📡 #Kraken asks court to dismiss SEC lawsuit due to «misinterpretation of law»

✅The exchange points out differences in the interpretation of the concepts of "investment contract" and "ecosystem", emphasizing the SEC's misunderstanding of the basics of the case.
✅ In response to the SEC's lawsuit, Kraken argues that this represents a "dangerous precedent" for the agency's jurisdiction.
✅ Kraken emphasizes that Howey test contracts can be oral and do not necessarily have to be fixed in writing.

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A whale bought the WIF meme for $4.2 million 🐋

This whale has already traded the dog in a hat twice and both times were profitable, although the second one was clearly less successful, with total earnings around $8 million.

Now they have entered into another deal for 4.2 million USDC.

Let's see if they get lucky a third time or not... 🤷‍♂️

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🗣 One of the largest banks in the US, Wells Fargo, with assets under management of over $603 billion, has invested in the Grayscale Bitcoin ETF.

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A trader earned 15,750% profit on a meme token 😮

In two months, a user made $1.26 million with an investment of less than $9,000. On March 10th, the trader acquired 24.8 million meme tokens HAMMY for 60 SOL ($8,600). Two months later, the value of the cryptocurrency reached $1.26 million.

The trader bought the cryptocurrency at a rate of $0.00035. After a month, the asset's quotes rose 20 times, to $0.007, but the investor did not sell it and continued to wait.

By May 4th, the user had disposed of 12.8 million HAMMY for 2711 SOL (about $401,000), and to date, they still hold another 12 million HAMMY worth $860,000. 😱

As a result, the trader's initial investments grew 144 times, and the total profit exceeded $1.25 million.

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Good morning!

Today, the market is in the red, most altos are red.

🪙BTC is trading around $60,735.
⚪️ETH is around $2905.

🟡Fear/Greed index: 53 - neutral

📉A selection of morning news:

⏺The head of the Fed does not forecast a rate cut in 2024, despite inflation.

🟡Ark Invest and 21Shares refuse to participate in the spot Ethereum-ETF.

⏺The Senate has called for the urgent repeal of the SEC's "erroneous" cryptocurrency rules.

⏺Wells Fargo Bank invested $143 million in BTC, according to the documents

⏺JPMorgan holds investments in Bitcoin ETFs, despite the disapproval of the bank's CEO.

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🐦 New details of the scam

💻 The guy who lost $1,155 WBTC ($71 million) as a result of a phishing attack received a refund from a scammer.

2️⃣ At the moment, $4,676ETH ($14.2 million) has been returned.

It's more like it's the address of the same person. Hype probably🕺


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🇨🇳The Hong Kong-based Bitcoin issuer ITF is considering obtaining permission to trade in mainland China.
💰 This will cover almost the whole of China to offer BTC to investors.

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🚀Where do you think we are in the cycle? Is it over?

The 4 distinct phases of a cycle:

1️⃣"Stealth Phase," during which projects are in development quietly without much public attention. This is when the smartest investors make their move.

2️⃣"Awareness Phase." This phase sees crypto investors and their networks recognizing new innovations. They begin investing, nudging prices upward by a little bit. You'll also see bear traps between each phase.

3️⃣"Mania Phase." This is when the general public gets involved
-everyone from your neighbor to your taxi driver. The market heats up, prices skyrocket, and rationality often takes a back seat. This frenzy marks the onset of the end.

4️⃣"Blow Off Phase." Here, the market undergoes a sharp correction, erasing many gains.

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Whale bought a $4.2 million WIF meme 🐳

This whale has already traded dogs in a hat twice and both times in a plus, although the second one is clearly less successful, the total profit is about $ 8 million.

Now he has entered into a 4.2 million USDC deal again.

Will you be lucky for the third time or not... 😻

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⚡️The main news of this week!⚡️

🕺FTX liquidators have rolled out a new plan, according to which 98% of creditors will receive compensation in the amount of 118%, the rest will receive 100% of funds + up to 9% in compensation. But this plan still needs to be approved by the court, and after approval it will take effect only in 60 days. The plan has attracted a lot of criticism online, because the refund will be at prices at the time of bankruptcy, and BTC was then trading at $ 16 thousand.

😧Curly himself gave his first interview from prison. In short, Sem is sitting with 35 people in a cell, most of whom are murderers, selling rice, playing on a tablet without the Internet, lost 11 kg, but is preparing to appeal. On the downside, cellmates wake up at night to ask about the current price of rice.

🇳🇬The Nigerian regulator introduces a ban on the use of local currency in P2P transactions - apparently, this should save from inflation. And Richard Teng (the new CEO of Binance) said that the exchange cooperated with the Nigerian authorities, but Binance was asked for a bribe to resolve all issues. The exchange did not give a bribe, as a result, one of the Binance employees has been in custody in an African country since March, and no one is in a hurry to save him.

