Month: May 2022

Bitcoin Market Cap Falls By $280 Billion As Crypto Adoption In 2022 Fails

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Cryptocurrencies’ values have been diving due to the current bloodbath in the crypto market. Likewise, the largest and most popular cryptocurrency, Bitcoin, also continues to lose its value. The coin has consecutively dropped since the year 2022 has turned. Per the statistics provided by Tradingview.com, the market value of the giant Bitcoin was fledging around $883.89 billion on January 1. However, after the continuous downtrend in the value, its market capitalization as of May 10 stands around $568.55 billion. Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors…

5 state regulators allege organization is tied to Russia, scamming users using metaverse casino

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Authorities in the U.S. states of Alabama, Kentucky, New Jersey, Texas and Wisconsin have filed enforcement actions against the Flamingo Casino Club for allegedly perpetrating a scam through nonfungible tokens (NFTs) tied to a metaverse casino. In a Wednesday announcement, the Alabama Securities Commission, Kentucky Department of Financial Institutions, New Jersey Bureau of Securities, Texas State Securities Board and Wisconsin Department of Financial Institutions alleged the Flamingo Casino Club has been “fraudulently soliciting NFTs” it claims are tied to ownership rights of a casino in the metaverse, thereby giving token…

Bitcoin fights to hold $29K as fear of regulation and Terra’s UST implosion hit crypto hard

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Bitcoin (BTC) price initially bounced from its recent low at $29,000 but the overall market sentiment after a 25% price drop in five days is still largely negative. Currently, the crypto “Fear and Greed Index,” which uses volatility, volume, social metrics, Bitcoin dominance and Google trends data, has plunged to its lowest level since March 2020 and at the moment, there appears to be little protecting the market against further downside. Crypto “Fear and Greed index”. Source: Alternative.me Regulation continues to weigh down the markets Regulation is still the main…

Do Kwon Is the Elizabeth Holmes of Crypto

That raises a final possible parallel to Holmes: Some have made the argument that she was to a degree herself a victim of the Silicon Valley funding machine. Some venture capitalists, the logic goes, saw the marketing potential of her story and image, but avoided scrutinizing her abilities and ideas. As dramatized in the Hulu series “The Dropout,” this made Holmes little more than a tool for generating alpha, to be cast aside if and when anything went wrong. Do Kwon, certainly, will come out of this more grievously damaged…

Crypto Fund Arca Doubled Down on UST Amid Stablecoin’s Collapse

“After this analysis, we felt, and continue to feel, that UST will ultimately maintain its peg and a number of attractive opportunities had become available,” Arca CEO Rayne Steinberg wrote to investors on Tuesday. “For example, we were able to purchase UST at a significant discount to par in the DYF (Digital Yield Fund) and then deposit with FTX who were paying 100% APY (annual percentage yield) given the buyer/seller imbalance during peak fear.” Source