Category: Cryptocurrency

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In response to the growing demand for scalable and cost-effective Bitcoin payments, the team behind the Bitcoin layer-2 protocol Ark has established a new company called Ark Labs. This innovative firm aims to develop a faster and more efficient payment system on the Bitcoin blockchain, offering a compelling alternative to the Lightning Network.

Led by creator Burak Keceli, Ark Labs seeks to address the limitations of existing solutions while building upon the foundation laid by Lightning Network. The primary focus of Ark Labs is to provide scalable and low-cost Bitcoin payments, catering to the needs of users worldwide.

The core objectives of Ark Labs include the development of an open implementation of the Ark Protocol and the creation of user-friendly services. The company plans to introduce its first service later this year, aiming to revolutionize the landscape of Bitcoin payments.

Unlike the Lightning Network, which faces challenges such as the “inbound liquidity” problem, Ark Protocol offers a novel approach to off-chain payments. By leveraging service providers who offer 24-hour liquidity services for a fee, Ark eliminates the need for users to commit funds upfront to establish liquidity.

Ark’s off-chain payments utilize a unique unspent transaction output (UTXO) model, employing virtual unspent transaction outputs (VTXOs) to facilitate seamless and secure transactions. This model enables unidirectional, one-time-only payments, enhancing the efficiency and usability of Bitcoin payments.

While Keceli has transitioned to other endeavors, the protocol and Ark Labs remain committed to advancing the goals of improving Bitcoin’s payment infrastructure. With its innovative approach and ambitious objectives, Ark Labs emerges as a formidable contender in the realm of Bitcoin payments, poised to reshape the future of digital transactions.

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Robinhood (NASDAQ:HOOD) imposed buying restrictions on GameStop (NYSE:GME) shares late Sunday after the meme stock’s value surged following speculation that Keith Gill, known as “Roaring Kitty,” might hold a substantial position in the company.

The brokerage stated that Blue Ocean ATS, the platform facilitating overnight trades, would only accept orders within 20% above or below a reference price of $22.99. Thus, orders to buy GME above $27.59 or sell below $18.39 during the night would likely be rejected. Despite this, some Robinhood users reported being completely blocked from purchasing GME overnight.

Robinhood did not respond to Cryptonews’ request for comment by press time.

The trading restriction followed a Reddit post by Keith Gill, aka “Roaring Kitty” on YouTube. The post, Gill’s first since April 21, indicated he bought 5 million GME shares for $115.7 million and invested $65.7 million in call options, betting that GME would reach at least $20 per share by June 21. The screenshot also showed he had accrued over $9.3 million in profits from his GME holdings but sustained a loss of nearly $2.5 million on his call options.

In Robinhood’s overnight markets, GME surged nearly 20% in 20 minutes to reach $27.58 following Gill’s Reddit post. GameStop closed at $23.14 on Friday, May 31, marking a 38.8% increase in shares for the year, seemingly influenced by Gill’s return.

On the same day as his Reddit post, Gill shared a green UNO reverse card on X, adding to a series of cryptic posts and memes since his return in May. The latest post garnered nearly 50,000 likes by early Monday. Gill’s reemergence three weeks ago sparked a significant surge in GameStop shares, doubling their value in May alone. Additionally, Ethereum-based meme coins, including one named GME, showed renewed optimism with the reappearance of Roaring Kitty guiding the next bullish phase.

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In May, global non-fungible token (NFT) sales witnessed a notable decline, totaling $604 million, marking the lowest monthly performance since October and the first month of the year with sales below $1 billion.

Ethereum, renowned as the leading blockchain for NFT sales, experienced a dip in sales, recording $164 million in May, the lowest since September. The network also saw a decrease in unique buyers, with only 56,914 recorded, the lowest count since June 2021.

Similarly, the Bitcoin network observed a downturn in NFT sales, with monthly sales totaling $160 million, the lowest since October. The network also reported a decline in both buyers and sellers, marking the lowest count for the year.

Contrary to the overall trend, Solana showcased resilience in NFT activity. Despite the sales slump in major blockchains, Solana recorded $93 million in monthly sales, the first time it fell below $100 million since last November. Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses, respectively.

However, despite the heightened activity, Solana witnessed a decline in the average NFT price, with an average monthly sales value of $37.8, the lowest this year. Despite the challenges faced by the NFT market in May, Solana’s performance highlights its growing prominence in the NFT space.

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Coinbase’s recent $25 million donation to political action committees (PACs) has propelled the crypto industry’s campaign fund to approximately $161 million, making it one of the most significant players in U.S. campaign finance.

This substantial cash injection positions the crypto industry as a formidable force in influencing the political landscape, with the potential to allocate over $300,000 for each congressional seat up for grabs in the upcoming elections.

