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Shibarium Launch Goes to the Dogs: SHIB, BONE, LEASH Tokens Tumbling
Fundstrat's Tom Lee Eyes $150K Bitcoin Amid ETF Approval Buzz; Ripple Labs Fights SEC Appeal; El Salvador's Bitcoin Beach Nurtures Young Crypto Enthusiasts
Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.
Here are the trending news items over the last 24 hours. If you’d like to see it’s realtime updated version, head over to our website here
Deep Dive: Layer Zero
Learn how single-click native token transfers become a reality using LayerZero Endpoints, substantially improving the bridging experience. LayerZero is eliminating liquidity fragmentation by rapidly onboarding new blockchains and applications. Users looking to benefit from effortless and gas efficient token swaps or speculate on a rumored airdrop should explore LayerZero further - https://coinfeeds.io/research/layerzero-pioneering-omnichain-transactions-across-chains
Shibarium's Launch and Related Issues
Headlines: "Shiba Inu’s Ethereum Layer-2 Blockchain Shibarium Goes Live Amid Push for DeFi Growth", "SHIB, BONE, LEASH tokens dip amid rumors of $2.5M Shibarium gaffe", "SHIB Plunges 9% on Apparent Shibarium Bridge Issues", "$1.7 Million Worth of ETH Stuck in Shibarium Bridge!", "Shibarium ‘sloppy launch’ sees $1.8 million stuck in pending state"
Shiba Inu's Ethereum layer-2 blockchain, Shibarium, has gone live. The network, which saw over 21 million wallets created during its testnet phase, aims to position Shiba Inu as a serious DeFi contender. However, the launch was marred by rumors of a significant technical error, with assets bridged to the Shibarium network potentially lost. This has led to a dip in the prices of related tokens such as SHIB, BONE, and LEASH. The Shibarium RPC website is currently down, and the community believes that around $2.46 million worth of funds may be locked due to this issue.
Bitcoin's Future Price Predictions
Headlines: "Bitcoin Slips to $29K, but Fundstrat's Tom Lee Sees $150K on ETF Approval", "Bitcoin Slides to $28.3K After Leveraged Funds Ramp Up Bearish Bets", "Crypto Long Trades Account for 90% of Total Liquidations as Bitcoin, Ether Slump", "Bitcoin's 2023 Bullish Trendline in Focus as Traders Search for Directional Clues", "Bitcoin price could to surge to $180,000 after spot ETF approval, Fundstrat co-founder claims"
Bitcoin's price has slipped to below $29K, but Fundstrat's Tom Lee predicts that the approval of a spot bitcoin ETF could cause the price to jump to over $150,000. Despite the current price action being characterized by low volatility and speculative activity, Lee maintains a bullish view for the long term. However, leveraged funds have increased their bearish bets on bitcoin futures, with two-thirds of their positions being short. This has resulted in significant losses for bitcoin and ether futures traders.
SEC's Actions Against Crypto Companies
Headlines: "Trump Owns Even More Crypto Than First Known, New Documents Show", "Ripple Labs says it opposes SEC move to file an appeal", "Ripple Labs bites back against SEC's request to file appeal", "Coinbase futures approval seen as a major win amid the SEC war on crypto"
The SEC's actions against crypto companies continue to make headlines. New documents reveal that former U.S. President Donald Trump owns more crypto than previously known, with $2.8 million in a cryptocurrency wallet and $4.87 million earned from his non-fungible token collection. Meanwhile, Ripple Labs has opposed the SEC's move to file an appeal in their ongoing legal battle. The SEC plans to challenge other distributions of XRP as well. In a significant regulatory victory, Coinbase has been granted permission to operate a Futures Commission Merchant platform, increasing its total addressable market and positioning it as a pivotal access point for traders.
