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Congress reaches agreement on debt ceiling, crypto markets recovery, and ETH staking surges

The Hash Insider

Despite a slow start due to no significant progress in the US debt ceiling negotiations and concerns about high inflation, the Nasdaq Crypto IndexTM (NCITM) managed to finish the week on a positive note. The latest minutes from the Federal Reserve meeting indicated ongoing concerns about inflation and a potential mild recession later in the year.
Nevertheless, the (NCITM) saw a 2.6% increase, with Bitcoin ending the week hovering around the mid USD$ 27k range, up by 2.7%. Ether also showed strength, increasing by 2.5% and maintaining a robust position above the USD$ 1,800 mark.The recovery could be partially attributed to the white house and republican tentative deal over the debt ceiling on saturday.



Bitcoin payments app Strike integrates Tether's USDT stablecoin


Bitcoin payments platform Strike has integrated Tether's USDT, the largest stablecoin, allowing users to convert fiat to USDT, settle transactions, and hold funds in USDT. This enhances liquidity and expands access to global markets.


Crypto giant Binance commingled customer funds and company revenue, former insiders say


The largest cryptocurrency exchange by volume, Binance, has faced allegations of commingling client funds and company revenue, which the exchange denies. While Binance has weathered previous accusations of wrongdoing, this ongoing scrutiny could harm the industry's reputation among regulators and reinforces the case for safe and regulated crypto investment products.


Number of Ether Staked Has Surged by 4.4 Million Since Shapella Upgrade


Large holders of Ether (ETH) are increasingly choosing to stake their holdings to earn passive income. This trend is expected to persist because of the anticipated growth in ETH's price. Although staking requires a waiting period, it provides a stable annualized yield of around 4-5%. The recent upgrade has also mitigated some of the risks associated with staking.


Apple's crypto policy softens as Stepn offers in-app digital asset trading


Last week, Axie Infinity, a popular web3 game, revealed its availability for download on Apple's App Store, suggesting that the tech giant may be open to blockchain-based mobile games on iPhones. Now, Stepn, a blockchain fitness app users can now conveniently buy, sell, and trade the game's NFT sneakers within the app itself.


Nike OF1 NFT sale surpasses $1M despite delays

Nike's .SWOOSH Web3 platform has achieved a significant milestone by launching its inaugural NFT sneaker collection, generating over $1 million in sales to over 30,000 unique buyers, considering the sale a success. This marks Nike's ongoing efforts to expand its Web3 strategy, showcasing their commitment to the evolving digital landscape in the sneaker industry.


From Hashdex:


Hashdex Monthly Call on June 5th at 1PM EST - Building a decentralized future: A conversation with Algorand Foundation CEO Staci Warden
One of the great promises of blockchain technology is a decentralized global economy that is far more accessible and equitable than the current system. Join us and Algorand Foundation CEO Staci Warden to discuss the latest developments regarding the institutional adoption of blockchain technologies, and the outlook for decentralized technologies in the current environment.


Updates on NCI (HASH11) and CF Smart Contracts (WEB311) Constituents


CF Benchmarks, a key index provider for Hashdex, recently made important updates to the Nasdaq Crypto IndexTM (NCITM) and the CF Smart Contract Platforms Index. In the NCI, the gaming token AXS (Axie Infinity) was removed, while the CF Smart Contract Index welcomed four new constituents. These additions include Fantom (FTM), Immutable X (IMX), Polygon (MATIC), and Quant (QNT).


For next week:


Investors will keep an eye out for consumer confidence on tuesday and employment report on friday. This data could move the needle on future rate hikes (currently at over 50% for an additional 25bps on the next meeting on june 14th).




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