3350 Metaplanet Inc

Sudden Bitcoin drop after unfavorable economic data and comments from the Dallas FED

The price of Bitcoin (COIN:BTCUSD) dropped by -4.1% over the past 24 hours, trading at $60,480, reversing a peak that led the cryptocurrency to reach $63,500. This volatility was triggered by below-expectation US economic data and concerning statements from Dallas Fed President Lori Logan regarding monetary policy and inflationary risks. The University of Michigan Consumer Sentiment Survey dropped from 77.2 to 67.4 in May, well below the expected 76.0. Expectations for inflation for the next year rose from 3.2% to 3.5%.

Regarding technical analysis, Fernando Pereira from Bitget highlighted that Bitcoin has significant expected support around $60,000, where demand and trading volume may intensify.

“At $60,000, demand should start to rise again and trading volume increase. BTC held up well in the 50% Fibonacci region, at $61k, and showed an increase in buying volume. Most of the time, in BTC, this increase in volume appears in the 61.8% region (a bit lower), but it is also quite common to stop at 50%. The trend is consolidation during the weekend and a return to $65k in the coming days,” said Pereira.

Despite the downward movement, Bitcoin has a weekly gain of 2.58%.

Bitcoin ETF flows in the US and Hong Kong on May 9

On May 9, 2024, Bitcoin ETFs in the US saw outflows, with a total of $11.3 million leaving these funds, according to Farside. A negative highlight was the Grayscale Bitcoin Trust (AMEX:GBTC), which experienced withdrawals of $43.4 million, the largest in a single day since early May, totaling outflows of $17.5 billion. In contrast, six ETFs in the US saw inflows, led by the BlackRock ETF (NASDAQ:IBIT) with $14.2 million, reaching total inflows of $15.4 billion.

In the Hong Kong market, both Bitcoin and Ethereum ETFs faced outflows on the same day, totaling a combined reduction of $6.9 million, although they still maintain a positive balance in net inflows of $24.7 million.

US Bancorp and Edmond De Rothschild make significant investments in Bitcoin ETFs

US Bancorp (NYSE:USB) invested over $15 million in Bitcoin ETFs on May 8, distributing its purchases among Fidelity (AMEX:FBTC), Grayscale (AMEX:GBTC), and BlackRock (NASDAQ:IBIT) products, totaling investments of $71.8 billion, based on its latest 13F filing. Separately, on May 9, Edmond De Rothschild Holding SA (CHIX:RLDZ) invested nearly $4.2 million in BlackRock ETFs, with total investments reaching $6 billion.

Metaplanet expands Bitcoin portfolio in strategic move

Japanese company Metaplanet (TSX:3350) announced the acquisition of an additional 19.87 bitcoins, as revealed in a May 10 disclosure on the X social network. The purchase was made for approximately $1.28 million, at an average price of 10.06 million yen per bitcoin, equivalent to $64,664 each. With this acquisition, Metaplanet’s total bitcoins now amount to about 117.72 BTC, valued at $7.7 million. Metaplanet recently designated Bitcoin (COIN:BTCUSD) as a principal treasury asset and hired Dylan LeClair as Bitcoin Strategy Director.

Jack Dorsey projects Bitcoin to $1 million by 2030

Jack Dorsey, CEO of Block (NYSE:SQ) and former CEO of Twitter, predicts that Bitcoin (COIN:BTCUSD) could reach a value of at least $1 million by 2030. Since leaving Twitter, Dorsey has increased his involvement with Bitcoin and related technologies, such as the Nostr protocol. In a recent interview, he emphasized the positive impact of collaborative engagement in the Bitcoin ecosystem and highlighted resistance to censorship as one of its most valuable attributes. Dorsey believes that adoption by institutional investors could catapult Bitcoin as the “digital gold” of the next decade.

Marathon Digital reports record profits and revenues in the first quarter of 2024

Marathon Digital Holdings (NASDAQ:MARA) announced a record net income of $337.2 million for the first quarter of 2024, an impressive increase of 184% over the same period last year. Revenues also reached a new high, growing 223% to $165.2 million. The company’s Bitcoin (COIN:BTCUSD) production grew by 28%, reaching 2,811 BTC, and digital asset computing capacity doubled to 1.1 gigawatts. Following these results, Marathon was added to the S&P SmallCap 600, reflecting its growth and expansion in the Bitcoin mining sector. Despite this, shares are down 9.8% during Friday’s trading, at last check.

