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Crypto goes up, and crypto goes down. Then, often, crypto goes back up.

It can be a dizzying and volatile cycle.

Just collapsed cryptocurrency exchange FTXs customers, who, having once feared theyd lost their collective billions, can now take solace from the news Tuesday (May 7) that FTXs bankruptcy team is ready to repay them in full, with interest.

Thats because eighteen months after its collapse,the cryptocurrency exchange now says it has pulled together assets worth between $14.5 and $16.3 billion, enough to pay back 98% of its creditors118% of what they are owed.

Of course, that repay in full refers to the valuation of customer assets at the time of FTXs November 2022 collapse, when crypto was suffering a bear market, not those assets current valuations, leaving many to feel cheated. For example, bitcoin holders will be owed $16,871 for each of their former coins which are now worth more than 400% more, or around $62,000, as of reporting.

But FTXs turning back the clock isnt the only crypto news to hit the industry this week. And from U.S. Securities and Exchange Commission (SEC) scrutiny to new exchanges, earnings announcements, and even hints of the elusive real-world utility for crypto assets, these are the top stories around the Web3 landscape that PYMNTS has been tracking for the past week.

The internet will have a native currency; its just a matter of time. Artificial intelligence systems and agents will have to transact, and the most efficient way to do so will be a common protocol for money movement, Jack Dorsey, Block head, Square head, chairman and cofounder of Block, said Thursday (May 2) during his companys first quarter 2024earnings results.

Dorsey emphasized that, in his view, bitcoin would be that common protocol for the internets native currency.

And he wasnt alone in using a company earnings call as a platform for crypto payments evangelism.

Also on Thursday, Brian Armstrong, the co-founder and CEO of the largest U.S.-based crypto exchange, Coinbase, told investors that crypto payments were emerging as a key opportunity area.

[Were] driving utility in crypto. Were doing this through building a better payments experience on crypto rails getting us closer to our goal of having the average crypto transaction take less than one second and cost less than $0.01 anywhere in the world, Armstrong said on the call.

It still boggles my mind that every time you swipe your credit card, the merchant is losing 2%, Armstrong added. Its really just moving bits of data, kind of like sending a WhatsApp message, which is free. And sowhy does that still exist as a 2% tax on everytransaction in the economy?

Coinbase stores over 12% of total crypto market cap on its platform, and the exchange is working to introducea smartwallet for crypto this summer.

Elsewhere, theSwiss National Bankis conducting a pilot project that has used wholesale central bank digital currency (CBDC) and successfully settled four tokenized bond issuances and one secondary market transaction.

Andwith thenews Friday (May 3)that telecommunications giantVodafoneis planning to integrate cryptocurrency wallets and blockchain-based payment solutions directly into mobile phone SIM cards, innovative Web3 solutions that can streamline the ease of use for crypto payments are increasingly top of mind for both merchants and consumers.

The timeline across which theyll make it over to real world usability, however, could be a different matter.

Cryptos calling card at least during its early years was that it was the Wild West. But as the industry matures, regulators are taking some of the sectors cowboys to court.

As PYMNTS reported, on Monday (May 6) Robinhoodscryptocurrency business could become the latest target of regulatory action, with the trading platform receiving a Wells Notice from the SEC indicating they will recommend that the commission take enforcement action against the company.

After years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to come in and register, we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business,Dan Gallagher, the companys chief legal, compliance and corporate affairs officer, said in ablog post.

At the same time, news broke on Tuesday that Nigeria is reportedly stepping up its cryptocurrency crackdown with a proposed ban on peer-to-peer (P2P) trading. The move is the latest effort by the West African country to place tighter controls on the crypto sector, which it blames for the decline of its national currency.

It isnt just regulatory struggles crypto firms are subject to run-of-the-mill operational struggles, too. As reported here, Bakkt is cutting staff after warning earlier this year about the future of the company. The cryptocurrency platform said in an April 29 securities filingthat it is laying off 13% of its non-call center staff.

Regulatory struggles aside, the crypto space continues to push forward.

On Tuesday, British FinTechRevolut unveiled a stand-alone cryptocurrency exchange for professional crypto traders.Called Revolut X, the platform designed to compete with other top exchanges by offering easy on and off ramping, and low fees.

And PYMNTS covered Sunday (May 5) how cryptocurrency startups are reportedly engaging in aggressive fundraising as the digital asset space recovers, as well as how Crypto.comwants to increase its sports sponsorships to reach a wider audience.

