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Bitcoin is about to close its worst performing month since FTX collapsed, but a handful of altcoins posted noteworthy gains in May. The crypto currency market experienced a dull month with Bitcoin (BTC) dropping 7.37%, its worst performance since November 2022 and Ethereum (ETH) losing 0.22% in May.  The average loss across the market stands at 5.62% on the last day before the monthly close. However, some outliers posted impressive gains thanks to popular investment narratives and the growth of the Ethereum staking sector. In the first half of May, memecoins grabbed headlines with Pepecoin (PEPE) leading the narrative. The memecoin cycle guzzled up a lot of gas on Ethereum in the first half of May. PEPE’s market capitalization surged to a peak of $1.54 billion in the first week of May, according to CoinGecko. It has witnessed a sell-off since then as token holders booked profit. However, the token still ended the month with over 300% gains. Top 5 performers among the top 100 cryptocu...

BTC price performance looks limp on the last day of May, with the 200-week moving average rapidly coming into view. Bitcoin (BTC) tested $27,000 on May 31 as weakness prevailed into the monthly close . BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Analyst: Bitcoin reaching "crucial area" Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to lose momentum after local highs near $28,500. As early-week excitement faded, traders and analysts warned that now was a make or break point for the short-term trend. “Crucial area approaching here for Bitcoin and dipped into it,” Michaël van de Poppe, founder and CEO of trading firm Eight, summarized. “If this zone sustains as support & Bitcoin will be able to reclaim $27,500, everything looks like we'll continue the upwards trend. Drop beneath $26,600 and we'll see new lows.” BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter Trader Skew added that spot buy liquid...

UAE & Hong Kong Coact For Crypto Regulations On May 30, the Central Bank of the United Arab Emirates (CB UAE ) and the Hong Kong Monetary Authority (HKMA) held a bilateral meeting in Abu Dhabi which focused on various collaborative initiatives, with a particular emphasis on financial infrastructure, financial market connectivity and cryptocurrency regulations. advertisement Read More: Japan’s BitFlyer Exchange Restricts Crypto Deposits & Transfers During the bilateral meeting, the CBUAE and the HKMA engaged in discussions on key areas of cooperation. The central banks agreed to focus on major areas of finance and even initiated discussions on joint fintech development initiatives and knowledge-sharing efforts within their jurisdictions. To operationalize the agreed-upon initiatives, a joint working group, led by the CBUAE and HKMA and with the support of relevant stakeholders from the banking sectors of both jurisdictions, will be formed. This col...

Join Our Telegram channel to stay up to date on breaking news coverage The insolvent crypto lending company Celsius picks Fahrenheit as its savior. In an announcement made on Thursday, May 25, 2023, Celsius officially named Fahrenheit its ticket out of bankruptcy after a year of financial decline for the company. A competitive three-way auction determined which company would take over Celsius’ financial burden. The month-long auction began in April 2023 and featured bids from the Blockchain Recovery Investment Committee (BRIC), Fahrenheit Crypto Consortium, and crypto asset manager NovaWulf.  Why Did Celsius File for Bankruptcy? On June 12, 2022, the New-jersey-based Celsius Network informed its stakeholders that it was pausing all withdrawals, transfers, and swaps between customer accounts. The statement came after the firm grew increasingly incapable of meeting customers’ redemption requests. Shortly after this announcement, Celsius and its affiliates volunt...

Deaton Bullish On XRP Price With an unwavering belief in the potential of XRP and a keen understanding of the legal landscape surrounding it, Deaton has emerged as a leading voice in the XRP community. He foresees a significant price surge that will trigger a frenzy of buying, fueled by the fear of missing out (FOMO). advertisement However, what truly captures attention is his assertion that the fear of missing out (FOMO) won’t likely kick in until XRP reaches the impressive threshold of $2 . He tweets: #XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2. Other Analysts On XRP: While Deaton’s insights and predictions have garnered attention, it is worth noting that his perspectives align with those of other analysts who have been closely monitoring XRP’s trajectory. Reco...

Join Our Telegram channel to stay up to date on breaking news coverage A growing awareness of the need to lessen our environmental impact is likely to increase the appeal of eco-friendly cryptocurrencies. Green crypto coins have the potential to boost the ecological viability of the financial sector while reducing our environmental footprint, making them a wise investment as the world progresses towards sustainability. Hedera (HBAR) The Hedera project intends to develop a platform for asset transfers and decentralized apps (dApps) that is useful by everyone. The most distinctive feature of Hedera is that, in contrast to the majority of other distributed ledgers, it is built on the hashgraph technology rather than a blockchain architecture. More than thirty organizations with distinguished histories oversee the network. Their system, according to the initiative, can handle more than 100,000 transactions per second. The HBAR token, which users must purchase in order to use the...

The proof-of-stake-and-activity (PoSA) consensus mechanism adds an extra layer of security to blockchain. Bitcoin (BTC) launched with the ideal technology for the era it was introduced in. Proof-of-work (PoW), the underlying consensus that predates the first cryptocurrency, provides a self-sustaining mechanism where numerous miners around the world can contribute to verifying BTC transactions. As the crypto ecosystem expanded and more use cases were brought to life, the PoW mechanism started showing its limitations, such as extensive energy consumption and slow transaction processing times. Blockchain networks that focus on building an ecosystem instead of addressing just one specific use case, such as Ethereum, have adopted the proof-of-stake (PoS) consensus mechanism, where verified stake in the ecosystem is vital for the security of the network. The dawn of the Web3 era, where a vast number of businesses established themselves purely on blockchain , brought a diverse set of user ne...

Bitcoin (BTC) price remains range bound, moving lower as it eases towards the critical support at $26,200. The overall outlook is bearish as the entire crypto ecosystem continues to suffer the brunt of a harsh market. Accordingly, the price of other cryptocurrencies continues to slump in all this bearishness to the extent of reaching miners. To top it all up, concerns surrounding the US debt ceiling also weigh down on the financial industry at large, as the stock market shows. Nevertheless, concerns about Bitcoin price recovery continue to spread in the crypto market, with some analysts constantly revising their targets while others remain unmoved. Bitcoin Price Drops Amid A Booming TradFi Bitcoin price within the $26,000 zone has pushed miners towards hedging their reserves, hoping to spare themselves more losses or, at the very least, continue powering their systems. Over the last 24 hours, these miners have sold close to 1,000 BTC worth approximately $27 million. ...