Author: Coindesk

“In emerging market and developing economies (EMDEs), crypto-assets pose particular challenges for monetary policy and capital flow management,” the FSB said. “Members discussed the challenges posed by the relatively higher levels of adoption and risks of global stablecoin arrangements in EMDEs. The FSB will undertake further work to consider how these challenges can be addressed.” Read the full article here

Prosecutors say Thomas Pavey, 38, of Florida, and Raheim Hamilton, 28, of Virginia, owned and operated Empire Market from 2018 to 2020. During the period Empire Market operated, prosecutors say the pair processed $430 million in transactions on the site, which allowed users to anonymously purchase illegal goods and services. Read the full article here

The election results are not expected to have a significant impact on South Africa’s burgeoning crypto industry. The country’s top regulator, the Financial Sector Conduct Authority, recently set up a licensing regime for crypto, making it one of the first African nations to do so. The country recently started licensing digital asset firms, and crypto companies Luno, Zignaly, and VALR were among the first to get a license in April. In 2022, the country included crypto providers in its Financial Advisory and Intermediary Services Act so it could regulate digital assets as financial products. Read the full article here

“The risk of growing adoption is that new entrants aren’t aware of Bitcoin’s core principles: decentralization, self-custody, hard money, etc. If new entrants don’t learn, understand, and espouse these core beliefs, the features that make them reality may not remain in the protocols over time,” said Alex Thorn, the head of firmwide research at investment bank Galaxy Digital. Read the full article here

The Federal Reserve this Wednesday projected only one rate cut for this year, less than the central bank’s previous forecast, dashing investor hope for looser monetary policy coming this summer. Political uncertainty in Europe with a snap election being called in France also pushed the U.S. dollar index (DXY) higher against other major currencies to its strongest level in more than a month, putting pressure on bitcoin. Read the full article here

“Looking at the technicals, both Bitcoin and Ethereum look bearish, but ETH looks worse than BTC,” Rachel Lin, CEO and co-founder of SynFutures, said in a Telegram message. Unless ETH reclaims the $3,700 level soon, we might see more downside in the coming days and weeks. Read the full article here

Drake stood to win $1.025 million and $1.375 million if the Oilers and Mavericks managed to win their respective series, according to the betting slips. To date, no NBA team has ever managed to win a series in the playoffs or finals after being down three games with no wins. Read the full article here

MicroStrategy started buying the oldest and largest crypto asset in 2020 for its treasury. Now, it holds 214,400 BTC worth some $14 billion, making the company the biggest publicly listed bitcoin holder. The company’s executive chairman, Michael Saylor, is a vocal supporter of bitcoin. Read the full article here

Bitcoin will hit $1 million within 10 years, brokerage company Bernstein said while setting a massive price target for MicroStrategy. BTC, the largest and oldest crypto asset, could reach a cycle-high of $200,000 by 2025 en route to the 2033 forecast. The firm also initiated coverage for Michael Saylor’s MicroStrategy (MSTR), the biggest corporate owner of bitcoin, setting a price target of $2,890 per share with an outperform rating. That would translate to an almost 100% rally for the stock, which closed Thursday at $1,480. Read the full article here

“On April 15 they (UwU Lend) deployed vulnerable code for new (sUSDe) markets, and those markets are not isolated, so the whole platform takes the risk,” Egorov said. “UwU was hacked, and the hacker, as a part of cash-out play, deposited CRVs taken from UwU to lend.curve.fi (LlamaLend) and disappeared with the funds, leaving his debt in the system.” Read the full article here