The S&P 500 Index (SPX) closed the week with a nominal loss of 0.29% but Bitcoin (BTC) is on target to finish the week with a deeper cut of more than 5%. The weakness in Bitcoin pulled several altcoins lower, indicating weakening sentiment. A silver lining is Bitcoin’s solid bounce on May 12. Several analysts
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Bitcoin (BTC) has rallied nearly 60% to around $27,000 in 2023 amid anticipations that the Federal Reserve would pause its quantitative tightening amid the U.S. banking crisis. Still, BTC price has failed to move beyond $30,000 decisively. Buying exhaustion at this key psychological level led to a price correction toward $25,000 over the past week. Interestingly, the
Bitcoin (BTC) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price gains over 7% in two days Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $27,200 on Bitstamp. Its highest in several days, the performance
Following some of its leadership team visiting the United Arab Emirates, crypto exchange Coinbase has announced the formation of an advisory council staffed with many former United States lawmakers and industry leaders In a May 12 blog post, Coinbase said its Global Advisory Council would aim to navigate the “increasingly complex and evolving” crypto landscape
In the past week, the Bitcoin network has made progress in resolving its congestion issues. On May 7, 2023, the number of unconfirmed transactions reached an all-time high of over 500,000 transfers, causing a major backlog. However, as of today, that number has been reduced to 263,406. Currently, 184 blocks need to be cleared to
Memecoins’ security and dependability as a medium of exchange remain a topic of debate in the cryptosphere. Memecoins are said to be safe and decentralized, but some are concerned about their volatility and lack of oversight. Memecoin proponents claim that because they are decentralized, users have more control over their money and are protected from
The United States government faces a “significant risk” of no longer being able to meet all of its financial obligations as early as June, as per a recent report. According to a May 12 report published by the U.S. Congressional Budget Office (CBO), the risk of the U.S. government defaulting on its debt in the
Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. Russian Legislature to Vote on Crypto Laws by End of July The State Duma, the lower house of
Bitcoin (BTC) sought to pass $27,000 on May 13 after a “scam wick” produced new two-month lows. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Traders: BTC price must retain $26,500 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it recovered from a flash dip to $25,800 on Bitstamp. The pair saw weakness after
Ethereum core developers rolled out patches for Prysm Labs and Teku clients as a response to two Beacon Chain finality issues within a 24-hour period. The Beacon Chain serves as the consensus layer for the Ethereum network. On May 11, Ethereum developers reported that the Beacon Chain was experiencing problems confirming transactions. Although new blocks
Crypto mining firm Riot Platforms – formerly Riot Blockchain – is seeking to recover “more than $26 million” in alleged unpaid fees from Texas-based Bitcoin (BTC) miner, Rhodian Enterprises, according to its Q1 2023 report. Published on May 10, Riot’s Q1 2023 financial report stated that Whinstone, a wholly owned subsidiary of Riot, filed a petition on
Top Stories This Week Coinbase calls Pepe a ‘hate symbol,’ prompting calls to boycott the exchange An email sent out to Coinbase customers describing the Pepe the Frog meme as a “hate symbol” co-opted by alt-right groups has drawn significant ire from the PEPE memecoin community this week. Two hours after the email was sent,
The Congressional Budget Office (CBO) has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June” if the debt ceiling is not raised or suspended. The CBO’s projection is in line with the estimate by the Treasury Department that a
The latest hype around Bitcoin (BTC) Ordinals and BRC-20 tokens is unsustainable and will fade away in a matter of months, according to JAN3 CEO Samson Mow. “These guys are basically paying massive amounts of fees that go directly to Bitcoin miners, and there is no way this can be sustained,” Mow said in an
Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. It called its withdrawal “proactive” as new guidance issued by Canadian regulators continues to take a toll on the country’s crypto industry. Binance is joining some of its smaller competitors in the Canadian exodus brought on by the introduction
EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of C$215.7 million and assets totaling around C$28 million, had left its creditors in a state of uncertainty. In the latest notice