A significant development awaits in the SEC vs. Ripple case, as Ripple, the SEC, and third parties filings for opposing briefs are due Monday, May 20. The courts will first rule on the omnibus letter motions, setting the stage for deliberations on the penalties Ripple must pay for allegedly breaching U.S. securities laws.
Conduit announced that the L3 Degen chain is operational, allowing users to submit transactions through public RPC. However, the block explorer is still in the process of indexing. This comes after Degen Chain experienced over two days of downtime. Built by Syndicate and utilizing Arbitrum Orbit, Degen Chain hosts the Gas token DEGEN, which stands as the primary coin of Farcaster.
Vitalik Buterin, the founder of Ethereum, has proposed a new Ethereum Improvement Proposal (EIP-7706). The proposal seeks to introduce a distinct gas type to calldata while integrating three gas types into a cohesive system. The real objective behind this proposal is to make discussions surrounding the ‘multi-dimensional gas’ concept more specific. The new proposal is anticipated to bring substantial enhancements to the Ethereum network, improving efficiency and functionality.
Coinbase, the renowned cryptocurrency exchange platform, is presently experiencing downtime. The website displays "503 Service Temporarily Unavailable" to the visitors. Coinbase conveyed through a statement on X that they are actively investigating the issue and are seeking a resolution. They emphasized, "Your funds are secure," providing assurance to the users.
Three former executives of the now-defunct crypto lender Cred faced indictments for alleged involvement in wire fraud and illicit financial transactions. Daniel Schatt, ex-CEO and co-founder, alongside Joseph Podulka, former CFO, and James Alexander, former chief capital officer, were indicted by the U.S. Attorney's Office in California. Schatt and Podulka were apprehended, appearing in a San Francisco court following their arrests.
23,367 Bitcoin contracts worth $1.39 billion approach expiration. Market dynamics reveal a put-to-call ratio of 0.50, signaling a balanced sentiment. The maximum pain point stands at $61,000, a crucial threshold where financial losses could be significant for many holders. Alongside Bitcoin, nearly 334,248 Ethereum contracts, with a notional value of around $1 billion, are set to expire. Ethereum's put-to-call ratio is 0.36, suggesting a more bullish sentiment compared to Bitcoin. The maximum pain point for Ethereum is $3,000, highlighting a key price level where market participants may experience significant losses.
On Wednesday, the U.S. central bank stood firm, maintaining an unchanged federal funds rate amidst economic uncertainty. FOMC members, in a press release, underscored their vigilant stance on inflation risks, describing the economic outlook as "uncertain". Emphasizing their commitment to bolstering economic stability, the committee opted to sustain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.
Australia's ASX stock exchange aims to introduce its first batch of spot bitcoin exchange-traded funds (ETFs) by the end of 2024. Leading issuers, including VanEck and local firms BetaShares and DigitalX, have already filed ETF applications. According to an ASX spokesperson, ASX, commanding 80% of local trades and having a market capitalization of $2.7 trillion as of March, is in discussions with issuers keen on crypto asset-based ETFs.
Ethereum's gas fees hit a six-month low at $1.12 despite ETH's slight weekend rally to $3,191. Santiment suggests this drop could herald an altcoin surge, as traders' sentiments fluctuate between optimism and pessimism, reflected in transaction fees.
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