Ether erases recent gains following price dip to lowest level since April 9 and more

As per the latest filing, two new groups have emerged as contenders to take over Celsius, a cryptocurrency lending platform currently in Chapter 11. One of these groups is called Fahrenheit, and it is supported by notable venture capitalist Michael Arrington, the former CEO of Algorand, and investment banker Ravi Kaza. The other group, the Blockchain Recovery Investment Committee, is backed by Gemini Trust and VanEck, which is seeking to launch a crypto ETF. The appearance of these bidders follows complaints about an initial proposal from NovaWulf, who has been chosen as the “stalking horse bidder” with an inside track to take over Celsius. More here.

Yuga Labs, the company behind the popular Bored Ape Yacht Club (BAYC) NFT collection, has secured a partial summary judgment in its lawsuit against Ryder Ripps and Jeremy Cahen, the duo behind the RR/BAYC NFT collection, which is similar to BAYC. The judgment was handed down by a U.S. court in California. Ripps and Cahen created RR/BAYC as a satirical and critical response to Yuga Labs. The RR/BAYC collection features primates in similar poses to the Bored Apes, and the marketing material is also similar to BAYC. They claimed that the BAYC NFT collection contained racist dog whistles, 4chan memes, and hidden Nazi imagery. While this narrative gained some traction on the internet, Yuga Labs’ founders denied these allegations. Details here.

Bitcoin mining’s environmental impact has once again come under scrutiny in recent weeks, thanks to a proposed Texas bill seeking to limit its grid participation and a New York Times article criticizing the industry. According to data from Cambridge University’s Centre for Alternative Finance, bitcoin mining consumes approximately 145 terawatt hours (TWh) of electricity annually, equivalent to the power consumed by Sweden, as reported by the International Energy Agency. Critics argue that Bitcoin’s proof-of-work algorithm is inherently wasteful, with its electricity consumption continually growing. However, industry advocates view it as necessary. Read More.

US presidential hopefuls, including Ron DeSantis and Vivek Ramaswamy, have added a new dimension to the conversation around the role of central banks in the economy. They have clarified that they do not support proposals for a central bank-backed digital US dollar, as they seek to gain momentum for their campaigns. Currently, a central bank digital currency (CBDC) is far from becoming a reality in the US. Some officials at the Federal Reserve have expressed skepticism about the need for one, particularly for use by the general public. The Fed has also stated that it would seek approval from Congress before proceeding with a digital dollar. Nonetheless, the relatively obscure issue has emerged as a flashpoint for those considering a presidential run. Full report here. 

Binance CEO Changpeng Zhao and other notable figures in the crypto industry have praised the European Union’s Markets in Crypto Assets (MiCA) regulation after it passed its final parliamentary hurdle. While the regulation still needs formal approval from all 27 member states, crypto leaders such as Tyler Winklevoss of Gemini and former Securities and Exchange Chairman Jay Clayton have also celebrated the news. In contrast to the fragmented regulatory landscape in the US, the new EU rules provide greater clarity for companies offering digital asset services. Any firm with a license in one EU member state can legally access the entire EU market, while traditional finance players can now choose licensed partners to collaborate with on their crypto solutions. More here.

Gemini, the crypto exchange founded by the Winklevoss twins, is launching a new derivatives platform exclusively for users outside of the US. Named the Gemini Foundation, the platform’s first derivatives contract will be a BTC perpetual contract denominated in Gemini dollars, followed by an ETH/GUSD perpetual contract, as per a blog post by the company. According to the company, “Gemini Foundation will allow eligible customers to leverage their crypto assets to achieve long or short crypto exposure in order to manage risk, generate returns, and gain directional exposure.” The company also said that it would provide further information about the platform’s name later. More here.

At the annual Cornell Blockchain conference, Ava Labs CEO Emin Gün Sirer expressed his belief that the blockchain and cryptocurrency space cannot be considered mature until regulators can read and audit the code. However, he noted that regulators are currently not at that stage and are preoccupied with other matters. Following the collapse of the FTX exchange and other mishaps in 2022, crypto has come under scrutiny from regulators, particularly in the US. Nonetheless, even the strictest of clampdowns would not be enough to eliminate crypto, according to Gün Sirer, whose company developed the Avalanche (AVAX) layer-1 blockchain. He stated, “Suppose we ban crypto altogether? Generation Z is digital-first, and they will not allow this technology to go away. They have seen how amazing these new rails can be.” Read More

Aptos, a layer 1 blockchain, has introduced a new feature designed to enhance the accessibility of staking on its network, as per a Thursday blog post. The new feature, delegated staking, enables users to earn staking rewards without the need to run nodes themselves. Additionally, it lowers the amount of the blockchain’s native token, Aptos (APT), that is required to participate in staking. Users only need 11 APT, which are worth roughly $117 at the time of publication, to stake their tokens with the blockchain. The blog post states, “Delegated staking ensures that token holders continue to hold ownership of their APT in their own wallets, and do not have to resort to off-chain methods of funds aggregation.” Read More.

Bitcoin and ether prices experienced a decline on Friday, while the S&P 500 and Nasdaq indexes remained mostly unchanged throughout the day. TradingView data revealed that Bitcoin fell by 3.5% over the past 24 hours and traded at $27,271. Ether also suffered a drop of nearly 5%. Ether (ETH) hit a low of $1,833 on Friday afternoon, its lowest price since April 9. This price fall has erased all of the gains from its recent rally that followed the successful implementation of the highly anticipated Shanghai upgrade last week. Since its Tuesday high of $2,118, the second-largest cryptocurrency by market capitalization has fallen by more than 13%, declining by 5.3% over the past 24 hours as investors continue to evaluate the macroeconomic and crypto-industry focused uncertainties that have affected the wider digital asset market.