GM! Welcome to the latest issue of Coinage’s weekly newsletter recapping the top stories in crypto as we look towards the week ahead.
This week: Bitcoin breaks its hot streak as debt ceiling talks continue, the 30% tax on BTC mining appears dead, decentralized computing catches the eyes of investors, and Jimbo suffers a hack as Tornado Cash gets un-hacked.
Here’s what’s happening today in crypto, May 30th.
In Bitcoin…
As debt ceiling talks between President Joe Biden and Republican leadership continue, Biden’s proposed 30% tax on Bitcoin and other crypto mining appears dead. Unfortunately, the news may be too little too late for Bitcoin, which is headed towards its first monthly loss since December.
Meanwhile, Bitcoin’s Ordinals community moves full steam ahead, with Stably launching the first dollar-backed BRC-20 stablecoin on Bitcoin using the Ordinals protocol.
And Bitcoin billionaires Tyler and Cameron Winklevoss are struggling to steer their exchange Gemini through the crypto winter.
In Money Moves…
NVIDIA is now worth $1 trillion as the scramble for the chips that will power the next wave of the AI boom heats up. As the broader crypto market decouples from tech stocks, the decentralized computing Render Network’s token has seen significant gains, likely because the project fits better into the AI narrative than other crypto projects.
The Arbitrum-based DeFi protocol Jimbo (from the creator: “My name is Jimmy and this is a protocol I made”) was exploited for $7M following a flash loan attack. Meanwhile, the Tornado Cash DAO passed its attacker’s proposal to hand back control, after the attacker stole nearly $1 million in ether and…routed it through Tornado Cash to cover their tracks. No notes.
In Other Headlines…
ICYMI: Shaq Served Court Papers In FTX Lawsuit During NBA Playoff Game (at the stadium once known as FTX Arena)
ECB Finalizes Digital Euro Prototypes as Development Decision Looms
Optimism, Sui set for large token unlocks, worth a combined $650 million
Blur's NFT lender Blend sees volume reach $225 million in less than a month
Chainalysis acquires real-time crypto data company Transpose
Trezor sales soar 900% amid Ledger’s seed recovery controversy
F1 Ticket Provider Platinum Group Introduces NFT Tickets for Global Racing Event
Our Latest Episode…
RFK Jr. and Vivek Ramaswamy are running for the Presidential nomination of two different parties, but there are a few things they share: a longshot change, energetic fans, and a love of Bitcoin. Is 2024 the year where politicians take crypto policy mainstream? Check out our latest video to learn why 2024 might be the Bitcoin Election.
That’s everything we’re taking a look at this week! If you missed us discussing these stories live on Twitter Spaces, you can check out the recording here.
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See you next Monday!