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Bitcoin, Business, Regulation

A Sudden Turn in Crypto Sentiment leads to Massive Outflows.

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The crypto market witnessed an unexpected twist recently, resulting in staggering crypto outflows.

This abrupt shift followed the Federal Open Market Committee’s surprisingly hawkish stance. Investors swiftly adjusted their positions, revealing a massive turnaround in sentiments.

Bitcoin Bears

Leading the downturn, Bitcoin experienced significant outflows, totalling  $621 million.

This negative trend underscores investors’ growing caution toward high-risk assets.

CoinShares analysts predict that Bitcoin’s price potential will remain limited as risk appetite wanes. Notably, $1.8 million flowed into short-Bitcoin positions, signalling a bearish sentiment.

Altcoins Show Resilience

In contrast, altcoins demonstrated remarkable resilience during this tumultuous period.

Ethereum (ETH) and Ripple (XRP) managed to attract positive inflows. ETH received $13 million, while XRP witnessed $1 million in net inflows.

This divergence in sentiment among investors within the digital asset space is noteworthy.

The Fed's Impact on the Crypto Market Sentiment

The recent Federal Reserve meeting triggered this sudden shift. Optimism that had partially recovered following a softer U.S. Consumer Price Index figure on June 12 was swiftly reversed.

Furthermore, a new dot plot revealed a reduction in expected rate cuts down to just one for the year, from the initial projection of three.

Cryptocurrencies bore the brunt of this change, as fewer rate cuts typically correlate with a weakening or stable economy thus increasing investor risk appetite.

Geographical Breakdown of Outflows.

Regionally, the largest outflows originated from the United States, totalling $565 million. Other countries also experienced significant outflows: Canada ($15 million), Switzerland ($24 million), and Sweden ($15 million).

This global trend highlights the far-reaching impact of the Fed’s hawkish stance on crypto investments.

A Positive Outlook for Ethereum

Despite the prevailing negative trend, Ethereum remains a beacon of optimism. Positive inflows suggest a bullish outlook.

Speculation surrounding the launch of ETH spot ETFs adds fuel to the fire. Bloomberg analyst Eric Balchunas anticipates a launch by July 2, following light comments on S-1 forms. SEC Chairman Gary Gensler’s recent statement further supports the notion that ETH spot ETFs will debut

“Over the course of this summer.”

In a recent Senate hearing, Gensler clarified that the approved 19b-4 forms originated from stock exchanges seeking to list ETFs.

 Issuer registration is underway, with issuance likely to conclude by summer. These regulatory developments are poised to significantly impact market dynamics, particularly for Ethereum.

In Conclusion

Monday`s  Crypto outflows underscore the market’s sensitivity to macroeconomic policies. While Bitcoin faced selling pressure, altcoins like Ethereum and Ripple posted positive inflows due to unique catalysts.

Looking ahead, regulatory shifts and Federal Reserve policies will shape the crypto market’s trajectory towards the end of 2024.

Business, Trends

Uniswap Labs Acquires Crypto The Game (CTG)

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A Bold Move in Blockchain Gaming

Uniswap Labs found itself in the news recently as the new acquirer of ‘Crypto: The Game(CTG),’ one of the hottest decentralized survival games.

 It’s seen as a significant move toward entering the blockchain gaming market and cementing the commitment to making on-chain experiences more and more interesting.

It was officially announced on the CTG X page

CTG 's Show-Stopping' Results in Season Two

Crypto The Game is a massive crypto survival game where many play, but only one will win.

In season two the game racked in incredible figures where every 800-spot sold out to new contestants in a crazy 13 minutes.

Due to the immense attached value of the game for both crypto natives and newcomers, Uniswap Labs announced the acquisition on Monday.

Partnership with the Founders of CTG

Mary-Catherine Lader, COO of Uniswap Labs, shared her excitement about the acquisition.

“We’ve seen CTG generate a ton of excitement, and Uniswap is focused on making on-chain experiences more human and fun,” she said.

The deal involves cash, tokens, and some equity as well, the amount of which has not been disclosed.

CTG founders Dylan Abruscato, Tyler Cagle, and Bryan Lee will join the Uniswap team.

They are already working on season three and exploring new interactive crypto experiences. This means that it will not be a promotional platform for Uniswap’s wallet or exchange.

Furthermore, CTG co-founder Dylan Abruscato shared the enthusiasm and happiness of support from Uniswap Labs.

“Now we have the full force of Uniswap Labs behind us, we think that’s going to help us make season three the best one yet,” he said.

The Coming Together of Gamers and Crypto Natives

Inspired by popular TV shows like Survivor and Squid Game, CTG’s first two seasons saw players purchasing 0.1 Ethereum (ETH) to become part of one of ten tribes of 80 players.

Over a span of ten days, the participants were subjected to daily challenges, voted each other out, and engaged in gameplay to claim a grand prize.

