📢Goldman Sachs called the condition for the success of algorithmic stablecoins

🏦Analysts at investment bank Goldman Sachs explained that for the viability and long-term prospects of algorithmic stablecoins, they need to find a wider application for payments in the real economy. If such a use case were to expand over time, “it could create a more stable demand base for these assets,” The Block reports, citing a Goldman Sachs report.

https://getblock.net/en/news/goldman-sachs-called-the-condition-for-the-success-of-algorithmic-stablecoins

🖥Broke billionaire to launch TV channel about cryptocurrencies

👍Disrupted billionaire Phil Falcone has started promoting his project called Blockchain TV. The denoscription of the service states that it will be a 24-hour TV channel dedicated to cryptocurrencies, metaverses, and Web 3.0. The project will be launched in the third quarter of 2022.

https://getblock.net/en/news/broke-billionaire-to-launch-tv-channel-about-cryptocurrencies

☝️Andreessen Horowitz analysts recognized the Ethereum ecosystem’s lead in Web 3.0

💻Analysts of the large venture capital fund Andreessen Horowitz (a16z) have called Ethereum the best blockchain ecosystem. According to a 2022 study of the cryptocurrency industry, no project in the field of Web 3.0 can compete with it at the moment. Experts came to this conclusion based on an analysis of the number of developers and active users of various blockchains, among other things.

https://getblock.net/en/news/andreessen-horowitz-analysts-recognized-the-ethereum-ecosystems-lead-in-web-30

​⚠️Microsoft warned of malware for hacking crypto wallets

👾Microsoft, a US-based company, has warned of new malware targeting cryptocurrency wallets. The company has introduced the term cryware, which refers to the theft of information from non-custodial hot cryptocurrency wallets.

https://getblock.net/en/news/microsoft-warned-of-malware-for-hacking-crypto-wallets

​☝South Korean law firm to file lawsuit against Terraform Labs CEO

📃South Korean law firm LKB & Partners intends to file a lawsuit against Terraform Labs CEO Do Kwon on behalf of retail investors. This was reported by the Korean media, citing a statement from the company. Several LKB & Partners’ employees who lost their investments as a result of the TerraUSD (UST) stablecoin value collapse may join the class action.

https://getblock.net/en/news/south-korean-law-firm-to-file-lawsuit-against-terraform-labs-ceo

🚀Binance, Solana, and other market leaders launched the Chainabuse tool to combat fraud

🤝Seven major companies, including Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs, and Civic, have joined forces to create a scam reporting tool about crypto. The free service, called Chainabuse, was launched on Wednesday, May 18.

https://getblock.net/en/news/binance-solana-and-other-market-leaders-launched-the-chainabuse-tool-to-combat-fraud

❗Former Fed chief explained bitcoin’s inability to replace fiat currency

💭Bitcoin will not replace fiat currencies and will not become an alternative form of money. Former US Federal Reserve System (Fed) chief Ben Bernanke expressed this opinion.

https://getblock.net/en/news/former-fed-chief-explained-bitcoins-inability-to-replace-fiat-currency

📢SEC chief said mandatory registration of crypto exchanges is necessary

☝️The US Securities and Exchange Commission (SEC) chief Gary Gensler believes that most of the digital assets fall under his agency’s jurisdiction. In his speech at next year’s Congressional budget hearings, the official stressed that cryptocurrency exchanges should register with the SEC.

https://getblock.net/en/news/sec-chief-said-mandatory-registration-of-crypto-exchanges-is-necessary

⚠️Russian Interior Ministry will be able to seize cryptocurrencies

⚖️The Ministry of the Interior (MVD) of Russia will be able to seize and confiscate digital assets by court order. A special electronic wallet of the department will be created to store such assets. This is reported by RIA Novosti with reference to the MVD’s press center.

https://getblock.net/en/news/the-law-on-digital-currency-what-is-important-for-russian-users-to-know

💥 Cryptocurrency price dynamics 20.05.2022💥

All crypto-assets in the top 10 by market capitalization are in the green zone today:
⬆️ Ripple showed the highest growth for the day: + 7.4%

🟢 BTC - $ 30 145,97 (+3.4%)
🟢 ETH - $ 2 024,42 (+3.6%)
🟢 BNB - $ 308,76 (+4.1%)
🟢 XRP - $ 0,434264 (+7.4%)
🟢 ADA - $ 0,533377 (+4.2%)
🟢 SOL - $ 52,11 (+2.5%)
🟢 DOGE - $ 0,086646 (+2.3%)
🟢 DOT - $ 10,02 (+3.9%)
🟢 AVAX - $ 30,27 (+3.9%)
🟢 TRX - $ 0,07466 (+4.2%)

☝Billionaire Bill Ackman compared Terra’s collapse to the collapse of a pyramid scheme

