Top news stories of this week
Coinbase calls Pepe a ‘hate symbol’, prompting calls to boycott the exchange
An email was sent to Coinbase customers Describing the Pepe the Frog meme as a “hate symbol” Co-opted by alt-right groups, PEPE has drawn significant anger from the Memecoin community this week. Two hours after the email was sent, the hashtag “#deletecoinbase” hit the trending sidebar on Twitter, with over 14,000 comments calling for users to boycott the exchange. Coinbase Chief Legal Officer Paul Grewal took to Twitter Responded to the outrage and apologized: “We screwed up and we’re sorry.”
Florida Governor Signs CBDC Bill into Law, Restricts Certain Uses of US and Foreign CBDCs
Ron DeSantis, Governor of Florida, United States of America Signed a bill restricting the use of central bank digital currencies (CBDCs) in the state, The new law restricts the use of federal CBDCs in the United States “as money within the Uniform Commercial Code (UCC) of Florida.” It also bans the use of CBDCs issued by foreign governments and calls on other states to use their commercial codes to impose similar restrictions. DeSantis said he was inspired to take action by a White House study of new financial technology. The law takes effect on July 1.
Milady Memecoin Surges 5,250% After Musk Tweet, Exchange Listing
Milady (LADYS), a self-organizing memecoin based on the anime avatar NFT collection of the same name, surged over 5,250% on May 11 after Elon Musk tweeted the meme Using imagery of a Milady NFT. The tweet also boosted the average selling price of the collection. “Ladies is a meme coin without any intrinsic value or expectation of financial returns. There is no formal team or roadmap,” said the token developers. “The coin is completely worthless and is for entertainment purposes only.”
Ordinal Good or Bad for Bitcoin? supporters and opponents raise their voices
bitcoin ordinals Continue to Inspire Debate Among the Bitcoin Community, Soon after its launch in January 2023, detractors of the technology began raising concerns about its perceived drawbacks, citing slow speeds and rising transaction costs. Meanwhile, its proponents claim that the ordinances provide more opportunities, improve decentralization and ensure freedom of expression. The technology enables text, images and codes to be added on the satoshi – the smallest unit of bitcoin.
To catch scammers: Kraken creates fake crypto accounts to ‘bait’ fraudsters
Crypto exchange owned by Kraken Provided a new way to flag malicious wallets – Creation of a fake crypto environment to serve as “scam bait” for bad actors. Kraken created a “custom environment” for popular streamer Kitboga to thwart a scammer posing as US President Joe Biden. The punchline comes when Kitboga, who portrays an elderly man with a balance of $450,000 in bitcoin, infuriates the scammer after mistyped his wallet address before sending all the funds.
winners and losers
bitcoin at the end of the week ,B T c, is on $26,707ether ,ETH, But $1,803 And XRP But $0.43, stands at total market cap $1.12 trillion, According For Coinmarketcap.
Among the biggest 100 cryptocurrencies, Kava is the top three altcoin gainers of the week (To move a horse around in a circle) At 15.28%, Bitcoin SV (BSV) 5.19% and on Pax Gold (PAXG) at 0.20%.
The top three altcoin losers of the week are Pepe (PEPE) PancakeSwap at -54.43% (Cake) -27.15% and on the WOO network (woo) -24.48%.
For more information on crypto prices, be sure to read Cointelegraph Market Analysis,
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most memorable quotes
“A comprehensive pause on training for AI, combined with current trends that have industry prioritizing investment in AI ethics efforts, will only lead to additional losses and setbacks.”
Christina MontgomeryChief Privacy and Trust Officer at IBM
“The tokenization of real-world assets could provide an unprecedented opportunity to create new market infrastructure and drive efficiency in trading products around the world.”
cathy clayExecutive Vice President, Global Digital and Data Solutions at Cboe Global Markets
“The Metaverse is dead! Let’s hold an online wake so we 600,000,000 monthly active users across Fortnite, Minecraft, Roblox, PUBG Mobile, The Sandbox and VRChat can mourn its demise together in real-time 3D.
Tim SweeneyCEO of Epic Games
“We screwed up and we’re sorry [about comments regarding Pepe the Frog],
Paul GrewalChief Legal Officer at Coinbase
“People are really adopting [crypto] within their portfolio. Whether you are talking about the retail side, high net worth or institutional investors, everybody is looking at their portfolios and trying to get that type of exposure.
blue tanPresident of the Fintech Association of Hong Kong
“One of the key lessons learned from the Terra Luna disaster involved due diligence. Doing due diligence on each project will save potential investors future pain.
obinna uche uzoizetwitter analyst
Bitcoin enters $26K ‘birdize’ as BTC price hits 2-month low
Bitcoin Had reached a two-month low on May 12 amid fears that a “head-and-shoulders” pattern would further propel the bears.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD on Bitstamp reaching $26,100 – its lowest since March 17. Despite encouraging macroeconomic conditions for the risk-on asset, bitcoin failed to capitalize on profit potential due to low bid liquidity.
This “head-and-shoulders pattern” would set a negative precedent if confirmed. “We simply cannot let the #Bitcoin head and shoulders crowd win,” said pseudonymous financial commentator TedToxMacro, before adding that things could get “very interesting” if Bitcoin climbs above $27k.
FUD of the week
Pepe Memecoin Craze Attracts Unwanted Attention From Scammers
bad actors Pay attention to the hype around Pepe Memecoin, resulting in the scam attempts that now plague the crypto community. According to blockchain security firm Peckshield, at least 10 Memecoin scams have been perpetrated in the past few days. The firm reported scam tokens that had recently been stripped of their liquidity were attracting investors. Sites claiming fake Pepe have also become increasingly common on Twitter.
‘Bitcoin Not Under Attack:’ BTC Maxis Allays Fears of DoS Offensive
Sudden increase in bitcoin transaction fees and unconfirmed transactions Concern sparks on crypto Twitter throughout the week About a possible denial-of-service attack on the network. According to BitInfoCharts, the average bitcoin transaction fee on May 8 was $19.20, while the backlog of transactions on the same day was 459,341. The total fee per block temporarily exceeded the block subsidy reward of 6.25 BTC due to increased demand on the network. Bitcoin analysts and commentators have rushed to allay community fears.
ParaSpace Team Clashes With CEO Over Alleged Whereabouts Of Protocol Funds
nft protocol paraspace published a number of alleged irregularities tying up its CEO Yubo Ruan For mismanagement of funds equivalent to 2,909 Ether. The funds were previously stolen during a hack, but were later recovered thanks to white hats. However, Ruan returned only part of the money to the Protocol Treasury. ParaSpace employees now have full control over protocol and are asking Ruan to step down. The CEO denied any wrongdoing.
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William Clemente III Suggests Bitcoin Will Hit Six Figures by the End of 2024: Hall of Flames
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