Day: May 5, 2022

Bitcoin’s $40K Breakout Elusive as Fed-Inspired Dollar Drop Loses Steam

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The dollar index (DXY), which tracks the greenback’s value against major currencies, jumped 0.7% to 103.25, having dropped 0.9% to 102.51 Wednesday. The futures tied to the S&P 500, Wall Street’s benchmark index and the tech-heavy Nasdaq index traded at least 0.5% lower, signaling a weak open following Thursday’s surge. Heading into the meeting, the Fed funds futures saw around a 40% chance of a 75 basis point hike in June. Therefore, risk assets picked up a bid after Powell dashed hopes of a bigger move. Original

Luna Foundation Guard further bolsters stablecoin reserve by raising $1.5 billion in bitcoin

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People walk through the North American Bitcoin Conference held at the James L Knight Center on January 18, 2022 in Miami, Florida. Joe Raedle | Getty Images The Luna Foundation Guard has acquired $1.5 billion in bitcoin to bolster the reserves of its most popular stablecoin, known as U.S. Terra. Stablecoins are cryptocurrencies that aim to peg their market value to a more stable asset. This latest transaction by the Luna Foundation Guard brings it closer to its goal of accumulating $10 billion of bitcoin to back the U.S. Terra…

Cometh Raises $10M to Boost Blockchain Game Adoption

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase…

India’s Parliamentary Finance Body ‘Chides’ Crypto Industry in Meeting: Sources

“It’s the same old thing,” said the source. “That’s what we chided the industry for. We are sick and tired of hearing advocacy, advocacy. Because they have to address the challenges that the government is putting forth, right? Plans, mitigation measures or some kind of thing. I think that would go a long way.” Source BodyChidesCryptoFinanceIndiasindustryMeetingParliamentarySources CryptoX Portal

Paradigm, A16z Back $12M Round for Blockchain Game Platform LootRush

Popular play-to-earn game Axie Infinity is currently the only game available to play on LootRush. Users can create an account quickly with a username and password, select the playing program that best suits their needs and then pay a small entry fee and, if desired, the NFT rental fee using a payment card. The platform plans to roll out additional titles throughout the year, including CryptoKitties and NBA Top Shot. Source link

Bitcoin falls toward $38K as stocks abandon Fed ‘reactionary rally’

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Bitcoin (BTC) lost almost $1,000 in the first hour of Wall Street trading on May 5 as a brief rally ended in disappointment. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Nasdaq drops 4% on post-Fed open Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it returned to $38,130 on Bitstamp almost 24 hours after reaching weekly highs of $40,050. The move came courtesy of highly-correlated U.S. stock markets, which opened with volatility after posting their own short-lived gains after comments from the Federal Reserve on May 4. At the…