Author: Coindesk

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.…

The dip echoed through multiple asset classes, but bitcoin gradually erased all its losses, and was up over 1% over the past 24 hours, outperforming U.S. equities and gold, both of which finished with sizable declines for the day. At press time, bitcoin had slipped a bit from the $70,000 level, trading at $69,800. Read the full article here

The government denied the majority of Nerayoff’s claims in a filing of its own, including the assertion that Nerayoff’s colleague and former co-defendant on the extortion charges, Michael Hlady, was a government informant. Nerayoff’s lawyers maintain that Hlady, who was convicted of swindling Catholic nuns out of nearly $400,000 in 2010, was “insinuated … into [his] orbit” by the FBI, in order to help them build a case against Nerayoff. Read the full article here

The layer-1 says it believes it is uniquely positioned to make AI open source, given its not-for-profit and decentralized nature. The company also said the growth of revenue incentives will always take over at for-profit companies, whereas at NEAR, its token economy will create value in an open, permissionless ecosystem. Read the full article here

MEME COIN GENERATOR GO BRRR… In last week’s The Protocol, we made the point that blockchain teams have, generally speaking, succeeded in coopting the über-power of printing one’s own money, long reserved for governments and banks. An integral element of the process are the various “launchpads” that teams use to spin up their new tokens. In an article this week, CoinDesk’s Shaurya Malwa highlighted a project called Pump, which in the short period since going live last month has already earned $5 million in fees – partly due to the meme coin frenzy on the Solana blockchain. “Selling shovels in…

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.…

The issue, here and in the development of many other crypto instruments, has always been market microstructure. Crypto began as a grassroots ideological experiment with buy-in from a very niche group of people who wanted to exchange an asset that had no certainty around it. As a result, the market microstructure that was designed to service it was self-serving, unguided, and naturally unregulated. Some of the infrastructural issues that exist today in crypto such as fragmented liquidity, no consensus around centralized pricing mechanisms, and supply/demand disparities from one trading platform to another are legacy challenges that are just now becoming…

Metaco, whose CEO Adriene Treccani and chief product officer Peter Demeo both recently departed, has now lost Angel Nunez, who was CTO and chief customer officer, according to a person familiar with the matter, who shared an internal email detailing some of the departures with CoinDesk. The head of sales, Craig Perrin, as well as marketing manager Mei Li Powell, head of product marketing, plus marketing officers Gene Peterson and Rahul Mudgal have also left the firm, according to the person Read the full article here

Bringing more complex products to the network had the effect of using up more block space, and competition for this space drove up transaction fees. In fact, in May of 2023, during the height of the initial Ordinals craze, transaction fees accounted for a full 43% of the total income per block. Later in 2023, Ordinal demand again spiked and saw fees on individual transactions spike as high as $37, a level not seen in over two years prior. Read the full article here

A series of Fed members have made clear they’re not inclined to begin easing monetary policy until seeing a sustained path, i.e., more than just one monthly report, of inflation trending downward. Traders, meanwhile, have quickly whittled away their expectations of rate cuts, and prior to this morning’s report had priced in just two or three for the full year, according to the CME FedWatch Tool, with the first move coming in June or July. Following the new inflation data, the tool now shows September as the most likely time for an initial rate cut. Read the full article here