Bitcoin, the largest cryptocurrency by market capitalization, dropped 0.48% on Thursday, Hong Kong time, after the Federal Reserve’s Federal Open Market Committee said it would raise interest rates by 25 basis points, as widely expected. The latest rate bump brings the target range to 5%-5.25%, the highest since September 2007.

Presidential hopeful Robert F. Kennedy Jr. on May 3 condemned a 30% crypto mining tax proposed by the Biden administration and responded to concerns around crypto.

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As of May 3, 2023, the Bitcoin blockchain has witnessed a staggering 3.35 million Ordinal inscriptions, and a new experimental token standard known as “Bitcoin Request for Comment,” or BRC20, has garnered substantial attention in the past week. With 10,487 BRC20 tokens built using Ordinals and a swelling market capitalization exceeding $95 million, this new development has the crypto world buzzing.

The Federal Reserve decided to raise its benchmark interest rate by 25 basis points on Wednesday. But it was the U.S. central bank's statement on a possible path forward that had markets waiting with bated breath.

Canadian police to focus on cryptocurrency-related activities. In Canada, law enforcement has established a center for the investigation of cryptocurrency matters.

The world of cryptocurrencies is complicated and still mostly unregulated around the world.

Traders took advantage of TrueUSD's (TUSD) depegging event to capture a potential 20% gain by borrowing TUSD on Aave and Compound and quickly swapping it for USD Coin (USDC) to effectively short TUSD from its elevated price. However, borrowing rates on both protocols hit over 100% annualized due to the lack of TUSD liquidity.

The crypto market anticipates the US Federal Reserve's key rate hike decision amid the banking crisis and debt ceiling crisis, which raise risks of an "economic catastrophe." Bitcoin and Ethereum prices continue upward momentum as the Fed is expected to raise rates by 25 bps, bringing borrowing to 5%-5.25%. The market sentiment depends on Fed Chair Jerome Powell's guidance on future rate hikes.