Crypto Market Highlight May 17, 2022

Crypto Market Highlights: General News

  • BitMEX, the longest-running cryptocurrency futures exchange, has launched a variety of spot markets on its platform just three days before its founders Arthur Hayes and Ben Delo are set to be sentenced. BitMEX will allow seven trading pairs against USDT, including bitcoin (BTC), ether (ETH), Chainlink’s LINK, Uniswap’s UNI, Polygon’s MATIC, Axie Infinity’s AXS, and APE. Users who trade on the spot pairings will get $1 million in crypto.
  • Bitcoin price climbed after the daily close to the $30,000 level. The leading coin had failed to decide on a significant upward or downward trend in a multi-day range, and volatility had ebbed into the new week. On May 17, the Crypto Fear & Greed Index, a cross-market sentiment indicator, has reached its lowest level since March 28, 2020, two weeks after the Coronavirus lockdown.
  • Terra’s founder, Do Kwon, has offered a new strategy of forking the Terra network into a new chain which will abandon the algorithmic stablecoin UST. Do Kwon announced a second revival plan for the failing Terra ecosystem. Under the proposal, the network will be forked into two blockchains with the original chain being called Terra Classic with its LUNA Classic (LUNC) token, while the new one will be called Terra (LUNA).
  • Spotify is testing a new feature that allows artists to promote their non-fungible token (NFT) collections on their profiles. The test is currently running for ‘select’ users of Spotify’s Android app in the US, who will be able to preview NFTs on the artists’ profile pages. They will then be able to tap through to view and buy them from external marketplaces.
  • Coinbase, America’s largest cryptocurrency exchange, has released Web3 app functionality, which includes a hot wallet and browser, to a select group of its mobile app users. Select users will be able to access decentralized apps (Dapps) on the Ethereum (ETH) network, such as Uniswap and OpenSea, using the app. Eligible users will be able to trade on NFT marketplaces, make swaps on DEX, and engage with DeFi lending protocols to borrow and lend cash.
  • The United States Department of Justice has launched its first case regarding the use of cryptocurrency to evade sanctions. The government is pressing charges against an unidentified defendant for running an online payment network in a sanctioned country. The defendant also opened an account with a cryptocurrency exchange situated in the United States to purchase and sell Bitcoin. They then transferred thousands of dollars to two additional accounts at international exchanges. In the end, the defendant utilized those two accounts to send almost $10 million in Bitcoin between the United States and an undisclosed sanctioned country.

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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