Happy Friday! Here’s our rundown of the top 5 trending crypto news as of May 17, 2024.
Bitcoin Soars on Easing Inflation
Bitcoin (BTC) is having a great day, reaching $66 190 and surging over 5% after a cooler-than-expected April inflation report. This surge was in response to the release of the US Consumer Price Index (CPI) data, which has implications for potential interest rate cuts in 2024.
The current positive momentum has investors feeling optimistic about the potential continuation of the upward trend for $BTC.
Coinbase Stumbles on CME Spot Bitcoin Listing Rumours
Shares of Coinbase dropped nearly 8% to $202.49 during the U.S. morning hours on Thursday after a Financial Times report that the Chicago Mercantile Exchange (CME), leading derivatives’ marketplace, might soon offer spot bitcoin trading amid strong interest from clients.
XRP Price Dipped Below the $0.52 Mark
Despite a temporary slump, the XRP price has once again dipped below the $0.52 mark. However, this slight decrease is only 0.23%, leaving the price at a relatively stable $0.5175. The recent price action in XRP left the tokens market capitalization at $28.78B. So far this year, XRP has a change of -15.57%. XRP is the native cryptocurrency of XRP Ledger, which is an open-source, public blockchain designed to facilitate faster and cheaper payments. It is classified as a Currency under CoinDesks Digital Asset Classification Standard (DACS).
DTCC Pilot with Chainlink (LINK)
The Depository Trust and Clearing Corporation (DTCC) successfully completed a pilot program with Chainlink (LINK) to accelerate the tokenization of real-world assets such as bonds, funds and other traditional investments, with major banks participating.
Market participants include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid-Atlantic Trust, State Street and U.S. Bank.
This could be a significant development for institutional adoption of blockchain technology.
Solana Meme Coin Hack
Solana-based meme coin Factory Pump.Fun was compromised by a hacker who exploited a vulnerability in its “bonding curve” mechanism. “We’ve paused trading — you cannot buy and sell any coins at the moment,” Pump.fun declared on its social media channels.
This highlights the ongoing security risks associated with some DeFi projects.
