The Crypto Beat - May 25, 2021
Here are all the latest stories related to cryptocurrencies Tuesday May 25, 2021.
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Bitcoin Correction or Bear Market?
On Tuesday, Michael Hsu, new chief of the Office of the Comptroller of the Currency (OCC), appointed by U.S. Treasury Secretary Janet Yellen two weeks ago, called for a review of the cryptocurrency guidance issued by the regulator under his predecessor Brian Brooks. Since Brooks took office in May 2020, the OCC provided interpretive letters and guidance clarifying that banks can custody cryptocurrency and stablecoins, as well as engage in stablecoin business, while also creating a controversial Special Purpose Payments Charter for FinTech companies.
The same day, three Chinese financial industry associations announced that bank and payment institutions are largely prohibited from conducting business related to cryptocurrencies, specifically clamping down on a slew of activities, including cryptocurrency registration, trading, clearing and settlement. The guidelines, which reiterate a previous measure from 2017, also bar financial institutions from accepting or using cryptocurrencies in payments or settlements, developing digital currency exchange services and offering any such services to clients. Source: Forbes
JPMorgan says the recent cryptocurrency plunge and shift into riskier altcoin bets looks a lot like the 2017 collapse
The firm's Josh Younger noted that like the end of the 2017 bull cycle, investors are beginning to diversify out of bitcoin and ether and into riskier altcoins.
But Younger also said the crypto market is more resilient than it was in 2017.
Also, there's been more institutional sponsorship in this current cycle, continued development and maturation of market infrastructure, broader and cheaper availability of leverage, and the rise of DeFi projects, Younger said.
The strategist concludes that crypto is in the middle of a "sizeable correction," and it's too early to call the bottom, but the resilience of the crypto market structure is a "positive technical backdrop" for a recovery. Source: MSN
Elon Musk Tweets About Having Discussions on Cryptocurrency's Sustainability, Bitcoin Surges
Bitcoin's price jumped about 4% on Monday afternoon after Tesla CEO Elon Musk tweeted he was talking to "North American Bitcoin Miners," according to CNBC. The cryptocurrency was trading just over $38,000.
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CoinGeek Weekly Live Stream
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Luno Forced to Amend 'Misleading' UK Cryptocurrency Adverts
Cryptocurrency app Luno has fallen foul of the UK's advertising watchdog for "misleading" posters displayed at. Adverts with the slogan "If you're seeing Bitcoin on the Underground, it's time to buy" have been ubiquitous in Tube stations and on the side of London buses.
- Aaron Goldstein, Gambling911.com