Season one of CTG the game offered a prize pool of $150,000, while the second season’s prize went up to $250,000.

As part of the deal, the CTG team will work alongside Uniswap Labs to develop their game’s third season, which has already garnered attention in the crypto and gaming space

Sponsorship and Insights via Uniswap Labs

Previously Uniswap Labs entered as a sponsor for one of the challenges in season two, where it collaborated with Adidas and Wormhole. Also this sponsorship availed the opportunity of insight into CTG that it could deliver new users into crypto.

According to Fortune Magazine, CTG is a fanatical Favorite of the crypto community, such that fanfare follows every move the platform makes on all platforms.

Moreover, the average follower of CTG is varied and includes crypto Twitter fans, venture capitalists, founders, and people of influence, for instance, 3LAU and Bored Elon.

What is even more intriguing is the fact that 10-15% of the audience is made up of first-time crypto users, which is the catalyst to onboard new users into the DeFi space.

Eyeball Numbers

Crypto The Game (CTG) reported about 50,000 unique visitors to the website during the gameplay period of ten days.

According to Abruscato, the game was described as a “24/7 crypto reality show” with drama and the favourites of the fans, an Internet show in the eyes of the crypto world.

UNI (Uniswap Labs) saw its price rise 4.5% on the news of the acquisition to $10.29. Additionally, the token spiked 7% over the last week and is up 45% over the past month.

In Conclusion

This Acquisition showcases UNI (Uniswap`s) strategic entry into blockchain gaming that brings about promises of more developments and interactive crypto experiences for its users.

Season three of CTG will promise a greater crypto-experience engagement.

 

Blockchain, Business

Mastercard Revolutionizes P2P Crypto Transactions

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Mastercard`s  Crypto Credential, a feature aimed at simplifying and securing P2P cryptocurrency transactions.

This groundbreaking tool means that now, users can send and receive cryptocurrencies with easy-to-remember aliases instead of complex blockchain addresses. The feature is currently live on major crypto exchanges, including Bit2Me and Lirium.

Improving Trust and Usability

Existing Crypto Credentials for Mastercard adds trust to blockchain transactions by verifying the identity of users and ensuring the compatibility of digital assets with the recipient’s wallet.

For instance, the system removes the need for a sender to be concerned about the particularities of a recipient’s blockchain address, hence making crypto transactions easier to carry out. In addition, it facilitates the exchange of Travel Rule information, thus improving transparency while attempting to prevent illicit activities.

How It Works

Under the Mastercard standards, users are verified and given a unique alias for transactions.

Before a transaction is processed, the system checks if the alias and wallet of the recipient are compatible; it will then alert the sender if there is a mismatch so that he does not lose funds.

This feature is currently available on exchanges like Bit2Me, Lirium, and Mercado Bitcoin, with Foxbit and Lulabit soon to join.

Expanding Global Reach

With Mastercard, users in countries such as Argentina, Brazil, France, and Spain will now conduct cross-border and local transfers in various currencies and across different blockchains.

However Mastercard has plans to expand the feature to over seven million users across participating exchanges, thus showing it is committed to making cryptocurrencies more usable and accessible.

Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, stated the importance trusted interactions on blockchain networks.

“As interest in blockchain and digital assets grows globally, it’s crucial to provide trusted and verifiable interactions across public blockchain networks” Pimenta stated.

Therefore the move aligns with the general trend of traditional financial players integrating blockchain technology and cryptocurrencies into their services.

For example, Visa is looking for ways to enable Ethereum gas fee payments with its cards through the use of the ERC-4337 standard, with a special smart contract called “paymaster,” to enable off-chain gas fee payments .

Simplification of Blockchain Transactions

The introduction of Mastercard`s Crypto Credential comes at a very critical moment in the future of digital finance. Mastercard is simplifying blockchain transactions and making them easy for users, consequently promoting wide cryptocurrency adoption.

One of the fundamental features of Mastercard`s Crypto Credential is the use of aliases for transactions, which makes it very easy.

Another related feature is the security offered by the use of aliases to ensure that only verified identities can make or receive the transactions.

Mastercard’s vision for Crypto Credentials goes beyond simple P2P transactions. It plans to use this technology in various sectors such as NFTs, ticketing, and other payment solutions.furthermore It holds great promise for seamless and secure interaction with digital assets.

The Future of Digital Finance

The launch of Crypto Credential is a major development towards the integration of blockchain technology into mainstream financial services. By making it easy, safe, and transparent to conduct transactions, Mastercard is driving cryptocurrency adoption globally.

 Finally, the future of digital finance looks very promising with financial institutions like Mastercard and Visa embracing blockchain technology.

All these developments would make cryptocurrencies more accessible, user-friendly, and the path to general acceptance and penetration of daily financial activities very easy.

