R2 money

Bitcoin is showing the strength it needs for continuation higher, says Michaël van de Poppe, after key trend lines are preserved. Bitcoin ( BTC ) saw five-day highs on May 15 as a rebound continued after the Wall Street open. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $40,000 "still a magnet" for BTC price Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $27,666 on Bitstamp. The pair held strength on hourly timeframes after a weekly close just below the $27,000 mark. With United States equities in a tight range on the day, crypto analysts looked for cues over where markets might go next. For Michaël van de Poppe, founder and CEO of trading firm Eight, the outlook was good. “Bitcoin breaks upwards and tests $27,600. Good signs,” he summarized . “Weekly timeframe; Holding 200 MA and EMA. I think we're continuing towards $38,000-42,000 from here.” Van de Poppe referenced the 200-week moving average and exponential mo...

Tether Holdings wants to make sure the world is aware of its positive first-quarter attestation in the face of rumors and criticism. Stablecoin operator Tether Holdings pulled over $4.5 billion out of banks in the first quarter of 2023, causing a “substantial reduction” in counterparty risk, the company reported in a post touting its latest attestation by BDO Italia.  Tether’s ( USDT ) market capitalization grew from $66 billion to over $82 billion in the first quarter, while Tether shed over 90% of its bank deposits, bringing it down from $5.3 billion to $481 million. Tether said the remaining bank deposits are spread out among several banks, referring to its competitors that suffered losses after recent bank failures. Simultaneously, Tether boosted its United States Treasury bills to a new high of over $53 billion, or 64% of its reserves. Combined with other assets, Tether’s USDT token is now backed by 85% cash, cash equivalents and short-term deposits “that can be sold rapi...

The SEC originally wanted LBRY to pay millions of dollars in penalties, but now concedes the defunct firm can’t pay up that amount. The United States securities regulator is seeking to revise its $22 million punishment against decentralized content platform LBRY, acknowledging it is unlikely to be able to cough up the funds to be able to pay it.  In a May 12 filing in a New Hampshire District Court, the Securities and Exchange Commission (SEC) sought an amendment to its request for remedies in its successful case against LBRY. Instead of seeking the original $22 million — the amount it claims LBRY gained from the sale of its token LBRY Credits (LBC), the SEC has asked the court to impose a fine of $111,614, citing LBRY’s “lack of funds and near-defunct status.” The request also asks to stop LBRY from “conducting future unregistered offerings of crypto asset securities.” “The Commission acknowledges LBRY’s representations that it is defunct, ceasing operations, and without t...

Ethereum core developers released patches for Prysm Labs and Teku clients in response to a Beacon Chain issue preventing block finalization. Ethereum core developers rolled out patches for Prysm Labs and Teku clients as a response to two Beacon Chain finality issues within a 24-hour period. The Beacon Chain serves as the consensus layer for the Ethereum network.  On May 11, Ethereum developers reported that the Beacon Chain was experiencing problems confirming transactions . Although new blocks were able to be proposed, an unknown issue prevented their finalization. The outage lasted around 25 minutes. A similar issue took place on May 12, preventing block finalization for over an hour. Finality was unable to be reached for 3 and 8 epochs, said the Ethereum Foundation in a statement shared by an Ethereum consultant on Twitter. The issue "appears to have been caused by high load on some of the Consensus Layers clients, which in turn was caused by an exceptional scenario."...

Jump Trading and its CEO Kanav Kariya are accused of violating United States regulations and unjust enrichment in the lawsuit. A lawsuit filed in a district court in Illinois details Jump Trading's alleged involvement with Terra Labs in manipulating the price of algorithmic stablecoin TerraUSD (UST). According to court documents from May 9, the firm purchased millions of UST tokens in 2021 hoping to manipulate its value to reach $1.  Plaintiff Taewoo Kim is accusing Jump and its CEO Kanav Kariya of violating both the Commodity Exchange Act and the Commodity Futures Trading Commission (CFTC) regulations, as well as common law unjust enrichment. According to the lawsuit, Jump Trading was an early partner and primary financial backer of Terraform Labs. Between November 2019 and September 2020, Jump entered into several agreements with Terraform and its affiliates "to borrow tens of millions of LUNA tokens" from Terra and "provide market-making services for transact...

After community approval, BIT holders will undergo a token conversion process for the new Mantle token. Governance and treasury management will remain unchanged. A proposal seeking to apply a "One Brand, One token" principle has been pushed to a vote on BitDAO's Snapshot, calling for substituting BitDAO's token (BIT) under a new governance token. Snapshot serves as an off-chain governance voting platform for decentralized autonomous organizations (DAOs) and other blockchain projects. According to proposal BIP-21, the BitDAO ecosystem — governance (BitDAO) and product (Mantle) — will be unified as Mantle. Governance processes and treasury management will remain unchanged, but after community approval, BIT holders will undergo a token conversion process for the new Mantle token. The move comes ahead of the mainnet launch of Mantle, a scaling layer-2 protocol built on Ethereum. The mainnet launch is expected in the coming weeks. BitDAO is backed by crypto exchange B...

DAI stablecoin proprietor MakerDAO offered up an AI-heavy roadmap for the future with plans for a new blockchain. MakerDAO, the decentralized autonomous organization (DAO) behind the Dai stablecoin and its related Maker governance token, recently announced a slew of planned updates to its ecosystem, including a heavy focus on artificial intelligence (AI) technologies and the planned development of a new blockchain.  Beginning with an upgrade to unify the organization’s brand, the new roadmap details a five-phase project called “Endgame.”  5 phases of Endgame. Endgame has been defined as an update that employs AI tools and open processes to enhance efficiency, resilience, and participation. A new publication on the Maker Forum outlines its roadmap, which includes the introduction of 5 major launch phases. pic.twitter.com/8GOkIfFADi — Maker (@MakerDAO) May 12, 2023 Per an official forum post written by MakerDAO co-founder Rune Christensen, the first phase of Endgame...