Hyperbitcoinization is on the horizon, Bitcoin gets a seat on U.S. presidential candidates agendas and Voyager’s fund recovery plan approved.

Hyperbitcoinization is on the horizon, Bitcoin gets a seat on U.S. presidential candidates agendas and Voyager’s fund recovery plan approved.
Bitcoin has crossed a significant threshold this month — there are over 1 million addresses that hold at least 1 BTC. Data from Glassnode shows an escalating pattern with regard to the amount of so-called Bitcoin “wholecoiners.” If the trend continues, Bitcoin price escalation could soon make buying it not only a luxury but something potentially unattainable altogether, according to Adam Back, co-founder and CEO of Bitcoin firm Blockstream. This hyperbitcoinization refers to the moment when the benefits of Bitcoin for financial transactions will eventually lead to the replacement of established financial institutions by a public-driven system, with Bitcoin becoming the world’s default value system.
FTX’s leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. According to court filings, Embed’s own chief technology officer, Laurence Beal, was stunned that FTX paid so much for the company after one short meeting with its then-CEO, Michael Giles. Beal described FTX’s due diligence process with a cowboy emoji. Lawyers accused FTX insiders of disproportionate payouts to Embed shareholders, including $55 million paid to its CEO.
Robert F. Kennedy Jr. will be the first presidential candidate in United States history to accept campaign donations in Bitcoin, he announced during his first appearance as a presidential candidate at the Bitcoin 2023 conference. He praised the cryptocurrency as a “symbol of democracy and freedom” during the event. By having attended the Bitcoin event, RFK Jr. is not only targeting voters but also a potential source of millions of dollars in donations. The democratic candidate is incumbent President Joe Biden.
Voyager’s bankruptcy plan was approved on May 17 and its customers could now expect to receive 35.72% of their claims initially, either in crypto via the Voyager app or in cash, after 30 days. According to Voyager, it had $1.33 billion of assets for recovery as of May 8, of which $629.8 million was available for initial recovery, on claims of $1.8 billion. If FTX/Alameda Research’s claim for preferential recovery is unsuccessful, creditors’ initial recovery could increase. For that claim, Voyager is holding back $445 million. Voyager may also be able to recover funds from bankrupt crypto hedge fund Three Arrows Capital.
Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees” for storing Bitcoin on the platform — leading to some accounts being drained entirely of their funds. One New York investor incurred fees exceeding $10,000 in a single month, while another investor was hit with fees amounting to $51,000 over a span of 13 months, said the office of the New York State Attorney General.
Bitcoin (BTC) remained stuck inside a narrow range into May 20 as cryptocurrency markets shook off United States macro triggers.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD trading just below $27,000.
The pair had seen brief volatility after Jerome Powell, Chair of the Federal Reserve, gave new commentary on policy and the outlook for inflation.
While leaving the door open for change should it be required, Powell’s language did not offer risk assets clear signals. Responding, financial commentary resource, The Kobeissi Letter, warned that “tons of uncertainty” lay ahead.
Bitcoin nonetheless soon forgot the event, returning to a range already familiar from the weekend prior.
The total number of Bitcoin Ordinals has surpassed 8 million since its inception in January.
It’s always been possible to store arbitrary data alongside blockchain transactions, but NFTs on Monero introduce a slew of new concerns.
Three Arrows Capital is currently undergoing bankruptcy proceedings and owes an estimated $3.5 billion to creditors.
Promptly after the funds went missing, Swaprum’s Twitter, Telegram and Github accounts were all deleted, however its website is still up.
A proposal to unify branding between the Mantle network and BitDAO passed with overwhelming support.
The total value locked in DeFi protocols fell below $50 billion after nearly a month of bullish price action.
According to court documents shared by James Filan, the Hinman materials will likely be unsealed by June 13.
U.S. Senator Cynthia Lummis joined Chamber of Digital Commerce CEO Perianne Boring on stage at Bitcoin Miami 2023 for a lengthy discussion on regulation.
It is the first political campaign in U.S. history to accept Bitcoin donations.
The Web5 toolkit aspires to put the control of data and identity into the hands of users
The deal was announced in April and approved by the bankruptcy judge on May 4.
Bitcoin (BTC) nudged $27,000 after the May 19 Wall Street open as the Chair of the United States Federal Reserve delivered comments on policy.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingViewData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it attempted to reclaim the focal level in its short-term trading range.
All eyes were on Fed Chair Jerome Powell on the day, who was speaking at the Thomas Laubach Research Conference in Washington, D.C.
Market nerves had returned the day prior as other Fed officials, along with jobless data, had heightened expectations of interest rate hikes continuing.
“While the financial stability tools helped to calm conditions in the banking sector, developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring and inflation,” he said.
Bitcoin (BTC) stares at potential losses heading into the third-quarter of 2023 after U.S. lawmakers will likely reach an agreement on raising the debt ceiling.
Raising the debt ceiling means the U.S. Treasury could issue new bonds to raise cash to meet its previous obligations.
As a result, the cash pile at the Treasury General Account could increase from $95 billion in May to $550 billion by June and to $600 billion in the three months afterward, according to the department's recent estimates.
U.S. debt limit increases over the years. Source: BloombergAri Bergmann, the founder of risk management firm Penso Advisors, estimates that the Treasury will cross $1 trillion by the end of Q3, 2023.
“My bigger concern is that when the debt-limit gets resolved — and I think it will — you are going to have a very, very deep and sudden drain of liquidity,” said Bergmann, adding:
Backed by industry heavyweights; this new blockchain game aims to get a foothold in the competitive arena.
Bitcoin (BTC) traded back below $27,000 on May 19 as analysis flagged large-volume trades pressuring price.
BTC/USD 1-day candle chart on Bitstamp. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $26,380 on Bitstamp.
A modest recovery then took the pair to a range familiar from several days prior, this still in focus prior to the week’s final Wall Street open.
Downside overnight came courtesy of increasing market expectations of an interest rate hike by the United States Federal Reserve in June.
These came thanks to low jobless claims data for the week, with Fed officials adding a hawkish tone.
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