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Discover the excitement and rewards that await you at Xtreme.game with a 100% deposit bonus!Crypto Market UpdateTable of ContentsCrypto Market UpdatesBitcoin Stabilizes Amid Mixed Economic IndicatorsEthereum's Recovery and Meme Coin SurgeBlackRock Faces ETF Outflows as Investors Shift to GoldEuropean Banking Giants Tentatively Enter Bitcoin ETFsInvestment and Trading DevelopmentsPantera Invests in Telegram's Blockchain VentureLayerZero Prepares for Token Launch with SnapshotBuild on Bitcoin Unveils Ethereum Rollup MainnetBlackRock Boosts Digital Asset Securities with InvestmentTether Reports Record Profits Amidst Treasury InvestmentsOptimism Boosted by a16z's $90 Million InvestmentPlatform and Network UpdatesUntangled Finance Debuts On-Chain Securitization on CeloShiba Inu Announces Network Hard Fork StrategyMicroStrategy Introduces Decentralized ID on BitcoinRobinhood and Uniswap Enhance Crypto PurchasesSynthetix to Launch DeFi UX Layer in MayAave Proposes Protocol Upgrade to Enhance FeaturesJito Becomes Largest Protocol on Solana BlockchainBase Announces $2 Million Onchain Summer HackathonCompliance and Regulatory UpdatesBlock Faces Federal Probe Over Compliance IssuesBinance’s Legal News in India, Nigeria, and OregonFBI Arrests Ponzi Scheme Operator Using CryptoSenators Address National Security Concerns Over Crypto MiningSecurity and ExploitsEigenLayer Faces User Withdrawals After AirdropAltLayer Unveils Auto-Compounding Staking TokenPike Finance Clarifies Cause of $1.7 Million ExploitEther and Tether Assets Moved by Dormant HackerMarket DynamicsDecline in NFT Sales Signals Market SlowdownBitcoin Stabilizes Amid Mixed Economic IndicatorsBitcoin is currently showing signs of stabilization and recovery, hovering around $59,000 after a sharp drop. U.S. Federal Reserve's decision to maintain interest rates and hint at a softer monetary approach in the future has helped steady the market. Despite this, the lack of dramatic rate cuts expected by investors has led to a more subdued outlook for the summer, potentially limiting Bitcoin's price movements. Several factors such as a robust U.S. job market and consistent inflation rates suggest that significant policy changes may not occur soon, influencing investor sentiment and Bitcoin's trading pattern within a tight range. Additionally, while the overall market has faced downturns, specific projections indicate potential bullish scenarios for Bitcoin as it aligns more closely with traditional financial markets through mechanisms like spot ETFs.Ethereum's Recovery and Meme Coin SurgeEthereum has seen a recovery in network activity, hinting at a potential bullish turnaround. The cryptocurrency market is experiencing significant growth in meme coins today, with PEPE and BONK leading on Ethereum and Solana respectively. Despite a broader downturn, Bonk has surged by 50%, becoming the fifth-largest meme coin and surpassing FLOKI’s market cap. Analysts predict a consolidation phase for Bitcoin post-halving, with implications for the altcoin market. The overall sentiment is cautiously optimistic, with potential regulatory changes and meme coin developments drawing interest.BlackRock Faces ETF Outflows as Investors Shift to GoldOn May 1, BlackRock's iShares Bitcoin Trust (IBIT) experienced its first-ever outflow of $36.9 million, signaling a broader trend of record outflows totaling $563.7 million across U.S. spot Bitcoin ETFs. Notably, the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest single-day loss of $191.1 million. This significant market shift occurred despite Fed Chair Jerome Powell ruling out an interest rate hike. The downturn in Bitcoin's price coincided with these outflows, dipping below $57,000 for the first time since February. In contrast, the gold market has seen significant inflows this year despite outflows from major ETFs, with a notable price increase of 16%.European Banking Giants Tentatively Enter Bitcoin ETFsBNP Paribas, Europe's second-largest bank, invested in BlackRock's iShares Bitcoin Trust (IBIT), purchasing 1,030 shares for about $41,684, reflecting a cautious foray into Bitcoin ETFs despite prior disinterest in cryptocurrencies. VanEck reports about $175 billion in Bitcoin holdings across ETFs, nations, and companies, highlighting growing institutional recognition of Bitcoin as a store of value, accounting for roughly 15% of all Bitcoin. Meanwhile, BlackRock predicts a new investor wave in Bitcoin ETFs, including sovereign wealth and pension funds, and has accumulated over $76 billion in such ETFs since their January approval. They focus on educating these institutions, not just leading in ETF market share.Pantera Invests in Telegram's Blockchain VenturePantera Capital, with over $5 billion in assets, has invested in The Open Network (TON), a promising layer 1 blockchain. TON, initially developed by Telegram, has made significant strides, including integration with Tether and plans to tokenize stickers and emojis into NFTs. This investment