Stakes are high, ETH!

DATE: 31-05-23 View online Hey Cryptonews, here's our curated daily bundle of crypto news. Bitcoin Ordinals shoot above 10M No. of Inscriptions hit new milestone recently Despite the contribution of BRC-20 tokens, the price fell Dune Analytics recently shared a milestone in Bitcoin Ordinals Inscriptions. Over the last seven days, the number of Bitcoin Ordinals Inscriptions rose above the 10 million mark, as a result of minting of newly inscribed data. The milestone hit by Bitcoin Ordinals signifies the growing interest in BRC-20 tokens within the Bitcoin ecosystem.  However, despite the same, Ordinals could not generate the fees it recorded between 5 May and 8 May. At press time, the total Ordinals fees generated amounted to $44.29 million. Moreover, the market cap of BRC-20 tokens registered a decline.  The token standard, which started as an experiment on the Bitcoin blockchain, hasn't been without controversy. And, users seem to face issues such as delayed transactions as block validation took longer. Learn More Ethereum records five consecutive months of growth Amount of ETH staked grew by 11% after the Shapella Upgrade Over 60% of stakers were in losses since they locked their ETH on the network Users have highlighted significant interest in Ethereum staking since the Shapella Upgrade. Recently, ETH locked with liquid staking providers hit an all-time high in May, marking a growing streak - Five months strong. An interesting aspect of this trajectory is the traction that staking seems to be gaining. This, despite ETH's price being 60% lower than its peak value of November 2021. At the time of writing, the amount of ETH staked on the Beacon chain had surged to 21.6 million ETH - Increasing by 11% from its figure during the Shapella Upgrade. In terms of the growing interest in staking, the number of new validators locking 32 ETH in Ethereum's smart contract also saw a significant increase in May. Finally, as a downside, over 60% of the stakers were in losses from the time they locked their ETH on the network. Most of this staking occurred between $1,600 and $3,500, during the peak of the 2021 bull run. Learn More EUROC's launch is live on Avalanche Avalanche extended its service to the European market with new stablecoin Weighted investor sentiment for AVAX has been fluctuating for the last few days EUROC's launch has been confirmed live on Avalanche, marking an important milestone for all parties involved. Avalanche expects to benefit in terms of network utility as one of the L1 networks supporting the stablecoin. EUROC also operates on the Ethereum network. But its new launch on Avalanche offers the benefit of faster and cheaper transactions. The development underscores healthy growth for the Avalanche ecosystem, depending on the demand new European stablecoins can generate. Notably, AVAX also saw growth in the last 10 days, suggesting a shift in demand in favor of the bulls. As far as investor sentiment is concerned, the weighted sentiment has been up and down for the last few days. Despite the uncertainty, AVAX's demand in the derivatives market grew.  Learn More Binance discusses allowing traders to secure collateral at banks Binance might allow customers to keep collateral for margin trading in a bank account Potential intermediaries for this service are FlowBank and Bank Frick Binance is reportedly exploring a solution to reduce counterparty risk by allowing its institutional clients to keep their trading collateral at a bank instead of on the crypto-platform. The cryptocurrency exchange is discussing a proposal that allows select customers to keep their collateral for margin trading in a bank account. The potential intermediaries for this service are Swiss-based FlowBank and Liechtenstein-based Bank Frick. However, the details of potential partnerships remain private.  Client funds held at the bank would be secured through a tri-party agreement, while Binance would provide stablecoins as collateral for margin trading. The arrangement remains under discussion and subject to potential modifications. During a recent interview, Binance CEO explained the complexities of buying a bank and making it bank crypto-friendly. He noted, "... The reality is much more complex than the concept. You buy one bank, it only works in one country, and you still have to deal with the banking regulators of that country." Optimism set to unlock $587M worth of OP tokens Event is suspected to lead to downward price pressure  This, while also increasing the circulating supply by > 100% Over 386 million Optimism (OP) tokens, valued at $587 million, are scheduled to be unlocked today, marking the end of the initial vesting period for early contributors and investors. Event is one of the largest unlocking events this year and is suspected to lead to downward price pressure and increase the circulating supply by more than 100%, surpassing the current 335 million OP tokens. An analysis by Unlock Calendar suggested that the event may lead to significant sell pressure, as early investors are sitting on significant returns. The largest seed investors that are poised to benefit greatly from this unlock include prominent crypto-venture capital firms such as Paradigm, Andreessen Horowitz (a16z), and IDEO CoLab Ventures. Notably, data from CryptoRank found that Paradigm and IDEO have seen their seed round investments grow by over 10,000%. However, the average buy-in price for these firms is around $0.24, implying that the venture capital firms currently have combined gains of 529%. Tether to tap Uruguay's renewable energy for responsible Bitcoin mining New mining arm will be in collaboration with a local licensed company Tether will also invest in Uruguay's energy production On 30 May, stablecoin issuer Tether announced its plans to establish Bitcoin mining operations in Uruguay.  