Crypto Market UpdateWritten by VanTable of contents:1. Regulatory and Legal UpdatesUS Department of Justice Investigates Binance Sanctions BreachSenator Warren to Increase Regulation of Crypto-Related CrimeSEC Awards Largest-Ever $279 Million Whistleblower Payout2. Banking and Financial ConcernsBitcoin Dominance Surges as US Banking Concerns IncreaseEthereum Co-founder & Foundation Transfer $40M ETH to Kraken3. Country-Specific DevelopmentsArgentina Bans Crypto Transactions to Mitigate Economic Risks4. Crypto Exchanges and PlatformsCardano Gains Momentum With Rising On-Chain TradingPepe Whale Transfers $15 Million in Tokens to BinanceSolana's Active Addresses Surge5. Blockchain and Protocol UpdatesCosmos Hub Approves Liquid Staking Module ImplementationUS Department of Justice Investigates Binance Sanctions BreachBinance 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. Senator Warren to Increase Regulation of Crypto-Related CrimeUS 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 PayoutThe 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 IncreaseBitcoin'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.Ethereum Co-founder & Foundation Transfer $40M ETH to KrakenEthereum 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. Source: SantimentThe 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 RisksArgentina'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 TradingCardano (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.Pepe Whale Transfers $15 Million in Tokens to BinanceA 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. 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 SurgeSolana'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.Cosmos Hub Approves Liquid Staking Module ImplementationThe 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.Top Altcoin Gainers and LosersGainers: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 MapPudgy 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.