Cryptocurrencies

Top news this week: Cryptocurrency trader transfers $3,000

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Top news this week

Cryptocurrency Trader Turns $3K into $46M in One Month as PEPE Prices Rise

One savvy trader made $46 million in profits, representing a staggering 15,718 times return on his initial investment of $3,000. The anonymous wallet purchased 4.9 trillion PEPE for $3,000 on April 15, which is currently worth over $56 million. The trader sold 1.41 trillion PEPE for $7.4 million and is currently sitting on 3.5 trillion PEPE, worth $38.9 million, according to a May 15 post from Lookonchain. PEPE’s market cap was around $4.5 billion on May 15, making it the third-largest memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB).

Vitalik Buterin proposes a complete overhaul of the Ethereum gas model

Ethereum co-founder Vitalik Buterin proposed the Ethereum Improvement Protocol, EIP-7706, which introduces a new gas model for transaction call data. These new fees will be separate from the current gas fees for executing transactions and storing data. The proposal aims to reduce the costs of data-heavy but not computation-intensive transactions by setting separate fees for call data, different from the costs of executing contract code or storing data in “blobs.” If the proposal is accepted, the Ethereum network will be responsible for setting call data costs independently of other costs.

Tornado Cash developer guilty of money laundering

Alexei Burtsev, developer of the Tornado Cash cryptocurrency mixing protocol, has been found guilty of money laundering, raising potentially serious consequences for open source code developers. The developer was sentenced to five years and four months in prison for laundering $1.2 billion in illicit assets on the platform. The ruling came despite Tornado Cash being a non-custodial cryptocurrency mixing protocol – meaning funds that pass through the protocol are never held or controlled.

More than 600 companies disclose combined investments worth billions in Bitcoin ETFs

Over the past week, more than 600 companies disclosed significant investments in Bitcoin spot exchange-traded funds (ETFs) in their 13F filings with the US Securities and Exchange Commission. According to the data, professional investment firms reported holding $3.5 billion worth of Bitcoin ETFs. Among them are Morgan Stanley, JP Morgan, Wells Fargo, UBS, BNP Paribas, Royal Bank of Canada and hedge funds such as Millennium Management and Schoenfeld Strategic Consulting, which is the largest investor in Bitcoin ETFs with $1.9 billion invested.

Sam Altman believes giving everyone a “slice of the GPT” could pay for universal basic income

Sam Altman, CEO of OpenAI and president of Tools For Humanity, has proposed a new approach to universal basic income (UBI) by using “computing” as a resource. In a recent episode of All-In, Altman discussed how advances in artificial intelligence could reshape the social economy and perhaps replace traditional cash income with a system in which everyone has access to computational resources. The executive suggested that individuals could use their custom accounts from powerful AI systems like GPT-7 for personal use, sell them, or donate them for purposes such as cancer research.

Winners and losers

And at the end of the week, Bitcoin (Bitcoin) he is in $66,662ether (Ethereum) in $3,081 And XRP in $0.52. Total market capitalization is at $2.41 $1 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three winning coins this week are FLOKI (Floki) By 24.25% Baby (baby) at 23.52% and Chainlink (connection) By 15.95%.

The three biggest altcoin losers this week are Ethena (ina) At -14.47%, Worldcoin (global world) At -11.28% and presenting (rendering) At -9.40%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

Most of the quotes are memorable

“I believe that as these two technologies (encryption and artificial intelligence) advance, you can create agents that combine the power of both. “We are only scratching the surface.”

York RhodesDirector of Digital Transformation, Cloud and Blockchain Supply Chain at Microsoft

“Gambling has been around since day one of human life. People like to take risks. Cryptocurrencies are an example of this.”

Zach Broshfounder and CEO of MyPrize

“The SEC is turning cryptocurrency regulation into a political football and forcing President Biden to choose sides on an issue that matters to many Americans.”

Wiley Nickelrepresentative of the United States

“The US government is going after Tether, that’s clear to me.”

Brad GarlinghouseCEO of Ripple

“Privacy is a core value of Bitcoin. Mixing in itself is not a crime. (…) It is like punishing the inventor of the knife instead of punishing the one who uses it.”

Ki Young JooFounder and CEO of CryptoQuant

“Republicans smell blood in the water and are turning hard on cryptocurrencies. “There’s not much time for Biden to save her.”

