Crypto News
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Terra to burn 1B UST from the community pool as holders vote for it
Cointelegraph.com News - 27 May 2022, 9:19 amThe proposal highlighted that the burn may help restore the UST dollar peg by burning the excess supply. In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool. Earlier in May, Terra founder Do Kwon explained that a potential solution to the…Read More
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Draft bill to ban China’s digital yuan from US app stores
Cointelegraph.com News - 27 May 2022, 9:06 amThree Republican senators introduced a bill to protect Americans from the “Authoritarian Digital Currencies Act.” Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency.Three Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on May 25, aiming to…Read More
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Binance to Advise Kazakhstan on Crypto Regulations
Bitcoin News - 27 May 2022, 9:00 amCryptocurrency exchange Binance will assist the government of Kazakhstan in efforts to regulate the country’s crypto space. The global coin trading platform will also help with the integration of the domestic banking system with the expanding digital assets market. Kazakhstan to Cooperate With Binance on the Development of Its Crypto Sector Binance, the world’s leading…Read More
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Small Bitcoin whales may be keeping BTC price from 'capitulation' — analysis
Cointelegraph.com News - 27 May 2022, 8:28 amAmid distribution by the “giant” whales of Bitcoin, data shows that smaller ones are still resisting the urge to sell. Bitcoin (BTC) could still see a major price capitulation, but more whales need to start selling first, data suggests.In one of its daily QuickTake market updates on May 27, on-chain analytics platform CryptoQuant highlighted increasingly…Read More
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Chamber of Representatives in Paraguay Advances Crypto Bill
Bitcoin News - 27 May 2022, 6:30 amCryptocurrency regulation in Paraguay is progressing steadily, as a crypto bill introduced in December has been approved by the Chamber of Representatives in the country. The bill, which contains definitions and rules for cryptocurrency mining, one of the hot topics in Paraguay due to the cheap electricity costs, will be passed to the Senate to…Read More
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Swinburne Uni brings Web3 firms to class
Cointelegraph.com News - 27 May 2022, 5:34 amThe industry will be able to “tap into future talent” as the partnership sees Judo Bank and Web3 firm Banxa co-creating content, hosting lectures, providing case studies and even giving students access to their networks. Australia’s Swinburne University of Technology has partnered with two financial technology firms which will provide its students exposure to the…Read More
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Buterin: How to create algo stablecoins that don’t turn into Ponzis or collapse
Cointelegraph.com News - 27 May 2022, 5:29 am“What we need is not stablecoin boosterism or stablecoin doomerism, but rather a return to principles-based thinking,” Vitalik Buterin emphasized. Ethereum co-founder Vitalik Buterin has shared two thought experiments on how to evaluate whether an algorithmic (algo) stablecoin is sustainable.Buterin’s comments were sparked by the multi-billion dollar losses caused by the collapse of the Terra…Read More
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Eurovision Song Contest 2022 Winners Release NFT for Ukraine Charity Auction
Bitcoin News - 27 May 2022, 5:00 amKalush Orchestra, the winners of the Eurovision Song Contest 2022, are auctioning off an NFT for charity. The auction started May 25 on MetaHistory — the official Ukrainian charitable NFT museum – and will last only until the 28th. Bids will be accepted in both cryptocurrency and fiat currency (via Monobank), thus creating a friendly…Read More
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After Defaulting Sri Lanka Plans to Print $2.8 Billion Worth of Rupees, Inflation Rate Expected to Top 40%
Bitcoin News - 27 May 2022, 4:30 amThe government in crisis-stricken Sri Lanka has said it will print more money and cut spending on infrastructure as part of an attempt to pacify the restive population. The government, however, concedes that printing more money will likely see the inflation rate rise to 40%. Printing More Money as the Solution After defaulting…Read More
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Crypto spam increases 4000% in two years: LunarCrush
Cointelegraph.com News - 27 May 2022, 3:47 amWould-be Twitter owner Elon Musk plans to shake the crypto spammers out of Twitter, disputing claims that fake accounts are only 5% of the total. Spam and bots have been annoying anyone that uses the internet for years, but recently, this digital scourge has ramped up activity in the crypto sector in a big way.Crypto…Read More
