US President v Crypto ⚖️
US President v Crypto ⚖️
The crypto pickle for candidates running for the job of US President. Dormant Ethereum wallet reawakens after 8 years. Jimbos protocol hacked for $7.5M. Counting metaverse property losses.
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As we approach June 1, the big question mark remains: will Washington get its act together in time, or are we in for a wild ride? And what kind of rollercoaster will it be for the markets if they pull off a last-minute deal?
Anyway, the crypto markets seem to have a glimmer of hope in their eyes, pricing in a little faith in this rare moment of bipartisanship.
We're inching closer and closer to America's very own "X-date," the day when the government's debt obligations become impossible to meet.
The White House is getting antsy and warns that disaster is looming if we don't raise that pesky debt ceiling. Yellen, the Treasury Secretary, even said it would be an "economic catastrophe."
But the good news: The clouds are parting, and the debt deal is finally in sight! President Joe Biden and House Speaker Kevin McCarthy have joined forces and hammered out a final agreement to raise the US debt ceiling, saving citizens from a potential government default. The leaders are now working to gather support from the political middle in Congress before a June 5 deadline.
The deal includes spending cuts but risks angering some lawmakers. Biden urged both parties to come together for swift passage, stating that the agreement prevents the worst possible crisis in the nation's history. The bill text is being drafted and posted for review.
Here’s the deets for a read.
"The agreement prevents the worst possible crisis, a default, for the first time in our nation's history," Biden said. "Takes the threat of a catastrophic default off the table."
Bitcoin is happy👇🏻
Bitcoin has hopped up by 2.9% in the past day, reaching around $27,500. Ethereum, always trying to keep up, has climbed by 1.4% to around $1,850.
Over the past week, some altcoins, including Cardano and Solana, rising 3.4% and 5.2%, respectively.
Let's have a look at US Presidential Candidates' stance on crypto
Democratic Candidates:
Joe Biden - The current president, Joe Biden, seems to have a bone to pick with crypto. He sees it as a mirage, claiming that many crypto assets have "no fundamental value." He's not a fan of perceived tax loopholes and wants to crack down on crypto wash sales. Biden's definitely not throwing a crypto party anytime soon.
Robert F. Kennedy Jr. - Kennedy's rocking some pro-crypto vibes. He believes crypto technologies are an innovation engine, and he even accepts Bitcoin for donations. He also opposes Biden's proposed crypto tax and CBDCs ✅
Marianne Willamson - Williamson remains a mystery regarding her stance on crypto. She expressed disappointment with the Canadian government's blocking of crypto wallets during the trucker protests in 2022. That's something.
Republican Candidates:
1. Donald Trump - Ah, the NFT-selling former president, Donald Trump. Although into NFTs, He's not a big fan of crypto, calling it a disaster waiting to happen. He's even labelled Bitcoin as "a scam" and voiced concerns about it challenging the mighty US dollar. Before joining the crypto community, Trump might need a crash course in crypto lingo. "Cryptocurrencies" were mentioned in his 2021 budget proposal, but that too to explain their use in crimes.
2. Ron DeSantis - Florida Governor Ron DeSantis is waving the crypto flag proudly. He wants to protect Bitcoin and criticised Congress for not addressing crypto regulations. DeSantis's budget proposal for Florida included allowing businesses to pay state fees with cryptocurrencies. And he is against CBDCs ✅
3. Vivek Ramaswamy - The pharma firm founder and long-shot Republican candidate wants to break free from the chains of securities regulations and believes Bitcoin should not be considered a security.
Also, while the general sentiment towards crypto might be a bit shaky, top-notch brands are turning heads and venturing into the digital asset realm. Chick-Fil-A, Toyota, Pfizer, and Samsung are all taking a leap into the world of digital assets.
TTD Wakeup 💁
An Ether wallet that had been inactive since 2015 suddenly came alive, moving a total of 8,000 ETH in just two minutes.The wallet had received 8,000 ETH during Ethereum's ICO in 2015 and remained inactive until May 27 when the owner initiated a transfer.
The ETH stash is currently worth approximately $14.7 Million.
Speculation arose in the community about the reason for the transfer, with some suggesting the owner had been released from prison or was transferring funds from an old Ledger.
The 8,000 ETH was purchased at a price of $0.31 per token during the ICO, resulting in a significant gain for the owner at today's prices. The new wallet address associated with the transfer had minimal transaction history, except for a recent incoming transaction of 207 ETH.
Similar instances of ICO-era wallets reawakening have been observed in recent months, with dormant wallets making significant transfers after years of inactivity.
The Ethereum ICO raised $18 million in 2014, and investors had to wait over a year to redeem and use their Ether.
Dormant wallets with large sums of cryptocurrency can awaken for various reasons, including hacking incidents or owners rediscovering and deciding to sell their holdings.
TTD Metaverse ♒
Prices of virtual lands in top metaverses have significantly declined from their peak prices in 2022.
A study by CoinGecko reveals that metaverse properties like Otherdeeds, The Sandbox, Decentraland, Somnium, and Voxels have experienced depreciation in value.
Tech giants and major economies are exploring the potential of the metaverse through investments and initiatives.
Apple is set to release a mixed-reality headset, which could reignite global interest in the metaverse. Analysts believe that Apple's track record of delivering high-quality, market-shifting products could have a significant impact on the metaverse market.
According to a report by product expert Mark Gurhman, Apple's new headset is scheduled to launch on June 5, creating anticipation for its potential effects on the metaverse landscape.
TTD Numbers 🔢
$7.5 Million
Jimbos Protocol, the liquidity protocol of the Arbitrum system, has suffered a hack resulting in a loss of 4,000 Ether (ETH), worth around $7.5 Million at the time. The attack took advantage of the lack of slippage control on liquidity conversions, allowing the attacker to reverse swap orders for their own benefit.
Jimbos Protocol, which aimed to address liquidity and volatile token prices, had a logical vulnerability in its mechanism, leading to favourable conditions for the attackers.The price of the underlying token, Jimbo (JIMBO), dropped by 40% following the hack.
The attackers extracted 4,090 ETH from the Arbitrum network and transferred approximately 4,048 ETH from the Ethereum network using the Stargate bridge and the Celer Network.
Hacking incidents in DeFi protocols are not uncommon, although there has been a decline in the number of attacks compared to previous years. The DeFi ecosystem continues to face challenges in enhancing security measures and safeguarding against vulnerabilities and unauthorised access.
TTD Blockquote 🔉
Phil McKenzie, co-founder MyCo’s, a streaming platform that lets users earn crypto by viewing content.
“It's about marrying the two together and bridging them.”
McKenzie believes that Web3 technology has the potential to revolutionise industries but still requires traditional media to bridge the gap. He emphasises the importance of partnerships with traditional media organisations to help them adapt to emerging content distribution methods.
The company’s revenue-sharing model allocates 35% to viewers and 65% to content license holders. The "watch-and-earn" model is gaining popularity, reflecting the evolving landscape of content streaming and consumption.
TTD Surfer 🏄
Crypto exchange Huobi has announced the launch of Huobi HK, to offers spot trading and virtual assets custodian services in Hong Kong.
Bali's provincial government will crack down on foreign tourists using crypto as a means of payment.
Cryptocurrency exchange Bybit continues the expansion of its operations after receiving “in-principle” approval from regulators in Kazakhstan.
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