Hey there, PoI readers! 🌟

Mochi here, ready to dive into the latest and greatest in the world of digital assets. In this edition of "Proof of Intel," we'll be exploring some game-changing developments that are sure to make waves in the industry. From Bitcoin's make-or-break moment and Eigenlayer's EIGEN token launch to Franklin Templeton's bold blockchain predictions and Binance's triumphant return to India, we've got a packed agenda! So, grab your favorite beverage and let's embark on this crypto adventure together! 🗺️

INTEL BRIEF

🟧 Bitcoin faces a crucial moment as the post-halving "danger zone" comes to an end, with BTC price testing $60,000 support.

🟧 Franklin Templeton CEO Jenny Johnson expresses her support for blockchain technology and predicts that all ETFs and mutual funds will eventually be on blockchain.

🟧 Eigenlayer launches the claim process for its EIGEN token, but it remains nontransferable until September due to pending feature implementations.

🟧 Binance, along with KuCoin, has obtained approval from India's Financial Intelligence Unit (FIU) to offer its services in the country after being banned in January.

Bitcoin Braces for Impact as Post-Halving "Danger Zone" Concludes

Bitcoin (BTC), is approaching a critical juncture as the classic post-halving "danger zone" draws to a close. BTC price has been testing the crucial $60,000 support level, with intraday lows of $60,190 on Bitstamp exchange. The sudden drop has left bulls scrambling for explanations, with some speculating that institutional players may be at work.

According to popular trader Skew, the key area for bulls to defend is between $60,800 and $61,000, which also happens to be the range low. If bulls want to break the current downtrend, this is the moment to act.

Meanwhile, trading resource Material Indicators suggests that large-volume institutional entities may be influencing the market, possibly to prevent a Bitcoin breakout over the weekend while the BTC ETF market is closed.

Rekt Capital, a well-known trader and analyst, believes that the post-halving "danger zone" is coming to an end. Historically, BTC/USD has experienced significant downside in the weeks following a halving event. In April, Rekt Capital predicted a major bout of downside for Bitcoin within a two-week period, which ultimately materialized as a trip to two-month lows of $56,500.

As the "danger zone" officially concludes, Bitcoin enthusiasts and investors alike are watching closely to see how the cryptocurrency will respond. Will the bulls defend the crucial support levels, or will the bears take control and push prices lower? The coming days will be critical in determining Bitcoin's near-term trajectory.

Bitcoin is testing $60,000 support as the post-halving "danger zone" ends.

Bulls must defend the $60,800-$61,000 range to break the current downtrend.

The next few days will be crucial in determining Bitcoin's near-term price action.

Franklin Templeton CEO: Blockchain to Revolutionize ETFs and Mutual Funds, but Generative AI Needs Improvement

Jenny Johnson, president and CEO of Franklin Templeton, a financial firm managing $1.6 trillion in assets, recently shared her thoughts on blockchain technology and generative artificial intelligence (AI) during an interview at the 27th Annual Milken Institute Global Conference in California.

Johnson expressed her enthusiasm for blockchain, stating, "I am a huge fan of blockchain and the technology." She revealed that Franklin Templeton conducted a side-by-side experiment, processing account records using both traditional methods and blockchain for six to eight months. The results were impressive, with Johnson noting, "We were astonished by how much less costly it was to run it on blockchain."

The CEO predicted that all ETFs and mutual funds would eventually be on blockchain due to the technology's efficiency and potential to open up new investment opportunities. She highlighted the "huge costs" associated with verifying data between disparate systems, a problem that blockchain was designed to solve. With blockchain, there is only one source of truth, eliminating the need for extensive data reconciliation.

Johnson also discussed the use case of pop superstar Rihanna, who released 300 nonfungible tokens (NFTs) that granted owners a small percentage of royalties for one of her songs via smart contract. This example showcases the potential for tokenization to create more diversified investment opportunities.

Shifting gears to generative AI, Johnson acknowledged its usefulness but cautioned that it was "kind of like the kid who gets an 'A' in English and an 'F' in math." She mentioned Franklin Templeton's recent partnership with Microsoft to build an AI-powered sales assistant and noted the investment opportunities in the space. Johnson also praised the potential for AI-powered translation services to bridge language barriers in finance.

