Bitcoin Financial News

“When it rains, it pours” is an old saying finding new relevance in the cryptocurrency markets on May 9 as traders face another day of pain and the current price decline brings Bitcoin (BTC) to its lowest level in 2022. 

Bitcoin and Ethereum miners, both have made a significant chuck in revenues over the years as demand skyrocketed. However, 2022 might come as a surprise especially for the largest cryptocurrency. January proved to be a tough month for Bitcoin miners. Miners generated approximately $1.2 billion in revenue during the first month of 2022.

Global equity markets extended their decline on May 9 and the S&P 500 fell to a new 52-week low. Bitcoin (BTC) dropped to a new year-to-date low and most major altcoins extended their decline as they tracked the weakness in the stock markets.

digital tokens across blockchains — are creating opportunities for exchanges and other businesses to offer more secure alternatives. Crypto exchanges FTX and Coinbase Global Inc. are deepening their capabilities to provide bridge-like services on various blockchains, so users invested in Bitcoin or Ethereum can easily participate in other networks’ financial or gaming apps. FTX, for instance, launched a marketplace last year that allows customers to trade Solana-based nonfungible tokens, and to easily swap their Ethereum for the chain’s main Sol coin to buy them. Users can also deposit an Ethereum-based NFT and withdraw it on Solana via FTX — instead of a bridge. And more app developers, like institutional lending marketplace Maple Finance, are moving onto new blockchains, making bridges unnecessary for certain transactions. While some measures may have been in the works prior to the breaches, their urgency and attraction have increased after hackers siphoned more than $1 billion out of crypto bridges like Wormhole and Ronin — most of it in February and March. An April survey of 500 U.S. adults by OnePulse showed that 80% of respondents don’t trust crypto networks to protect their funds. While Ethereum-connected bridges still contain some $17.4 billion in value locked, that’s down about 17% in the past 30 days, according to tracker Dune Analytics.

Bitcoin (BTC) crashed to its lowest level since last summer as the number one cryptocurrency hit the USD 32,000 level. The Monday crash came as the broader crypto market sold off over the weekend, led by falling stock prices and fears that terraUSD (UST) could lose its dollar peg. Meanwhile, several analysts pointed to possible bottoms in the sub-30k area.

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

Ukraine's President Volodymyr Zelenskyy has launched a new fundraising platform, dubbed United24, which accepts donations in more than 100 different cryptoassets.

Cryptocurrency markets have been maturing over the last few years, making demand for crypto insurance solutions larger as more advanced players dip their toes into the nascent ecosystem.

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Bitcoin (BTC) set a new record low price for 2022 on May 9 as crypto markets continued selling off prior to the Wall Street opening.

The Luna Foundation Guard (LFG), the entity tasked with holding bitcoin (BTC) as part of the reserves backing the TerraUSD (UST) stablecoin, has loaned out USD 750m worth of BTC to a trading firm “to help protect the UST peg.” Confronted with what this really means, Terra (LUNA) founder Do Kwon claimed that the LFG is not seeking to exit its BTC position.

Bitcoin fell to its lowest level since July 2021 on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks.

Data from website traffic metric provider Similarweb shows that Deribit and OKX continue to attract significant traffic sources from China despite a blanket ban on crypto transactions and foreign exchanges last year.

SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd., has announced that its customers can now make payments for used cars using Bitcoin (BTC) and XRP.

Cardano holders have supported Cardano and the native token despite the slow price action. The number of addresses holding Cardanorose to a record high last month amid a significant surge in HODLers. Also, despite the unanticipated price turmoil, retail interest in ADA surprisingly grew with every dip.

The governor of the Bank of Central African States (Banque des États de l'Afrique Centrale, BEAC) has issued a scathing letter to the Central African Republic (CAR) regarding the country’s adoption of cryptocurrencies.

Bitcoin and Ethereum dropped sharply from $38,000 and $2,800 on Monday to $35,000 and $2,600 on Saturday. On Sunday, it breached $35,000 and $2,600 levels. Even though cryptocurrencies rose following the US central bank hike on interest rates, it was for a brief period. Bitcoin traded lowest on Saturday after Friday's massive sell-off. Ethereum is also trying to find its support between $2,600. While most of the cryptocurrencies are still running in the red, Dogecoin, Algorand, Axie Infinity, STEPN, have gained a decent growth.

Bitcoin (BTC) starts the second week of May 2022 by bringing up bearish ghosts from its past — how much worse could the picture get for hodlers?

Amid the sharp pullback across Bitcoin (BTC) and the wider crypto market this week, the Luna Foundation Guard (LFG) is set to deploy $1.5 billion worth of capital to “help protect” Terra USD’s peg to the U.S. dollar.

The crypto market is facing a testing start to May. With the Feds announcement, the market has faced two major dips already with the latest being a 3.7% dip. Amidst this, there has been yet another statistic has come out that can cause a bit of worry and raise a lot of eyebrows.

The cryptocurrency market fell over the weekend, mirroring the slide of the broader stock market.