Coinbase joins Ripple and Andreessen Horowitz (a16z) in contributing to the Fairshake PAC and its affiliate PACs, which aim to support congressional candidates with pro-crypto stances. By targeting state primaries and backing candidates aligned with their mission, these committees wield considerable influence, often through independent ad campaigns.

The crypto industry’s involvement in politics underscores its recognition of the pivotal role of U.S. regulations in shaping global acceptance of digital assets. As lawmakers navigate the complexities of crypto legislation, the next congressional session could usher in regulations tailored to digital assets, potentially driving broader adoption and investor confidence.

The influx of funds from Coinbase and other industry giants highlights the growing influence of super PACs, enabling corporations to exert significant sway over elections. With a war chest rivaling that of major political parties, the crypto industry’s campaign finance efforts signify a strategic investment in shaping regulatory frameworks conducive to its growth.

However, transparency regarding Fairshake’s management and strategies remains limited, as key stakeholders refrain from disclosing operational details. Despite criticisms suggesting undue influence, proponents argue that such contributions are commonplace across various industries, aimed at supporting candidates aligned with their interests.

As the crypto industry emerges as a major player in campaign finance, its collective contributions could rival those of established political entities. By leveraging its financial prowess, the industry seeks to advance its agenda and foster an environment conducive to innovation and growth in the digital assets space.

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Cryptocurrency exchange Bybit has confirmed reports of an executive reshuffle following complications with the Notcoin launch, which led to $23 million in compensation being distributed to 320,000 users.

The news, initially reported by Wu Blockchain, indicated that several executives had “voluntarily resigned” and that Bybit had hired new technical and spot managers. A Bybit spokesperson told CoinDesk, “Bybit regularly updates its organizational structure to align with our strategic goals. The affected team members are not leaving the company but have taken up other internal roles.”

Notcoin, a game based on the Telegram instant messaging platform, is one of the largest cryptocurrency gaming projects, boasting 35 million users. Early adopters earned in-game balances that could be converted to a Notcoin airdrop at a 1000:1 ratio.

On May 16, users experienced delays in depositing the newly issued Notcoin to Bybit, resulting in financial losses as they were unable to sell the asset immediately. Bybit received 370,000 on-chain transactions, with 70% of deposits credited before the market went live.

“We prioritized customer interests and conducted a thorough internal review to enhance the customer experience for the future,” the Bybit spokesperson added. “This improvement led to some leadership role changes, which we believe are essential.”

Notcoin is currently trading at over $0.0115, more than doubling from a low of $0.0047 last week, according to CoinMarketCap.

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Bitcoin’s price has maintained a remarkably tight trading range near $68,000 following the U.S. Memorial Day holiday, with a slight dip approaching the week’s low in Friday’s morning trading hours.

At 11:45 am ET, bitcoin was priced at $67,300, down 1% over the past 24 hours and 2% from its peak two hours earlier at $69,000. The broader CoinDesk 20 also saw a 1.1% decline over the last day.

Despite this, May has been a positive month for Bitcoin, with an 11% increase since starting around $60,000. However, this growth pales in comparison to the CoinDesk 20’s 20% surge, largely driven by a 31% rise in the price of ether following renewed optimism for a spot ETF.

The recent subdued activity in Bitcoin coincides with struggles in other risk assets, particularly U.S. stocks, amid concerns about stagflation. Economic indicators have shown mixed signals, with the bond market rallying on news of softening economic conditions.

Looking ahead to June, upcoming U.S. economic reports could provide clarity and potentially act as a catalyst for Bitcoin’s price action. If economic data suggests weakening conditions and lower interest rates, bitcoin may attempt to breach its all-time high above $73,000 set in March. Conversely, strong economic data could lead to a retest of May’s lows.

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Japanese cryptocurrency exchange DMM Bitcoin has disclosed a significant breach resulting in the loss of 4,502.9 BTC, equivalent to $305 million, to hackers. The stolen funds were reportedly divided into 10 wallets, with each holding batches of 500 BTC, according to data provided by security firm Blocksec.

In response to the breach, DMM Bitcoin has assured customers that it will cover the full amount lost by procuring an equivalent sum of BTC with the support of its group companies. Additionally, the exchange has implemented measures to prevent further unauthorized outflows of funds.

To mitigate the impact of the hack, DMM Bitcoin has temporarily restricted all spot buys on its platform. Furthermore, customers withdrawing Japanese yen may experience delays, as indicated by the exchange.

This incident marks one of the largest cryptocurrency hacks in Japan since the notorious Coincheck breach in 2018, which saw losses totaling 58 billion yen. With over $473 million lost to cryptocurrency hacks in 2024 before this incident, the security of digital assets remains a pressing concern within the cryptocurrency ecosystem.

