BTC drops below $27,000 on US regulatory crackdown
Cryptocurrency prices have plummeted due to regulatory and tight supply pressure from major market makers. Bitcoin (COIN:BTCUSD) is down 2.6% over the past 24 hours to $26,301, while Ether (COIN:ETHUSD) lost 1.6% to trade at $1,766. Chart analysts highlight $25,200 as a threshold before a more significant drop, according to CNBC. A month ago, Bitcoin hit $30,000 for the first time since June and since then it has been fluctuating between $30,000 and $26,000.
Binance.US Explores Ways to Cut CZ Majority Stake
Binance.US and its founder Changpeng Zhao have been seeking to reduce the CEO’s stake in the cryptocurrency exchange since last summer. In March, the US CFTC sued Binance and Zhao for operating an illegal exchange. Binance.US leaders are discussing how reducing Zhao’s stake might improve the company’s standing in the eyes of US regulators and acquire certain regulatory licenses.
Silvergate Capital is delisted by the NYSE and announces layoffs of 230 employees
The New York Stock Exchange (NYSE) has decided to initiate proceedings to delist two securities of Silvergate Capital Corporation (NYSE:SI) (E – common stock and SI PRA – depositary stock). Trading was immediately suspended due to the company’s delay in filing Form 10-K with the Securities and Exchange Commission. The company is entitled to a review of this determination by a Committee of the Board of Directors of the Exchange, but the NYSE will ask the SEC to delist after completion of all applicable procedures, according to a statement. 230 of its employees will be laid off.
Former Paxful CEO Warns Against Platform Scams
Paxful co-founder Ray Youssef warned of platform scams and resigned as CEO in April after US regulatory pressure led to the seizure of his funds. Although the company has unfrozen most funds, users report being scammed since the platform reopened in May. Youssef said he has no control over what happens on Paxful and has withdrawn his own funds from the platform, as speculation mounts about moderator-scam collusion. “ I am no longer the CEO of Paxful and I have no control over what happens there. They banned me too. Good luck and trust no one,” tweeted Youssef.
Do Kwon could be released on $436,000 bail in Montenegro
Do Kwon and the CFO of Terraform Labs could be released on bail in Montenegro under police-supervised house arrest after a fee of €400,000 (US$436,000) per person is set. The capture of both, in March, took place at Podgorica airport. The multibillion-dollar fraud involving Terra LUNA unraveled when TerraUST collapsed in May 2022.
Russian companies are trading in cryptocurrencies
Russian companies are looking to use cryptocurrencies to circumvent sanctions imposed by the United States and the EU, which have frozen dollar trading. The fact that Russian politicians are aware and allowing companies to continue this practice could be a sign that Russia is softening its stance towards cryptocurrencies. The country’s Central Bank is willing to allow businesses to buy and sell goods in cryptocurrencies as long as the cryptocurrency is sold for fiat abroad, and is prioritizing the accelerated launch of a digital ruble. Russian lawmakers are also making progress in regulating cryptocurrencies, with bills reportedly ready for adoption in June. ‘We don’t even need a law [to do business powered by cryptographic transactions]. We know that we are working within the existing legal framework and we are not afraid of the consequences,’” commented Anatoly Aksakov, chairman of the Duma’s Financial Markets Committee.
US trains Ukrainian law enforcement in crypto investigations
According to The Wall Street Journal, the Criminal Investigation Division of the US Internal Revenue Service (IRS) is providing advanced training in cryptographic investigations to Ukrainian investigators in Frankfurt. The aim is to combat financial networks used by sanctioned Russian oligarchs, utilizing Ukrainian law enforcement in cryptocurrency investigations.
Miami Crypto Vibe Drops Ahead of Annual Bitcoin Conference
Miami and its mayor, Francis Suarez, are seemingly losing enthusiasm for cryptocurrencies and blockchain technology amid a bearish cryptocurrency market, according to industry watchers. Suarez has long been praised for his plans to turn the city into a major crypto hub. However, since the annual Bitcoin conference in Miami last year, several officials and prominent entrepreneurs have also changed their crypto narrative, no longer expecting it to become a key element in the city’s effort to become a major business and innovation hub. Attendance at the Miami NFT Conference in April 2023 is down by around 1,500 compared to last year’s edition, a telling sign of waning interest in the city’s crypto scene.
LG seeks patent for TV that trades NFTs
LG registers a patent for a TV that allows the purchase and display of NFTs, after the launch of the Art Lab market, connected to the Hedera Network, in 2021. The initiative follows Samsung, which launched the NFT market on TVs in January 2022 with support from the Nifty Gateway, indicating increasing consumer demand for NFTs.
MakerDAO defines 5 phases of the “endgame” of AI governance
MakerDAO announced a new governance model that will make use of artificial intelligence and rebranded cryptographic tokens. The planned features will be linked to new tokens intended to unite the Maker governance token (MKR) and Dai stablecoin (DAI) under a new brand. MakerDAO aims to become the biggest stablecoin project in three years, despite the dominance of centralized stablecoins including USDT, USDC and BUSD.
Hydra Head is active on the mainnet to speed up transactions on the Cardano blockchain
Developers launch Hydra Head tool to speed up transactions on the Cardano blockchain. Each Hydra Head works as an off-chain “mini-book” shared among a small group of participants, significantly reducing fees and allowing the addition of specialized DeFi protocols. This is the latest release in a series of DeFi-focused updates to Cardano this year.
P2P.org provider launches permissionless staking dapp for Ethereum
P2P.org has launched a permissionless Ethereum staking dapp, allowing users to stake anonymously without custody. With an easy-to-use interface, users only need to connect their wallets and specify the amount they wish to wager, eliminating the need for email registration.
Bakkt reports first quarter 2023 results
Digital asset platform Bakkt (NYSE:BKKT) announced its financial and operating results for the first quarter, reporting net income of $13 million which increased 4% year-over-year; total operating expenses of $58.4 million decreased 4% year-over-year; net loss of $44.9 million increased 4% year-over-year; and transaction accounts of approximately 690,000 increased 2% year-over-year.
Animoca Brands financial position update
Animoca Brands disclosed reserves of US$194 million in stablecoins and US$566 million in liquid digital assets as of April 30, 2023. The company also has other token reserves worth US$2.7 billion belonging to its subsidiaries. The company reported an increase of $425 million in bookings and other income in the first quarter of 2022, for a total of $573 million. Animoca Brands continues to drive its interest in gaming and the metaverse with partnerships with Notre Game and ONE Championship and a commercial agreement with STC Play.