💸An unknown person sent 1 ETH from the Tornado Cash mixer to the BlackRock address, the founders of which were charged in the United States. BlackRock's multi-billion dollar balance is now marked "Tornado Cash Recipient" and is technically considered dirty/red/fraudulent, etc.

🤣Donald Trump gathered a closed crypto party from the holders of his NFT collection and shared his forecast for the market, began fundraising in the crypt for the election campaign, and also promised to be loyal to the crypt in case of winning the election, well, it was not without criticism of Biden.

⚠️Scam is flourishing on the Ton network: NFT anonymous numbers with scam links come to wallets, owners of NFT numbers write to the BOS with offers to redeem their number through an intermediary scam, even the TON-USD(dot)org scam site appeared. Be careful!

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⏳The confirmation time for USDC transactions varies depending on the network used.

Solana provides the fastest confirmation (0.4 seconds), while zkSync has the longest confirmation time (2 hours).

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👤 Bitcoin Magazine collaborated with Donald Trump's election campaign team on a bill to regulate crypto assets.

💰 David Bailey, CEO of Bitcoin Magazine, stated that the magazine has been working on developing a cryptocurrency regulation program with Trump's team for the past month.

The magazine's plan includes signing a comprehensive executive order dedicated to cryptocurrencies on the very first day of Trump's presidency.

Additionally, the project team intends to raise $100 million for Trump's election campaign.

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⚡️The EigenLayer restaking protocol has unlocked 113 million EIGEN tokens.

🟡Shortly after unlocking, users locked and delegated about 8.9 million tokens. However, the opportunities for users are limited, as tokens are currently non-transferable and will be unblocked monthly by 5%.

🟡Despite the regional restrictions, some users were able to bypass them using a VPN. There were also minor technical problems with the interface.

On the over-the-counter market, the EIGEN token is valued at about $8.

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📆 #Crypto Events Calendar for the Upcoming Week

👀Monday, May 13
- BounceBit (BB) - Listing on Binance.

👀Tuesday, May 14
- 15:30 - U.S. Producer Price Index (PPI) for the month (expected: 0.3%, previous: 0.2%).
- 17:00 - Federal Reserve Chairman Jerome Powell to speak.

👀Wednesday, May 15
- AEVO - Token unlock worth $1.2 billion.
- XEC - Network upgrade.
- BCH - Network upgrade.
- "13-F Filings to the SEC" will be published, which will clarify the buyers of Bitcoin Spot ETFs.
- 15:30 - U.S. core Consumer Price Index (CPI) for the month (Expected: 0.3%, Previous: 0.4%).
- 15:30 - U.S. annual Consumer Price Index (CPI) (Expected: 3.4%, Previous: 3.5%).
- 15:30 - U.S. monthly Consumer Price Index (CPI) (Expected: 0.4%, Previous: 0.4%).

👀Thursday, May 16
- SEC - Emerging trends conference.
- 15:30 - Initial U.S. jobless claims (Previous: 231 thousand).

👀Friday, May 17
- STRK - Launch of Starknet incentive program.

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Good morning!

The market is down today, with most alts in the red. BTC is currently trading around $60,940. ETH is around $2880.

⭕Fear/Greed index: 57 - greed

📉 Morning news roundup:

🗣 Ripple CEO warns of legal battle between Tether and US regulator.

🗣 Is JPMorgan trying to find a catalyst to drive Bitcoin and Ethereum prices higher?

🗣 Philippines central bank approves peso-linked stablecoin for faster money transfers.

🗣 The U.S. Congress is strongly accelerating the process of regulating cryptocurrencies.

🗣 Bank of America announced : "June will be an unforgettable month".

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XRP aims for zero... Trader Peter Brandt believes that while XRP fans are talking about a historic day in the XRP/BTC pair and consider it a buying opportunity, from a classic TA point of view this chart is going to zero 🥏

Meanwhile, Ripple CEO warns of a new target for US authorities - Tether. 😏

BTC started the week with a $63k move, with most altcoins not keeping up with it. So it's not an altcoin season yet, and it's not signaling the end of a correction/consolidation, just a nice bounce. But $32m shorts have already been liquidated 🥇

The whales have woken up:
🗣 2 BTC wallets of 500 coins each have come out of their 10-year hibernation and sent funds to new addresses.
🗣 Owner of 12,423 ETH bought at $11 in 2016 sent 4,153 ETH to Coinbase 🐳

📈 Top 3 in 24 hours:
Toncoin - $7.39 (↑7.22%)
THORChain - $6.08 (↑5.25%)
JasmyCoin - $0.01829 (↑3.57%)

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☄️ Notcoin:

About 5% of Notcoin's total tokens will be distributed to more than 500,000 community members and exchange users.

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☄️ Ripple CEO fears consequences of U.S. action against Tether

Ripple CEO Brad Garlinghouse expressed concern about possible U.S. government actions against Tether, the largest issuer of stablecoins.

According to him, such actions could have unpredictable consequences for cryptocurrency markets.

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