 109, a resolution that aimed to disapprove the SEC’s Staff Accounting Bulletin №121 (SAB 121). SAB 121 outlines the accounting obligations for firms safeguarding crypto-assets. The President stated that the resolution would improperly limit the SEC’s ability to establish necessary regulations and address future issues, which could undermine consumer and investor protection. Biden emphasized the importance of appropriate regulations for the responsible development of digital assets and expressed a desire to work with Congress on a balanced regulatory framework for digital assets. Info via The White House here https://lnkd.in/d2FHEMsB

🎙️ Check out Blockchain DXB podcast we explain the impact this has on the Crypto Industry. 

👀 Magic Leap and Google have announced a strategic partnership to advance XR (Extended Reality) technologies. This collaboration will combine Magic Leap’s expertise in augmented reality (AR) optics and manufacturing with Google’s technology platforms to develop new AR solutions and experiences. Key figures from both companies expressed enthusiasm about fostering the XR ecosystem and delivering innovative products. This partnership builds on a long-standing relationship between the two companies. via Cointelegraph here https://lnkd.in/dkHv6W-Q

🔴 Two Estonian nationals, Sergei Potapenko and Ivan Turõgin, have made their first court appearance after being arrested for their alleged involvement in a cryptocurrency fraud scheme. The Department of Justice claims that the defendants operated a fraudulent cryptocurrency mining service, HashFlare, and lured victims to purchase contracts worth over $550 million. The pair is also accused of raising $25 million through investments in a virtual currency bank that was never established. Info via Decrypt here https://lnkd.in/dQ8QWGcD

🟠 Two UAE news (See slides)
⚡ Klickl Obtains Financial Services Permission in Abu Dhabi to Enhance Web3 Offerings for SMEs
⚡ Saudi Arabia’s Tuwaiq Academy | أكاديمية طويق Launches Metaverse Camps

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**Podcast Show Notes: Blockchain DXB + Society X Live Discussion**

Special Guest: Pekka Kelkka, Web3 advisor & educator

**Date & Time:** Thursday, 30th May at 10:00 am GST

**Platform:** Live via LinkedIn

**Duration:** Approximately 45 minutes to 1 hour

### Topics Covered

#### Ethereum Spot ETF Approved

- 🟥 **Discussion Points:**

- Approval status of Ethereum Spot ETF

- Expected trading start date

- S-1 filing timeline (weeks to 1 month)

- Potential drop in Total Value Locked (TVL) after trading begins

- Speculation on the next ETF approval (Solana, Dogecoin, Ripple)

#### Other ETFs and Market Speculations

- 🟥 **Solana ETF:** Potential for being the next approved ETF.

- 🟥 **Dogecoin ETF:** High likelihood of approval.

- 🟥 **Ripple ETF:** Lower chance of approval.

- 🟥 **Consensys 2024:**

- Major partnership announcements (e.g., PayPal on Solana)

- 🟥 **US Treasury:** Current stance on banning crypto mixers.

#### Caitlyn Jenner Token

- 🟥 **Legit or Scam:** Investigation into its legitimacy, linked to a Dubai individual.

#### Crypto News

- 🟥 **DEX to CEX Movement:**

- Notable 28% shift this week.

- Analysis of CEX platforms utilizing DEX.

- 🟥 **Stablecoin Volume:**

- Trends and implications for the crypto market.

- Stablecoins as a parking mechanism waiting for trading to begin.

- 🟥 **Active Wallets & ATH:**

- Significant increase in active wallets.

- Discussion on TVL fluctuations post-Ethereum trading.

#### Mt. Gox Funds on the Move

- 🟥 **Details:**

- $9B worth of Bitcoin on the move.

- 143,000 Bitcoins to enter the market on 31st October.

- Impact on Bitcoin prices.

#### Bitcoin News

- 🟥 **Defining Bitcoin:**

- Perspectives from Markose, George, and Pekka.

- Evaluation of Spot Bitcoin ETF based on these definitions.

- 🟥 **Michael Saylor’s Tweets:**

- Breakdown of Bitcoin holdings by ETF issuers:

- Grayscale Investments Bitcoin Trust: 289,040 BTC

- BlackRock’s iShares Bitcoin Trust: 287,168 BTC

- Fidelity Investments Wise Origin Bitcoin Trust: 161,538 BTC

- Ark 21Shares Bitcoin ETF: 48,444 BTC

- Bitwise Bitcoin ETF: 36,185 BTC

- Canada’s Purpose Bitcoin ETF: 27,110 BTC

#### Is the Metaverse Dead?

- 🟥 **Debate Points:**

- Centralized vs. Distributed Metaverse.

- Coverage of only three news items related to the Metaverse in 2024, with a focus on the UAE.

Stay tuned for an in-depth analysis and engaging discussion on the latest trends and developments in the blockchain and crypto world!

30th May: Crypto & Coffee at 8

🚨 U.S. Treasury Isn’t Trying to Ban Crypto Mixers 💡PayPal PYUSD is now on Solana 💡Mastercard Launches “Crypto Credential”

🚨Consensys 2024

- The U.S. Department of the Treasury is not aiming to ban cryptocurrency mixers, according to Brian Nelson, the Under Secretary for Terrorism and Financial Intelligence. Instead, FinCEN’s 2023 proposal seeks to increase transparency by requiring crypto companies to report transactions involving mixers, which are often used to evade anti-money laundering regulations. Nelson emphasized the need for privacy tools that do not facilitate criminal activities and called for collaboration between the industry and the Treasury to enhance financial privacy without enabling illicit financing. Info via CoinDesk here https://tinyurl.com/2ta3u7rs

⚡ What is the difference between privacy and anonymity?

