Bitcoin Message From Michael Saylor After Ethereum ETF Approval: 'Bitcoin Will Be Crushed!'
MicroStrategy founder Michael Saylor issued a strong message to the Bitcoin community following the Ethereum ETF approval.
MicroStrategy's founder and leading Bitcoin advocate, Michael Saylor, has issued a strong message to the Bitcoin community in response to the U.S. Securities and Exchange Commission (SEC)'s recent approval of spot Ethereum exchange-traded funds (ETFs).
Michael Saylor Posts “Bitcoin Godzilla” Message Following Ethereum ETF Approval
Saylor, a well-known long-term Bitcoin bull, shared his unwavering belief in Bitcoin's dominance on 'X'.
His message, dubbed “Bitcoin Godzilla,” suggested that Bitcoin will continue to outperform Ethereum and other cryptocurrencies in the market.
In a characteristically bold move, #Saylor said, “When Godzilla comes, all your models are gone. #Bitcoin,” he wrote and shared an image of the famous movie monster Godzilla wreaking havoc.
The image also featured a small #BTC mascot in the bottom right corner, symbolizing the immense power and market influence that Bitcoin enthusiasts like Saylor expect the cryptocurrency to have.
Supporting Saylor's views, Jan3 CEO and another staunch Bitcoin maximalist, Samson Mow, responded negatively to the Ethereum ETF approval.
“The odds of Spot Ethereum ETFs being approved were always 50/50,” Mow said, suggesting that the SEC approving #Ethereum ETFs was almost inevitable due to regulatory pressures.
Mow reiterated his bearish stance on Ethereum, emphasizing that the #ETF approval does not change his negative outlook on the cryptocurrency.
Earlier this week, Mow reinforced his position by tweeting that this was the last opportunity to sell ETH above 0.05 BTC. $BTC $ETH
SEC からのウェルズ通知にもかかわらず、Uniswap Foundation は手数料変換提案を進めています。手数料構造の最適化と流動性提供の強化を目的としたこの提案は、5 月 31 日金曜日にオンチェーン投票にかけられます。参加を希望する UNI トークン保有者は、投票期限までにトークンが転送されていることを確認する必要があります。
Less than 10% of Stablecoin Transaction Volume Consists of Real Users.
According to new findings from Visa and data platform Allium Labs, less than 10% of stablecoin transaction volumes are organic, that is, real people.
The report stated that only $49 billion of the approximately $2.2 trillion in transactions recorded in April were realized through "organic payment activities." The analysis excludes bots and traders executing high-volume trades in order to "detect trades made by real people."
Broker firm Bernstein reported that the stablecoin market supply currently stands at approximately $150 billion, with #Tether (USDT) and #USD Coin (USDC) dominating the market with shares of 75% and 22% respectively.
The note containing the findings of Visa's crypto head Cuy Sheffield included the following statements: “Use scenarios where blockchains facilitate transactions that can be initiated by the end user manually or through automated bots take up a large amount of space in the data.”
According to the analysis, despite the difference between the total transfer volume and the bot-derived transfer volume, the number of stablecoin users increased steadily, reaching 27.5 million monthly active users. $ETH $BNB $BTC
Senator Lummis Challenges DOJ’s Stance on Private Crypto Wallets
U.S. Senator Cynthia Lummis argued that the Department of Justice’s position on crypto self-custody conflicts with existing Treasury guidance and breaches the rule of law.
Lummis (R-WY) says she opposes the Biden Administration’s criminalization efforts related to the Bitcoin (BTC) network and decentralized finance (defi).
I am deeply concerned by the Biden administration criminalizing core tenants of the Bitcoin network and decentralized finance.My full statement. ⬇️ pic.twitter.com/M3CHcNTi3x
— Senator Cynthia Lummis (@SenLummis) May 1, 2024
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The Department of Justice’s stance has prompted legal actions against cryptocurrency entities, such as the indictment against Bitcoin mixer Samourai Wallet and Tornado Cash developer Roman Storm for unlicensed money transmission.
The cryptocurrency community, led by advocacy groups like Coin Center, has strongly opposed the DOJ’s interpretation.
“Every functioning cryptocurrency wallet and smart contract is doing money transmission and every developer is engaged in unlicensed money transmission,” said Peter Van Valkenburgh, director of research at Coin Center, noting that this stance contradicts FinCEN’s established guidelines.
Coin Center has also filed an amicus brief in support of Roman Storm, asserting that the publication of Tornado Cash’s code is protected under the First Amendment.
Read more: The crypto industry will only benefit from regulation | Opinion
Top 10 Altcoins That Lose the Most Money to Their Investors.
Algorand (ALGO) is currently leading the pack, with onchain data showing over ninety-one percent of token holders experiencing losses.
Sandbox (SAND) and Arbitrum (ARB) are in second and third place, respectively, and 84.58% and 83.43% of investors experience losses in their respective investments. According to the data on the blockchain, the full list with the percentage of token holders who lost money is as follows: Algorand (ALGO) – 91% Sandbox (SAND) – 84.58% Arbitrum (ARB) – 83.43% Axie Infinity (AXS) – 79.04% Chiliz (CHZ) – 69.43% Cardano (ADA) – 60.01% Lido DAO (LDO) – 55.01% Uniswap (UNI) – 52.02%
However, the cryptocurrency market as a whole is currently going through a period of major decline from its recent highs. During the day, the Bitcoin price fell by almost 5%, falling below $60,000.
Current Status of Bitcoin, Ethereum and Other Cryptocurrencies From Ethereum's perspective, the scenario looks a little more negative. Over the last twenty-four hours, the value of the world's largest alternative cryptocurrency has decreased by 6.65 percent. Despite Binance's former CEO Changpeng Zhao receiving a less severe penalty than expected, BNB, the second-largest alternative cryptocurrency, has failed to recover sufficiently and is currently down 3% on the day.
Ethereum, the second largest cryptocurrency token by market value, fell 5.7 percent to $2,986 at 11:35am ET. Toncoin (-5.3%), Dogecoin (-8%), Shiba Inu (-8.4%), Avalanche (-6.9%), BNB (-5%), Solana (-7.6%) , XRP (-2.1%) and other major crypto tokens all saw declines.
Bitcoin's value fell 5.2% to $59,950 in Wednesday's trading session as traders prepared for key economic data and awaited the Federal Reserve's interest rate decision later in the day. #FreeCZ #ScamRiskWarning