Coinbase screws up, Florida bans CBDCs, and Bitcoin Ordinals…

Top stories of the week

Coinbase Calls Pepe a ‘Hateful Symbol’, Leading to Boycott Exchange

An email sent to Coinbase customers this week that described the Pepe the frog meme as a “hate symbol” used by an alt-right group sparked outrage from the PEPE memecoin community. Two hours after the email was sent, the hashtag #deletecoinbase trended on his Twitter sidebar, with over 14,000 comments urging users to boycott the exchange. Coinbase Chief Legal Officer Paul Grewal responded to the outrage on Twitter, apologizing: “We made a mistake.

Florida Governor Signs CBDC Bill, Restricting Some US and Foreign CBDC Uses

US Florida Governor Ron DeSantis signed a bill restricting the use of Central Bank Digital Currencies (CBDC) in the state. The new law prohibits the use of the US federal CBDC “as currency within the Florida Uniform Commercial Code (UCC).” It also bans the use of CBDCs issued by foreign governments and calls on other countries to use their commercial laws to establish similar bans. Mr DeSantis said the White House’s research into new financial technology has spurred action. This law he will go into effect on July 1st.

Milady Memecoin Soars 5,250% After Musk Tweets and Exchange Listing

Milady (LADYS), a self-organizing meme coin based on the anime avatar NFT collection of the same name, surged over 5,250% on May 11 after Elon Musk tweeted a meme using images from Milady NFTs. bottom. The tweet also boosted the average selling price of the collection. “LADYS is a meme coin with no intrinsic value or expectation of financial return. It has no formal team or roadmap,” said the token developer. “This coin is completely useless and is for entertainment purposes only.”

Are Ordinal Numbers Good or Bad for Bitcoin? Supporters and Defenders Speak Out

Bitcoin ordinals continue to cause debate among the Bitcoin community. Shortly after its introduction in January 2023, opponents of the technology began expressing concerns about perceived flaws, citing slow speeds and increased transaction costs. Its proponents, on the other hand, argue that ordinal numbers offer more opportunities, improve decentralization, and ensure freedom of expression. This technology allows you to add text, images, and code to Satoshi, the smallest unit of Bitcoin.

To catch scammers: Kraken builds fake cryptocurrency accounts to ‘lure’ scammers

Cryptocurrency exchange Kraken has provided a new way to flag malicious wallets. It builds a fake cryptocurrency environment to “cheat” the bad guys. Kraken has created a “custom environment” for popular streamer Kitboga to thwart scammers posing as US President Joe Biden. The punchline begins with Kitboga, playing an elderly man with a $450,000 bitcoin balance, angering the scammers by entering the wrong wallet address before transferring the full amount.

winner and loser

Bitcoin over the weekend (BTC) is in $26,707,ether (ethereum) and $1,803 and XRP and $0.43.The total market capitalization is $1.12 trillion, according to Go to Coin Market Cap.

Kava is the top 3 altcoin gainers this week out of the top 100 cryptocurrencies (Cava) 15.28%, Bitcoin SV (BSV) 5.19% and PAX Gold (Pax G) at 0.20%.

This week’s top 3 altcoin losses are Pepe (Pepe) -54.43% for pancake swap (cake) -27.15% and WOO network (woo) -24.48%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

most memorable quotes

“Combined with existing trends that appear to deprioritize investment in the industry’s AI ethics efforts, halting AI training altogether will only lead to further harm and setbacks.”

Christina MontgomeryIBM Chief Privacy and Trust Officer

“Tokenization of real-world assets may offer unprecedented opportunities to build new market infrastructures and increase the efficiency of commodity trading around the world.”

Kathy CrayExecutive Vice President of Global Digital and Data Solutions, Cboe Global Markets

“The Metaverse is dead! Organize an online vigil for Fortnite, Minecraft, Roblox, PUBG Mobile, Sandbox and VRChat’s 600 million monthly active users to mourn together in real-time 3D.”

Tim SweeneyCEO of Epic Games

“We failed and I’m sorry.” [about comments regarding Pepe the Frog]”

Paul GrewalCoinbase Chief Legal Officer

“People actually [crypto] in their portfolio. Whether you’re talking about the retail sector, high net worth individuals, or institutional investors, everyone is looking at their portfolios and trying to get that kind of exposure. “

Neil TanChairman of Hong Kong Fintech Association

“An important lesson learned from the Terra LUNA incident includes proper vigilance. Conducting due diligence on each project can help potential investors avoid heartache in the future. increase.”

Obinna Uche Uzoyetwitter analyst

Forecast for the week

Bitcoin Enters $26,000 ‘Frenzy’ As BTC Price Nears 2-Month Low

Bitcoin approached a two-month low on May 12 amid fears that a “head and shoulders” pattern could lead the bears.

BTC/USD reached $26,100 on Bitstamp, the lowest since March 17, according to data from Cointelegraph Markets Pro and TradingView. Despite favorable macroeconomic conditions for risk assets, Bitcoin has been unable to capitalize on its profit potential as bidding liquidity is trending downward.

If this “head and shoulders pattern” is confirmed, it sets a negative precedent. “We can’t let the #Bitcoin head and shoulders crowd win,” financial commentator Ted Torksmacro, under a pseudonym, said, adding that if Bitcoin rises again above $27,000, things could become “very It could be “interesting,” he added.

FUD of the week

Pepe memecoin craze draws unwanted attention from scammers

bad actor The hype surrounding the Pepe meme coin has resulted in the scams that currently plague the cryptocurrency community. At least 10 memecoin scams have been created in the past few days, according to blockchain security firm Pecshield. The company recently reported a fraudulent token that was stripped of liquidity and embarrassed investors. Fake Pepe claim sites are also starting to become more and more popular on his Twitter.

“Bitcoin Has Not Been Attacked” BTC Maxis Allays DoS Attack Concerns

A sudden rise in Bitcoin transaction fees and unconfirmed transactions has sparked concerns on Crypto Twitter for a week about possible denial of service attacks on the network. According to BitInfoCharts, the average Bitcoin transaction fee was $19.20 on May 8, with 459,341 outstanding transactions on the day. Due to increased demand on the network, the total price per block even temporarily exceeded the block subsidy reward of 6.25 BTC. Bitcoin analysts and commentators are scrambling to assuage community fears.

ParaSpace team clashes with CEO over suspected whereabouts of protocol funds

NFT protocol ParaSpace has released several allegations of fraud involving CEO Yubo Ruan’s mismanagement of funds worth 2,909 Ether. This fund had previously been stolen during a hack, but was later recovered thanks to the White Hats. However, Ruan returned only part of the funds to the Protocol Treasury. ParaSpace employees now have full control over the protocol and are calling on Luan to step down. The CEO denied wrongdoing.

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editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.