Latest Market News
As we move towards the end of Q2, a number of cryptocurrency projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
Bitcoin is undergoing an extremely rough month of trading in which prices have dropped by a total of 31.5%. Today, BTC is attempting to bounce higher as it bounces back above $36,000 to reach $36,400.
Tesla’s decision to stop accepting Bitcoin payments has sparked a lively debate in the cryptocurrency community about the energy consumption and environmental impact of Bitcoin and other Proof-of-Work cryptocurrencies. BitMEX is one of the industry participants that’s engaging on this topic, and the cryptocurrency exchange says that it is committing to carbon neutrality.
The U.S. Treasury Department is taking steps to introduce stricter rules on cryptocurrency. The Treasury Department published a report outlining tax compliance initiatives introduced by U.S. President Joe Biden, and the report also highlights how these compliance initiatives will affect policies related to cryptocurrency.
Major social media platform Instagram will be hosting a panel on NFTs (non-fungible tokens) as part of its inaugural "Creator Week" virtual event. The event will be open only to invited creators, and is expected to have about 5,000 participants.
The month of May has been pretty disastrous for Bitcoin. The cryptocurrency had dropped by a steep 38% from the ATH price seen in April to the current $39,900 level. It had corrected by a further 52% from the ATH to the May low near $30,000.
ARK Invest CEO Cathie Wood’s long-term bullish outlook on Bitcoin hasn’t changed in the face of the massive price decline that BTC displayed yesterday.
Yesterday, Bitcoin suffered one of the worst drop-offs in recent memory as it fell from a high of around $43,600 to tank by a total of around 30% to spike as low as $30,000 - a level not seen since January 2021.
Privacy-oriented cryptocurrency project Beam has raised a $2 million round to help build out a DeFi ecosystem on its blockchain platform. The round included investors like Collider Ventures, Altonomy, LionsChain and several others.
U.S.-based cryptocurrency exchange Coinbase is looking to raise $1.25 billion by selling convertible debt. Institutional investors will be able to purchase convertible senior notes that will mature on June 1, 2026 and will be convertible to cash, Coinbase Class A common stock or a combination of the two.
