Bitcoin fell to a seven-week low on May 12, as prices dropped below the $27,000 level in today’s session. Friday’s decline came as a red wave swept through cryptocurrencies, with the market cap down 2.75% as of writing. Ethereum also slipped to its weakest point since March.
Bitcoin
Bitcoin (BTC) dropped below the $27,000 level in today’s session, pushing prices to a seven-week low.
Following a high of $27,589.92 on Thursday, BTC/USD sl...
Web3 has become one of the hottest buzzwords in the music industry, with everyone from independent musicians to major label artists dropping nonfungible token (NFT) collections and throwing concerts in the metaverse. But for many, the actual use cases and potential of these technologies remain shrouded in mystery and confusion.On May 6, Water & Music held its inaugural Wavelengths Summit, a one-day event bringing together musicians, ind...
Bitcoin (BTC) neared two-month lows on May 12 amid fears that a “head-and-shoulders” pattern would put bears ahead.Trader and analyst Moustache meanwhile showed that it was already time for the key 200-week moving average (WMA) to receive a retest.A “make or break level,” the 200 WMA has served as support since mid-March.#Bitcoin (W)$BTC is currently testing the MA 200 (W). This line marked the bottom in 2015,2019 and 2020. At the same time...
A class action lawsuit against celebrities who allegedly promoted the now-bankrupt FTX has scored the cooperation of a former exchange executive — ex-compliance chief Daniel Friedberg.A May 11 proposed amended complaint filed in a Florida District Court from the class action lawyers said Friedberg provided evidence that promotional activity for FTX originated from Florida.Friedberg was the chief regulatory officer at FTX and the chief compl...
The United States Chamber of Commerce has blasted the Securities and Exchange Commission (SEC) for its “haphazard, enforcement-based approach” to regulating the cryptocurrency industry on American soil. In an amicus brief filed to the U.S. Court of Appeals on May 9, the U.S. Chamber of Commerce threw its full weight behind Coinbase, accusing the SEC of deliberately creating a precarious and uncertain landscape for crypto companies operating...
The chair of the United States House of Representatives Financial Services Committee and six subcommittee chairs have sent a letter to U.S. Securities and Exchange Commission (SEC) Secretary Vanessa Countryman voicing their concerns over the agency’s proposed advisory clients custody rule. They join a string of crypto industry figures in expressing their objections.Financial Services Committee Chair Patrick McHenry and his colleagues wrote ...
Crypto wallet MetaMask has started rolling out Ether (ETH) purchases via PayPal for users in the United States — one of Metamask's biggest markets. The company claims to be the first Web3 wallet to offer ETH transactions via PayPal.Through the collaboration, American users can now choose PayPal as their payment method when buying ETH using MetaMask. The integration also makes it possible to transfer ETH from PayPal to MetaMask.The financial...
Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made it challenging to conduct business in the United States, and it is now looking to be regulated in the United Kingdom.During the Financial Times' Crypto and Digital Assets Summit, Patrick Hillmann, the company's chief strategy officer, expressed that the past six months have been quite confusing for the U.S. He added that the recent actions taken by the Se...
A New York lawmaker has introduced a new bill that would see dollar-pegged stablecoins accepted as a legal form of payment for bail bonds. The partisan bill, introduced on May 10 by New York State Democrat Latrice Walker, details the pre-existing methods of paying bail bonds, including cash, insurance bonds, and credit cards and seeks to add “fiat-collateralized stablecoins” to the list. The new bill comes less than a week after New York At...
United States crypto exchange Kraken has provided a novel method for flagging nefarious wallets — building a fake crypto account on the exchange to “scam bait” bad actors.
Tweeting on May 10, popular streamer Kitboga — whose content revolves around annoying scammers— revealed that Kraken had built him a “custom environment” which he used to frustrate a scammer impersonating President Joe Biden, who he previously had a run-in with around a y...
