Category: News, NFT News

Crypto NFT Today: May Week 4

By Published On: May 30, 20241.9 min readViews: 2270 Comments on Crypto NFT Today: May Week 4

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With big support for the bitcoin market this week, Gemini returning over $2 billion in crypto, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

Big Support for the Bitcoin Market 

The Bitcoin market found support again on May 30, with the $67,000 level remaining a significant area of interest. This level, previously a resistance point, now offers strong support, marking the bottom of a larger consolidation zone that extends up to $73,000. 

Gemini Returns 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 in their jointly managed Gemini Earn program, providing a 242% return on assets since Jan. 2023, Gemini announced on May 29.

Unlike other crypto companies that went bankrupt after the 2022 market crash, Genesis managed to return customers’ crypto rather than liquidating assets and repaying in cash.

Customers who lent one Bitcoin to Genesis will receive one Bitcoin back, benefiting from the coin’s dramatic price increase since the company went bankrupt. The price of Bitcoin has more than tripled since Jan. 2023, rising to over $67,000.

Reports Show NFTs Are Susceptible to Fraud

The US Treasury released its first risk-assessment report on May 29, examining the vulnerabilities associated with non-fungible tokens (NFTs). The report emphasized that NFTs are “highly susceptible to use in fraud and scams,” primarily involving traditional schemes.

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The findings highlighted several potential risks, security concerns, and challenges related to NFTs. According to the 29-page report, criminals use these digital collectibles “to launder proceeds from predicate crimes.”

New Developments With the FTX Bankruptcy

When FTX filed for bankruptcy, savvy crypto traders saw a lucrative opportunity. The bankruptcy team, mostly inexperienced with crypto, initially faced embarrassing losses worth tens of thousands of dollars during attempts to consolidate the funds. 

In Sept. 2023, the estate enlisted the asset management arm of billionaire Michael Novogratz’s Galaxy Digital Holdings to manage its vast crypto assets. This involved selling, hedging, and staking digital tokens, allowing token holders to earn passive income by helping validate transactions on a blockchain network.

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