Solana Poised To Become the ‘Apple of Crypto’ As SOL Shows Massive Undervaluation – Could Price Surge to $50 in June?
Solana, a blockchain platform, has been dubbed as the potential "Apple of crypto" by one of its co-founders, Raj Gokal. The platform has garnered attention for its fast transaction rates and scalability, drawing similarities to Apple's success in prioritizing user experience and performance. While building a thriving ecosystem on top of the Solana platform requires time and effort, its progress and dedication to user-centric design and performance make it a strong contender in the blockchain industry. Additionally, Solana's impressive technical features and growing ecosystem have the potential to increase demand for its SOL tokens, which might boost their price.
Crypto Project Co-Founder Found Dead with Apparent Gunshot Wound
Dr. John Forsyth, co-founder of ONFO coin, a referral-based crypto project, was reported missing on May 21 and was later found dead on May 30 with an apparent gunshot wound. His car was found parked near the hospital where he worked, with his personal belongings left inside.
NFL labor union is out almost $42M thanks to crypto collapse
The National Football League Players Association (NFLPA) has been unable to collect $41.8 million of licensing and sponsorship revenue from OneTeam Partners, a joint venture started in 2019 by the NFLPA, the Major League Baseball Players Association and private equity to oversee sports unions’ commercial enterprises. The figure represents roughly a quarter of the NFLPA’s commercial revenue based on an analysis of its annual report. The unpaid bills appear tied to the collapse of the crypto marketplace, which has affected other sports unions and leagues as well. Cryptocurrency is a relatively new category for unions and has not been a relied-upon source of revenue.
EU Lawmakers Sign MiCA Bill to Standardize Crypto Businesses and Implement New Anti-Money Laundering Rules
The European Union has officially signed the Markets in Crypto Assets (MiCA) bill, which aims to standardize digital asset businesses across its 27 member nations. The bill includes new anti-money laundering rules that require exchanges and crypto providers to verify users' identities. The MiCA bill was first proposed in 2020 and survived parliamentary debates and revisions, making the EU the first major jurisdiction to provide clear rules for the nascent industry. MiCA's policies introduce a licensing framework, and stablecoin issuers like Tether and Circle must hold sufficient reserves if they wish to operate in any of the bloc's member states. The rules will not take full effect until 12-18 months after appearing in the Official Journal, giving policymakers and crypto businesses time to adjust to the new status quo.
Crypto Twitter Scammed by Fake Cancer Patient Selling NFTs
Crypto Twitter came together to support a cancer patient who was selling NFTs, but it turned out to be a scam. The account, called Phoenix, was reselling work from other artists and had used similar tactics in the past. The NFT project raised around $119,000 before the scam was discovered and the funds were transferred to other wallets. Many in the community expressed disappointment and frustration with the prevalence of scammers in the Web3 space, but some also emphasized the importance of maintaining empathy.
Russian Finance Ministry Warns Citizens of High Risk Associated With Cryptocurrencies
According to the director of the Russian Finance Ministry's financial policy department, Ivan Chebeskov, cryptocurrencies are considered "high-risk financial instruments" and are not suitable for most Russians as a form of savings.
India's Central Bank Aims to Expand Global Crypto Narrative Beyond Financial Stability and Integrity
The Reserve Bank of India (RBI) has stated in its annual report that it aims to broaden the global conversation around cryptocurrencies to include the macro-financial and cross-sectoral implications and risks of crypto-assets, rather than just their impact on individual nations and customers. This move is intended to draw attention to how crypto can potentially harm or transform the global economy. The RBI has reiterated its concerns that cryptocurrencies pose a significant threat to financial stability, but has also articulated its "intent" as a key stakeholder in the current global conversation around global crypto rules. India, as the current president of the Group of 20 (G-20) nations, has the power to set the agenda, and the RBI is helping the Finance Ministry to shape it.
Zero Hash President&COO Cyril Mathew Left Stripe to Double Down on Crypto
The latest episode of The Scoop podcast features Zero Hash's President and COO, Cyril Mathew, who shares his experience convincing Stripe's leadership to support crypto and why he joined Zero Hash. Mathew praises Zero Hash's infrastructure and regulatory licenses, especially in a post-FTX world where scrutiny is increasing.
Recent Bank Collapses Highlight Need for Caution and Diversification in Crypto Investments
Following Silicon Valley Bank's recent struggles, some venture capitalists and startups are interested in reinvesting in the institution. However, concerns have been raised about the stability of specialized banks and the VC ecosystem in Big Tech. This instability has also affected reputable institutions outside of the United States. While centralized finance has traditionally been crucial for liquidity providers and startups, recent banking collapses have highlighted the need for VCs to consider migrating to decentralized finance. It is important for companies to carefully weigh their options and not rely solely on the due diligence of other institutions. It is advisable to diversify investments across centralized and decentralized spaces, but it requires thorough research and understanding of the different sectors.
Bitcoin and Ethereum Prices Rebound on News of Hong Kong Crypto Exchange Reopening
Bitcoin and Ethereum have seen interesting price movements recently, with Bitcoin's lateralization phase ongoing but the early May waning phase seemingly over. Bitcoin's price has been fluctuating between $26,000 and $30,000, but has rebounded above $28,000. Ethereum's price has been stable around $1,900 for over two months, with the difference from Bitcoin largely due to the market impact of the Sepolia update and Ethereum's burn process. The reopening of crypto exchanges in Hong Kong could attract capital from all over China, potentially leading to a return of Chinese capital to the crypto markets. However, it remains to be seen if Chinese capital will follow suit, especially if China allows its citizens to use the crypto trading services offered by Hong Kong exchanges.
