Polkadot-backed Conor Daly secures top-10 at Indianapolis 500
CryptoSlate
by Oluwapelumi Adejumo
17m ago
Polkadot-backed IndyCar racer Conor Daly achieved a top 10 finish at the prestigious Indianapolis 500. Reports indicated that Daly led for 22 laps in the race but couldn’t maintain his lead due to his car’s speed limitations. Despite this, he managed a commendable top-10 finish, moving up an impressive 19 spots from his 29th-place starting position. Reflecting on his performance, Daly noted that starting from the back impacted his ability to compete with the frontrunners. He reportedly said: “We hadn’t run with (the frontrunners) the entire month, not even in practice because we were starting ..read more
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EU draft standards deem MEV as ‘clear example of market abuse’ under upcoming MiCA rules
CryptoSlate
by Assad Jafri
2h ago
The European Securities and Markets Authority (ESMA) has been scrutinizing Maximum Extractable Value (MEV) as a clear example of illegal market abuse under its proposed technical standards for the Markets in Crypto-Assets (MiCA) regulation. Patrick Hansen, a prominent commentator on crypto regulations, recently highlighted this development on Twitter, noting the significant implications for the crypto industry. MEV monitoring According to a social media post by Patrick Hansen, a well-known commentator on crypto regulations, the ESMA draft explicitly states: “…the well-known Maximum Extractabl ..read more
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Are all smart contracts created equal? How top Turing-complete blockchains compare
CryptoSlate
by Liam 'Akiba' Wright
2h ago
The crypto industry has several unique approaches to smart contract execution and decentralized applications (DApps). These innovations are driven by the need for scalability, security, and efficiency, allowing developers to build increasingly sophisticated applications. Yet, what is so different between the smart contracts on different blockchains? Which is the smartest smart contract platform? Turing completeness is a key aspect of smart contracts. Turing completeness is a concept from computational theory that refers to a system’s ability to perform any computation given enough time and res ..read more
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Retail activity dominates Bitcoin, overshadowing institutional moves
CryptoSlate
by Andjela Radmilac
2h ago
When analyzing the Bitcoin market, it’s equally important to understand the behavior of different market participants as it is to understand the technical foundations of Bitcoin’s price movement. On-chain analysis frequently analyzes short– and long-term holders, as their behavior is inherently different. However, Bitcoin’s maturity enables us to differentiate between large and small entities, as hundreds of institutions have populated the space and become a dominant force in the market.  Large entities tend to make strategic moves based on long-term outlooks and substantial market analys ..read more
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Elon Musk’s xAI leaps to $24 billion valuation with $6 billion funding round
CryptoSlate
by Oluwapelumi Adejumo
5h ago
Artificial intelligence firm xAI has secured $6 billion in a Series B funding round, according to a May 27 statement. Elon Musk, the company’s founder, revealed that its pre-money valuation was $18 billion, meaning this latest funding round boosted its valuation to $24 billion—a significant milestone considering the firm launched just 11 months ago, in July 2023. The funding round attracted prominent investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding. How xAI pl ..read more
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Global Bitcoin ETFs surpass 1 million BTC under management
CryptoSlate
by James Van Straten
8h ago
Global ETFs According to Bold.report data, all Bitcoin exchange-traded funds (ETFs) collectively hold over one million Bitcoin, a milestone first achieved on March 12. These ETFs are distributed across several countries, including the US, Sweden, Hong Kong, Germany, Switzerland, Canada, Brazil, and Australia. US-based ETFs lead the pack, with Grayscale GBTC holding roughly 292,000 BTC, followed by BlackRock IBIT with approximately 280,000 BTC, and Fidelity FBTC at 162,000 BTC. These three giants together hold approximately 734,000 BTC. Bitcoin held by ETFs: (Source: Bold.report)US ETFs Farside ..read more
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Justin Sun urges crypto community to back pro-crypto presidential candidate
CryptoSlate
by Oluwapelumi Adejumo
8h ago
Justin Sun, Tron’s blockchain founder, has called on the crypto community to support a pro-crypto candidate in the forthcoming US presidential elections in November. Sun made this appeal in a May 26 social media post, emphasizing the importance of aligning with a candidate who endorses cryptocurrencies to ensure the industry’s voice is heard and interests protected. He said: “We should support a presidential candidate who endorses cryptocurrencies. We need to demonstrate to the candidate that the cryptocurrency community, companies, and protocols are significant stakeholders whose voices shou ..read more
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Hedge funds take largest bearish stance in CME Micro Bitcoin Futures since 2021
CryptoSlate
by James Van Straten
8h ago
Quick Take Data from The Block shows that as of May 2024, hedge funds have taken a notable bearish stance on Bitcoin, holding the largest net short positions in CME Micro Bitcoin Futures since the end of 2021. These micro contracts, each representing 0.1 BTC, cater to traders seeking precise exposure with lower capital requirements than standard CME Bitcoin Futures, representing 5 BTC per contract. Open Interest of CME Micro Bitcoin Futures by Trader Category (Short): (Source: The Block) The chart from The Block indicates that hedge funds have markedly increased their short positions in micro ..read more
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Ethereum outperforms market surging to $3900 after ETF approval, Pectra upgrade in sight
CryptoSlate
by Oluwapelumi Adejumo
8h ago
Ethereum’s price has climbed to a two-month high of more than $3900 less than a week after the US Securities and Exchange Commission (SEC) approved 19b-4 filings for eight spot exchange-traded funds (ETF)-related to the digital asset. This caps a week of positive performance for Ethereum, significantly outpacing the top 10 cryptocurrencies by market capitalization. During the reporting period, ETH’s value increased by approximately 27%, while Bitcoin saw a modest gain of 2%. New ATH? Several stakeholders highlighting how the spot Bitcoin ETFs catalyzed a 70% surge in BTC prices believe that ET ..read more
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MicroStrategy eyes S&P 500 after 146% share rise and inclusion in MSCI World, Russell 1000
CryptoSlate
by James Van Straten
11h ago
Quick Take MicroStrategy, which holds a significant 214,400 Bitcoin on its balance sheet, has experienced a remarkable 146% rise in share price this year, pushing its market cap to approximately $30 billion. This impressive performance has earned the company inclusion in major stock indexes. On May 15, Reuters reported that MicroStrategy (MSTR) would be added to the MSCI World Index, with changes set to take effect after market close on May 31. This addition comes while the MSCI World Index is down roughly 11% year-to-date. MSTR, BTCUSD, MSCI Share Price YTD: (Source: TradingView) Furthermore ..read more
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