Top news in the world of cryptocurrency this week Bitcoin and altcoin price fluctuations significant security breaches and developments in decentralized finance DeFi investments
This past week in the cryptocurrency market was marked by several notable events, with the most recent being the release of the Consumer Price Index (CPI) news, which turned out to be softer than expected. This news triggered a wave of volatility in the market, causing Bitcoin’s price to fluctuate between $65,000 and $70,000. In this detailed report, we will delve into the key news and developments that shaped the market dynamics over the course of the week.
Top Trending Crypto News This Week
The burning question on everyone’s mind remains: “Is the crypto market currently in a bull run?” Recent weeks have witnessed a series of significant developments that have significantly strengthened the market’s position. This week brought about noticeable fluctuations, which we will explore in depth in this section.
Terraform Labs and Do Kwon reach a $4.5 billion settlement with the SEC
In a significant development, a U.S. District Court judge approved a $4.5 billion settlement agreement between the SEC, Terraform Labs, and its former CEO, Do Kwon. This settlement resulted in a permanent ban on both entities from the crypto industry following Terra’s $40 billion collapse.
Donald Trump advocates for U.S. dominance in Bitcoin mining
President Donald Trump recently expressed his support for all future Bitcoin mining activities to take place within the U.S. This statement came after a meeting with Riot Platforms’ CEO Jason Les and head of public policy, Brian Morgenstern. Trump emphasized the strategic importance of maintaining Bitcoin operations within the U.S.
OKX reports identity theft leading to drained user accounts
OKX disclosed in a statement that a hacker had exploited forged “judicial documents” to gain access to personal information from a few users. The matter is currently under investigation by judicial authorities. This breach, initially revealed by two compromised user accounts on social media, involved the creation of new API keys in response to unusual risk notification SMS texts from Hong Kong.
CPI Report triggers market volatility
The U.S. Consumer Price Index (CPI) remained stagnant in May, surpassing expectations of a 0.1% increase and showing a year-over-year rise of 3.3%, slightly below the anticipated 3.4%. This news initially sparked a brief surge in the market, but later led to significant long-liquidation.
MicroStrategy increases offering to boost Bitcoin holdings
MicroStrategy, under the leadership of Michael Saylor, announced an increase in its convertible senior notes offering from $500 million to $700 million. This augmented offering is intended to fund further Bitcoin acquisitions and support general corporate activities.
Bitcoin And Altcoin Performance
Throughout the week, Bitcoin experienced heightened volatility due to two key macroeconomic factors. The Federal Reserve’s statements following its interest rate decision and the release of the Consumer Price Index (CPI) data both contributed to significant fluctuations in Bitcoin’s price, pushing it close to the critical $70,000 mark. However, the price eventually saw a decline.
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