Tag: News

LUNA Falls to 6-Week Low, as ALGO Surges 15% on Saturday – Market Updates Bitcoin News

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Despite Terra buying $1.5 billion worth of BTC this week, LUNA slipped to a six-week low to start the weekend. Overall, crypto markets remained in the red, however ALGO was one of the rare exceptions to record significant gains. Algorand (ALGO) ALGO was easily one of the biggest gainers during Saturday’s session, as prices rose by as much as 15% on the day. Following yesterday’s low of $0.63, ALGO/USD rallied to an intraday peak of $0.745 to start the weekend. The surge saw prices move from long-term support of $0.65,…

ETH Remains Close to 6-Week Low to Start the Weekend – Market Updates Bitcoin News

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Following a recent string of declines, ETH continued to hover close to a six-week low to start the weekend. BTC was also lower on Saturday, as the world’s largest cryptocurrency remained closer to a two-month low. Bitcoin BTC was once again trading lower on Saturday, as prices were battling to find a floor following Friday’s selloff. After hitting an intraday low of $35,482.13 during yesterday’s session, BTC/USD was marginally higher, but still close to its two-month low. Today’s session has so far seen BTC rise to a peak of $36,357.75,…

Almost Three out of Four Argentinians Are Willing to Purchase Crypto for Investing or Saving Purposes – Emerging Markets Bitcoin News

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A new survey, whose results were released earlier this week, has given more insight into how Argentinians view cryptocurrencies and how they might put them to use. The survey found out that eventually, almost three out of four citizens would purchase cryptocurrency to invest, or as a way of preserving buying power. Argentinians Familiar With Crypto A survey whose results were released on May 4, offers a clear panorama of the popularity of crypto in Argentina, and how Argentinians might be capable of using crypto for different purposes.…

Turkey’s Inflation Rate Surges to 70%, Monthly Rate of Change Now 7.25% – Economics Bitcoin News

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The latest data from the Turkish Statistical Institute (TSI) shows that rising transportation and food costs were some of the key factors contributing to the surge in the country’s inflation rate to 70%. Economic Revival Efforts Not Bearing Fruit Rising commodity prices and increased transport costs are some of the key contributing factors behind the surge in Turkey’s inflation rate to 70%, the latest data has shown. On a month-to-month basis, however, April prices are only 7.25% higher, data from the Turkish Statistical Institute (TSI) shows. Image: TSI The new…

Cryptocurrencies Unlikely to Help Russia Evade Sanctions – Bitcoin News

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Russia’s ability to employ cryptocurrencies to circumvent international sanctions is restricted by the limited size of the crypto market, according to Moody’s. Despite increased use in small transactions, low liquidity is another factor preventing Russians from exploiting the utility of bitcoin and the like. Crypto Assets Not Viable Option for Sanctioned Russia, Moody’s Report Suggests Western sanctions, imposed on Russia over its invasion of Ukraine, have raised questions whether Russian citizens and government can utilize cryptocurrencies to bypass the restrictions and conduct financial transactions, Moody’s Investors Service notes in a…

Russia’s Anti-Monopoly Agency Proposes Higher Electricity Rates for Home Crypto Miners – Mining Bitcoin News

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The anti-monopoly service of Russia has suggested that Russians minting digital currencies at their homes should pay more for the spent electrical energy. The proposal comes after the submission of a bill tailored to regulate cryptocurrency mining to the Russian parliament. Russian Miners Using Household Electricity Should Pay Higher Bills, Anti-Monopoly Body Says Russia’s Federal Anti-monopoly Service (FAS) has designed a scheme to charge amateur crypto miners increased rates for the electricity they use. The agency insists its approach to solving the problem with rising consumption in residential areas, due…

US Court Fines Bitmex’s Founders $30 Million for Operating Illegal Crypto Platform – Regulation Bitcoin News

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The founders of Bitmex have been ordered to pay $30 million “for illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations.” Arthur Hayes, Benjamin Delo, and Samuel Reed must pay $10 million each. Bitmex’s Founders Fined $30 Million The Commodity Futures Trading Commission (CFTC) announced Thursday that the U.S. District Court for the Southern District of New York has ordered Bitmex’s founders to pay a total of $30 million dollars “for illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations.” Noting that the three Bitmex co-founders…

US Senator Introduces Bill Prohibiting Labor Department From Interfering With Crypto in Retirement Accounts – Regulation Bitcoin News

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A U.S. senator has introduced a bill to prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments investors can choose in their retirement plans, including cryptocurrency. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” the lawmaker stressed. Financial Freedom Act The issue of what investments Americans can put in their retirement accounts has become a hot topic in Washington. In March, the Department of Labor issued guidance warning employers and investment firms against allowing cryptocurrency investments in retirement plans.…

3 Stablecoins Command Positions in the Crypto Economy’s Top 10, Another Fiat-Pegged Token Is Close to Joining – Markets and Prices Bitcoin News

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The last five weeks has been brutal for digital currencies as more than 21% has been shaved off the crypto economy’s fiat value since March 27. While all the crypto assets combined shed roughly 0.8% in the last 24 hours, bitcoin has lost 9.4% since last week and seven day statistics show ethereum has dropped 8.1% against the U.S. dollar. Since the crypto economy’s significant losses, the stablecoin UST has managed to take the top ten market capitalization among 13,439 crypto assets. 3 Stablecoins Hold Top 10 Positions, Terrausd Enters…

Senator Elizabeth Warren Demands Answers From Fidelity for Allowing Bitcoin in Retirement Plans – Featured Bitcoin News

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Two U.S. senators, including Elizabeth Warren, have sent a letter to Fidelity Investments demanding answers regarding the company’s decision to allow bitcoin investments in 401(k) retirement plans. “Investing in cryptocurrencies is a risky and speculative gamble, and we are concerned that Fidelity would take these risks with millions of Americans’ retirement savings,” the lawmakers wrote. US Lawmakers Concerned About Fidelity Allowing Bitcoin Investments in 401(k) Plans U.S. Senator Elizabeth Warren (D-MA) has sent a letter to Abigail Johnson, the CEO of Fidelity Investments, questioning the financial services giant’s plan to…