Crypto
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US Treasury Secretary reaffirms need for stablecoin regulation following UST crash
United States Secretary of the Treasury Janet Yellen called on U.S. lawmakers to develop a “consistent federal framework” on stablecoins to address risks to financial stability. In a Tuesday hearing of the Senate Banking Committee on the Financial Stability Oversight Council Annual Report to Congress, Yellen reiterated her previous position calling for a regulatory framework on stablecoins, citing a November report from the President’s Working Group on Financial Markets. In addition, the Treasury Secretary commented on TerraUSD (UST), the third-largest stablecoin by market capitalization, dropping to $0.67 in the last 24 hours. “I think [the situation with TerraUSD] simply illustrates that this is a rapidly growing product and that there are risks to financial stability and we need a...
What are the top social tokens waiting to take off? | Find out now on The Market Report
“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss the social tokens you should be keeping a close eye on. But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. Next up: the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as each makes his case for the top social token. First up, we have Bourgi with his pick of STEEM, the native token of the Steem social blockchain network, which rewards users for content creation. Its aim is to give back value to content creators who contribute on the platform. Although is ...
Polygon reaches level that last time triggered a 275% MATIC price rally — will history repeat?
Polygon (MATIC) price reversed course to the upside on May 10 after testing $0.794 as its interim support, thus rising by up to 25% to $0.99. The rebound occurred a day after the token slumped over 17% to reach $0.787, its lowest level since July 2021, amid a global market crash led by the U.S. Federal Reserve’s hawkish policies. MATIC price rebounded after undergoing five days of relentless declines, attracting buyers around the same support level that had preceded a 275% bull run last year. MATIC/USD weekly price chart. Source: TradingView A previous retest of the $0.787-level in July 2021 and the 0.786 Fib line (near $0.61) of the Fibonacci retracement graph — drawn from the $0.002-swing low to 2.86-swing high — followed up with MATIC rising to its record high of $3...
Sony partners with Theta for 3D NFTs exclusive to its Spatial Reality Display
The electronic manufacturer announced it has linked up with Theta in an SRD NFTs project The NFTs will be hosted on ThetaDrop Japanese consumer electronic products manufacturer Sony has partnered with Theta Labs, creator of the decentralised video streaming network Theta to launch two collections of 3D NFTs, exclusively designed for display on its Spatial Reality Display, SRD. Sony’s SRD is the electronic giant’s display that allows users to view objects in 3D without the glasses or all the complicated gear associated with the ‘usual’ experiences in virtual reality. Its operation is such that it tracks the movement of the eyes and tweaks the display perceived by the user as they move/ tilt their head. This tablet-like device enables users to gain the sensation of a solid 3D obj...
KuCoin secures $150 million at $10 Billion valuation to pioneer exploration in Web3
KuCoin, a leading crypto exchange accessible across the world, has raised $150 million in its pre-Series B funding round, according to details shared via a press release. The funding round was led by crypto-focused fund Jump Crypto, with Circle Ventures, IDG Capital, and Matrix Partners among several other investment funds participating. According to KuCoin, the funding brings the exchange’s market valuation to $10 billion. KuCoin raised $20 million in its Series A funding round in November 2018. Commenting on the pre-Series B round, KuCoin CEO Johnny Lyu said the funding is a “vote of confidence” in the exchange. The injection of fresh funds, according to Lyu, will help the platform’s vision working towards global adoption of crypto. “KuCoin is built for all classes of investors, an...
Nouriel Roubini oversees the development of tokenized dollar replacement
Economist and cryptocurrency critic Nouriel Roubini is heading up the development of a tokenized asset to combat fears of rampant economic stagnation and inflation. Roubini has long been a skeptic of the cryptocurrency space, which makes his own foray into the world of digitized financial instruments intriguing. In his role as co-founder and chief economist of Dubai-based investment firm Atlas Capital Team LP, Roubini is helping with the roll-out of a set of financial instruments to launch a security token that will act as a “more resilient dollar.” As initially reported by Bloomberg, Atlas Capital CEO Reza Bundy and Roubini outlined initial plans for the firm’s new products, primarily driven by the current state of the global economy. The Dubai-based firm will work with Web3 developer Mys...
