May 8th may be a turning point for BTC

May 8th may be a turning point for BTC

Hot projects + Market overview

I. Mainstream exchange news

  • Binance argues that cryptocurrencies compared to real estate, checks, and luxury goods are more likely to be used as financial crime tools.
  • Binance to remove 6 spot trading pairs including ALPINE/BTC, FRONT/TUSD.
  • Binance to gradually stop deposits on the BNB Beacon Chain (BEP2) network.
  • Binance Futures to list BOME, TIA, and MATIC USDC perpetual contracts up to 75x leverage.
  • Coinbase will air a $15 million TV ad during the NBA playoffs.
  • KPMG study shows 40% of institutional investors in Canada had crypto exposure in 2023.
  • Upbit aims to be Korea’s top 5 exchange, on the back of the crypto boom.
  • Yves La Rose, CEO of the EOS Network Foundation (ENF), has proposed a new token economics model, including capping token supply at 2.1 billion to curb inflation and burning 80% of the total supply in the future.
  • Renzo’s airdrop distribution ratio increases to 12%, and over 99% of qualified wallets can fully unlock at TGE.
  • Rune DOG's market cap is currently close to $350 million.
  • Layer1 blockchain Viction launches application chain network Viction World Wide Chain.
  • Galxe launches GAL staking feature, with the reward pool close to $5 million.
  • USDe launched by Ethena Labs is now on the Swell L2.
  • GuildFi plans to rebrand as Zentry and launch a new token, ZENT.

III. Funding news

  • Blockchain game developer InfiniGods completes $8 million Series A funding round.
  • Blockchain game platform Puffverse raises $3 million in funding, led by Animoca Brands.
  • Web3 gaming ecosystem Tevaera raises $5 million in funding, led by Laser Digital.

IV. Regulatory news

  • The EU's anti-money laundering bill passes the final vote, officially requiring due diligence from crypto firms.
  • The Central Bank of Nigeria restricts debit transactions for Bybit, KuCoin, OKX, and Binance user accounts.
  • Indonesia's President warns its regulatory authorities to watch out for money laundering activities via cryptocurrencies and NFTs.

Market overview

The 4-hour trend of BTC once broke through $67,000, showing a standard upward flag formation. However, it later fell below $64,000 after oscillating narrowly for a time between $66,000-$67,000. On a daily level, BTC continues its overall wide fluctuation trend and is expected to usher in the main rising wave after the oscillation ends. From technical analysis, May 8th may be a turning point. It is suggested to position at lower levels as much as possible given the premise that it does not break the previous low of $59,600.


Data as of April 23rd shows that the net inflow of BTC Spot ETF has reached $12.29 billion. The single-day net outflow was $126 million, the daily turnover was $2.6 billion, and the ETF's net assets account for 4.03% of BTC's market value. The main observations are as follows:

GBTC: The single-day net outflow was $130 million, with a cumulative net outflow of $16.96 billion. The single-day turnover was $527 million, and the current net asset value is $19.23 billion.

IBIT: The single-day turnover was $1.17 billion; other data still need to be updated.

FBTC: The single-day turnover was $486 million, with a single-day net inflow of $6 million; other data still need to be updated.

ARKB: The single-day net inflow was $4 million, with a single-day turnover of $173 million; other data still need to be updated.

GuildFi rebrands to Zentry

On April 23rd, GuildFi, an interconnected ecosystem incorporating gaming, communities, and NFT assets, announced its rebranding to Zentry. As part of its new identity, Zentry positions itself as a super game layer aiming to integrate MMORPG experiences into real life. On the same day, GuildFi’s token soared over 30% .

Galxe opens votes for brand upgrade

On April 22nd, Galxe, a web3 certificate data network community, announced a proposal to alter its token symbol and transition its token contract. The voting is set to conclude on April 27th, and has currently secured a support rate of 99.61%.

PlayDapp gets Binance’s support in token replacement 

PlayDapp is a dApp game portal, offering a peer-to-peer (C2C) NFT marketplace based on blockchain technology. On February 22, 2024, Binance announced its support for the plan to replace the PlayDapp (PLA) token with PlayDapp (PDA).

SAMO soars over 30% in the past 24 hours

SAMO is an early memecoin in the Solana ecosystem, with an IP of Samoyed. So far, 54% of the total token supply has been destroyed. SAMO's market cap is $38.95 million, ranking 794th. The token has rebounded by more than 50% from its recent bottom.

On-chain Daily

1. ELON: ELON is a memecoin named after Elon Musk. There are many Musk-themed memecoins out in the market. The initial rush to ELON is driven by the token address beginning with 0x69420.

Current Price: 0.0(4)186 USDT, All-Time High: 0.0(4)46 USDT, Decline over 6 hours: 20% (The token went live on April 24th ), Current Market Cap: $12.7M.

2. CZ: CZ is a memecoin named after CZ, the founder of Binance. Recently, he was sentenced to 36 months imprisonment, which rekindled interest. The burst of CZ token was driven by the token address beginning with 0x4444.

Current Price: 0.0(6)38 USDT, All-Time High: 0.0(5)25 USDT, Increase over 6 hours: 7% (The token went live on April 24th ), Current Market Cap: $180K.

3. VITALIK: VITALIK is a memecoin named after Vitalik, the founder of Ethereum. Similar to ELON and CZ with the same logic of using token address to spoof (0x69409).

Current Price: 0.00196 USDT, All-Time High: 0.0092 USDT, Decline over 6 Hours: 34% (The token went live on April 24th ), Current Market Cap: $206K.

4. BOYSCLUB: BOYSCLUB’s IP originated from the Pepe the Frog comic, and the address starts with 0x69 as well.

Current Price: 0.0066 USDT, All-Time High: 0.11 USDT, Increase over 6 Hours: 6.7% (The token went live on April 24th), Current Market Cap: $688K.

5. SMART: SMART is an AI project that can connect signals, including X, Telegram, and trading robots.

Current Price: 1.71 USDT, All-Time High: 4.45 USDT, Increase over 6 Hours: 23.5% (The token went live on April 24th ), Current Market Cap: $1.7M.

6. ezETH: ezETH is a LRT token issued by Renzo's restaking protocol. The airdrop rules announced have caused dissatisfaction in the community, and it was briefly decoupled and fell to a low of 0.2132 ETH.

Current Price: 0.98ETH, 24 Hours decline: 3% (in terms of ETH), Current Market Cap: $3B.

7. Boomer: Boomer is a memecoin on Base, with an intro of “focusing on community building, education, and on-chain user training”. Jesse Pollak, the founder of Base (0x849151d7d0bf1f34b70d5cad5149d28cc2308bf1), also purchased Boomer the day before yesterday.

Current Price: 0.01 USDT, All-Time High: 0.011 USDT, 24 Hours increase: 66%, Current Market Cap: $10M.

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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