Welcome to CoinsDo’s Monthly Crypto Roundup for May 2024. This month has been bustling with activity, from significant market movements to regulatory developments and intriguing technological advancements. In this roundup, we’ll explore the key highlights, market trends, and notable events that shaped the crypto landscape in May.

Crypto Market Trend

Bitcoin (BTC) experienced notable fluctuations in May, trading within a range of $65,000 to $70,000. Analysts suggest that BTC’s price trajectory aligns with the Wyckoff model, indicating potential new highs above $73,777. However, a downturn could see BTC plunging below $60,000​. Similarly, Ethereum (ETH) has been under the spotlight with speculation around the SEC’s decision on spot ETFs, expected by the end of the month​

Crypto Hacks and Scams

May 2024 witnessed numerous web3 attacks and scams, resulting in total losses of over $54 million. Prominent incidents included smart contract vulnerabilities, compromised private keys, and various forms of fraud. Among the most significant events were:

Gala Games Exploit: An exploit led to the minting of 5 billion $GALA tokens, resulting in a loss of $22 million in ETH.

Sonne Finance Attack: A donation attack on Compound v2 forks resulted in a $20 million loss.

Alex Lab Hack: A phishing scam compromised private keys, leading to $4.3 million in losses.

Pump.fun Incident: Misuse of access rights by a former employee resulted in the theft of over 12,300 SOL tokens worth about $1.9 million.

GNUS Token Vulnerability: A flaw in the GNUS token’s smart contract on the Fantom network led to a $1.27 million loss.

These incidents highlight the persistent risks in the crypto space and the need for robust security measures, which is what CoinsDo provides for crypto institutions with our MPC-powered solutions

Key Events

Bitcoin Asia Conference in Hong Kong

The Bitcoin Asia Conference held in Hong Kong on May 9-10 was a significant event, drawing top figures from both the crypto and traditional finance industries. Discussions centered around the integration of Bitcoin and Ethereum ETFs in Hong Kong, highlighting the region's progressive stance on crypto adoption​.

SEC and ETF Approvals

The SEC’s decisions regarding Ethereum and Bitcoin ETFs were highly anticipated. The deadlines for VanEck’s and ARK’s spot Ethereum ETF applications are set for May 23 and 24, respectively. Industry experts remain skeptical about approval, with some reducing their approval odds significantly. The SEC also postponed decisions on options trading for spot Bitcoin ETFs, setting May 29 as the new deadline​.

Technological Innovations

EigenLayer and Restaking

EigenLayer has been pioneering the ETH restaking narrative, contributing to the growth of the liquid restaking market, now valued at $8 billion. The newly launched EIGEN token and its ecosystem have been pivotal in expanding Ethereum’s frontier​.

Learn more about EigenLayer here

If you want to dive deeper, read this instead.

We believe that the success of EigenLayer's restaking mechanism could be a game-changer for Ethereum and other blockchain ecosystems. By providing new ways to utilize staked assets, it enhances liquidity and encourages broader participation in network security. This innovation might spur further advancements in staking protocols across different blockchains.

Conclusion

May 2024 has been a dynamic month for the cryptocurrency world, marked by significant market movements, regulatory developments, and technological advancements. As we move forward, staying informed and adaptable will be crucial for navigating the ever-evolving crypto landscape. Stay tuned for more updates in next month’s roundup.