The company stated that it has planned to collaborate with a local licensed company and invest in Uruguay's energy production. Tether claimed that the initiative aims to utilize renewable energy sources for "sustainable" Bitcoin mining.  Tether CTO Paolo Ardoino stated that the company is leveraging Bitcoin and Uruguay's renewable energy capabilities for sustainable and responsible Bitcoin mining. He added that the firm aims to minimize the ecological footprint of their mining operations while maintaining the security and integrity of the Bitcoin network, demonstrating their commitment to renewable energy. The stablecoin issuer highlighted Uruguay's ability to generate 94% of its electricity from renewable sources like wind, solar, and potentially hydropower, as well as its dependable grid. Furthermore, job listings on the company's website indicated plans for expansion into South Africa and Brazil. Hong Kong, UAE central banks to collaborate on crypto rules Agreement to enhance cooperation on virtual asset regulations, developments Partnership follows Hong Kong SFC's decision to allow VASPs to serve retail investors from June The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) met on 30 May and agreed to enhance cooperation on virtual asset regulations and developments. The partnership follows the Hong Kong SFC's decision to allow VASPs to serve retail investors from 1 June.  The two central banks aim to foster "joint fintech development initiatives and knowledge-sharing efforts" with each region's respective innovation hubs. They also discussed enhancing financial infrastructure and market connectivity between the regions. CBUAE governor H.E. Khaled Mohamed Balama expressed optimism for a lasting and ongoing relationship with the HKMA. HKMA chief executive Eddie Yue stated that the collaboration is expected to bring economic benefits as they share complementary strengths and interests. Following the meeting, a seminar for senior bank executives of both regions was conducted, addressing topics such as enhancing cross-border trade settlement and utilizing Hong Kong's financial infrastructure platforms to access Asian and mainland markets for UAE corporations. Bears await top cryptos again Coin Price 24hr Market Cap ↓BTC $27,060 -2.6% $524 Billion ↓ETH $1,861 -2.1%  $223 Billion ↓BNB $306 -1.8%  $48 Billion Bitcoin's [BTC] price dipped by 2.6% over the last 24 hours. Even so, the king coin was trading at $27,060 on the charts at press time. The RSI was treading below the 50-mark with a reading of 47.78, indicating selling bias. The Awesome Oscillator appeared to confirm this trend, displaying both the green bars below 0 in bearish territory. Ethereum [ETH] was trading at $1,861 at the time of writing, following a 2.1% fall over the last 24 hours. The RSI's movement projected bullish market sentiment with a reading of 53.16. To further reinforce the trend, the Parabolic SAR flashed dots below the price - A sign of a buyer's bias. BNB was trading at $306 following a depreciation of 1.8%. The RSI stood at 43.56 below the neutral 50-level, highlighting a bearish trend. This was also reflected by the Parabolic SAR as the dotted markers stood below the price. The Awesome Oscillator confirmed bearishness as it flashed bars below 0. More red for these alts Coin Price 24hr Market Cap ↓DOGE $0.07 -1.5% $9 Billion ↓SHIB $0.000008 -1.7% $5 Billion ↓ADA $0.37 -1.5% $13 Billion DOGE, after a fall of 1.5% in 24 hours, was changing hands at $0.07. The AO was running below the midline flashing green candlesticks - A sign of bulls gaining momentum. The RSI, however, noted a reading of 41.18, below the 50-mark, showing a strong selling bias. SHIB lost 1.7% of its value in the last 24 hours, with the crypto changing hands at $0.00000855. Capital inflows were growing as the Chaikin Money Flow (CMF) moved above the zero line. However, the RSI was spotted with a reading of 46.42, indicating growing selling pressure. ADA was trading at $0.37, at the time of writing, after a 1.5% dip in the aforementioned period. The OBV indicated bullish momentum, giving buyers an edge. The MACD exuded green histograms above the half-line to confirm the bullish trend as the lines stood below zero, but progressed north. The DMI confirmed this sentiment as ADX and DMI+ had readings of 17.93 and 18.30. Weekly charts bring some smiles Coin Price 1w Market Cap ↑SAND $0.53 +7.9% $996 Million ↑LDO $2.16 +9.2% $1 Billion ↑FIL $4.69 +5.3% $2 Billion SAND recorded 7.9% gains over the past week and was changing hands at $0.53. The Relative Strength Index noted a reading of 51.88, hinting at bullishness in the market. However, the Awesome Oscillator saw minor green bars emerging above the zero line. The Parabolic SAR confirmed bullish momentum.  LDO profited by 9.2% in the last 7 days, trading at $2.16. The MACD flashed minor green histograms above the half-line - A sign of buyers' momentum. The Relative Strength Index stood at 50.95, confirming the strong bullish trend.  FIL appreciated by 5.3%, with the crypto trading at $4.69 over the aforementioned period. The crypto's charts saw buyers in control as the CMF lay above 0. The Parabolic SAR revealed a strong bullish trend as it was seen moving steadily below the price. Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe