Stay in the Know

• 🌍 Nigeria crypto approval

• 👀 Binance to abandon US?

• 🐸 Coinbase attacks Pepe token

Good morning. As market conditions fluctuate, remember this is part of the process. As with life, not everything moves in a straight line. Be strong.

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Quick market outlook 👀

The market has been all over the place recently, from a meme coin rise, to a Bitcoin dip, making it difficult to understand what might happen next.

So, let’s jump into what is happening with the markets!

Firstly, we have seen many Memecoins explode over the past few weeks, but is all that volume great for the overall market? Most likely not, as it means the rest of the market suffers while meme coins take all of the capital control.

So, are we potentially seeing the backlash of a Memecoin season?

That is certainly one potential reason, but it seems it could be deeper than that as inflation numbers were just released and were positive which saw a rise to above $28k on Bitcoin before a brutal drop again below $27k after sparking more fear.

Either way, things are definitely a little uncertain currently, so be careful with your investment decisions as usual.

Before we move into this weeks exciting occurrences, we will leave you with the thoughts of a crypto trader 👇

However as always, be careful and check yourself before you wreck yourself!

🌍 Nigeria crypto approval

More developments in Africa! This time in Nigeria, where the government has approved a National Blockchain Policy, causing a stir of excitement across the wider African web3 community.

According to a policy draft released on May 3, the government believes that blockchain and decentralized ledger technology could "facilitate the development of the Nigerian digital economy."

The policy could potentially impact governance and policy-making, e-payments and billing, digital identity management, and many other sectors.

Olajide Abiola, CEO of Nigerian fintech company KiaKia, is excited about the new policy, stating that if it's leveraged correctly, it could help create a tamper-proof digital identity for citizens and improve payment options for businesses, ultimately leading to increased economic activity and growth.

We have previously seen the growth and plethora of opportunities within the African regions over the past two years and it certainly doesn’t seem to be slowing down. This is further proof of some nations moving in the right direction and fully embracing the technology available.

But wait, there’s more!

Binance's West and East Africa director, Nadeem Anjarwalla, commended the comprehensive approach taken in the reviewed policy document, which includes the establishment of Nigeria's blockchain consortium, strengthening of the regulatory and legal framework, provision of national digital identity, blockchain digital literacy promotion, creation of blockchain business incentive programs, and establishment of a national blockchain sandbox for proof of concepts and pilot implementation.

With this move, Nigeria is positioning itself as a nation ahead of the curve, supporting further blockchain innovation, user protection, security, and economic competitiveness in the long term.

👀 Binance to abandon US?

Binance has declared its focus on the United Kingdom over the United States, citing difficulties with US authorities.

Now, this is interesting as the US is falling further from where investors want the crypto scene and it seems like the Biden administration is making it harder for businesses to thrive in the US.

According to Patrick Hillman, Binance's chief strategy officer, the past six months have been "confusingly hectic" for US businesses in the digital asset space.

But fear not, as Binance sees a glimmer of hope in the UK with Hillman believing that Binance has a good chance of getting secure approval in the UK, especially with all the recent issues surrounding crypto exchanges like Binance and Coinbase in the US. In fact, Coinbase's CEO Brian Armstrong has even kept the option of relocating to the UK on the table.

Hillman predicts that at some point, the US will want to pivot and catch up to Europe in terms of crypto regulation. Europe just passed Mica, a huge step forward for the industry. But for now, the actions of the US Securities and Exchange Commission (SEC) are scaring the crypto community, especially with the recent sue controversy involving Coinbase.

On top of that, Binance is currently under investigation by the US Justice Department and its CEO, Changpeng Zhao, was sued by the Commodity Futures Trading Commission (CFTC) for illegal operations. It's no wonder that Hillman sees the US as a weird place for businesses right now.

Despite the subsidiary ban of Binance by the Financial Conduct Authority (FCA), the firm is trying to team up with the UK to allow customers to trade cryptocurrencies, although it's not yet regulated in Britain. However, there are concerns from the FCA regarding PaySafe.

So, will Binance shift to the UK? Only time will tell. But for now, it seems like the UK is a safer bet for building a crypto community, and perhaps this will make the SEC and US authorities think twice about the power and future of cryptocurrencies and blockchain technology in their country.

🐸 Coinbase attacks Pepe coin

Memecoin season has been a highly welcomed period in crypto recently, although it appears that not everyone is so forthcoming with it, especially Coinbase.

An email sent out by Coinbase to its customers has sparked outrage within the Pepe memecoin community. The email described the Pepe meme as a "hate symbol" co-opted by alt-right groups, citing a 2016 decision by the Anti-Defamation League to place the frog-themed character in its database of online hate symbols.

Many are calling for Coinbase to issue an apology, and some users are even threatening to delete their accounts with the exchange. This may seem extreme, but evidently, you do not mess with the memes, because Coinbase is now finding out the hard way and losing parts of its customer base as a result.

In fact, the hashtag "#deletecoinbase" has been trending on Twitter, with over 14,000 tweets in the last two hours alone!

Pepe-holding members of Crypto Twitter have been asking other cryptocurrency exchanges to list the token for trading since Binance listed it on May 5th. Let’s see how the narrative plays out, price action will follow!

So far, Coinbase has not given any indication of whether it intends to list the Pepe token on its exchange. Looks like we'll have to wait and see how this drama unfolds around the popular frog.

📊 Stats of the week

Total Crypto Market Cap 7D 🚨

Here we see the total market cap of crypto for the last 7D which shows we have had a steep fall from the high of $1.273T and found a low of $1.179T more recently.

Top Gainers 7D 🚨

As you can see, the past 7D have not been so good for many long standing projects with two of the top five gainers under 2% gains… However, $BGB has seen a massive 23.4% gain which is certainly a positive for BitGet, and we also have $KAVA seeing an 11.8% increase too.

Top Losers 7D 🚨

As you can expect, the losers of the week are significantly higher percentages than the gainers, with $RNDR who has seen a sharp rise this year topping the losses with a 26.1% loss, ouch! Although closely followed is $KAS with a 24.4% loss and $OP with a 24.1% loss.

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Written by Lewis 🕵️

DYOR – authors of All Things Flooz newsletter own cryptocurrencies and stocks.