Hayden Adamsfounder and CEO of Uniswap

Weekly forecast

Bitcoin is moving towards the highs of the range but derivatives traders are watching from the sidelines

According to Capriole Investments founder Charles Edwards, the seasonality of the stock market and cryptocurrencies, coupled with Bitcoin blockchain data, suggests that the BTC price could consolidate for four to five months.

In a new report, Edwards said that Bitcoin continues to fluctuate within the cycle highs in the $58,000 to $65,000 region, with a sustained weekly close above $58,000 “supportive of the continuation of the long-term trend.”

Likening Bitcoin’s price action to gold, which has formed a “huge cup and handle” pattern over the past 13 years, with the “cup” lasting four years, Edwards pointed out how Bitcoin appears to be showing the same chart pattern.

Edwards noted that given the similarities between Bitcoin and gold, there is a possibility that Bitcoin could spend “up to nine months in the high range forming a cup before a measured upward move.” He said:

“The technical picture remains bullish, provided the price remains above $58,000. “The more time we spend in the high range, the more likely this structure will merge into a classic ‘cup and handle’ pattern, which usually sees a strong price rally afterwards.”

FUD for the week

The filing notes that the SEC is exploring reasons to reject Ethereum ETFs

Analysts discovered a March filing with the US Securities and Exchange Commission indicating that the regulator may consider classifying Ethereum as a security. Scott Johnson, an associate at Davis Polk & Wardwell, analyzed a March 4 filing from BlackRock regarding its application to list an Ethereum spot trading fund (ETF) on the Nasdaq. The SEC’s decision deadline was extended until June and public input was requested on whether the ETF should be classified as a commodity. Johnson suggested that the ETF could be rejected if its deposits were classified as securities rather than commodity credit shares.

Coinbase website is down as the cryptocurrency exchange flagged a “system-wide outage.”

Cryptocurrency exchange Coinbase suffered a “system-wide outage,” making its services unusable for those looking to access the cryptocurrency exchange on desktop or mobile. Coinbase informed users of the outage on its official status page, explaining that the “major outage” began at 4:15 a.m. UTC on May 14. Attempts to visit the website resulted in a “503 Service Temporarily Unavailable” error message. The system outage lasted for approximately three hours.

Pump.fun Launcher Memecoin claims a former employee was behind the $1.9 million exploit

Solana memecoin generator Pump.fun claimed that a former employee exploited the company for nearly $2 million through a “curve threading” attack. The former employee used his “privileged position” to access “withdrawal authority” and threaten the protocol’s internal systems, Pump.fun alleged in a May 16 X post. About $1.9 million was stolen out of a total of $45 million held in Pump.fun’s correlation curve contracts. The platform temporarily suspended trading but is now back up and running. The Pump.fun team said Pump.fun’s smart contracts are “secure,” and users affected by the incident will get “100% of the liquidity” they previously had within the next 24 hours.

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Displacement and Past Connections: Steemit Bombing with Andrew Levin

This week’s top magazine pieces

“Legal deals on wheels” for UK cannabis millionaire via cryptocurrencies

Maximilian White, owner of Europe’s largest medical marijuana company, is now embracing cryptocurrencies and blockchain.

OpenAI’s ‘iPhone Moment’ beats Google, AI Lies, Porn and Dating: AI Eye

OpenAI’s Voice Assistant Beats Google, Plus Why AI Lies… and Should They Date Each Other? Artificial intelligence eye.

Bybit’s Notcoin Listing Disaster, Chinese Company’s Profits Increase 12x After Cryptocurrency Buyout: Asia Express

Bybit CEO Apologizes For Notcoin Listing Issues, Hong Kong Crypto ETFs Disappoint, Chinese Company’s Profits Surge 1,100% After Cryptocurrency Buyout

Top News This Week: Cryptocurrency Trader Transfers $3,000Top News This Week: Cryptocurrency Trader Transfers $3,000

Editorial Board

Cointelegraph writers and reporters contributed to this article.

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Hodler’s summary

Taproot activates, K-pop enters the Metaverse, and Staples Center becomes Crypto.com Arena: Hodler’s Digest, November 7-13

By the editorial board
8 minutes
November 19, 2021

The best (and worst) quotes, adoption highlights, regulation, leading coins, predictions and much more – one week on Cointelegraph in one link!

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6 questions for…

6 Questions for Uni Asia from eToro

By the editorial board
3 minutes
October 31, 2021

“Cryptocurrencies are still an emerging asset class, and Bitcoin – the first and largest cryptocurrency – is only 12 years old. “It may take some time to reach $500,000, but the future is bright for Bitcoin and cryptocurrencies more broadly.”

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