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Prices as of 5/2/2023

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The market value of “Bitcoin request for comment” or BRC-20 tokens, which are built using Ordinals and stored in the Bitcoin base-chain, has increased by hundreds of percent . Ordspace data shows that the market cap for more than 8,800 BRC-20 tokens is $137 million. This represents a 682% increase from $17.5 millions a week earlier. The BRC-20 token was created by a pseudonymous analyst on-chain named DOMO in early March. It was designed to make it easier for token holders to issue and transfer fungible tokens using the Bitcoin blockchain. The experiment was created a few weeks after Ordinals Protocol, which allowed users to engrave digital art references in small Bitcoin transactions.

In less than two weeks, the market cap has risen by over 600%. (Ordspace)

In a legal battle that pits its customers against investors in Series B, the bankrupt crypto lender is facing allegations of poor record keeping in its corporate structure. The firm’s Celsius Network Limited subsidiary had been told by the Financial Conduct Authority of the UK to stop its U.K. operations. In 2021 it set up an LLC in Delaware to move assets.

Justin Sun, the founder of Tron, announced on Monday that he had arranged for a refund of $56 million made to Binance in trueUSD. After Whale Alert flagged the transfer early Monday morning Binance CEO Changpeng Zhao said his platform warned Sun they would take action if Sun used the funds to purchase large amounts of SUI from Binance Launchpool. Zhao explained that the Binance LaunchPool is meant to be an airdrop for all retail users and not just a few whales. SUI, the native token for layer1 blockchain Sui will be dropped once the mainnet is live on May 3,. Binance announced on Sunday that the SUI token would be available through ‘s Launchpool . This allows users to stake crypto assets in a liquidity pool to receive rewards.

Chart of the Day

(glassnode)

  • The graph shows the net flow of ether to centralized exchanges since November.
  • The exchanges recorded a net inflow on Monday of over 285,000 ETH. This is the largest single-day total since December 9.
  • Investors often use the intention to sell coins or use them as a margin for derivatives trading when comparing exchange inflows.

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Stephen Alpher edited the book.