Tether reacts to Deutsche Bank’s critical report on stablecoin risks

Tether (COIN:USDTUSD) criticized a recent report from Deutsche Bank (NYSE:DB) predicting significant instabilities for stablecoins, including its own USDT token, comparing the situation to a possible collapse similar to that of TerraUSD in 2022. The German bank’s report, based on the study of fixed coins over 223 years, suggests that many stablecoins will fail due to speculation and lack of transparency. In response, Tether defended the robustness of USDT, highlighting the inadequacy of comparisons with algorithmic stablecoins and criticizing the lack of rigor and substantial evidence in Deutsche Bank’s report.

Telegram’s Toncoin records significant weekly increase

The price of the Toncoin cryptocurrency (COIN:TONCOINUSD), linked to the Telegram messaging app, experienced a notable recovery of about 30% in 7 days. The coin outperformed other cryptocurrencies in the same period, standing out with a steeper growth. This increase comes ahead of the launch of the Notcoin game, which is expected to further boost demand for Toncoin, coinciding with a substantial increase in total value locked on the network. The recent integration with stablecoins and investment from Pantera Capital are also seen as positive factors for this appreciation. The token has a 7.2% decrease in 30 days and a 230% increase in 12 months.

Render gains prominence driven by Apple mention

The rise of the Render Network token (COIN:RNDRUSD), a decentralized rendering platform that utilizes GPUs, is another highlight of the week. Part of the increase came from the broader cryptocurrency market recovery trend, and another part came from the boost taken by the positive mention of Render’s 3D design software Octane at a recent Apple event (NASDAQ:AAPL). In the last 7 days, the value of RNDR increased by 40%, totaling a 107% increase in the last 3 months.

Restoration and ongoing investigation in Zilliqa network after disruptions

Recently, the Zilliqa network (COIN:ZILUSD) experienced several disruptions that affected block production on its mainnet. Although functionality has been fully restored on May 10, the team is still investigating the causes of these disruptions. Since the onset of issues on May 8, the technical team has worked intensively to prevent further failures, testing solutions in controlled environments before implementing updates to the network. Zilliqa apologized for the inconvenience and thanked the community for their support as they continue to monitor and stabilize the network.

Crypto scammer begins returning millions in Wrapped Bitcoin

A fraudster who stole 1,155 Wrapped Bitcoin (COIN:WBTCUSD), valued at approximately $70.5 million, has begun returning the funds, returning about $34.7 million in Ethereum (COIN:ETHUSD) so far. Blockchain security company Peckshield confirmed that 50% of the total stolen has been returned. The return occurred after the victim offered a 10% reward, persuading the scammer to return 90% of the assets in exchange. The company Slow Mist, specializing in Blockchain security, suggested that the hacker involved in the WBTC theft was also active in other phishing attacks on the Tron (COIN:TRXUSD) and Ethereum (COIN:ETHUSD) blockchains. The analysis also revealed that several IPs used by the hacker came from mobile stations in Hong Kong.

Kraken challenges SEC claims about securities listing

Kraken refuted the SEC’s claims that it listed securities on its platform, arguing that terms used by the regulator, such as “concept” and “ecosystem,” do not apply to traditional investment contracts. The company claimed that the SEC is trying to expand its regulatory scope beyond what is reasonable and suggested that such issues should be discussed in Congress, not in the courts.

Binance and Kucoin receive regulatory approval in India after ban

After being banned for illegal operations, cryptocurrency exchanges Binance and KuCoin became the first offshore platforms to receive approval from India’s Financial Intelligence Unit. This decision represents a significant shift in the country’s regulatory stance towards cryptocurrencies. Both companies were among over nine entities previously banned, including major names like Huobi and Kraken.

BlockFi announces closure of web platform and partnership with Coinbase for fund distribution

BlockFi, the cryptocurrency lender that declared bankruptcy, announced that it will close its web platform by the end of May, switching to using Coinbase Global (NASDAQ:COIN) as the main fund distribution channel. This strategy will allow BlockFi interest account holders, as well as retail and private loan clients, to continue accessing withdrawals during the bankruptcy process. Eligible customers are required to have a Coinbase account to receive funds, either in crypto or fiat, with specific instructions being sent to registered users. The company also highlighted that all future distributions, including possible returns of funds from FTX, will be conducted through Coinbase.