2023-05-12 16:53:07
Hello cryptocurrency lovers! It’s that time of the week once more where we bring you the latest and greatest in cryptocurrency news. Are you ready for your weekly dose of information? Well let’s get to that!
First of all, Binance made a few hearts drop earlier in the week as it had to pause BTC withdrawals twice in 12 hours, but don’t worry, they’re back up and running now.
If we talk regarding Binance, we have to mention the crash experienced by the new memecoin diva, Pepe. That she saw a 45% red following listing on the world’s largest exchange. This goes to show how volatile the market can be, so it is crucial to do your own research before investing. Especially when we talk regarding coins that are literally a joke.
In other news, Bittrex has filed for bankruptcy and it is unclear what future awaits the market and short-term investors. Although the industry seems to have “get used to” large companies falling, the truth is that this usually causes a domino effect that ends up causing other crypto projects to fall.
Bitcoin Satoshi Vision, we might say that a cousin of traditional Bitcoin, gave the note this week with a good rise of 16% in just 24 hours, gaining popularity among companies and with positive news regarding its blockchain. This, thanks to the fact that the Bitcoin blockchain suffered several overloads and caused gas commissions to skyrocket to levels never seen before. After which investors went looking for cheaper alternatives.
Elon Musk’s interest in NFTs has caused a stir, as he posted a tweet pushing up the minimum price for Milady. But that’s not all, since the $LADYS token (yes, ANOTHER MEMECOIN!), rose almost 10,000% following the tweet. But, then he burst like a bubble. Who would have thought…
In other slightly less encouraging news, there is some concern that Tether, issuer of the market’s top stablecoin USDT, might be the next domino to fall in the cryptocurrency world according to a former SEC official. The claws of the regulatory agency are falling on many companies and cryptocurrencies, will Tether be the next victim?
As if it were a bad joke, while the SEC preoccupies itself with wanton attacks on the crypto ecosystem, the United States would be on the brink of default. Therefore, Circle has been proactive in avoiding potential US default risk by adjusting its USDC reserves. It is a smart move and underlines the importance of risk management in the sector, especially those currencies tied to a currency that is losing legitimacy day by day, such as the dollar.
In a rough week, Ethereum bulls are struggling as ETH can break below $1800, a reminder that even established cryptocurrencies like Ethereum are susceptible to market fluctuations. It seems increasingly difficult for Ethereum to retest $2,000 anytime soon, our trading specialist explains.
In fact, the market as a whole took a hit following the US CPI data release, leaving many in the red. A clear example of this is Bitcoin, which fell below $27,000, leading some to wonder if the two-month bullish streak has come to an end.
To find out, we can only keep an eye on the news that reaches us from all corners of the crypto world. And there is no better place for that than Crypto Economy!
Until next week!
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