underscores TON's potential for widespread crypto adoption. LayerZero Prepares for Token Launch with SnapshotLayerZero, a cross-chain interoperability protocol, has completed the first snapshot for its upcoming airdrop, hinting at a native token launch in early 2024. Its ZRO perpetual futures contract is trading at $8.6 on Hyperliquid, indicating a potential $17 billion fully diluted valuation. Airdrops, while intended to boost protocol usage, are facing challenges from professional airdrop hunters. Build on Bitcoin Unveils Ethereum Rollup MainnetBuild on Bitcoin (BOB) has launched its Ethereum rollup mainnet, boasting $300 million in total value locked with 40+ dapps. Combining Bitcoin's global adoption with Ethereum's DeFi capabilities, BOB aids Bitcoin DeFi expansion. The project plans to implement merged mining for Bitcoin security and introduce BitVM for BTC bridge safety, aiming to unite Web3 ecosystems for mass adoption. BlackRock Boosts Digital Asset Securities with InvestmentBlackRock led the $47 million round for Securitize, marking a pivotal advancement in digital asset securities. Securitize intends to leverage the funding for product development, global expansion, and strengthening industry collaborations. The partnership with BlackRock has already yielded the world's largest treasury fund tokenized on Ethereum, cementing the rise of tokenized real-world assets. Tether Reports Record Profits Amidst Treasury InvestmentsTether, the stablecoin leader, achieved a record-breaking $4.52 billion net profit in Q1 2024, driven by investments in US Treasury bonds and appreciating Bitcoin and gold reserves. Its net equity surged to $11.37 billion, with a strategic $90 billion in US Treasury bonds. The company issued 12 billion new USDT tokens, reflecting its strong financial position. Optimism Boosted by a16z's $90 Million InvestmentOptimism's OP token gained 11% in a day, boosted by a16z's $90 million investment. The two-year vesting period signals confidence in the Layer 2 protocol. Optimism's growing ecosystem usage and scalability advantages on Ethereum have attracted attention, promising further innovation and development with a16z's support. Untangled Finance Debuts On-Chain Securitization on CeloUntangled Finance launched its initial on-chain securitization pool on the Celo blockchain, structured under Luxembourg's securitization laws and collateralized by French working capital assets. The pool, with a $6 million debt ceiling, targets DeFi investors and aims to democratize access to private credit, showcasing potential for tokenized real-world assets to enhance stability and reliability. Shiba Inu Announces Network Hard Fork StrategyThe Shiba Inu team unveils a two-phase hard fork strategy for Shibarium to optimize network performance and scalability. The Bor layer update targets state sync issues, while the Heimdall layer enhances transaction finality. These upgrades aim to enhance efficiency, reduce costs, and align with Ethereum standards to improve interoperability and network robustness. MicroStrategy Introduces Decentralized ID on BitcoinMicroStrategy unveiled MicroStrategy Orange, a decentralized ID platform on Bitcoin at their event. This platform allows issuing digital identifiers on the Bitcoin blockchain for enhanced security. Prepackaged Orange apps address specific digital identity challenges. Integration opportunities include Bitcoin-based digital identity in various platforms and participation in the verifiable credential ecosystem for more extensive verification. Robinhood and Uniswap Enhance Crypto PurchasesRobinhood partnered with Uniswap to simplify crypto purchases for US users by integrating Robinhood Connect into the Uniswap mobile app, offering $10 in USD Coin for eligible customers. Uniswap's mobile app serves as a DeFi wallet with multiple fiat on-ramp providers, including Coinbase Pay and Moonpay, enhancing accessibility despite some user concerns about transaction fees. Synthetix to Launch DeFi UX Layer in MaySynthetix founder Kain Warwick confirmed the May 13 launch of Infinex, the "UX Layer" of DeFi, presenting a self-custodial account system with Web2 authentication. The platform aims to ease users' entry into DeFi. Despite a security breach delaying the launch, Warwick expects 10,000 genuine users and $50 million total value locked in the first 30 days, and possibly "hundreds of thousands" within a year. Aave Proposes Protocol Upgrade to Enhance FeaturesAave Labs' proposed protocol upgrade aims to enhance its features, including the stablecoin GHO, a Unified Liquidity Layer, and cross-chain liquidity. The update entails automated interest rates via Chainlink data, Liquidity Premiums based on collateral risk, and user management enhancements. It also outlines improvements to GHO with a more efficient liquidation engine and an emergency redemption mechanism. Jito Becomes Largest Protocol on Solana BlockchainJito has claimed the top spot as the largest protocol on the Solana blockchain, with a Total Value Locked (TVL) of $1.4 