Bitcoin Financial News

In this article

Bitcoin (BTC) surfed $27,000 on May 16 as traders stayed buoyant about upside continuation.

Disgruntled creditors of the bankrupt cryptocurrency lending firm BlockFi have submitted a new court filing in response to the company’s latest restructuring plan.

Bitcoin (BTC) has made a significant move in the market as it shattered the crucial $27,200 level. 

The Bitcoin Cash (BCH) network underwent a major upgrade, allowing developers to create tokens with the same properties as BCH. These are called “CashTokens,” and they can be issued by anyone using the network. 

Police have recovered 300 Bitcoin (BTC) mining rigs stolen from a farm in Paraguay, following a major operation conducted by the nation’s Anti-Kidnapping Department (DAS).

American billionaire hedge fund manager Paul Tudor Jones said bitcoin has a “real problem” due to unfriendly regulation in the US, in a recent interview with CNBC.

Last Friday was a historic day for the Bitcoin network.

In a surprising turn of events, a dormant Bitcoin wallet from 2011 has recently reappeared, raising questions about the motives behind this sudden activity.

On May 15, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Report,” which revealed that digital asset investment products experienced another week of consecutive outflows, with a total of $54 million exiting the market. This brings “the total outflow to US$200m, representing 0.6% of total assets under management (AuM),” CoinShares reported. 

Bitcoin’s price (BTC) broke below its 55-day resistance at $27,000 on May 12, down 12.3% in 30 days. But, more importantly, it decoupled from the S&P 500 index, which is basically flat from 30 days ago, and 15% below its all-time high.

Bitcoin (BTC) saw five-day highs on May 15 as a rebound continued after the Wall Street open.

Bitcoin’s price declined for eight consecutive days through May 13, totaling a 9.4% correction. The last time such a losing streak happened was on June 14, 2022, after the Celsius lending platform halted withdrawals and FUD — fear, uncertainty and doubt — emerged from United States software firm MicroStrategy’s loan being liquidated at $21,000.

The debt ceiling negotiations in the United States are keeping traders on the edge. JPMorgan Chase CEO Jamie Dimon recently told Bloomberg on May 11 that a possible sovereign default by the U.S. government could create panic in the stock markets, resulting in heightened volatility.

The cryptocurrency market has had a middling week in terms of prices, with most tokens' values remaining flat. The market is gearing up for some big regulatory changes, especially in the U.S. A handful of tokens dominated the market in the latest week.

The G7 committee recently met in Niigata, Japan, to discuss, among other topics, the global financial implications for central bank digital currencies (CBDCs) and the laws governing the transfer of cryptocurrency assets.

The US Securities and Exchange Commission (SEC) has fined Coinme, a cryptocurrency exchange, nearly $4 million for allegedly offering unregistered securities and making «misleading statements» about its crypto token, UpToken. Coinme, its subsidiary Up Global SEZC, and its CEO, Neil Bergquist, were charged by the SEC on April 28, with Up Global agreeing to pay a $3.52 million penalty, for which Coinme was also held liable. The SEC alleged that Coinme's Initial Coin Offering (ICO) of UpToken between October and December 2017 was an investment contract under the Howey test and was an unregistered securities offering. The ICO raised around $3.6 million to expand Coinme's fleet of Bitcoin ATMs, with the funds used to add 30 ATMs, and UP holders received benefits such as discounted fees and cashback when using the ATMs. However, in January 2019, Coinme changed its offering and partnered with Coinstar to use its cash-counting kiosks to facilitate cash-to-crypto transactions instead of its own ATMs. Coinme shut down all of its ATMs by July 2019, and there is currently no use for UpToken, with its market cap falling to around $50,000 and 24-hour trading volumes topping just over $180.

On May 9, 2023, BRC-20 Bitcoin tokens reached a significant milestone, with their total market capitalization surpassing $1 billion. This milestone is a testament to the growing popularity of BRC-20 tokens, which employ a novel form of fungible token that uses Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers on the Bitcoin base chain.

The financial services and technology business Block, which is controlled by Jack Dorsey, has just finished the prototype design of its new 5nm Bitcoin mining chip. This was done with the intention of decentralizing the supply of Bitcoin mining rigs. The business noted that the development of Bitcoin mining ASIC rigs is both financially and technically hard, which has led to an excessive concentration of the ownership of specialized mining silicon in the hands of a few number of enterprises. It is believed that miners and the Bitcoin network as a whole would suffer from the negative effects of this concentration.

WEN token has enjoyed a sensational run, with supercharged profits fuelling an electric meme coin rally, but has this high-flying project run out of steam?

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________