Around a year ago on May 8, 2022, Tether’s market capitalization reached its all-time high of $83.279 billion. During this period, Terra’s stablecoin, Terrausd (UST), became unpegged from its $1 parity. This event resulted in a decline in Tether’s market valuation. Tether’s market cap hit a low of $65.36 billion on November 24, 2022, leading
After a period of high congestion, bitcoin miners have finally reduced the backlog of transactions. According to Bitcoin.com News, unconfirmed transactions have dropped from over 500,000 on May 7 to just above 300,000 on May 11. This indicates the beginning of the congestion-clearing process. Reduced Fees Statistics from mempool.io show that onchain fees on the
The United States Internal Revenue Service’s (IRS) criminal investigation division is intensifying its collaboration with foreign counterparts to identify individuals and entities evading Western sanctions. The agency is working with blockchain forensics firm Chainalysis and Ukrainian investigators to track Russians who may be using cryptocurrencies to conceal their assets amid financial restrictions imposed over Moscow’s
Meme coins have been making headlines in the crypto space, and April and May 2023 appear to be the months for these parody coins. Despite macro-economic events impacting the ecosystem, meme coins have seen exponential growth and have become one of the highest profit grosses. The Saudi-themed project of the popular Pepe-the-frog project, Saudi Pepe,
Janet Yellen, the US Treasury Secretary, has announced that the Group of Seven (G7) members are discussing ways to respond to China’s use of “economic coercion” against other countries. Speaking at a press conference in Niigata, Japan, ahead of the G7 meeting of finance ministers and central bank governors, Yellen expressed the US’s concern about
Bitcoin (BTC) experienced a “scam wick” that led to new two-month lows, but it has since recovered. BTC/USD was monitored by Cointelegraph Markets Pro and TradingView as it bounced back from a flash dip to $25,800 on Bitstamp. The pair saw weakness after the start of the week’s final Wall Street trading session, briefly cutting
Bitcoin attempted to make a recovery as it sought to hit $27,000 towards the end of the week. Despite the market being volatile, data from Cointelegraph Markets Pro and TradingView showed that BTC/USD had spiked to $27,200 on Bitstamp, reflecting gains of approximately 7.5% versus local lows from the week’s final Wall Street trading session.
The US central bank, Federal Reserve (Fed), raised the federal funds rate to 5.25% on May 3, 2023, after a quarter-point rate hike. Fed chair Jerome Powell highlighted that inflation was still a major concern, and the Fed’s goal was to bring down the current inflation rate of 4.9% to the target of 2%. Even
Despite rallying nearly 60% in 2023 to around $27,000, Bitcoin’s price has failed to move beyond $30,000 decisively. A price correction towards $25,000 over the past week has strengthened Bitcoin’s correlation with several traditional financial metrics. The main question now is whether this raises the risk of Bitcoin continuing its downtrend in Q2. The U.S.
A statement from China’s Ministry of Foreign Affairs has confirmed that State Councilor and Foreign Minister Qin Gang held talks with French Minister for Europe and Foreign Affairs Catherine Colonna during a visit to Paris last week. The two officials discussed the recent state visit by French President Emmanuel Macron to China, which both sides