NEW: Large Transfers from Old Ethereum Wallets as Prices Rise

In a striking development, dormant Ethereum (ETH) wallets tied to cofounder Vitalik Buterin have come alive, coinciding with the cryptocurrency’s price spike. A recent flurry of activity was observed when 200 ETH, valued at $600,000, were moved to Kraken, a major U.S. cryptocurrency exchange. This transaction has reignited interest in Ethereum’s robustness and Buterin’s visionary contributions.

The journey of these coins began nine years ago, starting from a wallet address known as “0x5eD,” which played a pivotal role in funding Buterin’s early Ethereum ventures. Initially, 2,000 ETH were transferred to another wallet “0x2FE” and sat untouched, illustrating the long-term confidence in Ethereum’s potential.

The resurgence of these funds into active trading underscores Ethereum’s enduring appeal and stability in the volatile crypto market, highlighting the strategic long-term holding by its early adopters.

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NEW: Coinbase Sees ‘Surprising Upside’ Ahead for Ether

Coinbase analyst David Han says that the market may be underestimating the potential for Ethereum, with the U.S. Securities and Exchange Commission (SEC) set to make decisions on May 23 and May 24 regarding spot Ethereum exchange-traded funds. Despite wide expectations that the SEC will not approve the fund, Han says, “It’s a question of when, not if,” along the lines of previously rejected spot Bitcoin ETFs.

Currently, the Ethereum-based decentralized prediction market Polymarket is estimating only a 16% chance of approval this May, while the Grayscale Ethereum Trust continues to trade at a 24% discount to its net asset value. Yet, Coinbase is even more bullish, estimating a 30-40% chance of approval, among other reasons, due to the long-standing appeal of Ethereum, which is both a store-of-value and a technology-token.

Han goes on to further explain his own bullishness on Ethereum: “Ethereum has many demand drivers and may well outperform in the back half of the year. While it has underperformed since the October peak, our view remains that Ethereum possesses a unique combination of (1) large and extremely diverse use cases; (2) a relatively mature developer ecosystem; and (3) substantial utilization in decentralized finance, which creates a strong stage for future price appreciation and defends against threatening ‘Ethereum killer’ narratives.”

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Blockstream's Rusty Russell Wants To Revamp Bitcoin Script

Rusty Russell, lead Lightning developer for Blockstream, is spearheading an ambitious initiative known as the Bitcoin script restoration project. This effort aims to restore and expand the functionality of Bitcoin’s script language, which was significantly limited in the early days of Bitcoin due to security concerns. In a recent interview with Bitcoin Magazine, Russell elaborated on the project’s goals and the potential it holds for the future of Bitcoin.

Rusty Russell and the Great Bitcoin Script Restoration Project (22:45) A Look Back: Why OpCodes Were Disabled

When Bitcoin was first launched, its script language included a variety of operational codes (opcodes) that enabled complex…

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Botev Plovdiv | UEFA League Qualification

16/05/2024 – In a monumental victory, Botev Plovdiv FC triumphed over the former title owner Ludogorets FC to win the Bulgarian Cup at the Vasil Levski National Stadium in Sofia.

The exciting match ended with a score of 3:2, marking a significant achievement for the team who is now set to enter the Europa League’s qualification rounds.

In line with the club’s pioneering Bitcoin strategy to integrate Bitcoin into their operations, Botev Plovdiv FC will also begin offering bitcoin bonuses and educational sessions for players.

Botev Plovdiv FC, affectionately known as the Canaries, secured the Bulgarian Cup after an intense match against Ludogorets. Played in front of…

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Don’t dismiss the misunderstood techno-optimist voter

American citizens, and perhaps citizens of the broader Western world, are nervous about the future. 

Voters continually express wariness and pessimism about new and emerging technologies, from fears about self-driving cars to apprehension about the impact of AI. This pessimism naturally bleeds into the political realm, leaving more than four in five voters with the impression that “the tone and nature of political debate in the United States has become more negative in recent years.” 

The chance for a change in political perspective — one that both supports technological development while also assuaging fears about said development — looks bleak. On the other hand, it may…

Read more on Blockworks

Top Trending Crypto Coins of The Day

BIGCAP COINS:

  1. Pepe: Market Cap of $4.3 Billion.
  2. Bitcoin: Market Cap of $1.3 Trillion.
  3. Toncoin: Market Cap of $23.2 Billion.

MIDCAP COINS:

  1. Pendle: Market Cap of $741 Million.
  2. Super Trump: Market Cap of $7.2 Million.
  3. Notcoin: Market Cap of $723 Million.

RISING COINS:

  1. Grok: Market Cap of $73.4 Million.
  2. PepeFork: Market Cap of $120 Million.
  3. MAGA VP: Market Cap of $27.5 Million.

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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