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Crypto News for May 20, 2023
- Bitcoin (BTC) is trading at $27,200, down 1% over the past 24 hours.
- Ethereum (ETH) is trading at $2,000, down 2% over the past 24 hours.
- The overall crypto market capitalization is $1.2 trillion, down 1% over the past 24 hours.
Top Crypto News Stories Today
- Bitcoin and Ethereum Continue to Trade Sideways
Bitcoin and Ethereum have been trading sideways for the past few weeks, with neither coin showing any signs of a major breakout. BTC is currently trading at $27,200, while ETH is trading at $2,000.
- Crypto Market Cap Falls Below $1.2 Trillion
The overall crypto market capitalization has fallen below $1.2 trillion for the first time since January 2022. The decline in the crypto market cap is being driven by the ongoing sell-off in traditional markets.
- SEC Charges Former Coinbase Employee with Insider Trading
The Securities and Exchange Commission (SEC) has charged a former Coinbase employee with insider trading. Ishan Wahi is accused of using non-public information about Coinbase’s listing of new tokens to make profits.
- Crypto Lender Celsius Network Pauses Withdrawals
Crypto lender Celsius Network has paused withdrawals, swaps, and transfers on its platform. The company said it is taking this step to “stabilize liquidity and operations.”
- Bitcoin ETF Approval in Canada Could Boost Crypto Adoption
The Canadian Securities Administrators (CSA) has approved the first Bitcoin ETF in the country. The ETF, called Purpose Bitcoin ETF, will be listed on the Toronto Stock Exchange.
What to Expect in the Crypto Market Next Week
The crypto market is expected to remain volatile next week. The ongoing sell-off in traditional markets could continue to weigh on the crypto market. However, there are some positive developments that could support the crypto market, such as the approval of the Bitcoin ETF in Canada.
Overall, the crypto market is expected to remain uncertain next week. Investors should be prepared for volatility and should only invest money that they can afford to lose.
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Bitcoin Whales Withdraw Funds
The cryptocurrency market has been experiencing a period of extreme volatility, especially within the meme coin sector, which has seen massive rallies recently. This surge in trading activity has caused a considerable impact on the broader market, including well-established cryptocurrencies like Bitcoin.
On Friday, the sixth-largest Bitcoin withdrawal from exchanges this year occurred, amounting to almost $240 million. These massive outflows were driven by the whales, or large Bitcoin holders, who are likely cashing in on their profits before a potential market drop. This movement of funds comes amid the recent cash-outs made by the Ethereum Foundation and Ethereum co-founder Vitalik Buterin, which have created an even more uncertain environment for investors.
The recent outflows of Bitcoin from exchanges suggest that whales are concerned about the potential effects of meme coin volatility and are moving their assets to secure locations. They are taking a more cautious approach by withdrawing their funds from exchanges, thereby reducing their exposure to the risks associated with market volatility.
The surge in meme coin trading has brought about considerable volatility in the cryptocurrency market. As these digital assets continue to gain popularity and attract significant investments, they have the potential to impact the broader market, including well-established cryptocurrencies like Bitcoin.
The decision by the Ethereum Foundation and Vitalik Buterin to cash out some of their holdings has added fuel to the fire, creating an even more uncertain environment for investors. These moves by prominent figures in the crypto community have led to increased speculation about the sustainability of the current market conditions and heightened concerns about a potential drop in value.
It is essential to note that market volatility is not uncommon in the cryptocurrency space. However, investors must be cautious and make informed decisions when investing in digital assets. With the recent events, it is crucial to understand the risks associated with investing in cryptocurrencies and take measures to mitigate them.
In conclusion, the recent outflows of Bitcoin from exchanges indicate that whales are taking a cautious approach to protect their investments and mitigate potential losses. As the cryptocurrency market continues to evolve and experience volatility, investors must remain vigilant and make informed decisions
As Dubai seeks to foster crypto innovation, Blockchain.com has signed a Memorandum of Understanding (MOU) with the Dubai Virtual Assets Regulatory Authority (VARA). That means that soon both retail and institutional clients will be able to access the financial system of the future through Blockchain.com in Dubai.
Known for pioneering innovation in architecture, finance, and travel, the United Arab Emirates aspires to become a hub of global assets and blockchain technology. Dubai is committed to providing the crypto industry a meaningful center of gravity that also boosts the local economy.
The regulatory body’s strategy is to provide meaningful guidelines and regulatory predictability to virtual asset service providers while protecting investors and enabling growth of the virtual assets sector.
-Blockchain.com
- Hedge funds are shorting Tether’s USDT with the trades running into hundreds of millions.
- Tether’s CTO thinks that the move is a “coordinated attack” but the stablecoin would still prove its mettle regardless.
- Tether has been subject to a number of controversies around the stablecoin’s reserve, leading to run-ins with regulatory agencies.
-zycrypto
The Sepolia testnet Beacon Chain has gone live, setting the stage for its merge dress rehearsal to give Ethereum network developers valuable technical insights.
Upon merging with its dedicated Beacon Chain, the Sepolia testnet will begin reaching consensus using proof of stake (PoS) rather than proof of work (PoW) which will provide data on what may happen when the Ethereum mainnet performs its merge.
The Ethereum Sepolia Beacon Chain has been deployed!
The Merge is coming https://t.co/IuJBnFp0Xx— Crypto-Gucci.eth ᵍᵐ (@CryptoGucci) June 20, 2022
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The Companies Banking the Most on Bitcoin
Dubai-headquartered Emirates, which is one of the two flag carries of the United Arab Emirates (UAE), is reportedly planning to embrace Bitcoin, NFTs, and the metaverse.
According to a report published by Arab News on Wednesday (May 11), Emirates COO Adel Ahmed Al-Redha said at this year’s Arabian Travel Market (ATM) event in Dubai that his company will “hire new staff for metaverse and non-fungible tokens, also known as NFTs, in an effort to develop applications to monitor customer needs.”
Bitcoin’s hash rate maintained a stronghold throughout the year as it compliments the new ATH for BTC network difficulty.
Just when the Bitcoin (BTC) miners helped release the 19th millionth BTC in circulation on Friday, the BTC network’s mining difficulty reciprocated by reaching an all-time high of 28.587 trillion.
Bitcoin’s network difficulty correlates to the computational power required to mine BTC blocks, which currently demands an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com.
-Cointelegraph
Committees within the European Parliament have voted in favor of harsh new regulations surrounding unhosted crypto wallets. The complete and primary vote is pending, though it is reportedly likely to pass.
European Anti-Anonymity Laws
Crypto privacy advocates in Europe are facing a setback today, as the European Parliament has advanced anti-anonymity rules for the cryptocurrency space.
Along with measuring major gains in price and breaking through the $44,000 mark, Bitcoin (BTC) is also recording increases in the number of addresses holding the asset, surpassing the 40 million mark for the first time in history.
Specifically, the number of addresses holding Bitcoin was 40.25 million as of March 24, an all-time high since the cryptocurrency’s nascence, as demonstrated in a chart shared by artificial intelligence crypto analytics platform IntoTheBlock on March 25.
-Finbold