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Jay-Z and Jack Dorsey Launch a Bitcoin Academy in New York

Daily Market Wrap

  • Crypto market cap: 1.04 trillion, down 8.22%

  • BTC price stands at USD 25,827, down 8.71%

  • ETH price stands at USD 1,362, down 10.19%

  • Top gainer: Neo (NEO), up 5.79%

  • Top loser: Fantom (FTM), down 20.71%


News of the Day



Jay-Z and Jack Dorsey launched a Bitcoin Academy in New York.


Why it matters:

  • Block CEO Jack Dorsey teamed up with rapper Jay-Z to launch a Bitcoin-focused financial literacy project named The Bitcoin Academy at Marcy Houses, New York

  • The academy will be the first public housing complex in Brooklyn, the rapper’s childhood home, aimed at providing financial education with an emphasis on Bitcoin

  • However, the initiative’s focus on bitcoin has drawn heavy criticism as people still disbelieve that cryptocurrency is full of financial scams, hacks, and fraud


Crypto daily spotlight



Alameda Research dumped stETH for ETH amid Celsius Network running out of liquid funds to pay back investors.


Brief introduction: Celsius Network is an Ethereum-based lending platform that provides interest-bearing savings accounts (staking), borrowing and payments services for digital assets. It has a native utility token called CEL. If users choose to receive staking rewards in the form of CEL tokens, they can receive up to 30% more rewards on all deposits of non-CEL tokens. For borrowers and institutions, paying interest in CEL also comes with a discount.


Why it matters:

  • Celsius Network lost at least 35,000 Ether as Stakehound, the Eth2 staking solution firm, lost the keys to the custody. The scandal was discovered on May 2nd

  • Celsius Network chose to keep quiet. It may be running out of liquid funds to pay back investors

  • Alameda Research, one of the largest holders of Lido’s stETH, recently redeemed 50,000 stETH for ETH on Lido, leading to the stETH de-pegging from Ethereum by 50%

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About Aspen Digital


Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.


For more information, please visit https://www.aspendigital.co/


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