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News/Coin360 Daily Dispatch (May 6, 2023): Crypto Market Updates & Highlights

Coin360 Daily Dispatch (May 6, 2023): Crypto Market Updates & Highlights

May 6 2023

last year3 minutes read

Crypto Market Update

Written by Van

Table of contents:

1. Regulatory and Legal Updates

  • US Department of Justice Investigates Binance Sanctions Breach
  • Senator Warren to Increase Regulation of Crypto-Related Crime
  • SEC Awards Largest-Ever $279 Million Whistleblower Payout

2. Banking and Financial Concerns

  • Bitcoin Dominance Surges as US Banking Concerns Increase
  • Ethereum Co-founder & Foundation Transfer $40M ETH to Kraken

3. Country-Specific Developments

  • Argentina Bans Crypto Transactions to Mitigate Economic Risks

4. Crypto Exchanges and Platforms

  • Cardano Gains Momentum With Rising On-Chain Trading
  • Pepe Whale Transfers $15 Million in Tokens to Binance
  • Solana's Active Addresses Surge

5. Blockchain and Protocol Updates

  • Cosmos Hub Approves Liquid Staking Module Implementation

US Department of Justice Investigates Binance Sanctions Breach

Binance is being investigated by the US Justice Department over potential breaches of sanctions involving Russia. The CFTC has already sued the exchange and founder Changpeng "CZ" Zhao. Binance is also under investigation by the IRS and various federal prosecutors over concerns about poor adherence to AML and KYC controls. 

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Senator Warren to Increase Regulation of Crypto-Related Crime

US Senator Elizabeth Warren emphasized crypto's use in sanctions evasion and crime, including more than $20 billion in illicit transactions in 2022 and at least $8 billion moved through cryptocurrency by Russia and North Korea. Warren plans to reintroduce a bill to increase regulation of crypto-related crime.


SEC Awards Largest-Ever $279 Million Whistleblower Payout

The US Securities and Exchange Commission has awarded its largest-ever whistleblower sum of $279 million. The award is more than double the previous record and higher than all the whistleblower awards issued in 2021 combined. The SEC's whistleblower programme was created in 2010.


Bitcoin Dominance Surges as US Banking Concerns Increase

Bitcoin's price has rebounded, targeting the $30,000 level again as concerns over the US banking sector intensify. Bitcoin's dominance rate has surged from 42% to 49% since March. Argentina's central bank has banned payment platforms from offering cryptocurrencies, hindering BTC's climb towards $30,000.

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Ethereum Co-founder & Foundation Transfer $40M ETH to Kraken

Ethereum co-founder Vitalik Buterin and the Ethereum Foundation have transferred a combined $40 million worth of ETH to Kraken. ETH is trading at $1,940, with on-chain data firm Santiment anticipating a break past the $2,000 level and increased market volatility

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Source: Santiment

The active validator count on Ethereum's proof-of-stake network has declined after its Shapella upgrade, with many validators withdrawing ETH coins that resulted in a fall in ETH prices, despite a temporary surge. ETH whale accumulation has increased while smaller holders dumped some ether. Weighted sentiment is negative, which could make any significant price spike unlikely.


Argentina Bans Crypto Transactions to Mitigate Economic Risks

Argentina's central bank has banned payment providers from offering crypto transactions in an attempt to reduce the country's exposure to digital assets. The move comes amid hyperinflation that has driven cryptocurrency adoption in Argentina, with bitcoin hitting a record high in the country's peso in April. Over 30% of consumers in Argentina use stablecoins for small retail transactions under $1,000.


Cardano Gains Momentum With Rising On-Chain Trading

Cardano (ADA) has remained in the $0.38-$0.40 range, supported by rising on-chain trading volume and large transactions from whales. Cardano's ecosystem is showing promising signs, with new DeFi projects such as the DJED stablecoin driving growth in smart contract trade value locked. The long-term prospects of Cardano look promising, leading to increasing smart money activity.

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Pepe Whale Transfers $15 Million in Tokens to Binance

Pepe whale has transferred 4.23 trillion Pepe tokens worth roughly $15.6 million to Binance after the cryptocurrency was listed on the exchange, triggering speculation of a price crash. The whale's average buying cost was $0.0000002535, indicating a potential profit of $14.5 million. 

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Pepe's market cap now stands at over $1.4 billion. Pepecoin, a new meme token, has made early investors huge profits, with one trader turning $263 into $9 million, according to Arkham Intelligence. Analysts have highlighted concerns over the concentrated ownership of the token.


Solana's Active Addresses Surge

Solana's daily active addresses surged by 150,000 in the past 24 hours, contrasting the downtrend observed on Ethereum and Polygon. Additionally, Solana experienced a surge in stablecoin growth and DEX volume, and gained optimism from stakers, with a 2.99% increase in staking addresses over the last week.

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Cosmos Hub Approves Liquid Staking Module Implementation

The Cosmos Hub has passed a signal proposal to replace its staking, distribution, and slashing modules with Liquid Staking Module (LSM), allowing ATOM holders to liquid-stake without waiting for a 21-day unbonding period. Up to 25% of liquid staking tokens can be staked, attracting ATOM holders looking for yield. The proposal is expected to be implemented later in the year.

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Top Altcoin Gainers and Losers

Gainers:

Pepe PEPE (+53.79%)

eCash XEC (+5.39%)

Uniswap UNI (+3.51%)

Losers:

PancakeSwap CAKE (-8.62%)

Optimism OP (-7.50%)

Conflux CFX (-4.04%)

NFT Market Map

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Pudgy Penguins, a blue chip NFT project, has signed a representation deal with William Morris Endeavor talent agency. It is the 21st highest-selling NFT project of all time, having generated $250.2 million of sales on secondary markets since its launch in July 2021. The project is looking to expand its brand and audiences across film, television and gaming.

This article has been refined and enhanced by ChatGPT.

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