Crypto users demand reinstatement of Pakistani government adviser following sudden resignation

Many users on social media have started an online campaign for Pakistan Prime Minister Imran Khan to bring back pro-crypto adviser Zia Ullah Bangash. On Saturday, Bangash, the science, technology, and information technology adviser to Mahmood Khan, the chief minister of the Khyber Pakhtunkhwa province, announced he would resign his position. Bangash cited “unavoidable circumstances” in his decision to leave his advisory role in addition to responsibilities in his constituency — he previously served as a member of the provincial assembly of Khyber Pakhtunkhwa, or KP. Khan reportedly has not yet officially…

Dogecoin, CryptoCurrency Reddit communities surge as crypto euphoria heats up

With much of the market fixated on Bitcoin’s (BTC) sudden price correction over the weekend, retail interest in digital assets appears to be on the rise, according to the latest statistics from Reddit. The r/dogecoin community added 145,859 weekly subscribers, according to Subreddit Stats. The gains are hardly surprising given DOGE’s dramatic rally over the past week. The meme-based cryptocurrency skyrocketed 400% during that period, bringing its yearly returns to an eye-watering 5,000%. DOGE’s parabolic rally moderated over the weekend, with social media sentiment data from The TIE and Cointelegraph…

China is studying crypto as an investment tool, says PBoC deputy governor

Li Bo, recently appointed deputy governor of the People’s Bank of China, or PBoC, reportedly spoke on the benefits of crypto as an investment tool while highlighting regulatory uncertainty in the country surrounding digital assets. According to Chinese journalist Colin Wu, Li made the comments at the Boao Forum in southern China on Sunday. The PBoC head said there are still regulatory risks for the central bank, citing its previous ban on initial coin offerings and cryptocurrency exchanges. Li reportedly said the PBoC will “continue to maintain the current measures…

Peak fear? Bitcoin funding rates crash to lowest levels in 7 months

The funding rate of Bitcoin (BTC) has dropped to levels not seen since September 2020 as the price of Bitcoin plummeted below $52,000 on April 18. Quant trader and analyst Lex Moskovski says it shows fear has returned to the market. According to the data from Glassnode, the average Bitcoin futures funding rate across all exchange dropped to as low as around -0.03% on Sunday What is funding rate and why does it dropping matter? Bitcoin futures exchanges use a mechanism called “funding” to achieve balance in the market. The way…

SEC loses a battle to win the war? Ripple dissociates from pumping XRP

When the United States Securities and Exchange Commission filed legal action against Ripple Labs and its top-two executives in December, alleging that its XRP coin was in fact a security and that the firm had raised over $1.38 billion through an unregistered securities offering in 2013, many wondered if XRP would even survive.  Some exchanges delisted XRP; some asset managers sold their XRP tokens. XRP had lost its place as the top 3 currency by market capitalization and was even looking like it could drop from the top 10. But…

Centralized stablecoins may be doomed

Over the last couple of years, we have seen a lot of interest from central banks and governments in the stablecoin market. The reason behind it lies in the development of central bank digital currencies, or CBDCs. The idea of issuing a digital alternative to cash is a great motivator for central banks. It allows them to gain more control over the transition and processing of cashless transactions, which are currently overseen indirectly through private payment processors and banks. Related: Did CBDCs affect the crypto space in 2020, and what’s…

The perils of suing crypto exchanges after ransomware attacks

In October 2019, unknown hackers infiltrated a Canadian insurance company by installing the malware BitPaymer, which encrypted the firm’s data and IT systems. The hackers demanded a ransom of $1.2 million be paid in Bitcoin (BTC) in return for the decryption software needed for the firm to regain access to its systems.  The firm’s United Kingdom-based insurer — known only as AA — arranged to pay the BTC ransom, and the firm’s systems were back up and running within a few days. Meanwhile, AA started the process of seeking legal…

Three Reasons Why Bitcoin Dropped Below $51,000 Last Night

Key Takeaways Bitcoin crashed to lows below $51,000 late Saturday due to forced liquidations of long orders. A string of bad news triggered the sell-off, however, only one of them was verifiably true. While many indicators point to a “buy the dip” action, the volatility may persist this week. Share this article Bitcoin and the broader crypto market saw one of the most gruesome crashes, leading to $9 billion in liquidations. There were three key sources of the negative catalysts.  Money Laundering Report Clips Bitcoin The price of Bitcoin plunged…