📊Bill Ackman, the head of Pershing Square Capital Management, compared the collapse of the Terra blockchain ecosystem to the collapse of a pyramid scheme. Ackman explained that the price of the native token LUNA was supported only by demand from new investors and the limited supply of available coins. The ecosystem of the network collapsed when the number of token sellers exceeded the number of buyers.

https://getblock.net/en/news/billionaire-bill-ackman-compared-terras-collapse-to-the-collapse-of-a-pyramid-scheme

🇺🇸Media: the US to require crypto exchanges to segregate corporate and customer assets

📝US President Joe Biden’s administration will require cryptocurrency exchanges to store corporate funds and customer assets separately. A source told CoinDesk that the administration will push for the adoption of the relevant law in the wake of a recent report from Coinbase to the US Securities and Exchange Commission (SEC). It states that the crypto exchange’s customers’ money could be blocked if the company goes bankrupt.

https://getblock.net/en/news/media-the-us-to-require-crypto-exchanges-to-segregate-corporate-and-customer-assets

Bitcoin

On the hourly timeframe, it can be seen an inverted head and shoulders, which could indicate a change in trend. The figure was realized at just around the $29 000 support level. The local uptrend line, which bitcoin broke yesterday (May 19), now acts as resistance and restrains the asset’s rate.

The material is not an investment recommendation and is published for information purposes only. Remember: technical analysis does not guarantee successful trading, as it is based on historical data only.

https://getblock.net/en/market-analysis/btc-review-dated-20052022

#BTC #Analytics

🗣Vitalik Buterin named the release date of Ethereum 2.0

♻️Ethereum co-founder Vitalik Buterin has said that the blockchain’s merge from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS) will take place in August 2022. Buterin told about this at the blockchain summit in Shanghai. The developer added that if there are risks, the Ethereum 2.0 release could be pushed back to September or October of the same year.

https://getblock.net/en/news/vitalik-buterin-named-the-release-date-of-ethereum-20/

🔥Football clubs’ tokens up more than 40% after the launch of the Chiliz burning mechanism

⚽On May 18, fan tokens on the Socios platform rose by more than 40% after the Chiliz protocol launched the mainnet upgrade, and asset burn mechanism that depends on team performance. PSG, JUV, and BAR tokens by football clubs Paris Saint-Germain, Juventus, and Barcelona led the growth.

https://getblock.net/en/news/football-clubs-tokens-up-more-than-40-after-the-launch-of-the-chiliz-burning-mechanism

☝Galaxy Digital chief CEO called the reason for Terra’s collapse

🗣Galaxy Digital CEO Mike Novogratz has spoken out about the collapse of the Terra blockchain ecosystem. The entrepreneur said that the global macroeconomic situation was the cause of the rate collapse of the TerraUSD (UST) stablecoin and its backing token LUNA. He added that the collapse of Terra “dented confidence in crypto and DeFi.”

https://getblock.net/en/news/galaxy-digital-chief-ceo-called-the-reason-for-terras-collapse/

📉Economist predicted the bitcoin price collapse to $3 000 before rising to $500 000

🤔Economist and founder of HS Dent Publishing Harry Dent has allowed the possibility of the bitcoin price to fall below $3 000. In this, he believes the value of the first cryptocurrency could reach $500 000 at the next rise of the crypto market. Dent also expects the widespread adoption of BTC as a digital monetary standard in the long term. He revealed this in a conversation with Kitco News.

https://getblock.net/en/news/economist-predicted-the-bitcoin-price-collapse-to-3-000-before-rising-to-500-000

🔍Chainalysis released DeFi and NFT transaction analysis tool

👀Blockchain analytics company Chainalysis has released a web-based tool to track and visualize transactions in blockchain networks. Storyline reviews smart contracts that support decentralized finance (DeFi) and non-fungible tokens (NFTs). According to Chainalysis, these are two of blockchain’s most criminalized industries, with DeFi protocols already losing more than $1,68 billion to cybercriminals in 2022. The tool is in beta testing.

https://getblock.net/en/news/chainalysis-released-defi-and-nft-transaction-analysis-tool

📉Media: Hashed venture fund lost more than $3,5 billion in unrealized profits to Terra’s collapse

💵Venture fund Hashed, one of Terra’s investors, lost $3,5 billion in unrealized profits due to the collapse of the TerraUSD (UST) stablecoin and its backing token LUNA, CoinDesk reports. That company participated in Terra’s early 2021 venture round, which raised $25 million. Hashed staked $49,9 million in LUNA.

https://getblock.net/en/news/media-hashed-venture-fund-lost-more-than-35-billion-in-unrealized-profits-to-terras-collapse

❗️Terraform Labs’ head faced tax evasion charges

💰South Korea’s Tax Service has accused Do Kwon and the company he founded, Terraform Labs, of evading more than 100 billion won ($78,4 million) in income and corporate taxes.

https://getblock.net/en/news/terraform-labs-head-faced-tax-evasion-charges