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JPMorgan Foresees Increased Blockchain Use in Finance — Prepares to Offer Related Services
Bitcoin News - 27 May 2022, 2:30 amJPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.” JPMorgan’s Blockchain Plans JPMorgan Chase & Co foresees increased blockchain usage in traditional finance…Read More
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Billionaire Bill Miller calls Bitcoin ‘insurance’ against financial catastrophe
Cointelegraph.com News - 27 May 2022, 2:14 amMiller said Bitcoin “functioned without the Fed and without any interference” during times of market turmoil, concluding that “it’s an insurance policy, the way I look at it.” Bill Miller the billionaire founder and chief investment officer of investment firm Miller Value Partners, has said he considers Bitcoin (BTC) an “insurance policy against financial catastrophe.”Appearing…Read More
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JPMorgan trials blockchain for collateral settlement in after-hours trading
Cointelegraph.com News - 27 May 2022, 2:08 am“What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis,” stated JPMorgan’s global head of trading services Ben Challice. Multinational investment bank JPMorgan Chase & Co is reportedly trialing the use of its own private blockchain for collateral settlements. According to Bloomberg, JPMorgan conducted a pilot transaction on May 20, which…Read More
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SEC Drops the Ball on Crypto Regulation and There Are Long-Term Consequences, Says Commissioner
Bitcoin News - 27 May 2022, 12:30 amA commissioner with the U.S. Securities and Exchange Commission (SEC) has warned that the securities market regulator has dropped the ball on crypto regulation. “We’re not allowing innovation to develop and experimentation to happen in a healthy way, and there are long-term consequences of that failure,” said the commissioner. SEC Commissioner Warns About the ‘Failure’…Read More
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Why the Crypto Industry in Indonesia Is Set to Leapfrog Competing Markets
Bitcoin News - 26 May 2022, 11:00 pmWith over 270 million people, Indonesia is the fourth-most populous country in the world and its economy is one of the largest markets in Asia. It also has a large unbanked population, a receptive regulatory environment and additional factors making it stand out for crypto adoption. In the latest episode of the News Podcast we…Read More
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Huobi Global Acquires Latin American Crypto Exchange Bitex
Bitcoin News - 26 May 2022, 10:30 pmThe digital currency exchange Huobi Global has revealed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America as it believes the region will be one of the most active crypto adoption areas worldwide. Huobi…Read More
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Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first
Cointelegraph.com News - 26 May 2022, 8:32 pmETH dropped below a key support in its USD/BTC pair, but analysts say a bullish trading pattern could eventually spark a sharp trend reversal. The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC) price dropped to $28,000 and Ether (ETH) briefly fell under $1,800. The ETH/BTC pair also dropped…Read More
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Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate
Bitcoin News - 26 May 2022, 8:30 pmTwo proposals to tax crypto assets have failed to gain support from Portuguese lawmakers who are now discussing the state budget. The bids came from minority left-wing parties, while the ruling majority is yet to put forward its own draft to regulate the matter. Portuguese Lawmakers Stop Motions to Tax Crypto Gains Members of…Read More
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Brainard tells House committee about potential role of CBDC, future of stablecoins
Cointelegraph.com News - 26 May 2022, 8:18 pmThe Fed vice chair told the House Financial Services Committee that a CBDC offers stability, interoperability in increasingly complex economic system. United States Federal Reserve vice chair Lael Brainard submitted a written statement in advance to the Financial Services Committee’s virtual hearing, “On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC),”…Read More
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‘Other flavors of Tether’ will bridge users to USDT: Paolo Ardoino
Cointelegraph.com News - 26 May 2022, 6:54 pmThrough a peso-backed stablecoin, Tether is basically “recreating forex markets with Tether products,” Ardoino said. Tether’s decision to launch a new digital asset pegged to the Mexican peso will be a boon to crypto adoption in the Latin American country by providing more onramps to the USDT stablecoin, according to Paolo Ardoino. In an exclusive interview…Read More
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Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon
Bitcoin News - 26 May 2022, 6:30 pmThe stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron. MXNT Stablecoin Is Pegged 1:1 to the Mexican Peso The stablecoin and…Read More
