20% drop in the S&P 500 puts stocks in a bear market, Bitcoin and altcoins follow

Whoever coined the phrase “sell in May and go away” had brilliant insight and the performance of crypto and stock markets over the past three weeks has shown that the expression still rings true. May 20 has seen a pan selloff across all asset classes, leaving traders with few options to escape the carnage as inflation concerns and rising interest rates continue to dominate the headlines. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) taking on water below $29,000 and traders worry that losing…

Read More

OpenSea launches ‘Seaport’ ​​marketplace protocol allowing NFT bartering

Nonfungible token marketplace OpenSea has announced the launch of a Web3 marketplace protocol for “safely and efficiently buying and selling NFTs.” In a Friday blog post, OpenSea said the marketplace protocol, dubbed Seaport, will give users the option to obtain NFTs by offering assets other than just payment tokens like Ether (ETH). According to the platform, a user “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for an NFT, implying bartering a combination of tokens as a method of payment. In…

Read More

Florida Rep. Donalds introduces Financial Freedom Act companion bill in the House

Rep. Byron Donalds, a Florida Republican, introduced the Financial Freedom Act into the United States House of Representatives on Friday to prevent the U.S. Department of Labor from limiting the types of investments that can be included in Americans’ self-directed 401(k) retirement plans. The bill is the companion to Alabama Sen. Tommy Tuberville’s May 5 Senate bill. The Financial Freedom Act was introduced as a reaction to a U.S. Department of Labor (DOL) compliance report dated March 10 that raised objections to the inclusion of cryptocurrencies in 401(k) retirement plans.…

Read More

FCA will ‘absolutely’ consider recent stablecoin depegging when drafting crypto rules: Report

Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022. According to a Friday Bloomberg report, Pritchard said the financial regulator will “absolutely” take into account stablecoins like TerraUSD (UST) and Tether (USDT) depegging from the U.S. dollar in drafting regulatory guidelines with Her Majesty’s Treasury for release later this year. While the USDT price only briefly dropped to $0.97 on May…

Read More

3 red flags that signal a crypto project may be misleading investors

Satoshi Nakamoto left a large pair of shoes to fill after releasing the code for Bitcoin (BTC) to the world, helping to establish the network, then vanishing without so much as a trace.  Over the years, the crypto ecosystem has seen many developers and protocol creators rise in stature to become crypto messiahs for faithful holders who eventually have their best-laid plans end in catastrophe when the protocol is hacked, rugged or abandoned by whimsical developers. 2022 is hardly halfway complete and the year has already seen a particularly bad…

Read More

MSP Recovery joins forces with Tokenology to release tokenized healthcare initiative

MSP Recovery LLC, a healthcare recovery firm based in Miami, United States and valued in the region of $32.6 billion, has announced a collaborative partnership with Web3 solution Tokenology to launch a fraud-prevention blockchain platform, titled Lifechain. Lifechain will seek to utilize the verifiable and transparent nature of blockchain technology to enhance the accessibility of healthcare charges, claims and medical records for patients and industry professionals. MSP Recovery’s consumer application LifeWallet — which launched in January this year and has since registered over 1 million users, according to recent data…

Read More

Lifeline for Terra projects, proposed Terra hard fork and more

The past week in the decentralized finance (DeFi) ecosystem was dominated by Terra’s collapse and its aftermath on various ecosystems it was connected. Now BNB chain has come to the rescue of several stranded projects on Terra by offering financial and technical assistance. After its spiral collapse, Terra co-founder Do Kown proposed a revival plan and a hard fork to revive the blockchain. Chainalysis introduced new tools to monitor and track stolen funds across multiple blockchains. Swiss asset manager Julias Baer is eyeing crypto and DeFi potential. Top DeFi tokens…

Read More

3K+ Bit Digital hosting partner’s crypto miners go offline after explosion and fire

New York-headquartered crypto mining firm Bit Digital reported two of its hosting partners ceased operations to more than 4,800 rigs following power disruptions at different facilities.  In a Thursday announcement, Bit Digital said a substation in Niagara Falls was damaged by “an explosion and subsequent fire,” necessitating its partner Blockfusion USA to take 2,515 Bitcoin (BTC) miners and 710 Ether (ETH) miners offline at the site. In addition, the mining firm reported its Digihost partner experienced a similar cut in power to a facility in North Tonawanda, New York, resulting…

Read More

Altcoin prices briefly rebounded, but derivatives metrics predict worsening conditions

On May 12, the total crypto market capitalization reached its lowest close in 10 months and the metric continues to test the $1.23 trillion support level. However, the following seven days were reasonably calm while Bitcoin (BTC) gained 3.4% and Ether (ETH) added a modest 1.5%. Presently, the aggregate crypto cap stands at $1.31 trillion. Total crypto market cap, USD billion. Source: TradingView Ripples from Terra’s (LUNA) collapse continue to impact crypto markets, especially the decentralized finance industry. Moreover, the recent decline in traditional markets has led to a loss…

Read More

Bearish head and shoulders pattern forces Ethereum traders to re-adjust their price targets

Crypto markets remain volatile and a handful of seasoned traders believe that the bearish trend will continue as long as stock markets are chasing new lows. Most investors would agree that crypto is now in a bear market and the current price action for Bitcoin (BTC) and Ethereum (ETH) suggests that capitulation and consolidation are a ways away. Data from Cointelegraph Markets Pro and TradingView shows that Ether still struggles to reclaim the $2,000 level as support and this zone has been a notable support and resistance since February 2021.…

Read More