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What you need to know today in crypto and beyond May 3, 2021 Sponsored By: If you were forwarded this newsletter and would like to receive it, sign up here.
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Today's must-reads Top Shelf BIGGER THAN BOA: Ether (ETH), the native cryptocurrency of the Ethereum blockchain, surged Monday to a record price of over $3,200, just hours after topping $3,000 for the first time. Ether now has a market capitalization of $364 billion, exceeding that of Bank of America, the largest U.S. bank. BITCOIN ADJUSTS: Bitcoin had a 12.6% drop in its mining difficulty, its fourth-largest negative adjustment since 2012, likely due to power outages in Xinjiang. “It’s a great time to be a miner,” Compass Mining CEO Thomas Heller said. Coinciding with the difficulty adjustment, Bitcoin’s Taproot update (to make Bitcoin multi-signature transactions cheaper and more private) has finally begun its “Speedy Trial.” Miners have three months to signal their support. DIGI-DOLLAR: The U.S.-based Digital Dollar Project, a private project founded by Accenture and two former CFTC regulators, will begin five pilot programs to test how a Federal Reserve-issued CBDC would function. SPARTAN PROTECTION? Spartan Protocol, a decentralized protocol built on Binance Smart Chain, lost more than $30 million earlier Sunday after someone exploited “a flawed liquidity share calculation.” INXS OF $85M: INX (the crypto exchange, not to be confused with the Australian band INXS) just closed its Ethereum-based IPO with $85 million in proceeds. This was the first security token offering registered with the U.S. Securities and Exchange Commission.
– Daniel Kuhn
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Overheard on CoinDesk TV Sound Bite “The future of money is digital. Whether it’s sovereign money or non-sovereign money."
A message from CoinDesk CoinDesk Research: Does Bitcoin Have an Energy Problem? Is Bitcoin bad for the environment? This CoinDesk Research report looks at the data behind the most common critiques and shows that, while Bitcoin uses a lot of energy, the mix is evolving toward renewables. Bitcoin also incentivizes investment in clean energy sources, can convert pollution into value, and redistributes wasted power production. Download the free report.
What others are writing... Off-Chain Signals Are CFOs flocking to bitcoin? “Almost nobody else wants to pile a potential time bomb on their balance sheet,” Fortune writesAt least one of Vitalik Buterin’s wallets holds over $1 billion in ETH (Decrypt) CME Group has launched micro bitcoin futures (the contracts are 1/10th the size of one bitcoin and will be settled in cash) (The Block) Spot trading volumes on legitimate crypto exchanges hit $1.58 trillion in April (The Block) - D.K.
A message from NEAR Protocol NEAR is an open-source platform that accelerates the development of decentralized applications. Developers can overcome high fees and slow speeds by building on NEAR’s fast, scalable and low-cost blockchain protocol. With a suite of climate neutral solutions, creators and communities can now thrive. NEAR.org - Infrastructure for innovation.
Introducing Unlocked 101 at Consensus by CoinDesk 2021 New to crypto? Here's a crash course. Unlocked 101 is a free educational series of sessions designed to give you the tools to navigate crypto. Sessions will be hosted May 4–20 to prepare you for Consensus by CoinDesk 2021, our virtual big-tent event.
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Introducing CoinDesk Indexes TradeBlock, the leader in providing crypto asset indexes to financial institutions, is taking the CoinDesk name.
Introducing CoinDesk Indexes, the industry standard for institutional-grade digital currency price references, with billions of dollars in monthly trading volume quoted against them.
Underlying new brand names, TradeBlock's index methodology will continue to adhere to the standards of integrity and reliability that have always differentiated its indexes.
Read more about CoinDesk Indexes, the industry standard in crypto benchmarks.
Putting the news in perspective The Takeaway Bitcoin Has a Nonviolent Security Model
Once upon a time, fiat currencies were secured by the value of gold. That stopped being the case in 1971 under President Richard Nixon, who declined to continue redeeming dollars for gold.
– Brady Dale
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