Weak retail demand and bearish derivatives data reflect a dismal short-term outlook for the crypto market. The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days. Total crypto market cap, USD billion. Source: TradingView In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this […]

On May 4, the FOMC voted to raise interest rates by 50 basis points. Here’s why Bitcoin investors need to care about central bank’s policy. Wall Street’s slow embrace of crypto means we all have to start watching the Federal Reserve again. Cointelegraph parsed through the latest Federal Open Market Committee (FOMC) policy statement on Wednesday to try and uncover some nuggets of useful information. You can think of it as an exercise in financial esoterics to uncover the hidden meaning behind the Fed’s decision-making. As it […]

The crypto mixer is said to have processed $20.5 million out of the $620 million taken by North Korean Lazarus Group hackers. The United States Treasury Department Office of Foreign Assets Control (OFAC) announced Friday that it was sanctioning cryptocurrency mixer Blender.io for its role in laundering proceeds from the hacking of Axie Infinity’s Ronin Bridge. North Korean state-sponsored hackers Lazarus Group have been identified as the perpetrators of the attack.  Treasury Under Secretary for Terrorism and Financial Intelligence Brian E. Nelson said in a statement: “Today, […]

The week in DeFi saw European lawmakers write a new chapter on DeFi, Virginia county plans to put its pension fun in a DeFi yield, DeFi protocols lost $1.6 billion to exploits and more The past week in the decentralized finance (DeFi) ecosystem saw many new developments from an adoption perspective and protocol developments. The European Commission added a new chapter on DeFi, showing the growing impact of the nascent ecosystem, while a county in the United States State of Virginia wants to put its pension fund […]

NFT art continues to grow in popularity, but what other industries could the technology disrupt in the next few years? The nonfungible token (NFT) sector has undergone a surge in popularity over the past year and a half as projects like Bored Ape Yacht Club and CryptoPunks captured the attention of the general public.  While the idea of fetching a six-figure payday for the latest trending digital art piece has been a major factor in the attention placed on the sector, the truth is that the crypto […]

The decentralized space continues its expansion and major brands are adopting Web3 tools, including Google’s cloud unit. Google’s cloud unit announced on Friday the formation of an internal team that will build services for blockchain developers and those running blockchain-based applications. This comes amid an explosion of interest, activity and adoption of crypto and Web3 tools from traditional sectors of the economy. Web3 infrastructure of the future Vice president at Google Cloud, Amit Zavery, reportedly told his team in an email on Friday of the aim to […]

“Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short- or medium-term,” said the BIS. A survey conducted by the Bank for International Settlements, or BIS, suggested that many central banks around the world are looking into rolling out a central bank digital currency, or CBDC. In a paper released on Friday, the BIS Monetary and Economic Department said 90% of 81 central banks surveyed from October to December 2021 were “engaged in […]