Month: May 2023

Terra founder gets bail, institutional adoption surges, regulatory efforts endure

The crypto space witnessed an eventful week with several key developments. Authorities in Montenegro agreed to release Kwon Do-Hyung, founder of the failed Terra ecosystem, on bail despite the US and South Korea calling for his extradition. Meanwhile, institutional adoption of cryptocurrencies saw a marked uptick, with more mainstream companies setting up measures to embrace digital assets and blockchain. In addition, regulatory efforts continued with new updates on increased scrutiny. Do Kwon gets bail In what came as a shocking development considering his record of evading authorities, Kwon Do-Hyung, the…

Bitcoin price hits $27.2K, but new analysis warns more losses ‘likely’

boss

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 reflected gains of around 7.5% versus local lows from the week’s final Wall Street trading session. “Strong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,”…

Bitcoin’s recovery may trigger buying in these 4 altcoins

boss

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 recovery but monitoring resource Material Indicators sounded cautious. In a recent analysis, they said that the lack of a strong bid from the whales at lower levels could be a…

Bitcoin Makes Progress in Clearing Backlog, but Lightning Network Capacity and Channels Dropped Amid Congestion – Bitcoin News

boss

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 that are still stuck in the network’s mempool. Congestion Woes Ease on Bitcoin Network The long queue of transactions is finally starting to subside as bitcoin miners have started catching…

Musk on ‘Massive Incentive’ to Get Money Out of Banks, Dave Ramsey Dismisses De-Dollarization Fears, BTC Network Congestion Eases, and More — Week in Review – The Weekly Bitcoin News

boss

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 began to ease this week. All this and more just below, in the latest Bitcoin.com News Week in Review. Elon Musk Shares ‘Massive Incentive to Move Money out of Bank…

4 alarming charts for Bitcoin bulls as $27K becomes formidable hurdle

boss

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 with several traditional financial metrics. But does this raise the risk of Bitcoin continuing its downtrend in Q2? Let’s have a closer look. U.S. dollar index’s double bottom The U.S.…

‘The Future of Digital Payments Lies in Web3 Payment Services’ Says Robert Miller of Fuse – Bitcoin News

boss

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 Trump Traditional Payment Methods To back his assertions, Miller claimed many of the merchants that are presently experimenting with or encouraging their customers to use Web3 payments are doing so…

IRS, Chainalysis Helping Ukraine Track Russians Using Crypto to Evade Sanctions – Bitcoin News

boss

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 States Internal Revenue Service announced it’s stepping up collaboration with counterparts abroad as part of efforts to identify persons and entities evading Western sanctions. The agency revealed it’s working with…

Ethereum had two technical issues in 24 hours

The Ethereum (ETH) blockchain had a technical issue on May 12 that led to a stoppage of finalizing blocks for over an hour. The incident followed a previous technical problem on May 11, making it the second one in 24 hours. A bug could have attacked Ethereum The Ethereum Beacon Chain failed to finalize transactions for an unclear reason, causing major security concerns for users. Steven Zheng, the Block research director, mentioned that people speculate that the reason was bugs in staking clients or MEV infrastructures.  The Ethereum Foundation stated…

Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official Says – Regulation Bitcoin News

boss

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 the Russian parliament, plans to adopt four crypto-related laws during its spring session which ends on July 30, according to Anatoly Aksakov, chairman of the parliamentary Financial Market Committee. The bills are tailored to regulate…