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 anticipate Bitcoin to start a…
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 process the majority of transactions…
Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’” Personal finance coach and author Dave Ramsey, for his part, thinks that de-dollarization fears are overblown. In crypto news, Bitcoin’s network congestion issues…
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 decline has strengthened Bitcoin‘s correlation…
Despite not being mainstream payment solutions yet, cryptocurrency-based payments (also known as Web3 payments) already bring benefits such as lower transaction fees, Robert Miller, the vice president of growth at Fuse, a layer 1, EVM-compatible blockchain for launching dapps, has asserted. For merchants, Web3 payments come with the added benefit of what Miller called protection from “fraudulent chargebacks.” Crypto Payments…
The creditors will receive a monetary equivalent of the value of their lost crypto assets as of April 15, 2019. Source: https://cointelegraph.com/public/index.php/news/quadrigacx-creditors-set-to-receive-13-of-their-claims-as-an-interim-dividend
Bitcoin traders line up “safe” support levels, but order book data makes one observer uneasy about the future. Source: https://cointelegraph.com/public/index.php/news/btc-price-bounces-at-25-8k-lows-amid-warning-over-low-whale-interest
Jump Trading and its CEO, Kanav Kariya, are accused of violating United States regulations and unjust enrichment in the lawsuit. Source: https://cointelegraph.com/public/index.php/news/jump-trading-faces-lawsuit-over-alleged-1-3b-profit-from-terrausd
The U.S. Internal Revenue Service (IRS) said it’s working closely with Ukraine to help it trace crypto transactions of Russian sanctions evaders. The agency is providing the Ukrainians access to a Chainalysis tool as well as specialized training to Ukrainian law enforcement. IRS Offers Ukraine Tools From Chainalysis to Trace Russian Blockchain Transactions The criminal investigation division of the United…
Crypto mining firm Riot Platforms is seeking to terminate “certain hosting agreements” with Rhodium Enterprises and be relieved of refunding any outstanding pow… Source: https://cointelegraph.com/public/index.php/news/btc-miner-rhodium-lawsuit-alleged-26-m-in-unpaid-fees
