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Bitcoin (BTC) climbed on Tuesday, gaining more than 2% on signs the U.S. banking crisis isn’t yet over. The bullish sentiment was supported by the latest Job Openings and Labor Turnover Survey (JOLTS), which revealed a decrease in job openings to their lowest level since April 2021. Ether (ETH) also experienced a 1.5% increase in value. Meanwhile, Bitcoin's Layer 2 protocol, Stacks (STX), outperformed most other cryptocurrencies, with a surge of 13% over the past 24 hours. This was further boosted by Binance, the world's largest cryptocurrency exchange by trading volume, announcing its support for Stacks' network upgrade and hardfork last week. Today, Stacks upgraded its network to address a bug discovered during a recent upgrade. According to Messari's data, STX has gained an impressive 177% in value over the past three months.

 

Crypto conglomerate Digital Currency Group (DCG) said Chief Financial Officer Michael Kraines stepped down in April and revealed that it fully repaid a $350 million senior secured term loan during the first quarter. Kraines assumed the role of CFO two years ago. However, DCG has recently engaged Heidrick & Struggles to conduct a search for a new CFO, as stated in a letter to shareholders. In the interim period, President Mark Murphy and Chief Strategy Officer Simon Koster will oversee the finance department. Additionally, in the same letter, DCG, which is the parent company of CoinDesk, reported a first-quarter revenue of $180 million, a 63% increase from the fourth quarter, primarily attributed to the surge in cryptocurrency prices. However, the first quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) were negative $6 million.

Frenzied trading activity has pushed the newly-launched PEPE token (PEPE) to garner trading volumes higher than those of dogecoin (DOGE) and shiba inu (SHIB) - Previously, the largest memecoins by trading volumes were dogecoin and shiba inu. However, during a weekend rally, PEPE experienced a 100% price surge, causing its trading volumes to soar to over $250 million in the past 24 hours. In contrast, dogecoin's trading volumes stood at $225 million, while shiba inu's were only $100 million. According to data from CoinGecko, the crypto exchange OKX saw over $76 million in trading volumes for PEPE tokens, with decentralized exchange Uniswap following closely behind with $43 million in volumes. It is worth noting that a significant portion of these volumes could be generated by automated trading bots, which constantly buy and sell tokens to increase trading activity and provide liquidity to investors in exchange for small profits.

Chart of the Day

  • The depicted chart illustrates the price fluctuations of bitcoin since its third mining reward halving, which occurred in May 2020. Notably, the current price trend appears to be similar to the patterns observed after previous reward halvings.
  • If we consider historical trends, it seems that the cryptocurrency market is more likely to move upwards with less effort.
  • The fourth halving of bitcoin, which will reduce per-block BTC issuance by 50%, is scheduled to take place next year.

Source Coindesk