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Ethereum price dips below the $1.8K support as bears prepare for Friday’s $1B options expiry
Cointelegraph.com News - 26 May 2022, 5:45 pmLooming macroeconomic concerns and this week’s $1B ETH options expiry threaten to pin Ethereum price under the $1,800 support. Ether’s (ETH) performance over the past three months has been less than satisfying for holders and the 50% correction since April 3 caused the altcoin to test the $1,800 support for the first time since July…Read More
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Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here's why
Cointelegraph.com News - 26 May 2022, 4:22 pmSOL price can preserve the bullish bias, however, as its two multi-month support levels converge for the first time. Solana (SOL) dropped on May 26, continuing its decline from the previous day amid a broader retreat across the crypto market.SOL price pennant breakdown underwaySOL price fell by over 13% to around $41.60, its lowest level…Read More
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Bitcoin 'good to go up' after BTC price hits lowest since Terra crash
Cointelegraph.com News - 26 May 2022, 3:52 pmA wick to $28,000 sparks hopes of multi-week highs but caution remains over thin order book liquidity. Bitcoin (BTC) recovered from a major dip at the May 26 Wall Street open as the market quickly exhausted buy support. BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewBitcoin volume surges with more expectedData from Cointelegraph Markets Pro and TradingView showed…Read More
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Tether launches stablecoin pegged to pesos on Ethereum, Tron and Polygon
Cointelegraph.com News - 26 May 2022, 1:51 pmThe announcement highlighted that this may spark the launch of more peso-backed stablecoins within the region. Amid market issues surrounding stablecoins, Tether (USDT) launched a new digital asset that will be pegged to the Mexican peso on Ethereum (ETH), Tron (TRX) and Polygon (MATIC) networks. In an announcement sent to Cointelegraph on Thursday, Tether mentioned that…Read More
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Powers On… When will we learn from recent history to protect our crypto and ourselves?
Cointelegraph.com News - 26 May 2022, 1:08 pmStablecoins provide a false sense of security. They give the impression to the uninitiated and/or uncaring that a particular coin is pegged to the U.S. dollar, or an equivalent of the dollar in terms of value and stability, and that if you want to convert your stablecoin to dollars, you can do so easily and…Read More
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Blockchain tech offers multiple paths to financial inclusion for unbanked
Cointelegraph.com News - 26 May 2022, 1:03 pmMillions of people in parts of the world lead limited economic lives, but opportunities to enter the digital economy are coming to many of them. Financial inclusion, accessible services and the unbanked are standard talking points in many conversations about crypto. But, the details may remain somewhat fuzzy — the people who talk about crypto…Read More
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Cathie Wood’s Ark and 21Shares refile for spot Bitcoin ETF
Cointelegraph.com News - 26 May 2022, 12:52 pmThe U.S. SEC rejected the application for the ARK 21Shares Bitcoin ETF in early April and has not approved a spot Bitcoin ETF so far. ARK Investment Management, an investment firm founded by veteran investor Cathie Wood, is taking another try to launch a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States.ARK Invest submitted…Read More
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ECB president’s anti-crypto comments trigger community responses
Cointelegraph.com News - 26 May 2022, 12:39 pmOn a Dutch talk show, Christine Lagarde said that crypto is “worth nothing,” as there’s no underlying asset that backs the currencies. The crypto community has fired back at European Central Bank (ECB) President Christine Lagarde for her recent anti-crypto remarks, with people expressing disappointment and even criticizing the euro.As crypto markets show signs of…Read More
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Former Binance executives launch $100 million venture fund
Cointelegraph.com News - 26 May 2022, 12:23 pmOld Fashion Research has been functioning since late 2021, but now officially comes out of the shadows. Multi-strategy blockchain investment fund Old Fashion Research (OFR) has completed its first close. Led by several former executives from Binance, OFR invested in over 50 blockchain projects in its first year.According to an announcement, Old Fashion Research is…Read More
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Exchanges back ‘Terra 2.0 revival plan’ via airdrops, listing, buyback and burning
