Today’s top headlines in the crypto roundup: CME bitcoin futures open interest hits an all-time high, Justin Sun pays $4.5 million to dine with Warren Buffett and Microsoft Research unveil’s a formal verification tool for Ethereum’s solidity.

Bitcoin led a market wide sell-off after dropping from $8,488 to $8,073 where it briefly held for 20 minutes before suffering another sharp drop to $7,780. The bitcoin price has found support at this level for now and at the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,861 (-7.12%) and $244.44 (-6.51%).

The majority of the top 20 cryptoassets by volume are down between -5% and -10%. The exceptions are Bitcoin SV (BSV), Binance Coin (BNB) and Cosmos (ATOM) which are respectively up 5.54%, 0.67% and 0.32% in the past 24 hours. The MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,847.42 (-6.68%).

CME Bitcoin Futures Hits an All-Time High in Open Interest

The open interest in Chicago Mercantile Exchange (CME) bitcoin futures hit an all-time high last Friday, according to data shared by the U.S. Commodity Futures Trading Commission (CTFC).

Less than two weeks ago, CME issued an email to clients declaring “May is shaping up to be the strongest month ever for CME Bitcoin Futures.” On May 13, it facilitated the trading of an all-time high 33,677 bitcoin futures contracts. At the time, this was roughly equivalent to $1.3 billion (USD). However last week set new records:

“the total figure of 5,190 for the period between May 27 and June 3 represents the largest number of open interest, or contracts outstanding, in CME bitcoin futures ever and a 7 percent gain on the week prior.”

Warren Buffett to Dine with TRON’s Justin Sun

Justin Sun, the founder and chief executive of the TRON Foundation, and up to seven friends will soon sit down with famed investor Warren Buffet for a private lunch at a New York steakhouse.

It was revealed Sun had bid a record-breaking $4,567,888 to win the charity auction, which was hosted in cooperation with the ‘eBay for Charity’ initiative. This is the twentieth year Buffett has auctioned off the so-called ‘Power Lunch’ for the benefit of the Glide Foundation.

Formed in 1929 and based in San Francisco, the Glide Foundation serves the poor, homeless and/or those battling substance abuse.

Microsoft Research Unveil’s Formal Verification Tool for Ethereum’s Solidity

Microsoft Research unveiled a new, open-source formal verification tool designed to enhance the quality of smart contracts written in a subset of Solidity, the programming language built for the Ethereum blockchain. The name of the Microsoft Research tool is VeriSol (i.e., Verifier for Solidity).

In an academic paper describing the design of VeriSol and application of smart contract verification for Microsoft’s Azure Blockchain, the authors stressed the need for smart contract correctness, stating, “vulnerabilities in smart contracts have resulted in several high-profile exploits that undermine trust in the underlying blockchain technology.” Interestingly, a Microsoft Research blog post published on Monday mentioned that:

“while VeriSol is still a prototype primarily driven so far by smart contracts in Azure, the researchers have lofty goals for the verification tool and encourage open collaboration to help bring advances in formal verification to mainstream smart contract development.”

State of the Crypto by Top Tier Exchange Volume

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