COIN Coinbase Global Inc

Cardano prepares for the Voltaire era with Chang fork

Charles Hoskinson, founder of Cardano (COIN:ADAUSD), announced that the blockchain is about to reach its most significant milestone with the Chang fork, which will usher in the “Voltaire Era.” This update, scheduled for June, will introduce essential tools for the network’s self-sustainability, allowing for proposed and voted improvements by participants. A new treasury system will finance ongoing development. With this, Cardano will become fully decentralized, community-governed, and ready for global growth.

Fireblocks collaborates with Coinbase for cryptocurrency operations security

Fireblocks is collaborating with Coinbase International Exchange (NASDAQ:COIN), which offers perpetual futures and spot trading for institutional and retail clients outside the US. Fireblocks customers can connect their Coinbase accounts, securing withdrawals and deposits with governance rules. Coinbase International received a license from the Bermuda Monetary Authority in May 2023. Fireblocks uses MPC technology for security and rigorous governance of exchange operations.

Buying opportunity for Bitcoin and Ether after US economic data, says QCP Capital

Bitcoin (COIN:BTCUSD) traded around $69,828 in the last 24 hours after remaining stable over the weekend. Last Friday, Bitcoin faced a $400 million drop, falling from over $71,000 to below $69,000 due to employment data showing a surprising increase in job numbers but also a slight rise in the unemployment rate, causing uncertainty before crucial economic decisions. Futures contracts fell from $99 billion to $60 billion, indicating reduced trader bets. Singapore-based QCP Capital identified a “buy-the-dip” opportunity for Bitcoin and Ether (COIN:ETHUSD). With market volatility, the firm noted an increase in Bitcoin options purchases, suggesting confidence in the price recovery of these cryptocurrencies. Volatility is expected to rise this week with the release of the CPI on Wednesday.

Bitcoin ETFs achieve record demand and investments

Last week, US Bitcoin ETFs received $1.8 billion, marking a record 18 consecutive days of high demand. The trading volume of these funds grew by 55%, reaching $12.8 billion. Notably, they acquired about 25,700 BTC, equivalent to the new Bitcoin supply during the period, indicating a market squeeze. Managing over $70 billion in assets, ETFs are solidifying Bitcoin as a recognized institutional asset class, encouraging further investments as global markets adapt.

Bitcoin ETFs spark a silent revolution in the financial market

Recent records reveal that 534 major institutions now include Bitcoin (COIN:BTCUSD) in their portfolios, reflecting widespread institutional adoption. Spot Bitcoin ETFs have become an attractive option for these investors due to their ease of integration with traditional financial systems, despite certain limitations.

Solana expels validators involved in sandwich attacks

The Solana Foundation (COIN:SOLUSD) permanently expelled several validators for conducting sandwich attacks against retail users. A sandwich attack manipulates cryptocurrency prices by placing a buy order before and a sell order after another user’s transaction. This artificially inflates the price, allowing the attacker to profit while the target user pays an unfavorable price. Tim Garcia from Solana’s validator relations team confirmed that the foundation identified operators using mempool activities to facilitate these attacks, involving price manipulation and profit at the expense of retail investors. The crypto community criticized the measure, pointing to centralization of the network.

MATIC faces downward pressure and tests critical support

The price of MATIC, the currency of the Polygon platform (COIN:MATICUSD), fell by 5.3% in the last week, approaching the lower limit of its trading channel established since April. With the current price at $0.63, the lowest since October 2023, MATIC may be about to drop below its critical support of $0.64. Persistent selling pressure and predominantly negative market sentiment increase the risk of further declines unless the bulls can reverse this trend and strengthen the support.

Polkadot expands leadership in tokenization and strengthens DeFi with million-dollar investment

Polkadot is standing out in the real-world asset (RWA) tokenization space, with the potential to lead the market. Polkadot’s framework is designed for interoperability and scalability, ideal for tokenizing various assets such as real estate and commodities. With the recent publication of the JAM Whitepaper (Polkadot 2.0), the platform aims to further reinforce its position in the RWA market. Additionally, several projects within the Polkadot ecosystem focus on practical RWA applications, contributing to the expansion of this technology in the crypto economy.