Cointelegraph.com News - 26 May 2022, 10:59 amMEXC Global has pledged to carry out a month-long buyback-and-burn to reduce the circulating supply of the old Terra markets. The fall of Terra shook the entire crypto market. However, the project has no plans to stay down, having secured backing from crypto exchanges to help it rebuild. In an announcement on Thursday, Terra provided details…Read More
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WEF 2022: SWIFT probably won’t exist in 5 years, says Mastercard CEO
Cointelegraph.com News - 26 May 2022, 10:25 amMichael Miebach, CEO of Mastercard, told an audience of blockchain executives that he expects SWIFT to phase out of existence in as little as five years’ time. Mastercard CEO Michael Miebach said on Tuesday that he does not expect SWIFT, one of the most widely used platforms for cross-border fiat transactions, to exist in five…Read More
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BTC price breakout due ‘relatively soon’ as Bitcoin volumes spook traders
Cointelegraph.com News - 26 May 2022, 9:40 amLow transaction activity is gathering importance as analysts forecast the return of volatility. Bitcoin (BTC) disappointed bulls on upside prior to the May 26 Wall Street open as BTC/USD returned under $29,000.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMarkets “eerily calm” post FOMCData from Cointelegraph Markets Pro and TradingView tracked an uninspiring day for Bitcoin, with $800…Read More
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WEF 2022: Metaverse should be developed from children’s perspective, says Lego VP
Cointelegraph.com News - 26 May 2022, 9:30 amA Lego Group vice president believes the Metaverse will be a disruptive force that will change the way people learn things, especially children. The Metaverse and Web3 dominated discussions on the fifth day of the ongoing World Economic Forum (WEF).The panel discussion “The Possibilities of the Metaverse” featured Philip Rosedale, co-founder of High Fidelity; Pascal…Read More
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‘Yikes!’ Elon Musk warns users against latest deepfake crypto scam
Cointelegraph.com News - 26 May 2022, 9:17 amDeepfakes abound! Crypto scammers produce a deepfake video of Elon Musk’s TED talk to prey on unwitting social media users. Tesla CEO Elon Musk distanced himself from yet another fabricated video promoting a cryptocurrency scam.Originally shared on Twitter, the video in question was a deepfake of Musk purportedly promoting a cryptocurrency platform boasting 30% returns…Read More
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Portugal’s Assembleia da Republica says no to two crypto tax bills
Cointelegraph.com News - 26 May 2022, 9:05 amThe Portuguese Minister of Finance had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes. The Portuguese congress, the Assembleia da Republica, has rejected two bills that would have imposed a tax on cryptocurrencies.Portugal has long been regarded as a cryptocurrency tax haven, and the trading of cryptocurrencies has…Read More
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U.S. dollar index retreats from 20 year highs — But will DXY topping spark a Bitcoin recovery?
Cointelegraph.com News - 26 May 2022, 8:11 amStrong euro and overbought readings could pressure the dollar further, showing signs of topping out — Bitcoin at risk of falling. The United States dollar index (DXY) retreated broadly from its prevailing bull run in the past two weeks, dropping by up to 3.20% after hitting its two-decade high of 105.Overvaluation risks grip dollar marketThe…Read More
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Injective partners with Wormhole to bring 10 new blockchains to the platform
Cointelegraph.com News - 26 May 2022, 5:55 am“Users will soon find Wormhole integrated into the backend of the Injective Bridge whereby transferring assets from distinct EVM chains or Solana can be done with the click of a button,” Injective Labs stated. Decentralized finance (DeFi) protocol Injective (INJ) has partnered with Wormhole to integrate “10 new blockchains” to its network. Injective is a…Read More
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InsurAce says it will pay millions to claimants after Terra’s collapse
Cointelegraph.com News - 26 May 2022, 5:51 amDeFi insurance protocol InsurAce took heat from the community for suddenly shortening its claims period for Terra-related insurance claims, but is already set to pay out $11 million to claimants. DeFi insurance protocol InsurAce says it was well within its rights to reduce the claims period for people affected by the Terra USD (UST) depeg…Read More
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World Bank won’t support Central African Republic’s Sango crypto hub
Cointelegraph.com News - 26 May 2022, 5:47 amThe World Bank has said “it will be physically impossible” for the lender to fund the planned Sango crypto hub and voiced concerns regarding the country’s adoption of Bitcoin. The World Bank has signaled its concerns over the Central African Republic (CAR) adopting Bitcoin (BTC) as a legal currency and says it won’t support the…Read More