Weekly Update: 11 May 2023
1) Binance NFT marketplace to support Bitcoin Ordinals in late May 2023[Blockworks]
– Ordinals adoption enables seamless trading and revenue generation after record transaction surge on Bitcoin network.
2) Bitcoin withdrawal issues on Binance dismissed by CEO[The Block]
– Binance CEO, CZ, attributes temporary halt to network congestion and fees, denies speculation on billions in withdrawals.
3) Bitcoin at $650 premium on Binance.US[CoinDesk]
– Market makers exit due to anticipated regulatory action, leading to weak market depth and compliance requirements.
4) PEPE meme coin craze raises Ethereum gas fees[Decrypt]
– Soaring demand for meme coins drives average transaction cost above $15.82, impacting layer-2 scaling solutions.
5) Prime Protocol introduces bridgeless cross-chain token transfers[CoinDesk]
– The new DeFi protocol allows users to borrow against their assets across multiple blockchains without relying on token bridges.
6) Bittrex files for bankruptcy after SEC complaint [Reuters]
– SEC accused Bittrex of operating an unregistered securities exchange; non-US operations remain unaffected.
7) Coinbase focuses on UAE amid US regulatory tensions [The Block]
– CEO praises progressive UAE regulations as company seeks global expansion, while maintaining long-term commitment to US.
8) SEC removes ‘digital assets’ definition from hedge fund rules [The Block]
– SEC avoids initial official statement on digital assets, affecting Form PF rules for investment advisers.
9) 62% family offices uninterested in crypto: Goldman Sachs [Cointelegraph]
– Wealthy investors concerned with market volatility, preferring equities and fixed-income exposure, but still open to aggressive allocations.
10) Goldman Sachs, Moody’s join Canton blockchain network[The Block]
– Privacy-enabled network for institutional assets to launch in July, testing interoperability capabilities across applications.
