Daily Quotes (May 12, 2024 20:30)
ChainDD's market data on May 12 shows that the combined DD index and CoinMarketCap quotes are:
BTC was at $60,986.30, up about 0.37% in 24 hours;
ETH was at $2,916.07, down about 0.58% in 24 hours;
BNB reported $591.37, up about 1.04% in 24 hours;
DOGE was at $0.1444, up about 0.23% in 24 hours;
DOT was trading at $6.74, down about 1.33% in 24 hours.
Chain Circle Dynamics
zkSync mainnet v24 upgrade postponed, zkSync Sepolia testnet expected to be fully restored in a few hours
zkSync Developers posted on the X platform that the zkSync Era Sepolia testnet is expected to be fully restored in the next few hours. The v24 mainnet upgrade will be postponed until later next week to give the team more time to evaluate the stability of the testnet. When the team is confident that it is stable, a firm release date will be provided.
According to zkSync Developers, there were two issues affecting the testnet (these issues have now been resolved): First, due to instability issues with the eth_sender service (responsible for submitting transactions to the L1 zkSync smart contract), there were no L1 commit blocks submitted for about 1 day. This was caused by a very different gas market for Blob pricing on Sepolia. Second, there were more than 2 days without proofs being submitted, causing withdrawal delays. This was caused by a difference in logic between the in-circuit VM (the ZK circuit used to generate proofs) and the out-of-circuit VM (the VM on the server side, which is executed immediately when a transaction is submitted).
In the past 30 days, the balance of Coinbase Pro Bitcoin wallet decreased by 13110.55, and Bitfinex increased by 9031.01
Coinglass data shows that the current balance of Binance's Bitcoin wallet is 545,085.43 coins, ranking first among CEX; 141.45 coins flowed out in the past 24 hours, 1460.82 coins flowed out in the past 7 days, and 6707.29 coins flowed in in the past 30 days.
The balance of Bitfinex's Bitcoin wallet is 380,209.73 coins, with an outflow of 314.25 coins in the past 24 hours, an inflow of 268.12 coins in the past 7 days, and an inflow of 9031.01 coins in the past 30 days.
The balance of the Coinbase Pro Bitcoin wallet is 280,916.42 coins, with an outflow of 171.43 coins in the past 24 hours, 941.67 coins in the past 7 days, and 13110.55 coins in the past 30 days.
Cryptocurrency News
GBTC has seen a cumulative net outflow of over US$17.6 billion since the launch of its Bitcoin spot ETF
According to Farside Investors data, since the launch of the Bitcoin spot ETF, GBTC has accumulated a net outflow of US$17.6329 billion. According to Coinglass data, GBTC's asset management scale has dropped to US$17.647 billion.
Nigerian expert: Central bank policy prompts users to turn to P2P crypto trading platforms
According to stakeholders in the Nigerian blockchain and crypto industry, the Central Bank of Nigeria’s (CBN) previous decision to exclude cryptocurrency entities from the banking system has facilitated the growth of peer-to-peer (P2P) cryptocurrency transactions. Stakeholders believe that the CBN’s lack of understanding and refusal to acknowledge the cryptocurrency industry has led to malicious actors exploiting P2P platforms for their own ends.
The ban or directive issued by the CBN on February 5, 2021, while successful in curbing the operations of centralized exchanges, also inadvertently boosted trading volumes on P2P cryptocurrency platforms. However, the surge in P2P cryptocurrency trading soon raised concerns among several entities, such as the Money Changers Association.
However, it was not until early 2024 that Nigerian authorities began to take action against P2P cryptocurrency trading platforms. Initially, the authorities pressured major exchanges to set a cap on the exchange rate between the US dollar and the Nigerian naira. Subsequently, Nigerian authorities instructed the Binance exchange platform to stop supporting the naira.
However, some in the Nigerian government believe that currency manipulators may have moved to P2P platforms that have not yet removed the naira. This concern has reportedly led Nigerian authorities to consider removing the naira from all platforms. The Nigerian Securities and Exchange Commission recently confirmed that it will require P2P platforms to remove the naira, raising concerns that the decision could have a serious impact on legitimate businesses.
Hong Kong brokerage firm Tianfeng International will explore investment opportunities in areas such as blockchain and AI
Li Te, managing director of Hong Kong brokerage Tianfeng International Securities Group, said at the 13th UAE International Investment Annual Conference that financial technology has transformed from an emerging technology field to a major force driving global financial services. From payment systems to financing platforms to asset management, financial technology is constantly reshaping our financial ecosystem. Tianfeng International is also actively embracing the trend, identifying the pain points and key links of various business nodes through related technologies such as artificial intelligence, machine learning, and big data analysis to improve the convenience and efficiency of financial services.
At the same time, TF International is also actively exploring investment opportunities related to embedded finance, green finance, blockchain and AI. While optimizing the quality of financial services, it seizes development opportunities, implements the basic strategy of financial services to entities, and helps to efficiently connect finance and the real economy.
China Asset Management and Harvest Asset Management are promoting the construction of mortgage financial products based on crypto spot ETFs
Executives from Hong Kong virtual asset ETF issuers Harvest Global and China Asset Management Hong Kong confirmed at the recent Bitcoin Asia conference that they are working to promote the construction of mortgage financial products based on cryptocurrency spot ETFs.
David Bailey, co-founder and CEO of BTC Inc., said: "The ETF is in some way an acknowledgement that Bitcoin is here to stay. There's no way Hong Kong just stumbled into launching an ETF... This is not random. The Hong Kong government was very supportive of hosting a Bitcoin conference and sees Bitcoin as a huge opportunity for Hong Kong."
It is reported that BTC Inc. is responsible for organizing the Bitcoin Conference and is the parent company of the crypto media Bitcoin Magazine.
Analysis: Bitcoin/gold cross index falls, which may affect risk assets
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, wrote on the X platform that the Bitcoin/gold crossover index plummeted compared with the S&P 500 index, and the US Bitcoin spot ETF set a record for capital inflows in January, which enhanced Bitcoin's status as a leading indicator, which may have an impact on risky assets thereafter.
The benchmark cryptocurrency hit new highs in the first quarter, which was near-perfect timing; but Bitcoin has not surpassed its 2021 peaks compared to gold and the S&P 500. The volatile and highly speculative cryptocurrency, which trades 24/7, rose versus gold the last time S&P 500 e-mini futures broke above its 50-week moving average in November, but this time the Bitcoin/gold cross is falling.
Last week, the US Bitcoin spot ETF purchased 1,318 BTC
According to HODL15Capital monitoring, as of May 10, global Bitcoin spot ETFs held 949,756 BTC.
In addition, last week the US Bitcoin spot ETF purchased 1,318 BTC, of which only GBTC saw outflows.
