A week has passed with the memecoin boom again, however, the market is still quite quiet as Bitcoin is still trying to regain the key $30,000 support. Here, let’s review this week’s top crypto news with Coincu!
Federal Reserve Raises Interest Rates 25bps For 10th Consecutive Time
Federal Reserve raises interest rates by 25 basis points for the 10th consecutive time. The Fed prioritizes fighting inflation over the banking crisis. Interest rate hikes may pause at the next FOMC meeting.
OKX Will Compensate For SUI Token Problems Within 3 Working Days
OKX announced in its latest announcement a compensation plan for the problem of being unable to cancel orders when SUI is launched. The user who placed an auction order at a price higher than 1.3 and experienced cancellation delays will be eligible for compensation. The exchange will deposit the difference directly into the user’s account within three business days.
PepeCoin MarketCap Soars To Nearly $1.5B After Binance, Kucoin Listed
The hottest memecoin PEPE has reached a market cap of nearly $1.5 billion in just a few weeks of its launch. Market capitalization increased sharply after the market’s most prominent exchange Binance, and then Kucoin announced the listing. Meanwhile, both platforms urge users to exercise caution as PepeCoin has rallied 132% on the day of listing and now appears to be over-leveraged.
Binance Under Investigation For Allegedly Helping Russian Citizens Transfer Money
The Justice Department is looking into whether the crypto exchange Binance was used to help Russians avoid US sanctions. The investigation into the world’s biggest cryptocurrency exchange is linked to Russia’s invasion of Ukraine. Binance said that it abides by all US and international banking restrictions.
Ethereum Fees Reach The Highest Level Since May 2022
This week, average transaction fees on the Ethereum network reached levels not seen since May 2022. The rise in transactions is said to be the result of the recent hype of memecoins. The Shapella upgrade is also one of the factors that increase the number of transactions on the blockchain.
Lido Reaches 6 Million ETH Staked After Shanghai Upgrade
Staking platform Lido Finance currently holds over 6 million Ether, with deposits skyrocketing since the major upgrade Shanghai. While it is still the leading staking protocol, it is facing increasing competition from other competitors. The platform has announced in advance that ETH stakingers will wait until the v2 upgrade is implemented in mid-May to withdraw ETH.
Alibaba Cloud To Deploy Metaverse Launchpad On Layer-1 Avalanche
Alibaba Cloud has created a platform for companies to develop metaverses on the Avalanche blockchain. The collaboration intends to give companies operating inside the Alibaba ecosystem a quick approach to building and managing their metaverses.
Justin Sun Transfers $59M TUSD To Binance, CZ Warns Against Misuse
Justin Sun transfers 59 million TUSD to Binance for liquidity, CZ warns against using TUSD to join Sui LaunchPool. TRON DAO Venture serves as a partner market maker for TUSD and facilitates market-making between leading TUSD exchanges.
Curve’s New crvUSD Stablecoin Deployed To Ethereum With $22 Million Minted
Curve Finance has launched crvUSD, the widely awaited native stablecoin, on the Ethereum mainnet. The contract has earned more than $22 million in crvUSD in the last 8 hours, according to statistics from blockchain explorer Etherscan. The deployment is a significant step in bringing Curve’s long-awaited stablecoin to the public.
FTX Seeks To Claw Back Nearly $4 Billion From Genesis
FTX is attempting to recoup $3.9 billion from Genesis, a similarly insolvent cryptocurrency lender. Prior to its bankruptcy, Alameda supposedly owed Genesis $1.8 billion. Lawyers for the exchange are pursuing the clawback under bankruptcy rules.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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