On May 9, 2024, the House of Representatives will vote on repealing the SEC’s SAB 121, a regulation requiring digital asset custodians to report cryptocurrencies on balance sheets, potentially reshaping the US regulatory landscape for crypto assets.
On May 9, 2024, the U.S. House of Representatives will vote on the repeal of SAB 121, a significant crypto regulation policy mandating asset reporting by custodians, aiming to enhance market transparency and accountability.
Revolut launched Revolut X, a cryptocurrency exchange with a zero maker fee and a low taker fee of 0.09%, targeting experienced traders. This move, enhanced by a partnership with MetaMask, aims to reshape the crypto exchange market.
Revolut has launched Revolut X, a new cryptocurrency exchange for experienced traders, featuring no maker fees and only 0.09% taker fees, alongside a partnership with MetaMask, aiming to offer cost-effective trading solutions.
The Australian Tax Office (ATO) targets 1.2 million cryptocurrency exchange accounts to gather data, aiming to curb tax evasion and ensure crypto profits are taxed, marking a significant shift in Australia’s approach to crypto taxation.
Binance CEO, Richard Teng, demands Nigeria free Tigran Gambaryan, a key executive detained on unfounded charges, spotlighting the need for fair crypto regulation and protection of industry professionals’ rights.
On May 7, Dogecoin saw whales transfer 767 million coins via Robinhood, amid a price drop and regulatory scrutiny from the U.S. SEC. This event, coupled with Tesla’s adoption of Dogecoin, has fueled speculation on its future price movements.
In May 2024, a hacker involved in the Poloniex exchange breach moved 1100 Ethereum, worth approximately $3.4 million, to Tornado Cash, marking a significant laundering attempt post-hack, with assets valued at $182.8 million still controlled.
The U.S. SEC has submitted its final reply in the Ripple lawsuit, with a significant ruling expected later this year that could catalyze a major price rally for XRP, currently trading near $0.53.
The Australian Taxation Office (ATO) targets 1.2 million crypto exchange accounts to combat tax evasion, reflecting a significant regulatory focus on Australia’s cryptocurrency industry, which saw a 63% increase in digital currency transactions in 2021.
Ethereum, a major player in the DApps and NFT market, faces significant challenges as its price dipped below a crucial support level on May 6, with predictions of further declines. This situation is aggravated by FTX liquidating over $12 million in ETH and hackers laundering stolen funds via Tornado Cash, impacting investor confidence and the cryptocurrency’s stability.
On May 6, US Bitcoin ETFs saw a surge with $217 million in net inflows, significantly driven by Grayscale’s GBTC and Fidelity’s FBTC, amid anticipation of Federal Reserve rate cuts, signaling growing confidence in cryptocurrency investments.
On May 7, Bitcoin and Ethereum faced declines, dropping below $64,000 and $3,100 respectively, amidst a broader market downturn. In contrast, Solana and XRP saw gains, with Solana surging 4.54% to $155.02 and XRP up 0.79% to $0.5377, indicating a shift in investor interest towards these altcoins despite market volatility.
On May 6, 2024, Hong Kong’s Bitcoin ETFs saw their first-ever outflow of $4.79 million, while Ethereum ETFs experienced an inflow, marking a significant shift in cryptocurrency investment preferences.
