Top news this week
Coinbase calls Pepe a “hate symbol,” prompting calls to boycott the exchange
An email sent to Coinbase customers describing the Pepe the Frog meme as a "hate symbol" co-opted by far-right groups has drawn significant ire from the PEPE memecoin community this week. Two hours after the email was sent, the hashtag "#deletecoinbase" hit the trending sidebar on Twitter, with more than 14,000 comments calling on users to boycott the exchange. Paul Grewal, Coinbase's chief legal officer, took to Twitter to respond to the outrage and apologized:: “We screwed up and we are sorry”.
Florida Governor Signs CBDC Bill Restricting Some Uses of US and Foreign CBDCs
United States Governor of Florida Ron DeSantis signed a bill restricting the use of central bank digital currencies (CBDCs) in the state. The new law prohibits the use of a United States federal CBDC “as currency within the Uniform Commercial Code (UCC) of Florida.” It also prohibits the use of CBDCs issued by foreign governments and calls on other states to use their trade codes to institute similar bans. DeSantis said White House studies on new financial technology prompted him to act. The law goes into effect on July 1.
Milady memecoin surges 5,250% after Musk tweet and exchange listings
Milady (LADYS), the self-organized memecoin based on the anime avatar NFT collection of the same name, surged more than 5,250% on May 11 after Elon Musk tweeted a meme using the images of a Milady NFT. The tweet also boosted the collection's average sales price. “LADYS is a meme coin without any intrinsic value or expectation of financial return. There is no formal team or roadmap,” the token developers said. "The currency is completely useless and is for entertainment purposes only."
Are ordinals good or bad for Bitcoin? Supporters and opponents raise their voices
Ordinal Bitcoin continue to inspire debate among the Bitcoin community. Soon after its introduction in January 2023, opponents of the technology began raising concerns about its perceived flaws, citing slow speeds and rising transaction costs. Meanwhile, his supporters claim that ordinals provide more opportunities, improve decentralization and guarantee freedom of expression. The technology allows you to add text, images, and code in a satoshi, the smallest unit of Bitcoin.
To Catch a Scammer: Kraken Builds a Fake Crypto Account to 'Bait' Scammers
The Kraken crypto exchange has provided a novel method of flagging malicious wallets — build a fake crypto environment to "fool the bad guys" the bad guys. Kraken created the "custom environment" for popular streamer Kitboga to thwart a scammer posing as US President Joe Biden. The running gag comes when Kitboga, who plays a senior with a balance of $450,000 in Bitcoin, angers the scammer after misspelling his wallet address before sending all the funds.
Winners and losers
At the end of the week, Bitcoin (BTC) I sat down $26,707Ether (ETH) in $1,803 and XRP in $0.43. Total market capitalization is $1.12 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Kava (Kava) at 15.28%, Bitcoin SV (BSV) at 5.19% and PAX Gold (PAXG) at 0.20%.
The top three altcoin losers of the week are Pepe (PEPE) to -54.43%, PancakeSwap (CAKE) at -27.15% and Red WOO (COURT) -24.48%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
read also
most memorable quotes
“A general pause in AI training, coupled with existing trends that appear to be de-prioritizing investment in industry AI ethics efforts, will only lead to further damage and setbacks.”
Christina Montgomerydirector of privacy and trust at IBM
“The tokenization of real-world assets can offer an unprecedented opportunity to create new market infrastructure and drive efficiencies in commodity trading around the world.”
cathy clayExecutive Vice President, Global Data and Digital Solutions at Cboe Global Markets
“The metaverse is dead! Let's hold an online wake so that we, the 600,000,000 monthly active users across Fortnite, Minecraft, Roblox, PUBG Mobile, Sandbox, and VRChat, can mourn his death together in real-time 3D."
Tim SweeneyCEO of Epic Games
"We screwed up and we're sorry [about comments regarding Pepe the Frog].”
Paul GrewalCoinbase Legal Director
“People are actually adopting [crypto] inside their wallets. Whether you're talking about the retail side, high net worth, or institutional investors, everyone is looking at their portfolios and trying to get that kind of exposure."
neil tanChairman of the Hong Kong FinTech Association
“Key lessons learned from the Terra LUNA accident include due diligence. Doing due diligence on each project would prevent future headaches for potential investors.”
Obinna Uche UzojijeTwitter analyst
prediction of the week
Bitcoin enters $26K 'bearadise' as BTC price approaches 2-month lows
Bitcoin approached two-month lows on May 12 amid fears that a "head and shoulders" pattern would put bears ahead.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $26,100 on Bitstamp, its lowest level since March 17. Despite encouraging macroeconomic conditions for risky assets, Bitcoin failed to capitalize on the upside potential as supply liquidity tightened.
This "head and shoulders pattern" would create a negative precedent if confirmed. “We just can’t let the #Bitcoin head and shoulders crowd win,” said pseudonymous financial commentator Tedtalksmacro, before adding that if Bitcoin rises above $27k again, things could get “very interesting.”
FUD of the week
Pepe memecoin frenzy gets unwanted attention from scammers
bad actors have noticed the hype surrounding Pepe memecoin, resulting in scam attempts that now plague the crypto community. According to blockchain security firm PeckShield, at least 10 memecoin scams have been created in the past few days. The firm reported fraudulent tokens that recently had their liquidity removed, provoking investors. Fake Pepe claim sites are also starting to become more common on Twitter.
“Bitcoin is not under attack”: BTC maxis allay fears of a DoS offensive
A sudden increase in Bitcoin transaction fees and unconfirmed transactions raised concerns on Crypto Twitter during the week about a possible denial of service attack on the network. Bitcoin's average transaction fees were $19.20 on May 8, according to BitInfoCharts, while transaction backlog was 459,341 on the same day. The increased demand on the network has even caused the total block fees to temporarily exceed the block subsidy reward of 6.25 BTC. Bitcoin analysts and commentators have been quick to allay the community's fears.
ParaSpace team clashes with CEO over alleged whereabouts of protocol funds
NFT ParaSpace Protocol published several alleged irregularities that link its CEO Yubo Ruan to the mismanagement of funds worth 2,909 Ether. The funds had previously been stolen during a hack, but were later recovered thanks to white hats. Ruan, however, returned only a part of the funds to the protocol treasury. ParaSpace employees have now taken full control of the protocol and are calling on Ruan to step down. The chief executive denied any wrongdoing.
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