Furthermore, the Polkadot Treasury allocated 2 million DOT (COIN:DOTUSD), equivalent to $14.4 million, to strengthen the DeFi Hydration project. This funding aims to enhance the liquidity and efficiency of the Omnipool platform, which allows users to provision liquidity unilaterally. Implemented in two phases, the allocation includes generous rewards for liquidity providers, aiming to attract new resources and improve the liquidity layer of the Polkadot 2.0 ecosystem.

Ripple expands cooperation with the National Bank of Georgia for economic digitalization

Ripple (COIN:XRPUSD) is intensifying its collaboration with the National Bank of Georgia to explore the digitalization of the local economy. In a recent meeting with bank and Ripple executives, advancements in financial technology and digitalization were discussed. This partnership includes Ripple’s contribution to the digital lari pilot project, a central bank digital currency (CBDC). Besides Georgia, Ripple is also involved in similar projects in several other countries, highlighting its growing role in supporting global CBDC development.

The role and challenges of stablecoins in the cryptocurrency market

Stablecoins are crucial for transactions in the digital economy, mimicking conventional currencies like the dollar, without the volatility of cryptocurrencies. They generate profits for issuers by investing in safe assets but do not share these profits with holders. With rising interest rates, there is increasing pressure to share these gains. New competitors are offering more equitable models, challenging giants like Tether and Circle, and promoting innovation in using stablecoins for efficient payments. Companies like Ondo, Mountain, Agora, and Paxos are challenging the status quo of traditional stablecoins, promising to distribute returns to users. For instance, Paxos (COIN:PAXGUSD) recently launched the Lift Dollar, a yield-generating stablecoin regulated by the United Arab Emirates, increasing competition in the market.

HSBC China offers eCNY services for corporate clients

The Chinese branch of HSBC (NYSE:HSBC) now offers e-CNY services, becoming the first foreign bank to provide services related to the People’s Bank of China’s digital yuan for corporate and retail clients. HSBC corporate clients can link their bank accounts to digital yuan accounts. HSBC helped an educational group accept e-CNY payments at six branches located in Shanghai, Beijing, Guangzhou, Jiaxing, and Suzhou.

Fidelity International explores asset tokenization with JPMorgan’s blockchain technology

Fidelity International, a London-based fund manager, used JPMorgan’s (NYSE:JPM) blockchain technology, Onyx Digital Assets, to tokenize shares of a money market fund. This action was executed instantly, connecting the fund’s transfer agent to the Tokenized Collateral Network, which facilitates transactions between collateral receivers and providers. Tokenization, which seeks to represent real assets in a digital format, is a growing trend among banks, offering cost efficiencies and reducing operational risks.

UwU Lend exploitation results in $19.3 million loss in crypto assets

The UwU Lend lending protocol was compromised, resulting in a loss of $19.3 million, as reported by security firms like Arkham. The exploitation involved diverting crypto assets, including wrapped ether and wrapped bitcoin, as well as stablecoins, which were subsequently sold on Uniswap. The cause of the incident is still under investigation, and UwU Lend announced on X that it plans to reimburse affected users. The protocol’s founder, Michael Patryn, has a controversial history, including connections to the collapse of Quadriga CX.

Squads Labs raises $10 million and launches smart wallet for iOS

Squads Labs, focused on facilitating digital asset transactions and management, raised $10 million in Series A funding led by Electric Capital, with participation from RockawayX, Coinbase Ventures, L1 Digital, and Placeholder. The company, which already offers a Solana-based wallet for businesses, unveiled Fuse, a new smart wallet for individuals, available for public testing on iOS. The funding will be used to enhance technology and products, as well as expand the team.