Kategorie: Crypto Markets

• Yuga Labs faces backlash over its new Super Punk World collection.
• The Super Punk World collection pays homage to the irreverent, early-internet roots of CryptoPunks.
• Yuga Labs’ decision focuses on preservation and education rather than active development.

Yuga Labs, the NFT giant behind the iconic CryptoPunks, has announced it will cease any further development on the project following intense community backlash over its new Super Punk World collection.

The decision came after fervent criticism from the crypto community, accusing Yuga Labs of compromising the original essence of CryptoPunks with what some described as a “woke” initiative.

The Super Punk World collection

On May 20, the official CryptoPunks account launched the Super Punk World collection, featuring 500 pieces of hybridized 3D sculptures.

These pieces, created by New York-based painter Nina Abney, were designed to pay homage to the irreverent, early-internet roots of CryptoPunks while addressing themes of race and gender.

 The backlash against Super Punk World collection

However, despite the artistic intentions, the collection quickly faced a storm of criticism.

One community member bluntly declared, “Yuga killed Punks today,” echoing the sentiment that the project had strayed too far from its original ethos.

The backlash included threats from NFT holders to sell their CryptoPunk assets, and sarcastic comments questioning if the official account had been hacked. A prominent NFT trader even urged the community to boycott Yuga Labs and move forward without them.

Yuga Labs’ response

In response to the uproar, Yuga Labs CEO Greg Solano issued a statement on X clarifying that the team’s vision was to bridge Web3 with the traditional art world by collaborating with esteemed artists like Abney.

Solano noted that despite the backlash, the goal was to connect with those already supporting Abney’s work, possibly by airdropping the new collection to holders of her previous works, such as SuperCoolWorld.

Addressing the future of CryptoPunks, Solano announced that Yuga Labs would no longer be involved in the project’s development.

“What about punks? Yuga will no longer touch punks. They will just be decentralized and preserved on the blockchain,” he stated.

The CEO went further and emphasized that Yuga’s focus would shift to supporting museums and institutions in acquiring CryptoPunk NFTs and educating the public about their significance.

However, despite the controversy, the CryptoPunks collection has demonstrated resilience.

In March, two record-breaking sales highlighted the enduring value of these digital assets. On March 4, a rare alien CryptoPunk sold for 4,500 Ether (approximately $16 million), followed by another sale on March 20 for 4,850 Ether (around $16.4 million).

The post Yuga Labs discontinues CryptoPunks amid backlash over ‘woke’ collection appeared first on CoinJournal.

• Injective price rose 10% to above $27.26, while Fantom hit $0.96 after surging 12%.
• Gains for the altcoins came as Bitcoin price crossed the $68,000 mark to hit its highest level since April 12.

Bitcoin (BTC) price rose more than 2% in afternoon trading on Monday as bulls broke above $68,000.

This is the first time that the flagship crypto asset has reached these levels since April 12 – when BTC fell from highs of $69,100.

Injective, Fantom prices surge

As the benchmark cryptocurrency looked towards the $69k mark, a host of altcoins mirrored the upside. Ethereum broke above $3,150, BNB hit $580 and Solana price rose to above $181, notching a 24-hour uptick of nearly 6%.

However, some of the biggest gainers on the day were Injective (INJ) and Fantom (FTM).

According to data from CoinGecko, Injective price was up 10% to $27.26 at the time of writing. Meanwhile, Fantom continued its recent upward momentum with a 12% spike that saw FTM price hit highs of $0.96.

Injective’s 24-hour trading volume rose more than 113% to $121 million, while Fantom’s was up 11% to over $385 million.

Bitcoin price hits highest level in over a month

BTC’s jump to $68,679 on Coinbase saw the leading cryptocurrency reach its highest price level in more than a month.

The sudden spike in the price of Bitcoin comes after the benchmark cryptocurrency bounced sharply following last week’s release of the US Consumer Price Index (CPI) data.

