VeChain on TV, DOGE flips BTC volume, Hotbit hack and more …

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Will DOGEmania ever stop? Dogecoin has officially flipped Bitcoin in a few categories here in China, with DOGE trading volume on leading Chinese exchange Huobi surpassing that of leading assets ETH and BTC. On May 6th, according to CoinGecko, DOGE volume made up more than 15% of total exchange volume, whereas BTC and ETH were around 8% each.…

Altcoins rally as bulls pile into large-cap tokens and layer-1 projects

The cryptocurrency market provides investors with another day of ‘altseason’ as the majority of altcoins in the top 100 on CoinMarketCap rallied today. Several large-cap tokens reached multi-year highs and this all took place as Bitcoin (BTC) price struggles to hold any of the news-event-driven gains that it has accrued throughout the week.  One of the most notable performances has been put on by Ethereum Classic (ETC), the “unaltered” Ethereum (ETH) fork that has been gaining traction over the past week as its dedication to a proof-of-work consensus mechanism attracts…

IDEX’s ‘hybrid liquidity pool’ aims to tackle some of DeFi’s biggest problems

IDEX, a San Francisco-based decentralized exchange, has unveiled new protocol upgrades designed to solve two of the biggest issues with DeFi — slippage and front-running.  The exchange claims that its Hybrid Liquidity protocol solves these challenges by combining an order book and trading engine with the liquidity pools of an automated market maker, or AMM. “The novel exchange design protects users from the most glaring pitfalls of AMMs, including failed trades and front-running, by instantly executing trades against the best combination of limit orders and pooled liquidity,” the company said, adding: “This…

ConsenSys exec joins CoinFund to assist early-stage blockchain firms

Vanessa Grellet, a five-year veteran of Ethereum software company ConsenSys, will be joining crypto investment group CoinFund as its new head of portfolio growth. In an announcement from CoinFund today, the investment group said Grellet would be responsible for guiding its portfolio of more than 50 companies and projects. The new head of portfolio growth will be aiming to “bridge the gap between the worlds of traditional companies and decentralized networks” by forming alliances between blockchain projects and protocols. “My team will serve as partners who support and guide founders…

Will Elon Musk’s SNL Appearance Boost Dogecoin?

Key Takeaways Elon Musk will host Saturday Night Live on May 8. Past tweets from Musk suggest he is planning to do a Dogecoin-themed spoof of the Godfather called the “Dogefather.” His controversial appearance could end Dogecoin’s rally, or it could help the coin rise further by encouraging adoption. Share this article Tesla CEO Elon Musk has arrived in New York in advance of his upcoming Saturday Night Live appearance, which will likely include a sketch that focuses on the Dogecoin cryptocurrency. Episode Will Be Controversial Musk will host the…

EOS price rallies 100% following a proposal to increase staking rewards

As the blockchain sector continues to evolve, occasional protocol updates are needed to ensure projects stay up to date with the latest developments and provide users wit the best user experience possible.  Since May 5, EOS price has rallied more than 100% following a recent protocol upgrade that increases the project’s inflation rate. EOS/USDT 4-hour chart. Source: TradingView Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $6.18 on May 5, the price of EOS has catapulted more than 100% to a mid-day high of…

Nuvei eyeing $250M acquisition of crypto startup Simplex

Canadian payments giant Nuvei is reportedly in talks to acquire Simplex, an Israeli cryptocurrency startup, for up to $250 million — sending a strong signal that the electronic payments processing industry is pivoting toward digital currencies.  The deal between Nuvei and Simplex is expected to be finalized “in the next few days,” according to BlockBeats, a Beijing-based blockchain publication. The deal could be worth between $200 million and $250 million. Neither Nuvei nor Simplex have confirmed the sale at the time of publication. By targeting Simplex, Nuvei is clearly expanding…

Reports suggest Goldman Sachs is now offering Bitcoin derivatives

Investment banking giant Goldman Sachs has reportedly opened up futures trading on Bitcoin to Wall Street executives. According to Bloomberg Law, last month the investment firm began offering trading with non-deliverable forwards, a derivative tied to the price of Bitcoin (BTC) — roughly $56,000 at the time of publication — for which investors can get paid in fiat. Goldman Sachs reportedly lessens its risk to the crypto asset’s infamous volatility by buying and selling Bitcoin futures in block trades on the Chicago Mercantile Exchange, or CME, Group using the crypto…

BakerySwap, Syscoin and Utrust rally as altcoin season kicks into high gear

Bitcoin’s (BTC) institutional adoption shows no signs of slowing down. This week Latin America’s largest e-commerce company, Mercado Libre, disclosed that it had purchased $7.8 million worth of Bitcoin as part of its treasury strategy.  Mercado Libre was not only in this decision, as Metromile Inc., a Nasdaq-listed digital insurer also said it plans to buy $10 million worth of Bitcoin in the second quarter of this year. Additionally, Metromile will soon start accepting premiums and paying out insurance claims in Bitcoin. Crypto market data daily view. Source: Coin360 Data from Glassnode…

SEC chair hints at greater regulatory oversight for US crypto exchanges

Recently confirmed U.S. Securities and Exchange Commission chair Gary Gensler punted to congress on providing more regulatory oversight to the crypto space, but also said the commission would act within its purview.  In a virtual hearing held by the House Financial Services Committee today, North Carolina Representative Patrick McHenry asked Gensler what the regulatory body would be doing to ensure a “vibrant digital asset marketplace with legitimate money and the rule of law.” McHenry highlighted collaborations across regulatory agencies regarding digital assets and cryptocurrencies. Gensler said the crypto market could…