Crypto Wins the US Debt Ceiling Deal
Bitcoin breaks its monthly win streak, despite a favorable outcome on the US debt deal front
By: Zack Abrams
May 30, 2023
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 everything we're watching after a long weekend of crypto news.
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
That’s everything we’re taking a look at this week! If you missed us discussing these stories, you can check out the recording above.
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