TL;DR Breakdown The U.S. unemployment rate has risen to a seven-month high of 3.7% in May. This surge is largely attributed to an increase in black unemployment and more people entering the labor force. Despite this, nonfarm payrolls have grown significantly, with 339,000 jobs added last month. The rising tide of unemployment in the U.S. has raised eyebrows in economic circles, as a seven-month high of 3.7% in May suggests that labor market conditions are easing. This development could potentially allow the Federal Reserve a reprieve from initiating an interest rate hike this month. Delving into the factors behind the surge The uptick from a 53-year low of 3.4% in April, as reported by the Labor Department, can largely be attributed to an increase in black unemployment. It also appears that the labor force has seen an influx of new entrants, effectively relieving businesses of the pressure to hike wages. Wage growth took a breather last month, a development likely to reassure Fed officials who are attempting to rein in inflation back to the U.S. central bank’s 2% target. Despite…

TL;DR Breakdown The CFTC has proposed a rule change to strengthen risk management for digital assets, addressing the risks associated with cryptocurrencies and emerging technologies. Commissioner Romero emphasizes the need for enhanced oversight and risk management to protect investors and ensure the stability of the financial system. The proposed rule change focuses on risks related to crypto derivatives trading and custody practices, aiming to strike a balance between innovation and safeguarding investors. The United States Commodity Futures Trading Commission (CFTC) has proposed to amend its risk management program in response to the growing influence of digital assets and emerging technologies. Commissioner Christy Goldsmith Romero emphasized the need to address the risks associated with cryptocurrencies and artificial intelligence while highlighting concerns regarding industry custody practices. The proposal, aimed at bolstering investor protection and ensuring the financial system’s stability, will now undergo a period of public comment before potential implementation. The CFTC is seeking public comment on the Risk Management Program (RMP) requirements for swap dealers and futures commission merchants. Learn more: https://t.co/Vs1rb9qfey — CFTC (@CFTC) June 1, 2023 Commissioner Romero calls…

TL;DR Breakdown Binance Australia has temporarily suspended AUD withdrawal and deposit services through bank transfers. Users can convert their AUD balances to the stablecoin Tether (USDT) to ensure uninterrupted access to trading and withdrawals. Binance users in Australia can still use credit or debit cards to purchase and sell cryptocurrencies on the platform. Binance Australia recently announced that they would temporarily suspend the withdrawal and deposit of the Australian Dollar (AUD) through bank transfers. The decision comes in the wake of an earlier announcement by Binance Australia on May 18, stating that they would no longer support AUD bank transfers through PayID. This change was attributed to a decision made by a third-party payment service provider. However, it was mentioned in a subsequent update on May 22 that the services would still be available until June 1. In a recent tweet, Binance assured its users that they could smoothly conduct their withdrawals and trading activities following the regulation changes. Binance has introduced the option to convert Australian Dollar (AUD) balances to the widely used stablecoin, Tether (USDT). This move aims…

TL;DR Breakdown AB de Villiers, the renowned cricket legend, reveals how he was tricked by a malicious NFT contract and lost a significant part of his collection. De Villiers shares his early investments in cryptocurrencies, including XRP, and expresses his interest in exploring various aspects of the Web3 industry. AB de Villiers, the renowned South African cricket legend, recently opened up about his personal experience with a devastating NFT hack. In an interview with Cointelegraph, de Villiers revealed how he inadvertently fell victim to a malicious NFT contract, resulting in the loss of a significant portion of his NFT collection. Additionally, he shared his early investments in cryptocurrencies, including XRP, and expressed his interest in exploring the Web3 industry. This article delves into de Villiers’ revelations, highlighting the hacking incident and his journey into the world of cryptocurrencies. Contents hide 1 AB de Villiers’ NFT Hack: Lessons Learned in Navigating Web3 2 AB de Villiers’ Affinity for XRP and Web3 Exploration 3 AB de Villiers’ Future Endeavors in the Web3 Industry 4 Conclusion AB de Villiers’ NFT Hack: Lessons Learned…

TL;DR Breakdown Nike and EA SPORTS have formed a partnership to enhance the virtual sports experience, aiming to provide fans with an elevated level of engagement and personalization. Through this collaboration, fans can expect new levels of customization and self-expression within EA SPORTS titles, with the integration of Nike’s virtual creations. In a groundbreaking move, Nike Virtual Studios and EA SPORTS have joined forces to revolutionize the virtual sports experience for fans worldwide. This collaboration between two industry giants aims to enhance personalization and self-expression within the digital sports realm. The partnership will introduce innovative features and unlock new levels of customization within EA SPORTS titles, allowing members of Nike’s digital community experience, .SWOOSH, and EA SPORTS fans to express their unique style through play. Contents hide 1 Nike and EA SPORTS Empower Fans with Unique Virtual Creations 2 Immersive Experiences Redefine Virtual Sports 3 Unlocking Boundless Creativity Through Sport and Style 4 A Union of Innovation, Sport, and Culture 5 Conclusion Nike and EA SPORTS Empower Fans with Unique Virtual Creations Nike’s partnership with EA SPORTS is set to…

