Happy Monday, May 15th, to all of our Crypto enthusiasts. We’re bringing you another Datawallet newsletter today, and we will be covering the world of crypto and its ever-changing landscape. So strap in, enjoy the ride, and remember, regardless of your proficiency level, Datawallet always brings interesting stories.
Today’s drop will cover these key daily news items:
- Metamask X PayPal
- Binance leaving Canada
- LBRY's $22 million SEC fine reduced to $111K
- Bitcoin holds above 200-week average
Metamask X PayPal
With MetaMask, purchasing Ethereum and other cryptocurrencies has never been easier - all within the wallet itself. And now, adding to the list of payment options, users across the U.S. (excluding Hawaii) can use PayPal as a seamless payment method. In fact, MetaMask is proud to be the first web3 wallet to integrate with PayPal, the renowned leader in the digital payment space. Plus, not only can you buy ETH directly, but you can also transfer it from PayPal to MetaMask, helping to promote self-custody adoption.
Binance leaving Canada
Bidding adieu to the Canadian crypto market, Binance made a heartbreaking announcement. The renowned exchange cited the country's new stablecoin policies and investor restrictions as the primary reasons for its departure, and expressed its regret in leaving behind a nation of crypto enthusiasts.
Unfortunately, Binance is not the first to wave goodbye to the Great White North, with OKX, Paxos, and dYdX having already packed their bags due to the increasingly stringent regulatory environment. As the Canadian Securities Administrators tightened their grip, mandating crypto asset trading platforms to register with them by March 23, Binance faced an impossible choice. After much deliberation, the exchange reluctantly concluded that a future in Canada was no longer feasible.
LBRY's $22 million SEC fine reduced to $111K
The US Securities and Exchange Commission (SEC) is seeking to scale back its hefty $22 million penalty against LBRY, a decentralized content platform, to a mere $111,000. In a recent request for amendments submitted to the New Hampshire District Court, the SEC argued that LBRY lacks the financial means to pay the massive fine and is on the brink of collapse.
The regulatory body has urged the court to impose the lower penalty and has called for LBRY to cease any further unregistered offerings of crypto asset securities. This legal action comes in response to the SEC's accusation that LBRY conducted an unregistered sale of its LBC tokens, raking in a whopping $22 million in the process.
Bitcoin holds above 200-week average
Last week, the U.S. dollar charged forward against the array of paper currencies, creating ripples in the market and leaving Bitcoin (BTC) in a precarious position. Nevertheless, the premier cryptocurrency remained steadfast, holding on to vital support in a reassuring display for investors. TradingView's data divulged that the dollar index - an index that gauges the dollar's performance against fiat currencies - soared by over 1.3%, marking its most significant percentage gain in a week since February.
As predicted, Bitcoin fell by 5.8%, correlating negatively with the greenback. Despite this, sellers struggled to establish dominance under the 200-week simple moving average, a widely-monitored technical line that capped the upside in February. "By defending this key average, the bulls have convinced the market of the sustainability of the long-term bullish trend," remarked Alex Kuptsikevich, FX Pro's senior market analyst in an email.
According to Kuptsikevich, Bitcoin must exceed $28,500 to encourage cautious buyers waiting on the sidelines for more robust indications of a price rebound. Presently, Bitcoin trades near $27,380, up 2.06% in the last 24 hours, having peaked above $30,000 last month.
Other breaking news
- Bitpaid exploited
- Worldcoin in talks for $100 million funding
- Celsius transfers $75 million of Ether to staking service Figment
- Glassnode claims that over 1 million users hold at least 1 BTC
- Homer Simpson token price blasts up 60,000% in 7 days
Wrapping up
There it is, folks, today’s Datawallet drop. BTC is holding above its 200-week moving average, despite some pain in the markets. Binance is leaving Canadian crypto investors “high and dry,” while Metamask introduced the option of buying ETH with PayPal. Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!