🚨 The U.S. Department of the Treasury has also released Illicit Finance Risk Assessment of Non-Fungible Tokens https://tinyurl.com/34ubu4db

The U.S. Treasury’s risk assessment highlights that NFTs are vulnerable to fraud, scams, and money laundering, though they are rarely used for terrorist financing. The assessment notes fluctuating NFT market trends and identifies regulatory gaps and cybersecurity issues. Current measures partially mitigate risks, and recommendations include enforcing regulations, raising awareness, and engaging with both the private sector and international partners to address these vulnerabilities.

💰 PayPal announced that its stablecoin, PayPal USD (PYUSD), is now available on the Solana blockchain, enhancing its speed and cost-effectiveness. Jose Fernandez da Ponte of PayPal emphasized that this move supports their goal of creating a stable digital currency for commerce. Sheraz Shere of the Solana Foundation highlighted that Solana’s speed and scalability make it ideal for innovative, accessible payment solutions. The announcement was made at Consensys 2024 by CoinDesk

🟣 Mastercards Crypto Credential has gone live with its first peer-to-peer transactions! This solution not only replaces complex wallet addresses with user-friendly aliases but also makes sending #blockchain transactions secure, transparent and accessible.

🟪 Crypto Credential” service allows users to create a simple username to send and receive cryptocurrencies via exchanges like Bit2Me, Lirium, and Mercado Bitcoin in Brazil, Argentina, and France. This service has launched its first peer-to-peer transactions, simplifying wallet addresses and enhancing the security, transparency, and accessibility of blockchain transactions. Via Twitter (x) post here https://tinyurl.com/5mrj6jz9

🟠Two UAE news (See slides)

⚡Saudi Ministry of Culture Launches 1st National Cultural Metaverse Platform in the World

⚡UAE’s MoIAT, EDB partners to launch AED370m of financing for AI Ministry of Industry & Advanced Technology | وزارة الصناعة والتكنولوجيا المتقدمة Emirates Development Bank (EDB)

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29th May: Crypto & Coffee at 8
🔴Mt.Gox Transfers $9B 🚨BTC Bitcoin mining cost 🟢 Solana ETF next 💡SEC fined $1.8 million in fees

⚡ Mt. Gox, the defunct Bitcoin exchange, transferred over 140,000 BTC (worth around $9 billion) to a single address in thirteen transactions, likely as part of repayment plans to creditors by October 31, 2024. This movement of nearly 107,000 BTC since early Tuesday caused Bitcoin’s price to drop by 1.4%, falling to $67,680. The market reacted bearishly, anticipating selling pressure. Despite the transfers, rehabilitation trustee Nobuaki Kobayashi assured that no sale of Bitcoin or Bitcoin Cash had occurred and that the assets were being securely managed.

⚡ However, Bitcoin inflows to exchanges remain low. According to CryptoQuant, daily exchange inflows are at 25.9K BTC as of May 28, which is comparable to 2016 levels. An analyst believes that even if Mt. Gox creditors decide to sell, the market will be able to absorb the sell-off with only minor initial volatility, resulting in minimal price impact.

🚨 How will the price react once Mt.Gox starts to add 140,000 Bitcoin to the market? More Supply = Less demand

Bitcoin Power Dynamics:
💡 In early 2024, U.S. Bitcoin miners spent $2.7 billion on electricity, using 20,822.62 GWh of power. This energy could charge all U.S. electric vehicles 87.52 times or power 1.98 million households for a year. U.S. miners produced 44,102 BTC, or 37.84% of the global total of 116,550 BTC. Before the April halving, mining 1 BTC required 407,059.01 kWh ($52,144.26), but now it needs 862,635.55 kWh ($110,503.61). Info here https://lnkd.in/d7V6fUCN 

- It shows the cost of mining 1 BTC in the USA in 2024 
- It also shows daily power consumption mining Bitcoin by country. Kazakhstan (13.2%) is leading followed by Canada(6.5%) & Russia (4.7%) 

💡 The USA still produces 170.41 BTC per day, followed by China at 95.09 & Kazakhstan at 59.56

‼️Nikolaos Panigirtzoglou of J.P. Morgan doubts the SEC will approve ETFs for cryptocurrencies like Solana. He highlights the SEC’s view that most cryptocurrencies are securities as a major obstacle, noting that even the approval of ETH ETFs is contentious due to classification uncertainties. Info via The Block https://lnkd.in/dMDhvdhH This could all change if U.S. policymakers pass legislation declaring most cryptocurrencies as non-securities. Maybe a Dogecoin ETF? or Ripple ETF

💰 A federal judge ordered the SEC to pay approximately $1.8 million in fees related to its civil case against Digital Licensing (Debt Box). This includes about $1 million for attorney fees and $750,000 for receiver fees. The order was issued on May 28 in the U.S. District Court for the District of Utah, alongside the dismissal of the case without prejudice. via Cointelegraph here https://lnkd.in/dmH-NRfP 

🚨 Two USA news
⚡ UAE and France partner to advance global AI ecosystem
⚡ Elon Musk’s xAI raises $6bn from investors including Saudi Arabia’s Prince Alwaleed

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