Crypto Adoption and Education in El Salvador
Headlines: "El Salvador’s Bitcoiners teach 12-year-olds how to send sats"
In El Salvador, school children as young as 12 years old are being taught how to send their first Bitcoin transaction by members of El Salvador's Bitcoin Beach community. The community believes that early-age education on Bitcoin, money, and the economy can provide underprivileged children with better opportunities in life. Bitcoin Beach runs after-school programs to help students learn about Bitcoin, money, and banking, as these subjects are not typically taught in schools. The country's pro-Bitcoin President Nayib Bukele has made financial inclusion a priority, and many Bitcoin-related programs have been initiated since Bitcoin became legal tender in the country.
Ethereum Strategy ETF Filing by Valkyrie
Headlines: "Valkyrie files with SEC for new Ethereum Strategy ETF", "Breaking: Valkyrie files for Ether futures ETF with the SEC"
Valkyrie Funds has filed with the Securities and Exchange Commission (SEC) for a new fund called the Valkyrie Ethereum Strategy ETF. The fund will invest in exchange-traded futures contracts on ether and other "collateral investments," aiming to provide investors with capital appreciation. It will not directly invest in ether. The filing comes as the race for a spot bitcoin ETF continues, with the SEC approving funds that invest in bitcoin futures but not yet allowing spot funds. Valkyrie previously joined the race for a spot bitcoin ETF and has also filed to add ether futures to its existing bitcoin futures fund.
The Success of Spot Bitcoin ETFs in Canada
Headlines: "In Canada, Spot Bitcoin ETFs Have Been Working for Years"
In Canada, spot Bitcoin ETFs have been approved and successfully running for the past two and a half years. These ETFs offer benefits such as safety, reliable analog to direct exposure, and accessibility. Strict regulatory oversight in Canada has ensured transparency and made it difficult for asset commingling, hacks, and fraud. Investors who have bought Canadian spot Bitcoin ETFs have not experienced hacks or lost funds. These ETFs have efficiently mimicked direct portfolio exposure to Bitcoin without the uncertainty and volatility of futures markets. The success of Canadian Bitcoin ETFs suggests that the accessibility of a Bitcoin-backed financial asset integrated into the legacy financial system is appealing to investors.
Movement of Satoshi-era Bitcoin
Headlines: "Satoshi-era Bitcoin awakens - 1005 BTC mined in 2010 on the move"
A Bitcoin wallet containing 1,005 BTC mined in 2010 has been activated, with the coins being moved to new addresses. The wallet was valued at $328 when it was received in 2010, but is now worth over $29 million. Some speculate that the wallet belongs to Bitcoin's creator, Satoshi Nakamoto, but a blockchain researcher believes it is more likely controlled by a long-term holder or entity associated with previous dormant Bitcoin awakenings. This is one of only a few instances where a large amount of Bitcoin from the early years has been moved.
Partnership Between Polygon Labs and SK Telecom
Headlines: "Polygon Labs and Korean mobile giant SK Telecom forge web3 partnership"
Blockchain company Polygon Labs and Korean mobile carrier SK Telecom have partnered to develop a web3 ecosystem and support promising startups in the space. The collaboration aims to provide web3 experiences to more consumers and will involve SK Telecom's NFT marketplace TopPort supporting the Polygon blockchain. The two companies will also work together to identify and incubate promising web3 startups. Polygon operates a proof-of-stake sidechain network that is popular among web3 gaming startups.
PayPal's Integration with Ledger for Buying Bitcoin and Ether
Headlines: "Ledger launches PayPal integration for buying bitcoin and ether"
Ledger, a crypto security firm, has launched a new integration that allows U.S. customers to buy cryptocurrencies such as bitcoin and ether using their PayPal account. Customers using Ledger's Ledger Live app can purchase crypto without verification if they have already bought digital currency using PayPal. Both Ledger and PayPal have been expanding their interests in the crypto space, with PayPal recently launching a U.S. stablecoin and Ledger introducing a new trading network for institutions called Tradelink.
As always, stay tuned for more updates in crypto!