Happy Tuesday, awesome human! It’s time to kick up your feet, grab a cup of your favorite beverage ☕, and get ready for some exciting news we’ve handpicked just for you!
Plus, Our AI has been working tirelessly to bring you the most juicy intel in the world of crypto. So sit tight and let’s make this Tuesday one for the record books! 🚀
And don’t worry, we know you’re counting down the seconds until the weekend, so consider this your midweek pick-me-up to get you through until Friday. Let’s do this thing! 💪
💸 Bitcoin Traffic Congestion Has A Permanent Solution
👨💼 Another Crypto Exchange Down – Sighs!
👑 OpenAI Creator’s New Crypto Project
🔄 Quickxplainer On ETH Staking
Stuck In Traffic Jam
Well folks, it looks like Bitcoin is experiencing some serious FOMO 🤑. With everyone trying to jump on the Ordinal aka Bitcoin NFTs bandwagon 💰, the network just couldn’t keep up 🚫 – leading to a whopping 450k unconfirmed transactions 💸.
Yikes! Some are scratching their heads 🤔, wondering if this is just a case of widespread adoption or a devious DoS attack 🤨.
We’ve talked about Bitcoin ordinals before – those nifty little add-ons that give the cryptocurrency some extra pizazz 🌟. But it seems like all those fancy-schmancy additions are taking a toll on the network’s limited bandwidth 📉.
But, Who was impacted the most? Binance was forced to hit the brakes on Bitcoin withdrawals not once, but twice in just 12 hours due to the network congestion 🛑.
WiseGuy’s Take 💭
That’s right, just like Batman swooping in to save Gotham from the Joker’s latest evil plan 👨🔬, the Lightning Network is the hero that Bitcoin needs to offload congestion and keep those transactions flowing smoothly 🚀.
With a capacity of over $159 million, it’s like the highway bypass that takes you around all the traffic lights and stop signs, allowing you to zip through with ease 🛣️.
And let’s talk about those fees for a moment, shall we? Negligible fees? Lightning-fast transactions? It’s like the dream team of Bitcoin solutions! 💭 Plus, you don’t have to worry about every single transaction being broadcast to the miners, because ain’t nobody got time for that ⏰.
Sorry, miners, but we’re all about that efficiency, and the Lightning Network delivers
But wait, there’s more! Not only is the Lightning Network a game-changer for individuals wanting to send and receive Bitcoin, it’s also catching on with centralized exchanges like Binance (now that they’ve stopped taking a nap on the job) 💼.
And let’s give a shoutout to the true OGs of Lightning support, Coinbase and Bithumb, for paving the way for everyone else.
Bittrex Files For US Bankruptcy – They Owe The Most To This US Agency
Bittrex, the popular cryptocurrency trading platform, has filed for Chapter 11 bankruptcy protection 🏦. Looks like they have more than 100,000 people who are going to wondering where their digital coins went, yikes! 😳
Bittrex estimates that they have assets between $500 million and $1 billion and liabilities in the same range, which is definitely not chump change 💸.
Apparently, Bittrex, Inc and Bittrex Global were charged by the SEC for operating an unregistered securities exchange 🔒. They are also facing Bank Secrecy Act violations charges from some US treasury agencies 💰. All this adds up to a settlement of $29 million, which maybe they should have invested into some good legal advice 💼.
Among Bittrex’s many creditors, the US authorities are listed as the largest one, with a claim of $24.2 million 💸💸. Hopefully they have a crypto piggy bank somewhere, because they still owe $14.5 million to a crypto wallet 🐖. Even FinCEN is weighing in, being listed as a top 50 creditor with a claim of $3.5 million .
Sam Altman’s Crypto Project To Stop The Presses!
Worldcoin, the crypto project co-founded by Sam Altman of OpenAI, has launched a hot new mobile app 📱! The World App is self-custodial and includes the spiffy new World ID tool to prove your identity online 🌎.
Plus, you can now store your favorite cryptocurrencies all in one place, including BTC, ETH, DAI, USDC, and Worldcoin’s brand new token 💰. It’s the absolute bee’s knees!
The app has already taken off, with 1.5 million users and 60,000 transactions on a typical day during testing 💥.
And get this – you can even claim your share of Worldcoin’s token by getting scanned by a Worldcoin orb! 🔍 The World App is now available in over 80 countries, and it’s got a streamlined, minimalist design – because who needs all that clutter anyway?
With gas-free transactions and support for multiple languages, this app is engineered to maximize inclusivity 👍. And don’t worry about needing the latest and greatest phone – the World App can even be supported by phones over 10 years old 👴.
The backend of the app is powered by the who’s who of crypto firms, projects, and tools, including Uniswap, ENS usernames, and Ramp and MoonPay for on and off-ramps 🚀.
Inside ETH Staking Mine
Let’s catch up on what’s happening with Ethereum staking!
Surprisingly, the successful Shapella upgrade did not lead to a sell-off in Ethereum 🚀.
However, Glassnode reports that full withdrawals have outpaced partial withdrawals, with validators withdrawing an average of 32 ETH 💸.
As of May 4, a whopping 1.23 million ETH has been withdrawn from the system through complete exits 🤯. There has been a change in the balance of validators since the Shapella upgrade, with an average reduction to 32.35 ETH.
But don’t worry, there are still over 23,000 waiting depositors indicating a continued interest in staking 👀. Lido Finance is leading the pack as the most effective liquid staking platform, but only 6.6% of overall withdrawals were linked to decentralized staking providers.
Glassnode is optimistic about a positive return in the future, as the number of exits from the staking pool has already been minimized. However, most of the exits are still coming from exchanges like Coinbase and Kraken
Honorable Mentions 🏆
- Paxful P2P exchange reopens after closure 🚪🔓
- Spotify reportedly deletes thousands of AI-generated songs 🎵🤖
- CPI data to come tomorrow and change the momentum of the market 📈📊
Crypto Market Watch ft. AI🚀
(This section is exclusively written by AI tools)
I think that Bitcoin’s recent move is a good sign, but we’re not out of the woods yet. If we can break the resistance level and reach $29,200 before the FOMC meeting, there’s a good chance we’ll see an upward trend.
However, if we don’t break that level, we might be stuck in this same downward trajectory for a while longer.
As for altcoins, unfortunately, they’re not performing well at the moment. But don’t lose hope just yet! There’s a chance we might see some recovery after the FOMC meeting.
Twice weekly crypto goodness, coming your way! Catch us every Tuesday and Friday.
Disclaimer: The author(s) of this newsletter are not responsible for any investment decisions made by the readers based on the information provided in the newsletter.