The recently proposed U.S. cryptocurrency bill could undermine the existing regulatory framework for broader capital markets, Securities and Exchange Commission (SEC) Chairman Gary Gensler said on Tuesday. See related article: Hold onto your crypto bags, the regulators are coming Fast facts Speaking at the Wall Street Journal’s CFO Network Summit, Gensler said many crypto companies…
Still recovering from the Terra-LUNA debacle that wiped off billions of dollars in investor wealth, people sold off cryptocurrencies amid a market slump over expectations that the Fed will act faster to tame inflation.
TRON founder Justin Sun on Monday said he will set up a US$2 billion fund to support the dollar peg of the project’s stablecoin USDD and “fight” against short sellers, after the stablecoin’s price fell to US$0.97. See related article: Binance resumes Bitcoin withdrawals Fast facts USDD uses an algorithmic mechanism to keep its dollar…
The total value locked (TVL) in decentralized finance (DeFi) fell to US$63.12 billion as prices across the broad crypto market fell. The declines were highlighted by the TRON algorithmic stablecoin USDD losing parity with the U.S. dollar on Monday, along with a 17% drop in the TRON native token TRX over the past 24 hours. …
MicroStrategy is leading Marathon, Riot and Coinbase in a cryptocurrency-exposed stock selloff, closing down over 25% on Monday, as the firm’s Bitcoin holdings dropped by around US$1 billion. See related article: MicroStrategy posts Q1 revenue loss amid falling Bitcoin price Fast facts MicroStrategy became entangled with Bitcoin after founder Michael Saylor added record amounts to…
CEL has dropped 53.1% over the past 24 hours and was trading at US$0.20, at press time, according to CoinGecko. Fast facts Crypto staking and lending platform Celsius Network paused user withdrawals, swaps, and transfers on Monday, citing “extreme market conditions,” driving its native token to shed more than half of its value. The lending…
The survey by one of the Big Four accounting firms found over 85% of U.S. merchants are prioritizing the enabling of cryptocurrency payments while around 83% are doing the same for stablecoins. See related article: AMC rival Regal enables crypto payments for moviegoers Fast facts The survey found that 87% of merchants believe accepting crypto…
Inner Mongolia has closed 49 cryptocurrency mining farms in total, but only four since September, according to the Inner Mongolia Daily, indicating either the process has been successful or the shutdown drive mandated by Beijing is slowing. See related article: Beijing banned crypto mining, so China miners went underground Fast facts See related article: Crypto…
Bitcoin, Ethereum, Solana and other major altcoins dropped significantly over the weekend, as U.S. equity markets faced one of their worst weeks in months. See related article: Has Bitcoin become a victim of its own success? Fast facts Bitcoin dropped 8.3% over the past 24 hours to US$25,240.08, according to CoinMarketCap data, as higher-than-expected inflation…
A proposed US crypto bill may place crypto under the CFTC’s primary oversight, but that won’t exclude the SEC from the industry, Sidley Austin’s Lilya Tessler says.