On May 15, BTC price rose more than 8% from lows of $61,539 to highs of $66,480 as stocks rallied amid the softer-than-expected CPI data for April.

Today’s gains come as the spot Bitcoin ETFs resume sharp inflows after the past few weeks recorded unimpressive numbers.

Analysts at QCP noted last week that the slowing inflation, institutional adoption of Bitcoin and the upcoming US election could provide catalysts for new momentum that takes BTC to above $74k.

As Bitcoin extends gains above the $66k support level, it’s likely a breakout above the $70k area will open a path for bulls to target a new all-time high.

Before then, crypto analyst Rekt Capital expects a run to the $71,500 area.

The post Injective, Fantom soar as Bitcoin price surges past $68k appeared first on CoinJournal.

• Michael Sonnenshein has stepped down as CEO of Grayscale.
• Grayscale announced that Peter Mintzberg is the new CEO, effective August 15, 2024.
• Sonnenshein joined Grayscale in 2014 and was CEO from 2021, overseeing Grayscale’s successful lawsuit against SEC.

Michael Sonnenshein has stepped down as the CEO of Grayscale Investments, the crypto asset manager offering the spot Bitcoin ETF $GBTC.

Grayscale announced Sonnenshein’s exit on Monday, revealing his replacement to be Peter Mintzberg.

Per a press release published on Monday, Mintzberg joins Grayscale from Goldman Sachs, where he was the Global Head of Strategy for Asset and Wealth Management.

The new Grayscale CEO also held prominent positions at BlackRock, OppenheimerFunds and Invesco.

“As we position Grayscale for its next phase of growth, excited to welcome Peter Mintzberg as Grayscale’s CEO, effective August 15. Joining from Goldman Sachs, Peter has 20+ years of experience across prominent asset managers, including BlackRock, OppenheimerFunds & Invesco,” Barry Silbert, founder and CEO of Grayscale parent company Digital Currency Group (DCG), said.

Sonnenshein helped Grayscale grow

Silbert thanked Sonnenshein, who joined Grayscale in 2014 and had been CEO since 2021, for his leadership and contribution towards Grayscale’s growth as a crypto company.

That includes the historic lawsuit and court victory against the US Securities and Exchange Commission (SEC).

“Michael guided Grayscale from $60 million to ~$30 billion of assets under management and through its historic court victory against the Securities and Exchange Commission, which enabled Grayscale to uplist the first spot Bitcoin ETF to NYSE Arca alongside the largest players in traditional finance,” Silbert said in a statement.

While Grayscale and DCG haven’t provided the exact reasons for the former CEO’s exit, observes say it could be tied to $GBTC and its performance since SEC’s approval in January this year.

In three months of trading, Grayscale has seen over $17 billion in $GBTC outflows.

Eric Balchunas, a senior ETF analyst at Bloomberg, commented that Grayscale’s outflows are massive and one likely to have led to this scenario.

However, Balchunas still sees Sonnenshein’s exit as a “big shakeup” that comes as Grayscale was “just beginning to see inflows again.”

BlackRock’s $IBIT surpasses Grayscale’s $GBTC in assets

As the news of Sonnenshein’s exit hits the market, the spot Bitcoin ETF market is seeing a shake up too.

This is because BlackRock’s $IBIT has surpassed $GBTC as largest spot Bitcoin ETF in assets under management.

Notably, $IBIT currently holds $17.94 billion worth of BTC, compared to $GBTC’s $17.81 billion, according to data shared by Coinbase Traders. 

 

The post Grayscale CEO Michael Sonnenshein steps down appeared first on CoinJournal.

• BingX is launching USDC-margined trading, a Launchpad and Launchpool as it celebrates its sixth anniversary.
• The platform plans to expand to Turkey, Vietnam and Argentina
• The exchange will also collaborate on a Netflix documentary aimed at animal protection and conservation. 

Crypto exchange BingX is set to expand its crypto services and products to Turkey, Vietnam and Argentina, according to a press release published on Monday.

