Theย mostย recent price moves in cryptocurrency markets in context for May 24, 2023.
Thisย post originally appeared in 1st Mover, CoinDeskโs daily newsletter putting the latest moves in cryptocurrency markets in context. Subscribe to get it in your inbox every day.
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Bitcoin slid under the $27,000 level early Wednesday, leading a broad decline in major digitalย currencies as markets responded to poor Unitedย Kingdom inflation figures. The core Consumer Price Index (CPI) for the Unitedย Kingdom came in at 6.8 percent in April. That was the fastest pace of core inflation since 1992, and sizably ahead of Marchโs 6.2 percent pace likewise as the 6.2 percent consensus forecast. Itโs the third consecutive 30ย days that Unitedย Kingdom inflation has come in hotter thanย predicted and theย latestย information isย veryย likely add to pressure on the Bank of England to keep raising interest prices in the coming months.
Binanceย Cryptoย exchange is firing back at a Reuters special report from Tuesday that stated the cryptocurrency exchange commingled customer funds with company revenue. The report, citing unnamed โ previous insiders,โ stated the funds in question โran into billions of dollarsโ and that โcommingling happened almost dailyโ in accounts the exchange had at collapsed Unitedย States lender Silvergate Bank. Reuters pointedย outย that it did not find evidence that clientsโ funds were lost or taken. Binanceย Cryptoย exchange took major exception with the Reuters story, with the exchangeโs Chief Communications Officer Patrick Hillmann calling it โweakโ and full of โconspiracy theories.โ Nevertheless not outright denying the states in the report, Hillman stated the Reuters journalist was โdesperate โฆ to publish a negative story.โ
Japan is set to implement stricter anti-money laundering measures, including the so- wasย known โtravel ruleโ of the Financial Action Task Force (FATF) from June 1, reportsย by local news outlet Kyodo News. The decision wasย created by Japanโs cabinet on Tuesday after the nationโs anti-money laundering steps were deemed insufficient by worldwide financial crimes watchdog FATF, the report stated. In 2019, the FATF recommended the travel rule to combat money laundering and terrorist financing using cryptocurrency. By June 2022, the FATF was urging member countries to introduce travel rule legislation โas soon as possible.โ
Chart of the Day
IntoTheBlock
- The chart shows daily net flows into large ADA holders since February.
- In the past 30ย days, net inflows have surged by 1,500%, indicating whale accumulation.
- Blockchainย Tech data company IntoTheBlock defines large holders as wallets holding at least 0.1 percent of the large marketย capitalization digitalย currencies like Cardanoโs ADA.
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!โ โ> Stephen Alpher.
