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Bitcoin broke a record nine-week drop, the Optimism team held a local token airdrop, the New York State Senate supported a moratorium on mining and other events of
Bitcoin broke a record nine-week drop, the Optimism team held a local token airdrop, the New York State Senate supported a moratorium on mining and other events of the week leading up to it.
On May 29, Bitcoin recorded a record nine-week low. However, the next day, digital gold prices crossed the $32,000 level.
The first cryptocurrency failed to stay above this mark. At the time of writing, the asset is trading around $29,800.
Glassnode analysts noted that Terra’s collapse caused some long-term bitcoin investors to take losses, but many hodlers took advantage of the price drop below $30,000 to establish positions.
Arthur Hayes, co-founder of crypto derivatives exchange BitMEX, expressed the view that Bitcoin and Ethereum prices have reached the end of the current cycle, but a market trend reversal should be expected at this time. fed it will stop raising the key rate.
According to the CoinCodex service, the native token of the Waves blockchain platform increased its price the most among digital assets by a moderate capitalization throughout the week. The price of WAVES has increased by 95%.
The leaders of the decline are still the USTC algorithmic stablecoin and the Terra Classic network’s LUNAC cryptocurrency. Their prices fell 76% and 38% respectively.
The total capitalization of the cryptocurrency market has reached $1.28 trillion. The Bitcoin dominance index rose to 44.2%.
According to local media reports, Dmitry Vasiliev, the former owner of the WEX cryptocurrency exchange, was detained at Zagreb airport while trying to enter Croatia.
The detention took place on the basis of an Interpol red card issued by Kazakhstan on Wednesday 25 May. The country’s law enforcement agencies suspect Vasilyev of embezzling $20,000 and are seeking his extradition.
Vasiliev himself denies all accusations.
A Moscow court has decided to arrest the cryptocurrency wallet of Dmitry Pavlov, accused of administering the Hydra darknet market.
All of Pavlov’s phones and computers were allegedly confiscated, and he is cooperating with the investigation. However, the suspect refused to reveal the password of his crypto wallet. The research shows that the address could contain hundreds of millions of dollars worth of bitcoin.
Terra-backed DeFi protocol Mirror has been the victim of an exploit worth over $90 million. It was discovered by an analyst at FatMan and verified by cybersecurity firm BlockSec.
To short a synthetic stock on the Mirror Protocol, you must freeze the collateral (UST, LUNA Classic and mAssets) for at least 14 days. Tokens can be withdrawn to the wallet after the transaction is complete.
The identifier generated by the smart contract was used to identify the owner of the assets. Due to the vulnerability, the protocol was unable to prevent multiple withdrawals by the same user. In October 2021, it was discovered by an unknown person who caused a total of $90 million in damage, hundreds of times the size of the security he blocked.
The “dress rehearsal” of the Proof-of-Work (PoW) and Proof-of-Stake (PoS) blockchain merger of the Ethereum testnet Ropsten will run from June 2-8. This was announced by developer Tim Beiko.
Ropsten is one of the oldest PoW testnets with working conditions close to reality. The event will be a test of system performance before the full transition to Ethereum 2.0.
A similar update is expected by other testnets such as Goerli and Sepolia. After that, the focus of developers will shift to the main web.
Dogecoin co-founder Jackson Palmer was criticized the previous day by Elon Musk, who he called a scammer.
In an interview with Crikey, Palmer told Musk how he provided a script to combat spam on Twitter a few years ago. According to him, the billionaire couldn’t figure out how to get it to work because he “doesn’t know the code well”.
Palmer also called the head of Tesla and SpaceX a fraud and copycat, criticizing the activity in the cryptocurrency segment and its intention to buy Twitter.
“You wrongly claimed that this bad Python code would fix the bot problem,” Musk said in a tweet posting the interview. “My kids were coding better when they were 12.”
Optimism developers distributed the native OP token among 232,000 users of the Ethereum L2 scaling solution.
Airdrop participants received 231,928,234 OP – 5.4% of the original offer. In total, with subsequent rounds, 19% of the 4.29 billion token emissions will be distributed among users.
Token holders will be able to transfer their voting rights to a community member or participate in voting independently.
The Bank of Russia has softened its position on cryptocurrencies – now the regulator does not object to their use “in international transactions and in the international financial infrastructure.” This was stated by the first deputy head of the Central Bank Ksenia Yudaeva.
He noted that the Central Bank is still of the opinion that the use of digital currency in the country poses great risks for citizens.
On Wednesday, June 1, the Solana network did not generate new blocks for more than four hours due to a failure to process “long-term untargeted transactions”, resulting in a consensus violation. The developers disabled such a transaction and asked the validators to restart the blockchain.
Durable transaction nonces are mostly popular with cryptocurrency exchanges. The functionality is designed for token holders using complex auto-signing settings, so they cannot always prepare transactions immediately for recording on the blockchain.
On June 3, the New York State Senate approved a two-year moratorium on cryptocurrency mining using electricity generated from carbon sources.
Operating companies or those in the process of obtaining permission to issue digital assets will be able to continue operating. Authorities plan to examine the potential impact of mining on the PoW algorithm on the environment.
The initiative has been criticized by Ethereum founder Vitalik Buterin, Castle Island Ventures general partner Nick Carter, and other community members.
The Japanese Parliament has passed a bill recognizing stablecoins as digital currencies.
According to the document, “stable coins” should be pegged to yen or other legal tender and guarantee their holders the right to use them at face value.
This interpretation means that only licensed banks, money transfer providers, and trust companies can act as stablecoin issuers.
The law will enter into force in the summer of 2023.
Binance could make $1.6 billion from its investment in Terraform Labs and has always prioritized user protection. This was announced by Bitcoin exchange head Changpeng Zhao in an interview with Fortune.
This week, one of the validators of the Terra 2.0 ecosystem also shared a potential roadmap for the development of the project over the next three months. It did not rule out the launch of a new algorithmic stablecoin.
Also on ForkLog:
The collapse of the Terra ecosystem resulted in a protracted market correction, with the stablecoin industry capitalization falling to $157 billion. In the May 2022 analytical report, we disassembled the main on-chain indicators and DeFi dynamics.
We have published a series of educational cards: on the Polygon network, the Coinbase exchange, the Ethereum Name Service system, deepfakes and the Terra 2.0 airdrop.
Traditional recaps gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
The decentralized financial sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a summary.
Live ForkLog LIVE discussed whether the influx of venture capital into the industry will help normalize the DeFi ecosystem. The guests were Dmitry Kryshtal, founder of VeleroDAO, and Vladislav Ponomarev, CEO of Broxus.
In a special report, ForkLog talked about what stablecoins are, what they are, and why TerraUSD, the most popular algorithmic “stable coin”, crashed.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
