Deja-vu for BTC versus market sentiment as conditions mimic the weeks after the March 2020 COVID-19 crash. Bitcoin (BTC) returned to $30,500 on May 17 amid hopes that a retest of 2017 highs could be avoided. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $20,000 retest ‘highly unlikely’ Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing after the daily close to tentatively build on $30,000. Still, in a multi-day range, the pair was yet to decide on a meaningful upward or downward trajectory, while volatility ebbed […]

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China still hosts 21% of the total global Bitcoin hash rate after the local government banned all crypto operations in the country last year. The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin (BTC) mining hubs, according to a new report. China became the second-largest Bitcoin hash rate provider as of January 2022, months after the local government banned all crypto operations in the country, according to […]

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Crypto “will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” according to Reserve Bank of India officials. Officials from the Reserve Bank of India (RBI) have reportedly sounded the alarm bells again over crypto adoption, which they claim will ultimately lead to the “dollarization” of the local economy. According to a Monday report from the Indian branch of the Economic Times — which cited unnamed sources — the RBI’s concerns are focused on U.S. dollar-dominated cryptocurrencies taking away […]

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The funding round led by Web3-focused venture capital firms will be used for upcoming nonfungible tokens, comics and a play-to-earn game slated for late 2022. Web3 gaming and entertainment company Metatheory founded by Twitch co-founder Kevin Lin has raised $24 million in a Series A funding round on Monday. The round was led by crypto capital venture firm Andreessen Horowitz (a16z), with participation from Pantera Capital, the venture arm of the FTX cryptocurrency exchange, FTX Ventures, and other venture firms, according to the announcement. Metatheory was launched in […]

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The leading Japanese bank plans on establishing a crypto subsidiary outside of Japan and will acquire about 100 personnel to work in the digital asset space. The largest investment bank in Japan, Nomura, is set to establish a new subsidiary company to help institutional clients invest in cryptocurrency and nonfungible tokens (NFTs). The Financial Times reported on Tuesday, May 17, that people with knowledge of Nomura’s plans said the firm will bring together several crypto services under one single company with a staff of about 100 people […]

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“People will stop mining the coin if they can’t make money off of it,” according to Michael Bloomberg who referred to the two previously hyped city coins. Despite being publicly endorsed by the respective mayors of both cities, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have plunged 90% and 80% since their all-time highs. According to data from CoinGecko, the price of MIA has dropped 92% since its ATH of $0.055 on Sept. 20 to sit at $0.004 at the time of writing. While NYC’s value has fallen by […]

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The fallout from Terra’s collapse continues as outflows from Tether (USDT) hit an average of $1.1 billion a day over the past week. Cryptocurrency investors and traders have cashed out $7.7 billion from the stablecoin Tether (USDT) resulting in its market capitalization falling by 7.8% over the past seven days to $76 billion. The amount withdrawn from the top stablecoin is nearly double the $4.1 billion it held in cash reserves at the end of 2021 according to Tether’s latest reserves report from December 2021. To maintain […]

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Coinbase is rapidly expanding its product offerings this month as some select users can now access DeFi and other Dapps on Ethereum through the Coinbase app. America’s largest crypto exchange Coinbase has rolled out Web3 app functionality including a hot wallet and browser for a limited set of its mobile app users. The app will allow select users to access decentralized apps (Dapps) on the Ethereum (ETH) network such as Uniswap and OpenSea. Today, we’re starting to make it dramatically easier for users to access & engage […]

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