Blockchain, Business

Sei Foundation Unveils Major Second Airdrop

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27.4 Million SEI for Active Users

Exciting news from the Sei Foundation for its community: a second Sei airdrop is coming, where 27.4 million SEI coins will be distributed to 43,052 active users.

This drop is a thank you to all users who have actively contributed to the network since mainnet launch, with a special focus on stakers and liquid stakers, in addition to top NFT collectors.

Checking If You Are Eligible

You can check your eligibility for the second Sei airdrop at this verification page. First, read the terms and conditions, and then agree to receive your tokens. The deadline for this airdrop is before the start of Phase 3 of the Sei v2 launch, in the coming weeks.

In contrast to the first airdrop, which was heavily bashed on social media due to not meeting expectations of most of its users.

Core contributors and Sei Foundation wallets will not be included in this drop, making sure it’s fair.

Upgrades coming With The New in Sei v2 Upgrade

Coming with the Sei v2 upgrade are serious upgrades to the network. Validators are upgrading their software to support these changes, ensuring that previous applications and tokens will keep working.

One of the exciting things with the Sei v2 upgrade is the support for dual addresses. That means compatibility with both 0x addresses and native Sei blockchain addresses.

Since this is a phased roll, this means things will work in an optimized, known, and reduced-risk way for developers and early adopters.

Sei`s Comittment To Community Building & Future Prospects

Taking part in the second Sei airdrop is a great way to make the Sei community even stronger. Making sure this token is more equitably distributed by rewarding active users and not including core contributors and foundation wallets, the Sei Foundation is making sure users are more satisfied, and it encourages more people to actively use its network.

With the Sei v2 upgrade and the second airdrop, the Sei Foundation is well on its way to creating a mature, dynamic ecosystem.

The upgrades in Sei v2 will enable faster integrations and wider adoption of the new addresses.

In Conclusion

Sei v2 upgrade and second airdrop mark exciting milestones for the network. Through rewarding active users and introducing essential network enhancements, the Sei Foundation stands to grow a much stronger and more active community.

Don’t miss out on this opportunity—check your eligibility today and be on the lookout for further updates on Phase 3 of the Sei v2 launch.

Business, Markets

Binance’s Moves into Mexican Crypto Market.

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Binance is making waves in the Mexican crypto market

Starting May 29, 2024, Binance Spot will add new trading pairs, which include Bitcoin (BTC)/MXN, XRP/MXN, ENS/USDC, and LDO/USDC. In a move to expand into the Mexican Crypto Market.

This expansion is aimed at satisfying the growing demand for cryptocurrencies in Mexico, where market revenues are expected to exceed $1.4 billion this year.

Booming Market

This decision to add the Mexican Peso pairs comes hot on the heels of heightened interest in cryptocurrencies within the region.

According to a recent article, crypto market revenues in Mexico are forecasted to reach $1.417 billion in 2024, with an 8.53% growth annually and are set to reach $1.966 billion by 2028.

For Binance, this is not just a numbers game. This is to make the trading experience for its users better. The exchange added,

“Our goal is to expand the list of trading choices on Binance Spot and improve users’ trading experience.”

 In addition to trading bots for these new pairs will reportedly provide users with more flexibility and automated trading options.

Regional Restrictions

Of course, not all users will be able to access these new trading pairs. Due to regulatory restrictions, customers in certain regions will not be able to access these pairs; these include the United States, Canada, among several others.

Binance stated that these restrictions could change based on evolving laws and regulations.

Trading of these new pairs shall be available for users after the completion of account verification. Binance stated,

“Please note that the availability of these assets complies with local regulations and laws. We emphasize the importance of being compliant and secure.”

Bitcoin is currently at $68,723, which makes for an increase of 0.75%. XRP has fallen by 0.15% to $0.5279.

The LDO has further lost 5% to trade at $2.32, while ENS is up 3% to $25.95.

Future Prospects

Furthermore this can be well understood from the introduction of BTC/MXN and XRP/MXN, Binance is quite upbeat on the prospects for the Mexican crypto market. As the market gains critical mass, Binance is well positioned to take a large share, offering Mexican traders more choices and better service.

Users who are keen to exploit this new trading avenue should be keen to get the latest updates from Binance and adhere to the necessary verification procedures. If one approaches it correctly, this may present a big opportunity for Mexican traders.

Business, Regulation

Semler Scientific Joins Bitcoin Bandwagon

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Semler Scientific’s investment in Bitcoin highlights a bold move echoing MicroStrategy’s famed Bitcoin strategy, The leading MedTech firm, has been in the limelight for taking the leap into the cryptocurrency world.

Recently, the company announced its purchase of 581 BTC, estimated to be about $40 million, with fees and other expenses.

A Strategic Investment

Eric Semler, the chairman at Semler Scientific, was optimistic about the potential of Bitcoin as a store of value.

