Day: May 9, 2022

Bitcoin Exchange Inflows Hit Three-Month High As Market Braces For More Downside

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Bitcoin exchange inflows have been on the rise recently. Although there was a period where it had tapered off, it had continued to rise once more. The culmination of this has been a massive inflow into various centralized exchanges, presumably for investors to sell off their coins. Now the inflows have hit a new three-month high, painting a rather grim picture for the future of the digital asset. Inflows Take Over Bitcoin investors have been dumping their holdings since the digital asset started its descent from its $69,000 all-time high.…

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Bitcoin retests key $30K support zone as data highlights BTC whale accumulation

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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…

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42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumbles

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Roughly $1.4 billion worth of Bitcoin (BTC) was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) on Monday, raising questions about its ultimate destination on a day that has seen Bitcoin’s price tumble more than 11%.  Data from blockchain explorer Blockchair revealed Monday that 42,530.82827771 BTC was spent from the LFG wallet, though its destination was unknown. It has been speculated that the funds were split into two batches — roughly 12,500 BTC and 30,000 BTC, respectively — with a portion reportedly sent to cryptocurrency exchange OKEX.…

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Royal Museum of Fine Arts Antwerp tokenizes million-euro classic masterpiece

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According to blockchain digitization provider Tokeny, on Monday, the Royal Museum of Fine Arts Antwerp (KMSKA) became the first European museum to tokenize investment in fine art, starting with Belgian painter James Ensor’s (1860–1949) painting, “Carnaval de Binche.” Investors can obtain fractional ownership of the work starting from 150 euros (or about $158). The venture is a joint effort between KMSKA, Tokeny and blockchain art entity Rubey, with the tokens, themselves, being ERC-3643 compliant and launching on the Polygon (MATIC) blockchain.  As told by the parties, the ultimate goal of the…

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Pro traders adopt a hands-off approach as Bitcoin price explores new lows

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Bitcoin’s (BTC) current 20% drop over the past four days has put the price at its lowest level in nine months and while these movements might seem extraordinary, quite a number of large listed companies and commodities faced a similar correction. For example, natural gas futures corrected 15.5% in four days and nickel futures traded down 8% on May 9. Other casualties of the correction include multiple $10 billion and higher market capitalization companies that are listed at U.S. stock exchanges. Bill.com (BILL) traded down 30%, while Cloudflare (NET) presented…

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IMF recommends the Bahamas ‘accelerate its education campaigns’ on CBDC

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The International Monetary Fund, or IMF, has turned its attention to the Bahamas’ central bank digital currency (CBDC), the Sand Dollar, and suggested additional regulatory oversight and education. Reporting on a consultation with the Caribbean nation on Monday, the IMF said its executive directors “recognized the potential of the Sand Dollar to foster financial inclusion” and recommended the Central Bank of The Bahamas “accelerate its education campaigns and continue strengthening internal capacity and oversight.” The consultation was somewhat of a departure from several of the IMF’s previous warnings to many…

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Crypto retirement plans get hot with Warren and Lummis making their moves, May 2–9, 2022

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Retirement plans still largely remain at the periphery of both crypto adoption and the regulatory discussion. But last week, a major development emerged in this department. United States Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota became concerned about Fidelity’s recent announcement of adding Bitcoin (BTC) to its clients’ 401(k) retirement investment menu. In a letter to the company’s CEO Abigail Johnson, the lawmakers expressed their uneasiness over a “conflict of interests” and the “significant risks of fraud, theft and loss,” requesting from Fidelity a detailed outline of…

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Head of Bitstamp’s European arm becomes latest CEO of global crypto exchange

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Bitstamp, one of the oldest crypto exchanges in the world, has announced the appointment of Jean-Baptiste (JB) Graftieaux as its new global CEO following the departure of Julian Sawyer. In a Monday announcement, Bitstamp said Sawyer, who first became CEO of the crypto exchange in October 2020, “has decided to pursue other opportunities.” Graftieaux took over the position on May 7, having been the Bitstamp Europe CEO since May 2021. According to the exchange, Graftieaux has 20 years of experience in “crypto, payments, and financial sectors,” having first joined Bitstamp…

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Bitcoin price falls to $31K as traders prepare for a ‘rocky’ road and more downside

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“When it rains, it pours” is an old saying finding new relevance in the cryptocurrency markets on May 9 as traders face another day of pain and the current price decline brings Bitcoin (BTC) to its lowest level in 2022.  Data from Cointelegraph Markets Pro and TradingView shows that the BTC selloff on May 9 intensified as the trading day progressed with Bitcoin hitting a daily low of $31,000 as bulls scrambled to mount what amounted to a weak defense. BTC/USDT 1-day chart. Source: TradingView Here’s a look at some…

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Compound Treasury receives B- credit rating from S&P Global Ratings

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On Monday, decentralized finance, or DeFi, protocol Compound Treasury announced that it received a credit rating of B- from S&P Global Ratings. As told by the team at Compound, this represents the first time a major credit agency has issued a rating for an institutionalized DeFi protocol. The S&P Global Ratings’ investment suitability scale ranges from AAA (extremely strong) to D (in default). A score of B- indicates the issuer can meet financial commitments, though vulnerabilities to business, financial and economic conditions persist.  Regarding Compound’s rating specifically, S&P Global cites…

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