As blockchain technology continues to gain traction in the financial world, industry leaders like Jenny Johnson are optimistic about its future applications. While generative AI shows promise, it is clear that there is still room for improvement before it can be fully relied upon in the financial sector.

Franklin Templeton CEO Jenny Johnson is a strong supporter of blockchain technology.

She predicts that all ETFs and mutual funds will eventually be on blockchain due to its efficiency and potential for new investment opportunities.

Johnson acknowledges the usefulness of generative AI but cautions that it still needs improvement.

Eigenlayer's EIGEN Token Arrives, but Transferability Delayed until September

Eigenlayer, an Ethereum restaking protocol, has finally launched its highly anticipated token claim process for Season 1, Phase 1 rewards. Users who are owed the new EIGEN token can now acquire it after weeks of waiting. However, there's a catch: the EIGEN token is currently nontransferable, meaning users cannot sell it just yet.

According to the protocol's development team, EIGEN will become transferable only after new features are implemented in the coming months, with a tentative target date of September 30. Users have until September 7 to claim their tokens, after which the claim process will close, and unclaimed tokens will be forfeited.

It's important to note that the EIGEN token is not available to users in over 30 jurisdictions, including the United States, Russia, China, and Canada. Additionally, most VPN server addresses are banned from being used to claim the token.

The current airdrop has unlocked a total of 6.05% of the EIGEN total supply, with an additional 0.7% set to be unlocked from "Phase 2" starting in mid-June. Users of Kelp, Pendle, Equilibrium, and other similar apps will be able to start claiming their tokens during Phase 2, while the current airdrop is limited mostly to users who restaked Ether (ETH) or its liquid staking derivatives on Eigenlayer prior to March 15.

The EIGEN airdrop has been a topic of discussion in the decentralized finance community, with some praising it as potentially the last "life-changing airdrop" and others criticizing its VPN server ban, nontransferable nature, and short snapshot period.

As Eigenlayer continues to develop its platform, users eagerly await the implementation of new features that will allow them to transfer and potentially sell their EIGEN tokens. Until then, they'll have to hold tight and hope for the best come September.

Eigenlayer launches the claim process for its EIGEN token, but the token remains nontransferable until September.

Users have until September 7 to claim their tokens, and the token is not available in over 30 jurisdictions.

The airdrop has been controversial, with some praising it and others criticizing its limitations.

Binance Makes a Comeback in India After Obtaining FIU Approval

Binance, the world's largest cryptocurrency exchange, has received the green light from India's Financial Intelligence Unit (FIU) to resume its operations in the country. The approval comes after Binance, along with several other off-shore crypto exchanges, received a notice of noncompliance in December 2023, followed by a ban in January 2024.

According to Vivek Agarwal, the head of FIU, Binance is now a registered entity in India. This makes Binance the second off-shore crypto exchange to receive regulatory approval after KuCoin. The ban, which was imposed by the Indian Finance Ministry, affected nearly a dozen foreign crypto exchanges, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

Following the ban, several crypto platforms began working with the Indian regulatory body to obtain FIU compliance and offer their services to Indian customers. While KuCoin and Binance managed to find their way back, others like OKX and BitStamp have closed their services in the country.

Cointelegraph reported in April that Binance was likely to return to India after paying a $2 million fine for noncompliance. The exchange's return is significant, as it reportedly accounted for 90% of the total trading volume from India at the peak of the tax drain, which occurred after the country imposed a 30% tax on crypto gains and a 1% tax deduction at source on every crypto transaction.

Despite having a thriving crypto market, India has cooled on the crypto heat map due to its tax impositions and lack of regulatory clarity. Many crypto traders and crypto-centered businesses have shifted overseas, while the few remaining crypto exchanges struggle to garner investor trust due to a lack of banking facilities.

Binance has obtained approval from India's FIU to resume its services in the country.

The exchange was banned in January 2024 along with several other off-shore crypto platforms.

Binance's return is significant, as it accounted for 90% of India's trading volume at the peak of the tax drain.

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little bit richer (in knowledge, of course). Remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual fist bump! 👊✨

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