[Weekly News] The 3rd week of May
Hello! It is ReapChain. Let’s learn about the hottest Bitcoin and cryptocurrency news for the 3rd week of May!
Coinbase Launches Global Advisory Board
Cryptocurrency exchange Coinbase has launched a global advisory board made up of former lawmakers, The Block reported. According to the report, Coinbase has launched a Global Advisory Council to examine the cryptocurrency industry’s complex and diversified landscape and strengthen relationships with global strategic stakeholders. Early members include former U.S. Senator Pat Toomey, former U.S. Representative Tim Ryan, and former U.S. Representative Sean Patrick Maloney. In addition, entrepreneurs such as Chris Lehane, executive director of Haun Ventures, also participated.
Elon Musk: Twitter’s new CEO is Linda Yacarino
Elon Musk tweeted, “The new CEO of Twitter is Linda Yaccarino. He will focus on running the business, and I will focus on product design and new technologies,” she said. Linda Yacarino, head of advertising and partnerships at NBCUniversal, was talked about as a potential new Twitter CEO. She has been with NBC Universal for over ten years and has worked with Twitter on advertising and content delivery. However, it is not known whether Linda Yacarino prefers cryptocurrencies.
Florida Governor Signs Law Banning CBDC Use
U.S. Florida Governor Ron DeSantis has signed a bill banning the use of central bank digital currencies (CBDCs), foreign media reported. According to reports, the bill proposed by Gov. DeSantis in April passed the Florida State Legislature with 116 votes in favor and one against. This bill will officially take effect on July 1 (local time).
Data “BTC-ETH Correlation Hits 78%… Under 80% in 19 months
Citing Kaiko, a cryptocurrency data provider, The Block said, “The cumulative correlation between Bitcoin and Ethereum over the past 30 days recorded 78%, falling below 80% for the first time since November 2021. In this regard, Kaiko diagnosed, “a decrease in correlation indicates a decrease in dependence on each other, indicating that prices are moving in different directions.”
Bloomberg “Top 5 best-performing non-leveraged ETFs of the year, all related to crypto.”
According to Bloomberg, the top 5 best-performing non-leveraged ETFs in 2023 are crypto-related. Among them, the best-performing product was the Valkyrie Bitcoin Miner ETF (WGMI), up 119%. The TOP5 ETF products are Valkyrie Bitcoin Miner ETF (119%), Van Eck Digital Transformation (86%), Bitwise Crypto Industry Innovation ETF (81%), Global X Blockchain ETF (74%), and Invesco Allerian, respectively. It is the Galaxy Crypto Economy ETF (72%). The media said, “While $118 billion in inflow was made into all ETFs, only $12 million of funds flowed into cryptocurrency-related ETFs.” It leaked,” he added. In this regard, the vice president of research at research firm VettaFi diagnosed, “In the case of cryptocurrency ETFs, most of them recovered their sluggish performance in 2022, not because their fundamentals are strong.”
Paradigm buys another $50 million worth of Coinbase stock.
According to Coinpost, Paradigm, a venture capital firm specializing in cryptocurrencies, also purchased about 50 million dollars (about 67.3 billion won) of Coinbase shares on the 9th and 10th. According to the filing, Paradigm’s two funds, Paradigm One L.P. and Paradigm Fund LP, currently hold 4.5 million shares of Coinbase. Previously on the 11th, Paradigm’s legal expert Rodrigo said, “We submitted an Amicus brief supporting Coinbase’s objection urging the U.S. Securities and Exchange Commission (SEC) to enact cryptocurrency-related rules.”
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