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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