Nfts
Crypto NFT Today: Week 4 of May
Welcome to another edition of Crypto NFT Today! The last two weeks have been full of unmissable events that will determine the future of blockchain, cryptocurrency and NFTs.
With big support for the Bitcoin market this week, Gemini bringing in over $2 billion in crypto, and more, there’s plenty of essential news you should know. So let’s go ahead and see what happens!
Great support for the Bitcoin market
The Bitcoin market regained support on May 30, with the $67,000 level remaining an important area of interest. This level, previously a point of resistance, now offers strong support, marking the bottom of a broader consolidation zone that extends up to $73,000.
Gemini brings in over $2 billion in crypto
Bankrupt crypto lender Genesis and crypto exchange Gemini have returned over $2 billion in crypto to 232,000 retail customers under their jointly-run Gemini Earn program, delivering a 242% return on assets since January 2023, Gemini announced on May 29.
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unlike others crypto companies which went bankrupt after the 2022 stock market crash, Genesis managed to return customers’ crypto rather than liquidating assets and paying back in cash.
Customers who loaned a Bitcoin to Genesis will receive one in return, benefiting from the coin’s dramatic price increase since the company’s bankruptcy. The price of Bitcoin has more than tripled since January 2023, reaching over $67,000.
Reports show NFTs are susceptible to fraud
The US Treasury published its first risk assessment report on May 29, examining vulnerabilities associated with non-fungible tokens (NFTs). The report highlights that NFTs are “highly susceptible to use for fraud and scams,” primarily involving traditional schemes.
The results highlighted several potential risks, security issues, and challenges related to NFTs. According to the 29-page report, criminals use these digital collectibles “to launder the proceeds of underlying crimes.”
New developments with FTX bankruptcy
When FTX filed for bankruptcysavvy crypto traders saw a lucrative opportunity. The bankruptcy team, mostly inexperienced in crypto, initially faced embarrassing losses worth tens of thousands of dollars during attempts to consolidate the funds.
In September 2023, the estate tapped billionaire Michael Novogratz’s asset management arm, Galaxy Digital Holdings, to manage its vast crypto assets. This involved the sale, staking, and staking of digital tokens, allowing token holders to earn passive income by helping validate transactions on a blockchain network.