🗞 Daily Crypto News, May, 26th💰

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Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Market Wrap: Ether Trading Volume Up, Closing In on Bitcoin; Crypto Market Struggles

Investor interest in ether appears to keep growing, based on spot market volume and a pop in open interest in institutional-grade futures.

Ether’s 24-hour range: $2,397-$2,750 (CoinDesk 20)

Bitcoin’s 24-hour range: $36,591-$39,824 (CoinDesk 20)

Ether volumes rival bitcoin again

“There is a good deal of room to intermediate-term oversold territory for ether,” said Katie Stockton, a technical analyst for Fairlead Strategies, in her weekly investor note. “The corrective phase has not damaged the long-term uptrend or positive monthly momentum indicators, so we ultimately would be a buyer into the weakness.”

Volumes on major spot exchanges tracked by CoinDesk Research for bitcoin Monday were at $72,762,652,345, while ether was at $72,479,251,812, whereas BTC usually has dominated in the past.

Ether futures open interest rebounding on CME

“Traders’ outlook on Ethereum switched yesterday to highly positive after being negative for weeks,” said Nick Mancini, research analyst for crypto analytics platform Trade the Chain. “Such a jump in sentiment implies a hyper focus on Ethereum and ERC-20, or Ethereum-based, assets.”

Bitcoin versus ether

🗞 Mark Cuban Invests in Ethereum Layer 2 Polygon

Billionaire investor Mark Cuban has made an investment in Polygon, a layer 2 Ethereum scaling solution.

Cuban confirmed the investment in an email to CoinDesk but would not disclose its size or composition.

The price of MATIC, the native token of Polygon, is up more than 9,535% year to date, according to Messari.

With decentralized finance (DeFi) and other projects going live on Polygon, users have increasingly turned to the platform to escape the high transaction fees of the Ethereum mainnet.

🗞 Michael Saylor Defends Elon Musk, Bitcoin Mining Council Against Centralization Criticisms

At a conference today, MicroStrategy CEO Michael Saylor spoke about the newly formed Bitcoin Mining Council.

He claimed the council, which involves many prominent mining companies, is committed to decentralization—something critics see as a paradox.

At CoinDesk's Consensus conference earlier today, Bitcoin evangelist Michael Saylor defended the newly formed Bitcoin Mining Council against criticisms that it runs counter to the “decentralized” spirit of Bitcoin.

Saylor announced the council yesterday afternoon, after Tesla CEO Elon Musk tweeted about having met with “North American Bitcoin miners” about sustainability; Saylor described it as an “organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.”

🗞 Uniswap v3 flips v2 on volume — and both versions flip Bitcoin on fee revenue

The world’s largest decentralized exchange keeps growing and the newly-launched third iteration has now surpassed version two in terms of daily volumes.

In addition to v3 topping the daily transaction volumes of v2, both have individually surpassed Bitcoin in terms of daily fee generation. The move was observed by Uniswap founder Hayden Adams who commented that both are earning more daily and weekly fees than Bitcoin miners.

Data from Cryptofees showed that Uniswap v3, which was launched on May 5, generated $4.5 million with v2 generating $3.8 million in fees for the day. Bitcoin was behind both of them at the time with $3.7 million in daily fee generation.

At the time of writing, the website was reporting that Uniswap v3 generated $4.1 million in the current 24 hour period whereas v2 is in second place with $3.2 million. SushiSwap is the next largest DEX after Uniswap with $2.135 million. Bitcoin and Ethereum estimates were not available for the past 24 hours but the previous day's fees on Bitcoin hit $2.821 million, while Ethereum raked in $28.71 million.