Bitcoin falls below $27K after UK inflation report – First Mover Americas

Bitcoin falls below $27K after UK inflation report - First Mover Americas

Get the latest price moves in crypto markets and the context behind them, including Bitcoin’s decline and Binance’s response to allegations of commingling customer funds, in this article from First Mover.

The most recent price moves in cryptocurrency markets in context for May 24, 2023.

This post originally appeared in 1st Mover, CoinDesk’s 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 digital currencies as markets responded to poor United Kingdom inflation figures. The core Consumer Price Index (CPI) for the United Kingdom came in at 6.8 percent in April. That was the fastest pace of core inflation since 1992, and sizably ahead of March’s 6.2 percent pace likewise as the 6.2 percent consensus forecast. It’s the third consecutive 30 days that United Kingdom inflation has come in hotter than predicted and the latest information is very likely add to pressure on the Bank of England to keep raising interest prices in the coming months.

IMF Urges Central Banks to Maintain High Interest Rates and Combat Inflation Threat

Binance Crypto 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 ” previous insiders,” stated the funds in question “ran into billions of dollars” and that “commingling happened almost daily” in accounts the exchange had at collapsed United States lender Silvergate Bank. Reuters pointed out that it did not find evidence that clients’ funds were lost or taken. Binance Crypto exchange took major exception with the Reuters story, with the exchange’s Chief Communications Officer Patrick Hillmann calling it “weak” and full of “conspiracy theories.” Nevertheless not outright denying the states in the report, Hillman stated the Reuters journalist was “desperate … to publish a negative story.”

Post FTX meltdown, can stablecoins provide safe harbor amid volatility?

Japan is set to implement stricter anti-money laundering measures, including the so- was known “travel rule” of the Financial Action Task Force (FATF) from June 1, reports by local news outlet Kyodo News. The decision was created by Japan’s cabinet on Tuesday after the nation’s 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 “as soon as possible.”

Chart of the Day

CoinDesk - UnknownIntoTheBlock

  • The chart shows daily net flows into large ADA holders since February.
  • In the past 30 days, net inflows have surged by 1,500%, indicating whale accumulation.
  • Blockchain Tech data company IntoTheBlock defines large holders as wallets holding at least 0.1 percent of the large market capitalization digital currencies like Cardano’s ADA.
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