TL;DR Breakdown Standard Chartered and PwC China release a white paper proposing programmable Central Bank Digital Currency (CBDC) in China’s Greater Bay Area (GBA), which includes Guangdong Province, Hong Kong, and Macao. The GBA’s multiple currencies and significant cross-border trade make it a prime location for researching and implementing central bank digital currencies. Standard Chartered, a British multinational bank, and PwC China have collaborated to produce a white paper exploring the applications of Central Bank Digital Currency in China’s Greater Bay Area (GBA). Comprising Guangdong Province, Hong Kong, and Macao, the GBA present a unique case study due to its use of multiple currencies across various jurisdictions. The white paper emphasizes the importance of programmability in CBDCs and highlights the potential benefits of adopting such a system in the region. Contents hide 1 Greater Bay Area’s Unique Landscape and Cross-Border Trade Potential 2 The Advantages of Programmable CBDCs 3 Hong Kong’s CBDC Pilot Project and the Path to Widespread Adoption 4 Conclusion Greater Bay Area’s Unique Landscape and Cross-Border Trade Potential The Greater Bay Area, consisting of 11 megalopolises, stands…

Some of Edcons participants went to bed after volunteering at Edcon all day. The other participants salute them for their service. Others went to the center of Montenegro’s capital to try to network and were quickly moving from one place to another, bars, nightclubs but no real events. Still others met at the Sky Bar of the Hilton Hotel with whoever would show up. These were the default situations of many participants the evening of day 0 at Edcon. Many lost participants would end up in the nightclub Biro with its extremely loud music and red lights making it difficult to network. But then the community got to organizing. A Telegram channel was made to share all of the side events and a web3 event page was made. https://www.web3event.org/topic/49#Topic A few notable side events took place, we shall describe some here: Testera XWinner On the evening of day 0 of Edcon, around 60 participants in the know were at Testera’s after party getting to know each other and networking. Testera opened up its office and terrace for this side event…

TL;DR Breakdown A recent Beosin report has revealed that losses resulting from rug pulls and exit scams in the crypto market surpassed those from decentralized finance (DeFi) hacks in May. The most significant rug pull occurred when the Fintoch allegedly made off with $32 million on May 24. To combat these risks, Beosin recommends that crypto users enhance their anti-fraud awareness, conduct thorough due diligence before investing, and learn how to better secure their assets. A recent report from blockchain security firm Beosin has revealed that losses resulting from rug pulls and exit scams in the cryptocurrency market surpassed those from decentralized finance (DeFi) hacks in May. Six incidents of rug pull and scams amounted to over $45 million in total losses, while 10 attacks on DeFi protocols only netted $19.7 million. This decline in DeFi losses, nearly 80% lower than in April, had been observed for two consecutive months. The most significant rug pull occurred when the crypto project Fintoch allegedly made off with $32 million on May 24. The largest attack on DeFi platform last month was a…

TL;DR Breakdown Hooked Protocol price analysis shows a bullish trend Resistance for HOOK is present at $1.50 Support for HOOK/USD is present at $1.41 Hooked Protocol price analysis is on a bullish trend today, with the HOOK/USD pair rising to the $1.48 mark. The bulls have been pushing hard on the current support level of $1.41 as they attempt to break through the resistance at the $1.50 mark, which appears to be a key psychological level for traders. The price is currently trading at $1.48 after having gained more than 2.48% in the last 24 hours. The volume has also seen an increase, with over $28 million up over the last 24 hours. This indicates that traders are expecting a further rise in price. The bullish momentum is expected to continue as the coin is supported by strong buying pressure and a strong bullish trend line. Hooked Protocol price analysis 1-day chart: HOOK trades above $1.48, gaining over 2.48% The Hooked Protocol price analysis is on the bullish side today. Bulls have taken the price up to the $1.48 mark,…

TL;DR Breakdown The pair is trading at $5.27 after reaching a high of $5.30 and a low of $5.18. Polkadot price analysis shows an uptrend. DOT/USD is up by 0.82 percent over the past 24 hours.  Polkadot price analysis trades in a bullish trend today. The Bearish trend started the day at $5.22 and has since seen a rise in the price of DOT. It peaked at around $5.30, where it is now acting as a resistance. At the time of writing, DOT is trading at $5.27, representing an increase of 0.82% over the past 24 hours. Polkadot price analysis 1-day chart: Bulls rally above the $5.20 level The 24-hour chart for Polkadot price analysis shows the price of DOT is rising. In the past few hours, as the price of Polkadot has risen from $5.20 to the current $5.27 level, bulls have managed to break past the resistance at $5.20 and are now looking to push toward the next resistance level of $5.30. However, if bears manage to take control of the market, the price could fall back and…