Crypto News Summary for May 30, 2024:
Market:
* Bitcoin: The price has been in a tight range for more than a month, around $30,000, with no clear direction. Some analysts believe a major breakout is ahead, while others are more cautious.
* Ethereum: Total stablecoin market capitalization hit a 24-month high in May, reaching $161 billion. This is partly due to increased demand for safe-haven assets amid market volatility.
* Altcoins: Several altcoins have seen significant price movements in recent weeks. Retik is down 50% since its pre-sale, while BlockDAG is up $34.7 million in its own pre-sale.
Adoption:
* Bitcoin ETF: BlackRock's Bitcoin ETF (NYSE:BLK) now holds more BTC than Grayscale. Global Bitcoin ETFs already have 1 million bitcoins in custody.
* Institutional investment: The world's large banks are increasingly investing in Bitcoin ETFs, reflecting growing acceptance of cryptocurrencies among institutional investors.
* USA: The US Treasury Department has classified NFTs as assets "susceptible to scams and fraud", which could have implications for the regulation of this sector.
* Spain: Worldcoin remains banned in Spain due to data privacy concerns.
Others:
* FTX: Cryptocurrency exchange FTX has recovered millions of dollars from a hack and has promised to return the money to customers with interest.
* Binance: Binance founder Changpeng Zhao was sentenced to just four months in prison for his role in market manipulation, while former FTX executive Sam Bankman-Fried was sentenced to 25 years.