The exchange’s global expansion will include localized products and campaigns, as well as key partnerships.

BingX to launch USDC-margined futures trading

BingX will also launch USDC-margin futures trading on its platform.

There are also plans to expand the range of crypto assets for trading margin, while users will benefit from key updates on coin-margined futures trading, the exchange noted in the announcement.

Also notable is BingX’s unveiling of a Launchpad and Launchpool, all part of a global expansion strategy dubbed “ExpansionX.”  

These will enable BingX customers to participate in token sales and access high-quality projects. The platform also plans to enhance its structured product offerings and offer wealth management services.

According to BingX, these initiatives align with its the theme of its sixth anniversary celebration. The “Amazing Six” is a milestone the exchange is marking today, May 20 with a prize pool of 13 million USDT.

“As we reflect on the past six years and look towards the future, our commitment to excellence and innovation remains unwavering. Together with our BingX community and partners, we will continue to push the boundaries of what’s possible in the crypto industry, setting new milestones and driving positive change,” Vivien Lin, the chief product officer at BingX, said in a statement.

Also on BingX’s list of to-dos is a collaboration with Whale and Dolphin Conservation and Netflix. The goal is to bolster animal conservation efforts via a Netflix documentary. 

The program is part of the exchange’s commitment to its corporate social responsibility (CSR) objectives.

The post Crypto exchange BingX to launch USDC-margined futures trading appeared first on CoinJournal.

• Genesis Global gets court approval to repay $3 billion to customers.
• Judge Sean Lane overruled an objection from Genesis parent company Digital Currency Group.
• DCG argued payments to be in US value of assets as of bankruptcy filing in January 2023.

Genesis Global has secured court approval to return $3 billion in cash and crypto to its creditors, details in a recent court filing show. The payouts will represent about 77% of customers’ claims.

However, the payout doesn’t include Digital Currency Group (DCG), the parent company of Genesis Global.

The development comes after US Bankruptcy Judge Sean Lane approved the Chapter 11 bankruptcy plan Genesis Global and its subsidiaries filed in January 2023. Genesis’ bankruptcy followed the collapse of Three Arrows Capital and FTX in 2022.

Judge overrules DCG objection

As noted above, the plan to return billions of dollars worth of crypto assets and cash to Genesis creditors has received a node from Judge Sean Lane. 

On Friday, the judge overruled DCG’s objection to the liquidation plan, paving way for this significant step in the right direction for creditors. 

In their argument, DCG had argued that Genesis should pay customers as per the value of their crypto assets at the time the company filed for bankruptcy.

In dismissing DCG’s objections, Judge Lane noted:

“The record here clearly establishes that there is not sufficient value in the Debtors’ estates to provide DCG a recovery as equity holder after unsecured creditors are paid… Given the size of the creditor claims, DCG is out of the money as an equity holder by billions of dollars, even if the Court valued creditor claims using the method DCG proposes.”

When Genesis filed for Chapter 11, customer claims by the top 50 creditors was over $3.5 billion. The court’s approval of the liquidation plan will see approximately 97% of reimbursements handled in-kind.

This means a customer who deposited BTC will receive payout in BTC and not the equivalent US dollar value.

Genesis to return crypto to customers beginning next month

At current prices, customer claims for Bitcoin or Ethereum are trading at 97-110% for claims amounting to over $10 million. Claims under $1 million are trading at 74-94%. In comparison, the claims traded at 35% at the time the crypto lender filed for bankruptcy.

For stablecoins, its 89-91% for claims of $1-10 million and 73-88% for accounts with under $1 million.

The plan allows for creditors reimbursements to begin early next month, bringing value to Gemini Earn customers and other Genesis creditors. 

Notably, the price of Bitcoin has increased significantly since January 2023, rising from around $21k to currently hover above $66k. BTC reached a new all-time high above $73k in March.

The post Genesis to return $3B to customers after court approves bankruptcy plan appeared first on CoinJournal.