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Immutable’s Guild of Guardians Avatars overtook NodeMonkes to claim the top spot on CryptoSlam’s daily non-fungible token sales charts on Thursday.

The Immutable game-linked collection led NFT sales with a daily volume of $828,697, representing a 19% increase from $696,862 the previous day.

NodeMonkes, a Bitcoin-based collection that topped Wednesday’s sales, fell to third place with sales dropping to $756,950 from $935,770. Earlier this week, NodeMonkes became the 26th best-selling collection in the industry, surpassing $228 million in all-time sales.

DMarket, a Mythos collection for in-game items from popular online games, secured second place with $774,176 in sales, reinforcing the dominance of game-related NFTs on the weekly charts.

Bored Ape Yacht Club, the second-best selling NFT collection of all time, maintained the fourth spot with $567,631 in daily sales, pushing its all-time sales volume to $3.15 billion.

Polygon’s Unstoppable Domains soared to the fifth position with a daily sales volume of $491,535, up from just $1,075 the day before. This surge followed the announcement of a new self-custody wallet in collaboration with digital asset custodian Fireblocks.

New entries to the top 10 include the Validat3rs collection, debuting with a daily sales volume of $362,942 on Solana.

Despite NodeMonkes dropping from the top spot, the Bitcoin network led the daily blockchain sales for the second consecutive day with $5.51 million, a 9.86% increase from the previous day’s $5.01 million.

Meanwhile, Ethereum’s monthly blockchain sales total stands at approximately $159 million, on track to end the month with the lowest NFT sales since October 2023.

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Stablecoin issuer Tether Holdings Ltd. has acquired a $100 million stake in Bitdeer Technologies Group (NASDAQ:BTDR), a US-listed Bitcoin miner owned by Chinese billionaire Jihan Wu, with an option to buy an additional $50 million in shares within a year.

The companies signed a subscription agreement for a private placement of 18.6 million Class A ordinary shares, raising $100 million in gross proceeds, according to Bitdeer’s statement on Friday. The agreement also includes a warrant to purchase up to five million more shares at $10 each. The private placement was completed on Thursday, with Cantor Fitzgerald & Co. serving as the placement agent.

This investment will support Bitdeer’s data center expansion, the development of ASIC-based crypto mining equipment, and other corporate purposes. The percentage of Bitdeer now owned by Tether was not disclosed. Tether did not immediately respond to requests for comment.

This acquisition marks a significant advancement in Tether’s strategy to become a prominent Bitcoin miner, following the initiation of its mining facilities in Uruguay, Paraguay, and El Salvador last year. Tether, which is incorporated in the British Virgin Islands and issues the widely-used cryptocurrency USDT, announced in November its plan to invest half a billion dollars in this effort within six months.

Bitdeer, one of the largest public crypto miners listed in the US with a market capitalization of around $670 million, is headquartered in Singapore and operates data centers in the US, Norway, and Bhutan. Bitdeer’s shares, which had dropped over 40% this year, rose approximately 6.5% to $6.20.

In March, Bloomberg News reported that Bitdeer was in discussions with private credit firms to secure about $100 million in financing. It is unclear if those talks are ongoing following Tether’s investment.

Bitcoin mining, which involves running energy-intensive computers to secure the blockchain and earn new tokens as rewards, became less profitable in April due to a programmed network upgrade known as “the halving,” which reduces rewards by half every four years.

Conversely, Bitcoin’s price reached a record high in March, partly driven by optimism around newly-launched spot Bitcoin exchange-traded funds in the US. On Friday, Bitcoin traded up around 0.7% at $68,800.

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NodeMonkes, the leading Bitcoin-based NFT collection, once again led CryptoSlam’s daily sales chart on Wednesday, achieving US$935,770 in sales.

This marks the second time NodeMonkes has topped the sales chart this week. The recent surge has propelled NodeMonkes’ cumulative sales volume to US$229.06 million, placing it 26th on the all-time sales chart, surpassing the Avalanche-based Crabada.

The second highest-performing collection of the day was Guild of Guardians Avatars on Immutable, with daily sales reaching US$693,704, moving up from third place the previous day.

In third place, DMarket on the Mythos chain recorded daily sales of US$672,737.

Just outside the top three, Ethereum’s Bored Ape Yacht Club had daily sales of US$415,991, while Solana’s DogeZuki Collection saw a sales volume of US$397,332.

Solana Monkey Business also made significant contributions with US$317,537 in sales, aiding Solana’s total daily sales of US$2.42 million.

NodeMonkes’ performance significantly boosted the Bitcoin network’s standing on the blockchain NFT sales chart, which totaled US$5.17 million in sales on Wednesday, up from US$4.23 million the previous day.

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