Link:

This Week in Web3: Wells Notices, Crypto Payments and Usability - PYMNTS.com

The bull run of 2024 has ignited excitement across numerous lesser-known coins. This article looks closely at some altcoins that show potential for growth. With the markets direction aimed upwards, these selections could be the focus for investors aiming to expand their portfolios. The insights here are tailored to guide choices in a climate ripe for investment, steering attention towards coins that may not be household names but have promising futures.

BlastUP has been getting a lot of attention lately thanks to its high potential to become a major force in the crypto industry. This pioneering launchpad on Blast has already attracted nearly 15,000 active users.

The ongoing presale of BlastUP is a huge success, with around $6 million raised so far. The BlastUP token is considered by crypto experts as a hidden crypto gem that can skyrocket 1000% by the end of this year.

>> Buy BlastUP Tokens <<

BlastUP helps crypto startups grow faster and earn more. As BlastUP forges ahead, it remains committed to creating a global hub for the Blast community. BlastUP is rapidly gaining traction for the benefit of all participants in this ecosystem.

BlastUPs roadmap extends into 2026, promising the introduction of AI-driven tools and the Community Marketplace, further enriching the ecosystems capabilities.

The BlastUP token, a cornerstone of the platform, unlocks access to tiered IDO launches, staking rewards, and exclusive loyalty benefits.

>> Join BlastUP <<

Polkadots market sentiment appears to be cautious with a mixture of positive and negative trends. Recently, Polkadot has seen modest gains in the short term, but this is contrasted by a decline over the last month. The medium-term perspective shows significant growth. The current trading pattern suggests investors are weighing their confidence in Polkadots underlying technology and its capacity for building a scalable, interconnected blockchain ecosystem against the broader markets challenges. The sentiment is finely balanced, reflecting an air of uncertainty about the coins immediate direction.

Polygon is currently experiencing a tug of war between buyers and sellers, reflecting a state of uncertainty in the market. Recent price actions suggest cautious optimism as the coin has managed to hold its ground despite downward pressure. However, the overall decline over the past month indicates a lingering wariness among investors. The coins utility in scaling Ethereum transactions and supporting various decentralized applications gives it a strong foundation, which might attract long-term interest despite the current market hesitancy.

In recent times, the trading patterns of Osmosis have shown mixed signals to investors. While it appears to be steadying after a period of decline, buyers and sellers are finding common ground somewhat lower than previous highs. The markets behavior suggests a balancing act between optimism and caution. With Osmosis unique position as a liquidity provider in the decentralized finance (DeFi) ecosystem, its ability to attract new liquidity could be a driving factor in its potential upward movement, should market sentiment shift favorably.

The Ondo token has been attracting attention with its recent performance. Despite variable market movements, the general sentiment around Ondo appears bullish as it consistently trades above key benchmarks. This positive trend is reinforced by steadily climbing short-term averages and interest from traders. The coins foundational traits, which emphasize secure and efficient transactions within its ecosystem, suggest that the uptrend might sustain if these characteristics resonate with the wider crypto communitys needs for reliable digital currencies.

Altcoins such as DOT, MATIC, OSMO, and ONDO have shown promise for growth in the current bull market. Despite this potential, in the short term, they exhibit less room for significant jumps in value. Instead, the standout with the most growth potential is BlastUP. This coin draws attention due to its innovative concept and the advantage of being part of the Blast ecosystem. Investors looking for promising opportunities might find BlastUP an intriguing project to consider. It stands out as the altcoin with the highest potential as of May 2024.

Site: https://blastup.io/

Twitter: https://twitter.com/Blastup_io

Discord: https://discord.gg/5Kc3nDhqVW

Telegram: https://t.me/blastup_io

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Interesting Altcoins | May 2024 Cryptocurrency With Room To Grow - ChainBits

Key Takeaways

Bankrupt cryptocurrency exchange FTX announced a new restructuring plan that, if approved, could finally give most of its customers access to money they lostplus interest.

The new plan provides for 98% of all customers, including those holding claims of $50,000 or less, to receive up to 118% of their allowed claims within 60 days.

FTX forecasts that the total value of assets collected, converted to cash, and available for creditors will be between $14.5 billion and $16.3 billion.FTX owes more than $11 billion to its customers.

The plan will require approval from the U.S. Bankruptcy Court for the District Court of Delaware.

John J. Ray III, chief restructuring officer of FTX, said: "We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors."

A previous plan proposed refunding up to 90% of distributable assets to customers. The recovered assets were those held by the company in various entities in the Bahamas, Australia, and the U.S.

Investors who withdrew more than $250,000 from the exchange in the nine days before its collapse were expected to pay a 15% fee on the value of the funds to avoid potential clawback.

