Weekly Top Crypto News (May 8 – May 14)

Last week was a pretty bleak week as Bitcoin fell to a two-month low as a lack of good news took a toll on the value of big caps crypto. However, the trend of memecoins and BRC-20 tokens is still prevalent when attracting a lot of attention from investors. Here, let’s review this week’s top crypto news with Coincu!

Market Makers Jane Street And Jump Trading Abandon US Crypto Markets

Market makers Jane Street and Jump Trading are leaving the US crypto exchange market. The move comes as US regulatory scrutiny of the crypto industry has intensified. Reportedly, the two companies still provide market-making services and have yet to abandon the crypto industry completely.

Tether’s Q1 2023 Report Shows $2.44B Excess Reserves, $81.8B Total Assets

Tether’s Consolidated Reserves Report for Q1 2023 reveals an all-time high of $2.44B over reserves and $81.8B in total assets, with most reserves invested in US Treasury Bills. The firm is committed to transparency and highlights its financial stability, reassuring investors and customers of its position as a trusted player in the cryptocurrency market.

Binance Is Now Leaving Canada Due To Legal Difficulties

Binance, the biggest cryptocurrency trading platform in the world, is now leaving Canada. The exchange also said that the country’s guidelines restricted operations to the point of becoming unsustainable. In February, the Canadian Securities Administrators strengthened registration requirements for cryptocurrency exchanges.

FTX Creditors Lose $44B Battle To IRS In Bankruptcy Case

The IRS is claiming $44 billion in taxes from FTX, Alameda Research, and its subsidiaries, which they classify as an administrative priority, superseding creditors’ claims. Sam Bankman-Fried’s lawyers are challenging the criminal charges as a civil issue and accused FTX’s lawyers of working as prosecutors in the case. Shaquille O’Neal allegedly avoids being served in a legal complaint against him, implicating him in FTX’s collapse. Other celebrities also became embroiled in the FTX case via promotions and endorsements.

Do Kwon Gets Court Release With $436,000

Do Kwon, the co-founder of Terraform Labs, was granted bail by a Montenegro court. Kwon and his former CFO, Han Chong-Joon, were both released on bail of $436,000 apiece. This is in addition to being placed under home arrest rather than being arrested.

OKX And Huobi Both Integrate Unisat For Easy Access To BRC-20 Trends

Both OKX and Huobi exchanges have partnered with Unisat crypto wallet to give users easy access to BRC-20 tokens. BRC-20 is the next trend of Bitcoin NFT lovers. A part of users harshly criticized that this new standard added elements of centralization and jeopardized the idea of ​​Bitcoin, causing network congestion and driving up transaction fees.

Litecoin Transactions Surge Over 450% Thanks To BRC-20’s Attraction

Transactions on the Litecoin network have reached all-time highs as a result of the meme coin craze. The consequent high costs on the Bitcoin network sent crypto users seeking for alternatives, contributing to the network’s rise in transactions.

Bitcoin Developers Hotly Debating Issues Relating To BRC-20 Transactions

BRC-20 is considered by Bitcoin developers to threaten the smoothness and normal use of the network. They are conducting discussions to limit network congestion. There are 2 proposed options including: change the consensus or change the policy.

Ethereum Announces Urgent Patch For Transaction Validation Issue

The Ethereum developers have published an emergency patch for the recent transaction validation issue. The network was reported to have had a second transaction validation problem within 24 hours. Ethereum developers have yet to come up with a cause for public concern about the technical work of the world’s second-largest cryptocurrency network.

Coinbase Establishes New Advisory Council Amid The Dynamic Crypto Scene

Coinbase has announced the launch of an advisory committee comprised of many former US legislators and industry professionals. For the council, the crypto exchange has recruited former U.S. legislators, including a former Senator and a political strategist. The Global Advisory Council will provide insights and strategic expertise to the exchange’s executive team.

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News