Bitcoin News and Finance: What You Need to Know

Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Friday that it is “proactively withdrawing from the Canadian market.” The company thanked the regulators who worked with them and said that the Canadian market was “small.” Binance Bows Out of Canada Due to Regulatory Guidance The cryptocurrency exchange Binance has decided to withdraw from the Canadian market. The company noted that it was the home country of its founder and cited regulatory guidance as the reason for its decision. Binance claims that the new regulatory climate in Canada makes it less feasible for its digital currency business to operate in the country. “Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace,” Binance tweeted on Friday. The trading platform’s social media account added: Unfortunately, new guidance related to stablecoins and investor limits provided to crypto ...

On Friday Florida’s governor Ron DeSantis signed legislation that bans the use of a central bank digital currency (CBDC) in the state. Following the bill SB 7054 being signed into law, Florida’s Uniform Commercial Code (UCC) now explicitly forbids the use of a federally adopted CBDC as money. Florida Puts the Brakes on CBDCs The Sunshine State has officially outlawed the use of a central bank digital currency (CBDC) following the approval of SB 7054 or HB 7049 by the Florida House of Representatives and Senate. Governor Ron DeSantis put pen to paper and signed the bill , cementing the ban on Friday. The signing ceremony, which took place in Fort Myers, was attended by Wilton Simpson, the state’s 13th commissioner of agriculture, and Kathleen Passidomo, president of the Southwest Florida Public Service Academy at Fort Myers Technical College. The new anti-CBDC law will come into effect on July 1, 2023. “They’re going to be able to have the window into what you’re doing with the mon...

On May 11, 2023, a long-inactive bitcoin wallet sprang to life and transferred a substantial 139.7 bitcoin worth $3.7 million. The address, established on June 19, 2011, has contributed to the year’s total of 1,125.37 bitcoin moved from dormant 2010 and 2011 wallets. 139.7 Bitcoin Worth $3.7 Million Suddenly Moves From Idle Wallet A vintage wallet created on June 19, 2011, suddenly relocated 139.7 BTC , equivalent to $3.7 million at the time of transfer, on Thursday, May 11, 2023. Btcparser.com flagged this activity, which was confirmed at block height 789,291 at 8:14 p.m. (UTC). Shortly before that date — April 24 — the last 2011 bitcoin transfer from a dormant wallet took place and involved shifting 400 BTC at block height 786,801. The wallet that received the 139.7 bitcoin still holds the funds as of May 12, 2023, at 9:00 a.m. (ET). Throughout this year, inactive wallets from both 2010 and 2011 have collectively transmitted a whopping 1,125.37 BTC valued at around $30 milli...

  Bitcoin fell to a seven-week low on May 12, as prices dropped below the $27,000 level in today’s session. Friday’s decline came as a red wave swept through cryptocurrencies, with the market cap down 2.75% as of writing. Ethereum also slipped to its weakest point since March. Bitcoin Bitcoin ( BTC ) dropped below the $27,000 level in today’s session, pushing prices to a seven-week low. Following a high of $27,589.92 on Thursday, BTC /USD slipped to an intraday bottom at $26,166.87. As a result of this drop, bitcoin fell to its lowest level since March 17, when price was below the $25,000 mark. Bitcoin chart by TradingView Overall, this latest sell-off coincided with the 14-day relative strength index (RSI) breaking out of yesterday’s floor of 43.00. At the time of writing, price strength is tracking at 35.07, which is its lowest point in over two months. Should momentum continue in this current trajectory, there is a possibility that BTC could move toward $25,000 thi...

  Ethereum had issues processing transactions on May 11, 2023, at around 4:13 p.m. Eastern Time on Thursday, and transaction finality issues lasted for roughly 25 minutes. Currently, developers do not know what caused the issue and the blockchain is now running normally. Ethereum Network Experiences Temporary Transaction Processing Issue The Ethereum blockchain was unable to process ETH transactions and reach consensus for approximately 25 minutes on Thursday, just after 4 p.m. (ET). Ansgar Dietrichs, a researcher at the Ethereum Foundation said : “The beacon chain had a brief period of non-finalization just now. Good illustration for the robustness of the chain — while there was some slowdown of blocks, transactions continued to be processed as usual. We are back to normal now.” Prysmatic Labs co-founder Preston van Loon also informed the public that developers were “Investigating current mainnet issues… Will post an update once we learn something.” Roughly an hour later, at ...

  Shiba inu moved close to a five-month low on Friday, as meme coins reacted to news that Elon Musk has found a new Twitter CEO. Musk tweeted, “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks.” Dogecoin neared a two-month low today. Shiba Inu (SHIB) Shiba inu (SHIB) neared a five-month low on Friday, as markets reacted to the news that Elon Musk will be stepping down as CEO. Musk, who acquired the social media company last year, has been at the helm since the takeover, but has now found a long-term replacement. Following a high of $0.000008746 on Thursday, SHIB/USD dropped to a bottom of $0.000008549 earlier in the day. As a result of this sell-off, shiba inu moved close to Monday’s low at $0.00000835, which was the weakest point the meme coin has hit since January. Looking at the chart, this latest move occurred as the relative strength index (RSI) moved deep into oversold territory, with a current reading at 23.02. This does gi...

Consumers in the euro area have sharply raised their expectations about inflation in the coming months, the European Central Bank revealed. Survey data showing this comes after the monetary authority slowed the pace of its rate hikes last week while indicating that it’s still early for a pause. ECB Registers Heightened Consumer Expectations About Inflation Europeans believe inflation will be around 5% over the next 12 months with their median expectations rising “significantly” in March from 4.6% in February, the European Central Bank ( ECB ) announced on Thursday, quoting its latest Consumer Expectations Survey (CES). The poll has been conducted before the ECB’s decision to raise interest rates by 25 basis points last week. Despite slowing the pace of rate hikes, the regulator argued that while inflation has declined, underlying price pressures remain strong, signaling further raises are likely. “Uncertainty about inflation expectations 12 months ahead reached its highest level ...