“Our bitcoin treasury strategy and purchase underscore our belief that bitcoin is a reliable store of value and a compelling investment,” Semler said.

Further, he highlighted how Bitcoin was a digitally resilient virtual asset, comparing it to physical gold, which has a market value of about ten times that of Bitcoin.

A New Primary Treasury Holding

In its latest press release, Semler Scientific will use Bitcoin as its primary treasury holding. This strategic shift is designed to take advantage of the unique benefits of Bitcoin over other assets.

Interestingly, the decision falls in line with the recent trend among corporations to diversify their treasury assets by investing in digital currencies.

Market Impact and Bitcoin's Price Fluctuation

Despite this huge acquisition, Bitcoin’s price remained unshaken, falling by 1.3% to $68,027. Earlier in the day, Bitcoin briefly touched the $70,000 mark but struggled to sustain that level.

Over the past two weeks, Bitcoin has risen 10% in value and continued to hold a market capitalization above $1.3 trillion.

The move of Semler Scientific echoes aggressive Bitcoin strategy followed by MicroStrategy. Under the chairmanship of Michael Saylor, MicroStrategy has accumulated a huge Bitcoin reserve and witnessed an astronomical jump in its stock price.

When the company started accumulating Bitcoin in August 2020, the stock of MicroStrategy was priced at about $120. Now, it trades at around $1,660.

Institutional Influence and Future Prospects

Eric Semler also talked about the institutional acceptance of their decision. The approval and increased adoption of Bitcoin ETFs played an important role in their strategy.

This institutionalization of Bitcoin has created a strong foundation for companies like Semler Scientific to go on-ground and integrate Bitcoin confidently into the financial frameworks.

The Larger Implications

Semler Scientific’s investment in Bitcoin exhibits a fast-growing trend among tech-savvy companies embracing digital assets. With enhanced liquidity, security, and chances of appreciation for Bitcoin, companies might follow suit and reshape the strategies for corporate treasury in the digital age.

Conclusion

As more companies follow the lead of companies like Semler Scientific in realizing the value proposition that Bitcoin offers, the domain of corporate finance evolves continuously. This shift underlines a broad acceptance of cryptocurrencies as viable treasury assets and can potentially lead to mainstream adoption.

Business, Web3

Cristiano Ronaldo to Launch Fourth NFT Collection on Binance

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Relive His Iconic Moments Cristiano Ronaldo has collaborated once more with Binance for his fourth collection of non-fungible tokens (NFTs). Cristiano Ronaldo’s fourth NFT collection is exclusively set to launch on Binance’s NFT marketplace on May 29, 2024, and promises to encapsulate the spirit of Ronaldo’s illustrious career—iconic goals and unforgettable moments.

Binance made the announcement on May 27 

“Cristiano Ronaldo returns soon with his latest NFT drop, giving collectors the opportunity to experience his legacy like never before.”

Experience Ronaldo's Career Digitally

For more than two decades, Cristiano Ronaldo has made the world of football his stage, astounding fans everywhere with his incredible talent and countless victories. Now, through joining Binance’s CR7 community, his fans can experience his spectacular journey digitally.

Ronaldo himself said

“My football journey has taken me all around the world, and I have been privileged to represent some of the greatest clubs in the world. Now it is your turn to join me on that journey too.”

What to Expect in the New NFT Collection

As of this writing, information on the number of NFTs to be included in Cristiano Ronaldo’s fourth NFT collection remains undisclosed, though it is expected to be divulged on launch day.

According to Binance, the “normal NFTs” will have equal prices, while “Super Rare” and “Super Super Rare” NFTs will carry a sense of uniqueness and excitement for buyers.

Sailing Past Legal Issues

Interestingly, this launch comes amidst legal challenges faced by Ronaldo. He was sued by three investors who accuse him of promoting unregistered securities on Binance. The lawsuit, worth $1 billion, claims to have suffered significant losses due to Ronaldo’s active promotion of the platform.

Still, Ronaldo’s collaboration with Binance continues to thrive, which proves his resilience and everlasting fan support.

Join the Digital Revolution with Ronaldo

This NFT Collection not only provides a one-of-its-kind way to celebrate Ronaldo’s career but also invites his fans to be a part of the growing craze of digital collectibles. With NFTs revolutionizing the way we experience and own digital art and memorabilia, Ronaldo’s latest collection is sure to be a landmark.

For everyone interested in the broader impact of NFTs in sports, take a look at this article on Forbes.

Additionally, for the newbies to NFT, Binance has prepared a complete guide to NFTs for you: Beginner’s Guide to NFT.

Conclusion

Cristiano Ronaldo’s fourth NFT collection on Binance is more than a digital display of his career, it’s an invite to relive his legend through innovation. Mark your calendar on May 29, 2024, get ready, and be part of this exciting digital ride.