Bitcoin loses 6% in an hour after Tesla drops payments over carbon concerns

The Bitcoin markets are pulling back after electric car manufacturer Tesla suspended its support for vehicle purchases using BTC. In a May 13 tweet, Tesla’s CEO Elon Musk noted the company’s concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” While Musk predicted that cryptocurrency “has a promising future,” he concluded that the rise of digital assets “cannot come at a great cot to the environment. However, the firm has not ruled out accepting BTC again in future, with the post noting the…

Never a dull day in DeFi! May 5-12

Never a dull day indeed.  Today was among the busiest in recent DeFi memory, featuring a hack worth eight figures, a token dump worth upwards of eleven from none other than Ethereum co-founder Vitalik Buterin himself, a significant update on institutional adoption from Aave, and a proposal on Uniswap’s governance forums to turn $UNI into a governance token — a proposal once again courtesy of Vitalik. Rapid reactions, roughly in chronological order (assuming my memory isn’t totally fried from today): Aave announces permissioned institutional trial pool As first reported by…

Vitalik Buterin Has Dumped His Unsolicited Doge-Clones

Key Takeaways Ethereum creator Vitalik Buterin has dumped several unsolicited Dogecoin knockoffs that recently arrived in his wallet. Various projects gave their tokens to Buterin in order to “burn” the coins, but Buterin never agreed to participate in the plan. So far, Buterin has given away more than 50 trillion SHIB tokens and donated more than $60 million in ETH. Share this article Ethereum creator Vitalik Buterin has sold and given way several of the Dogecoin lookalike tokens sent to him in recent weeks. Buterin Sells Off Tokens Over the…

Double Bottom On The Dollar Could Be The End Of Bitcoin Rally

Bitcoin, Ethereum, and just about every other asset on the planet trades against the dollar on its most liquid trading pair, and the greenback is the base currency that all exchanges rates are based on. The power and influence of the almighty dollar cannot be understated, and the crypto market could soon feel the surprising sting of the global reserve currency. A double bottom could be forming on the dollar, with a hidden bullish signal that could bring a hurting to the currently overheated stock and crypto market. Here’s a closer…

Christie’s $17 Million CryptoPunks Sale Sparks Criticism

Key Takeaways Nine CryptoPunks, including a rare Alien Punk, went on sale at Christie’s on Monday, fetching $16.9 million for the lot. Miniature physical versions of the Punks were hidden around the Christie’s gallery ahead of the auction, leading many NFT fans to criticize the gallery’s non-prominent display. The sale, conducted in fiat, was overshadowed by a Basquiat piece that sold for $93.1 million alongside other notable works. Share this article Nine rare CryptoPunks sold for $16.9 million at Christie’s on Monday as part of the art brokers’s latest auction…

MoneyGram to Offer Bitcoin at 20,000 U.S. Kiosks

Key Takeaways MoneyGram is partnering with Coinme to allow customers to buy Bitcoin with cash. The service will roll out at 20,000 outlets across the U.S. this year. Bitcoin has enjoyed a wave of mainstream adoption this year, with major banks and firms starting to adopt the asset. Share this article Further proof that Bitcoin has hit the mainstream.  MoneyGram Adopting BTC MoneyGram will start offering Bitcoin to customers, the firm announced Wednesday.  The U.S. company, best known for facilitating wire transfers, is partnering with Coinme to allow customers to…

Move Over Chainlink, UNI Might Offer a Better Oracle

Key Takeaways UNI tokens could be used to relay a secure price feed for ETH/USD due to Uniswap’s high market cap. A higher market cap means acquiring enough UNI tokens to create an oracle attack would be too expensive for hackers. Vitalik Buterin said Chainlink’s current incentive system is not perfect and Chainlink is better used on more complex issues. Share this article The co-founder of Ethereum argued for the necessity of a centralized price oracle with a high market capitalization to make any attack prohibitively expensive. In this case,…

ETH Becoming “Ultra Sound Money,” Says Vitalik Buterin

Key Takeaways Vitalik Buterin has shared his thoughts on ETH’s potential as a form of money in a podcast about “legitimacy.” Buterin argued that legitimacy and social contracts control resources associated with blockchains like Ethereum. He also said that NFTs have played a key role in giving Ethereum legitimacy. Share this article Is ETH money? Vitalik Buterin seems to think so.  Vitalik Buterin Discusses Ethereum’s “Legitimacy”  On the latest Bankless podcast, Buterin discussed Ethereum and “legitimacy,” following a March blog post the Ethereum co-founder had penned titled “The Most Important…

Bitcoin car will race at the Indianapolis 500

A car and driver branded with the Bitcoin logo will be racing in circles against 32 others in this month’s Indianapolis 500. According to a blog post from Zap CEO Jack Mallers, U.S. racing driver Ed Carpenter will be in control of the “orange-spotted, Bitcoin-covered, engineering beast” scheduled to appear at the Indy 500 on May 30. Carpenter, who became a Bitcoiner over the last year, reportedly forfeited all traditional sponsors in favor of driving the Bitcoin (BTC) car, #21 in the event. “I don’t want to race for chips…

Yearn Finance Taps into Crypto’s Unit Bias With Woofy Token

Key Takeaways Yearn Finance released “Woofy” as an experiment to see if unit bias hindered the value of its YFI token. Since the release, YFI has seen a sharp rise in its price and Woofy is in the top 10 most traded coins on Uniswap v3. Yearn’s team is currently working on bridging Woofy to other networks such as BSC or Polygon. Share this article Woofy’s can be created by “woofing” YFI tokens into WOOFY at a rate of 1:1,000,000. Since the release of the alternative token, the price of…