‘Kwontitative easing’ — BTC price hits $43K in UST as Terra empties $2.2B BTC bag
Bitcoin (BTC) fell below $30,000 for the first time in ten months on May 10 as turmoil at Blockchain protocol Terra continued. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin price bounces at $29,700 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD plumbing lows of $29,731 on Bitstamp. The first trip under the $30,000 mark since July 2021, overnight BTC price performance came amid both declining stock markets and fresh trouble for Terra’s United States dollar stablecoin, TerraUSD (UST). As Cointelegraph continues to report, UST saw an attack involving mass-selling this week, which culminated in Terra using its giant 750 million BTC reserves to prop up its USD peg. Initial liquidity steps to mitigate the impact of the threat proved insufficient, ho...
Binance temporarily suspends LUNA, UST withdrawals citing network congestion
As the crypto community still tries to decipher Terra’s ongoing pegging-de-pegging fiasco in relation to its stablecoin offering TerraUSD (UST), major crypto exchange Binance temporarily suspended the withdrawals for Terra (LUNA) and UST on Tuesday. The market value of UST, Terra’s stablecoin offering, recently fell below the expected $1.00 price point as LUNA’s price witnessed a sharp decline owing to a major selloff. At the same time, the BTC/UST trading pair on Binance reached highs of more than $42,000, while other Bitcoin dollar markets struggled to preserve $30,000, as reported by Cointelegraph. Which has caused a massive surge in BTCUST (Not Bitcoin valued in dollars, but valued in the UST stablecoin). pic.twitter.com/Xn7qcy4VMZ — Blockchain Backer (@BCBacker) May 10, 202...
Analyst claims that exchanges sell your Bitcoin, crypto trading platforms respond
Security breaches and hacks often highlight the risks of storing Bitcoin (BTC) on centralized exchanges. One analyst even claims that keeping your BTC on exchanges is also a factor for price dips. Rufas Kamau, research and markets analyst at Scope Markets Kenya, explained his thoughts on how keeping BTC on an exchange lowers coin price. Kamau believes that buying BTC on exchanges only amounts to buying an “I Owe You” (IOU) which he describes as “paper Bitcoin.” If you buy Bitcoin at the exchange, you are buying paper Bitcoin, an IOU from your exchange that’s settled the moment you decide to transfer your Bitcoin outside the exchange. That explains the high withdrawal fees. 2/n — Rufas Kamau ⚡ (@RufasKe) May 8, 2022 The analyst also proceeds to point out...
Spanish regulator orders Binance to cease offering crypto derivatives
Binance has dropped its crypto derivative offerings in Spain as it is yet to be fully licensed in the country Elsewhere, Binance Turkey is taking legal action against fake ads The largest cryptocurrency exchange by trading volume, Binance, has been told by the securities regulator in Spain, the Comisión Nacional del Mercado de Valores (CNMV), to stop offering customers its crypto derivatives products, as per local reports. The trading platform has since removed the option for the crypto derivatives from its website, effectively preventing users from creating new operations. Binance has been seeking approval, and the move to comply with the order is part of the exchange’s efforts to woo the regulator. The regulator, on past occasions, warned against crypto derivatives such as futures ...
India’s lead depository adopts blockchain for securities and covenants
India’s NSDL and CDSL will control maintenance nodes for the new decentralised network Elsewhere, a council responsible for indirect taxes in India is considering a 28% tax on crypto-related activity Celebrating its 25th anniversary at the end of last week, the National Securities Depository (NSDL), based in Mumbai, launched a blockchain-based or Distributed Ledger Technology (DLT) platform for debenture covenant monitoring. The platform was created as a product of collaboration between the NSDL and the Securities and Exchange Board of India (SEBI) to enhance securities and covenant monitoring. In effect, it should help bring more clarity and discipline to the market. It will expand to involve other regulators The DLT platform will function by providing an immutable trail of transact...
Bitcoin retests key $30K support zone as data highlights BTC whale accumulation
Sentiment across the cryptocurrency market plunged even deeper on May 9 as an escalation in the ongoing sell-off intensified with bears pushing Bitcoin (BTC) to $30,334, its lowest price since July 2021. Crypto Fear & Greed Index. Source: Alternative.me Multiple factors like rising interest rates, the end of easy money policies by the Federal Reserve, declining stock prices and concerns related to Terra’s UST stablecoin maintaining its $1 peg are all impacting sentiment within the crypto market. Data from Cointelegraph Markets Pro and TradingView shows that an afternoon of heavy selling on May 9 hammered the price of BTC to a daily low of $30,334 as bulls frantically regrouped to defend the psychologically important $30,000 price level. BTC/USDT 1-day chart. Source: TradingView H...
