Bitcoin (BTC), the leading cryptocurrency by market value, fell nearly 15% to under $60,000 last month, snapping a seven-month winning trend. The sell-off came as an overheated bull market ran into broad-based risk aversion characterized by renewed tensions in the Middle East, dwindling probability of rapid Fed rate cuts this year and strength in the dollar index. Source
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Crypto wallet company Exodus Movement will not be listing on NYSE American, the New York Stock Exchange’s sibling market, on Thursday as planned, the company announced late Wednesday. Source
Exploration, I think. That’s the major thing. A lot of people are saying, “Okay. I’ve heard about this Bitcoin thing. So how do I use it?” So a lot of people create an account and then look around, and then you’re like, “Oh, okay. This person hasn’t came back.” And then an all-time high comes around, and then that person is back again. Source
This principle has made possible a long list of home-grown internet applications that live at the endpoints and run on the network. Many, like YouTube and Netflix, or Zoom and Facetime, are core components of American (and global) social and work life. Without net neutrality regulations, network providers could have stopped Zoom or Facetime from ever coming into being, favor their own services over any potential new entrants, and pick and choose who they compete with, if you can even call that competition. Source
Robinhood also handily beat its first-quarter sales and earnings estimates. The company reported $618 million in revenue in the quarter, ahead of analyst estimates of $552.7 million, according to FactSet data. First quarter earnings were $0.18 per share, topping the average analyst expectation of $0.06. Source
The U.S. House of Representatives is poised to vote on a resolution Wednesday to reject the Securities and Exchange Commission (SEC) cryptocurrency accounting guidance that the industry said has deterred banks from handling crypto customers, but President Joe Biden is already promising he’ll veto the effort if it hits his desk. Source
Interestingly, crypto seems to be of particular importance in key battleground states including Arizona, Michigan, Montana, Nevada, Ohio and Pennsylvania, according to an online Harris Poll survey of over 1,000 voters in each state commissioned by DCG in early April. One-third of voters with “crypto-positive” views think politicians should make regulating crypto a priority. Source
NODES FOR SALE: It’s the blockchain industry’s latest innovation – not in technology, but in how to round up cash from investors. “Node sales” involve selling blockchain nodes directly to investors – a process that brings in quick cash while ostensibly giving projects an easy path to decentralization. Still a relatively new phenomenon in fast-moving crypto, they are becoming more common: Aethir, a decentralized GPU cloud infrastructure provider, disclosed last week that it had distributed more than 73,000 node licenses valued at over 41,000 ETH ($126 million). Other blockchain projects…
The Lehman Brothers-driven global financial crisis of 2008 showed the danger of spreading money around too much. Source