billion. This surge represents approximately 38% of Solana's ecosystem TVL. Additionally, Jito has joined the top-five cohort in the liquid staking market across all blockchains, accounting for 3% of the $45.5 billion value locked in such protocols. Base Announces $2 Million Onchain Summer HackathonBase announces the Onchain Summer II hackathon, commencing on June 3 with rewards totaling $2 million in ETH. The event aims to promote on-chain adoption through daily experiences and will showcase featured projects to a wide web3 audience. Base, the third-largest Layer 2 network with a TVL of $5.18 billion, has seen significant growth and plans to launch Coinbase's Smart Wallet on the mainnet during the campaign. Block Faces Federal Probe Over Compliance IssuesBlock, the fintech giant, is under federal probe after alleged compliance lapses, including processing transactions with entities in US-sanctioned nations and facilitating crypto transactions for terrorist groups without reporting as required. Internal upheaval and unexpected board member departures raise concerns about governance and compliance. The company's extensive work with crypto adds to the scrutiny. Binance’s Legal News in India, Nigeria, and OregonThe Indian Enforcement Directorate seized over $10.5 million in assets from a scam called E-Nuggets, involving properties, cryptocurrencies, and cash, working with exchanges like Binance and ZebPay. In Nigeria, a court postponed the money laundering trial of Binance executives until May 17, delaying over missing legal documents, with all parties pleading not guilty. Meanwhile, Oregon became the sixth state to revoke Binance.US's license following its former CEO's felony guilty plea, highlighting increasing regulatory backlash in multiple states against the crypto exchange. FBI Arrests Ponzi Scheme Operator Using CryptoThe FBI arrested Idin Dalpour for allegedly orchestrating a $43 million Ponzi scheme involving a Las Vegas hospitality business and cryptocurrency trading. Dalpour promised investors high returns through fabricated ventures and falsified documents. The funds were instead used to repay earlier investors, cover personal expenses, and finance extravagant gambling losses and private school tuition. Senators Address National Security Concerns Over Crypto MiningSenators Elizabeth Warren and Angus King have raised concerns about Iran's extensive reliance on cryptocurrency mining to evade U.S. sanctions, exacerbating national security risks. They urged top officials to detail measures addressing this threat, emphasizing Iran's significant role in bitcoin mining, energy grid strain, and involvement in crypto money laundering and ransomware operations. EigenLayer Faces User Withdrawals After AirdropEigenLayer, the third-largest DeFi protocol with $14.5 billion in total value locked, has seen approximately 13% of its users initiating withdrawals since the release of airdrop allocations. Despite nearly 14,000 wallets withdrawing, the amount constitutes less than 0.25% of EigenLayer's TVL. The project is facing backlash for geo-blocking countries and restricting EIGEN token transferability. AltLayer Unveils Auto-Compounding Staking TokenAltLayer has launched the second phase of its staking program, unveiling the restaked ALT (reALT) token. This ERC-20 token auto-compounds rewards earned by staking ALT. The shift to reALT-powered pools, including the Xterio pool, increases staking yields and community engagement. The move aligns with preparations for the upcoming MACH Alpha launch to enhance Layer 2 rollup security and scalability. Pike Finance Clarifies Cause of $1.7 Million ExploitPike Finance amended a statement, distancing a $1.7 million exploit from USDC vulnerabilities, attributing it to flaws in its contract functions. Two attacks led to significant losses. The first exploit involved issues with USDC transfers, exploited by altering receiver addresses. The second, post-network upgrade, allowed unauthorized fund withdrawals due to contract behavior errors. Ether and Tether Assets Moved by Dormant HackerThe hacker who stole $7.4 million from Hundred Finance moves $800,000 in Ether and Tether assets after a year of dormancy. The total holdings in their Ethereum wallet are $4.3 million, comprising various crypto assets. Recent reports indicate a decline in crypto losses in April 2024, with flash loan attacks decreasing significantly. Top Altcoin Gainers and LosersGainers:Arweave AR (+23.09%) Pepe PEPE (+21.88%) Bonk BONK (+15.92%) Losers:We have no loser in the top 100 today. NFT Market MapDecline in NFT Sales Signals Market SlowdownIn April, NFT sales fell by 31.26% to $1.15 billion compared to March, according to CryptoSlam data. Bitcoin led with $597.62 million in sales, while Ethereum saw a significant 56.8% drop to $247.32 million. Bitcoin's Uncategorized Ordinals was the top collection, earning $314.82 million. Ethereum's Cryptopunk #635 sold for $12.4 million, marking the most expensive NFT sale. This article has been refined and enhanced by ChatGPT.