The Crypto Compass Issue #69

Hello readers,

Bitcoin was launched in 2009 by the pseudonymous Satoshi Nakamoto. It introduced blockchain technology, which records transactions on a distributed ledger across a network of computers, ensuring security and transparency without central oversight. The genesis block was mined on January 3, 2009, but Bitcoin didn't gain significant attention until 2010 with the infamous purchase of two pizzas for 10,000 BTC, illustrating its potential as a medium of exchange.

Over the years, Bitcoin's adoption has grown, influenced by factors like its halving events, which reduce the mining reward and are typically followed by price increases and higher transaction volumes. Despite a slower transaction rate compared to newer blockchains like Ethereum, Bitcoin reached one billion transactions, a testament to its longevity and continued relevance. This milestone underscores Bitcoin's role as both a store of value and a medium of exchange, with ongoing developments expected to enhance its utility and scalability further.

Bitcoin Surpasses One Billion Transactions Milestone

Bitcoin has reached a monumental milestone, surpassing one billion processed transactions, 800 weeks and one day after its genesis block was minted on January 3, 2009. This achievement highlights an era of heightened activity on the blockchain, spurred by innovations like Bitcoin Ordinals and Runes, as well as the bullish sentiment from the launch of spot Bitcoin ETFs over the past year. While Bitcoin's transaction journey was longer and slower compared to Ethereum's nearly 2.4 billion transactions, the recent halving event and continued high transaction volumes indicate robust ongoing engagement on the network. Despite a slowdown in daily transaction fees post-halving, the transaction rate remains significantly higher than historical averages, marking the beginning of Bitcoin's journey towards its next billion transactions.

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Fidelity Insights on Pension Funds' Interest in Cryptocurrency

Fidelity's Vice President of Digital Assets, Manuel Nordeste, recently disclosed that pension funds are beginning the preliminary discussions about incorporating cryptocurrency into their investment portfolios. With the top 87 pension funds managing $9.8 trillion in investments as of 2022, the potential for substantial capital flow into the crypto market is significant. This development follows the successful January launch of spot Bitcoin ETFs, which has already attracted considerable attention from investment professionals, suggesting a promising future for crypto integration in traditional finance sectors.

Robinhood Crypto Receives Wells Notice from SEC for Alleged Securities Violations

Robinhood has been issued a Wells Notice by the U.S. Securities and Exchange Commission (SEC), signaling potential enforcement action for alleged securities violations. This development, detailed in a recent Form 8-K filing, comes despite Robinhood’s efforts to seek regulatory clarity. Dan Gallagher, Robinhood’s Chief Legal Officer, expressed disappointment over the SEC’s move, asserting the company's stance that the digital assets offered are not securities. This notice follows similar actions against other prominent crypto entities like Uniswap and Consensys, highlighting a growing trend of regulatory scrutiny in the cryptocurrency space.

Happenings of the week

• Why Ethereum Game ‘Fantasy Top’ Is Taking Over Crypto Twitter

• Grayscale’s spot bitcoin ETF logs second day of net inflows

• Sui creator says crypto’s 'ChatGPT moment' coming as protocol celebrates mainnet's first year

• Grayscale’s spot bitcoin ETF logs second day of net inflows

FriendTech Launches Native Token and Version 2 on Base Network

Web3 social media platform FriendTech has launched its native token, $Friend, now trading at $3 with a circulating supply of about 14.5 million on the Base network. Having launched in August last year, FriendTech introduces a unique, invite-only networking service utilizing social tokens called "Keys" for access to exclusive content. The recent token airdrop coincided with the rollout of FriendTech's version 2, featuring new "Clubs"—community spaces for key holders, with transactions incurring a 1.5% fee benefiting liquidity providers. Despite a slight delay, the updated platform and token distribution began on May 3, solidifying FriendTech’s position as a significant player on the Base network with a total value locked of approximately $30 million.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!