Democratic Party Members Instructed to Back Crypto Regulation Position in Leaked Memo Ahead of U.S. House Committee Hearings
Ahead of the May 10 hearings, Democratic Party members of the U.S. House Committee on Financial Services were given a memo instructing them to support the party's stance on crypto regulation. The leaked memo highlighted six key messages that Democrats on the committee were expected to reiterate during the hearings. These messages included accusations that Republicans on the committee are not interested in protecting investors and consumers, and that they are seeking to undermine the SEC's authority. The memo also urged the SEC to continue leading the regulation of the U.S. crypto market, and called on Congress to provide the regulator with the necessary resources.
CryptoQuant Predicts Bullish Times Ahead for Bitcoin, with Institutional Clients Eyeing Q3 and Q4 2023 Investment Opportunities
CryptoQuant, a crypto market analytics firm, predicts that Bitcoin has emerged from the bear market and institutions are waiting for confirmation. The recent US banking crisis has caused Bitcoin to appreciate rapidly to over $27,000, with its correlation to gold surpassing its correlation to the S&P. Benjamin Brannan, CryptoQuant's Head of BD & Strategy, predicts that Bitcoin could realistically reach $1 million in the long term. Despite the tightening regulatory situation in the US, Brannan believes that Bitcoin is difficult to regulate compared to other cryptocurrencies. Chung, on the other hand, thinks that Bitcoin is unlikely to drop to its previous low of $16,000 and may surpass its previous all-time high by Q2 2024.
ChiChaPay: How much can crypto payments really carry?
This article introduced ChiChaPay, which is an all-in-one payment infrastructure that connects fiat and cryptocurrency economies, allowing consumers and merchants to seamlessly transact worldwide. It offers low fees, flexible payment options, and a pay-to-earn Learn-to-Earn Dapp, which incentivizes adoption and learning in Web3.
Crypto Signals Announces Partnership with Bybit to Offer Copy Trading for VIP Members
Crypto trading is constantly evolving, and copy trading has become a popular tool for traders to replicate the trades of experienced traders in real-time. Crypto Signals has partnered with Bybit, a leading cryptocurrency derivatives exchange, to offer copy trading for all VIP members. This feature allows VIP members to trade passively using Crypto Signals' signals, potentially maximizing profits without the need for manual trading. Bybit is a trusted and secure platform for cryptocurrency trading, offering a range of features such as leveraged trading and advanced order types. Join Crypto Signals today to access their copy trading feature and benefit from their team of experienced analysts delivering timely signals through channels such as Telegram and Discord.
Bitcoin Price Dips Below $27K After Relief Rally on Lower CPI Data
On Thursday, the global digital asset market saw red indexes after a relief rally due to lower CPI data. Bitcoin, the world's largest crypto, experienced major volatility as its price dropped below $27k after trading above $28.2k. Despite a marginal decline over the past day, Bitcoin saw a slight recovery to regain the crucial $27k and is currently trading at an average price of $27,414 with a 24-hour trading volume of around $21 billion. However, Bitcoin's dominance has decreased by 0.07% over the past 24 hours and its price is down by more than 7% over the past 7 days.
Crypto Community Predicts Ethereum Price for May 31, 2023 with 90% Historical Accuracy
The community at CoinMarketCap has predicted that the average price of Ethereum for May 31, 2023, will be $1,834.52, based on 1,388 votes. However, this estimate does not guarantee end-of-month prices and the crypto community does not expect much improvement in the near future. Despite being the second-largest asset by market capitalization, Ethereum has been trading sideways and experiencing losses. It is currently changing hands at $1,821 and needs to regain a critical support level to avoid declining further. The community at CoinMarketCap has a historical accuracy of 90.24% in guessing the digital asset’s average price, making it a useful tool for investors to gauge market sentiment and future price trends.
New York Lawmaker Proposes Bill to Allow Fiat-Collateralized Stablecoins for Bail Bond Payments
New York Assembly Bill 7024, proposed by lawmaker Latrice Walker, seeks to include fiat-collateralized stablecoins as an acceptable method for bail bond payments. The bill does not specify support for any particular stablecoin and also states that no person or corporation can be compelled to accept stablecoins or any other cryptocurrency for bond posting. This follows a proposed bill by New York Attorney General Letitia James to tighten regulations on the crypto industry. New York is known for its strict crypto regulations and has filed several enforcement actions against crypto firms.
Shiba Inu Token BONE Dominates Exchange Poll for Next Crypto Listing in India, Leaving PEPE and FLOKI Behind
Bone ShibaSwap, the governance token of the Shiba Inu ecosystem, is leading a poll on the Indian cryptocurrency trading platform Unocoin for the next asset to be listed. With 84.7% of the total votes, it is expected that BONE will soon be added to Unocoin's platform, making it the fourth Indian cryptocurrency exchange to support the token. Giottus, India's top-rated exchange, has already added BONE with the BONE/INR trading pair and introduced an exclusive giveaway contest for the token. The Shiba Inu community is also urging leading cryptocurrency exchanges such as Binance and KuCoin to list BONE.
US Regulatory Paralysis Drives Crypto Industry Players to Europe, Warns Ripple Policy Head Susan Friedman
The lack of clear regulatory guidelines for the digital asset industry in the United States is causing key business opportunities and innovation to move to other nations with proper frameworks, such as European countries and the UAE. Susan Friedman, the Policy Head at Ripple blockchain, has warned that this migration of crypto industry players to Europe is impacting jobs and investment loss. The recently introduced MiCA regulations in Europe have created a clear set of rules for the industry, which is attracting talent and investment. The US risks losing a significant share of the industry's growth potential if it does not provide a comprehensive regulatory framework.
Crypto winter cleans out "unsavory operators" in industry, says Marathon Digital CEO
According to Marathon Digital's CEO, the recent crypto winter has helped eliminate unscrupulous operators in the industry. Fred Thiel compared the market upheaval to the dot-com boom and believes that the stress the crypto market has gone through is forcing regulators to react. Thiel praised the regulatory efforts of the EU, UK, Hong Kong, Singapore, and the UAE but believes the US is lagging behind. He also believes that higher interest rates will make investors more risk-averse and contribute to a more commercialized crypto industry. The collapse of crypto firms could have positive side-effects, including opportunities for other players to buy up parts of collapsed firms.