One of the biggest criticisms of any FTX plans to repay its customers' lost funds is that it's returning money in dollars based on Nov. 11, 2022, cryptocurrency prices, not the cryptocurrency itself or repaying at its current value, which has appreciated greatly.

For example, bitcoin (BTC) was trading roughly around $17,000 on Nov. 11, 2022; today, its price is more than 3.5 times that at about $62,500.

FTX collapsed and filed for bankruptcy in November 2022 after commingling of customer funds between FTX and its Alameda Research investment arm meant customers were unable to withdraw more than $8 billion in investments that had been used for other purposes. Former FTX CEO Bankman-Fried was sentenced to 25 years in prison for crypto fraud in late March.

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FTX's New Plan Could Give 98% of Crypto Customers Back More Than They Lost - Investopedia

Occasionally, we feel compelled to remind everyone of the shebeens basic rule regarding cryptocurrency: When somebody comes up to you and says, Hey, look, I invented new money and theres no seltzer bottle or cream pie handy, run like hell in the other direction. In addition, there is an unusually high strange-to-normal ratio

Mr. Pan may not have been tripping balls when he delivered the speech, but you cant tell by that string of words pretending to be a sentence there at the end. Also, Im not exactly sure why Mr. Pan didnt go for the gold and saw poor Ted Carter in half. The whole scene lacked only a medicine wagon and a dancing bear.

For a while, it looked like crypto had evaporated. The SEC was all over it. Congress, with Senator Professor Warren in the lead, was questioning its bona fides. Its become plain, however, that the industry is counting on the 2024 elections to recapture its momentum and to make new and influential friends. From Public Citizen:

The rest of the crypto super PACs political war chests comes from billionaire crypto executives and venture capitalists, including $11 million each from the founders of the venture capital firm Andreessen Horowitz, $5 million from the Winklevoss twins, and $1 million from Coinbase CEO Brian Armstrong. In the six 2024 primary races now concluded where the crypto super PACs intervened, only one crypto-backed candidate lost. Eleven primary races that include crypto-backed candidates remain. The crypto super PACs have pledged to spend money in general-election Senate races in the battleground states of Ohio and Montana, which are seen as essential for securing a Senate majority. Democratic incumbents in both races have been critical of the crypto sector.

One of the two Republicans campaigning to challenge Senator Professor Warren this November is a crypto advocate (and lawyer) named John Deaton. From WGBH:

Deaton undoubtedly will benefit from that war chest that crypto has piled up, not one buck of it anything but good old American greenbacks. Thats irony for you.

Charles P Pierce is the author of four books, most recently Idiot America, and has been a working journalist since 1976. He lives near Boston and has three children.

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Cryptocurrency Super PACs Are Sweeping 2024 Elections - Esquire

Asset management firm Franklin Templeton sees growing potential in Solana to cement itself as the third-largest cryptocurrency in the market.

The asset manager with over $1.5 trillion in assets under management (AUM) took to X on May 2 to praise Solana,currentlythe fifth largest cryptocurrency by market cap.

Solanas growth is likely to continue because it is well-positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset after Bitcoin (BTC) and Ethereum (ETH), the firm said.

In the note shared on X, the firm revealed that Solanawas able tograb a part of the cryptocurrency acceleration during Q4 2023 through its round of native airdrops, which subsequently propped up the whole SOL ecosystem.

Franklin Templeton also mentioned the networks robustness. Solana was severely affected by FTXs meltdown in 2022 butmanaged to recoverwith solid adoption numbers. Owing to its low fees and scalability, Solana also capitalized on the memecoin craze, creating popular meme tokens, including BONK and WIF, which have remained among the top 100 cryptocurrencies by market valuation.

The Wall Street giant expects Solana to expand its reach as its performance and network effects position it to capitalize on thenextcrypto trends. The network is home to various initiatives deploying use cases, including payments, decentralized physical infrastructure network (DePIN), and compression non-fungible tokens (NFTs), which Franklin Templeton believes will help the blockchain usher in the next wave of adoption.

The firms note stated:

Crypto enthusiasts are wondering what the next big thing in crypto might be While we dont know the precise answer, wed argue there is a strong chance it happens on Solana.

While the institution acknowledged that increased activity had caused operational problems in Solana, it also recognized the efforts of developers working to fix these issues as soon as possible.

On Oct. 31, Dan Albert, the executive director of the Solana Foundation, revealed the launch of the testnet for Firedancer, an anticipated scaling solution for Solana.

The project, spearheaded by web3 development firm Jump Crypto since last August, is expected to enhance the networks speed, reliability, and validator diversity, with amainnet launch projected for the first half of 2024.

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Franklin Templeton foresees Solana as third-largest cryptocurrency - crypto.news