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Many people are interested in buying NFTs for a variety of reasons. First and foremost, there's the collector aspect to it all. Non-fungible tokens, like stamps, trading cards, and vinyl records, appeal to collectors because of their rarity. The potential value of NFTs is also of interest to collectors. Rare NFTs managed to collect millions of dollars from some buyers. International speculators are taking note of these prices, hoping to profit from what may be the next great collectible. It…

Fresh findings on Terra's collapse reveal that the stablecoin's crash may have been an inside job.   According to a recently published report by Uppsala Security and Coindesk Korea, the wallet responsible for Terra’s attack is under the management of Terraform Labs, contrary to previous conclusions. Terra Crisis and Possible Conspiracy On May 7th, stablecoin UST, native to the Terra network, depegged, falling below the fixed 1 dollar mark. Sister coin, LUNA, followed very closely, crashing with great speed. In…

Eric Adams – the crypto-bullish mayor of New York City – stands against the proposed bill to ban carbon-based Bitcoin mining across the state. In a recent interview, he revealed plans to speak with Governor Kathy Hochul to encourage her to veto the bill. Reversing His Position? Speaking with the New York business paper Crain’s on Monday, the mayor claimed that the proposed ban could interfere with mining upstate. Considering that billions of dollars go into crypto already, he doesn’t…

The US Securities and Exchange Commission (SEC) is investigating possible insider trading on US-based crypto exchanges. Fox Business journalist Eleanor Terrett revealed, citing industry sources conversant with the matter. [embed]https://twitter.com/EleanorTerrett/status/1536558238824644609[/embed] Per Terrett, the securities regulator has sent several crypto exchanges letters asking about their lack of insider trading safeguards. Terrett’s sources did not reveal the names of the exchanges the SEC is investigating. This investigation marks the regulator’s latest move to regulate the crypto space. Previously, the SEC asked crypto…

After a brief and jarring freeze of funds on Binance, users may once again withdraw their Bitcoin from the exchange. However, users with pending withdrawals from before the pause will have to resubmit their requests. In a tweet on Monday morning, Binance announced that it had temporarily suspended BTC withdrawals on the Bitcoin network. This was reportedly due to a “stuck on-chain transaction,” which the exchange needed to actively solve. The event caused a stir among the crypto community, who…

As the crypto market and related businesses suffer, some of the industry's biggest players are now announcing job cuts. BlockFi – a popular crypto lending platform – has confirmed that it will be cutting its headcount by as much as 20%. Crypto Companies Start Downsizing In a Twitter thread posted by BlockFi’s CEO on Monday, Zac Prince clarified that the layoffs will not impact customer experience or funds. However, he expressed deep regret about the decision, saying it had not…

Bitcoin and cryptocurrencies aren’t the only assets suffering right now. Companies built around or connected to the crypto market are also in deep water following the crash, including Coinbase and MicroStrategy. MicroStrategy is down 21.61% on the NASDAQ today, in line with Bitcoin’s 21.23% slump over the last 5 days. The software company is the largest corporate holder of Bitcoin, with 129,000 coins on its balance sheet as of April. This collapse alone puts MicroStrategy’s Bitcoin position down $1 billion.…

Celsius Network, a decentralized finance (DeFi) lending giant, has halted withdrawals, swaps, and transfers between accounts. The company announced this news earlier today through a blog post. Celsius said it paused the above services due to extreme market conditions. Through this course of action, Celsius hopes to place itself in a better position to honor its withdrawal obligations. The company claims this move is intended to benefit the entire Celsius community. Specifically, Celsius alleged that pausing withdrawals, swaps, and transfers…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,122 trillion. Bitcoin trades at around $28,000 after a 6% loss this week. Ethereum lost almost 15% of its value over the past seven days. XRP dropped by nearly 8% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $8 billion from the…