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Top cryptocurrency news on May 7: The biggest moves in Bitcoin, crypto investments and more – Moneycontrol

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Last Updated : May 07, 2022 / 09:18 AM IST
Top cryptocurrency news on May 7: The biggest moves in Bitcoin, crypto investments and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Market Buzz
Bitcoin trading above Rs 29.04 lakh

Cryptocurrencies traded in the red early today on May 7. The global crypto market cap is $1.65 trillion, a 0.92 percent decrease over the last day. The total crypto market volume over the last 24 hours is $93.61 billion, which makes a 17.85 percent decrease. The total volume in DeFi is $9.81 billion, 10.48 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $85.10 billion, which is 90.90 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently Rs 29.04 lakh, with a dominance of 41.47 percent. This was a 0.03 percent increase over the day. Read full here

Big Story
US adds cryptocurrency mixer Blender to sanctions list over alleged North Korea links

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The United States on Friday imposed sanctions on virtual currency mixer Blender, accusing it of being involved in one of the largest cryptocurrency heists on record and being used by North Korea, the U.S. Treasury Department said. The Treasury also identified new virtual currency addresses it said were used by North Korean hacking group Lazarus to launder illicit proceeds, accusing it of stealing hundreds of millions of dollars’ worth of cryptocurrency tied to popular online game Axie Infinity. “We are taking action against illicit financial activity by the DPRK (North Korea),” Brian Nelson, the Treasury’s undersecretary for terrorism and financial intelligence, said in the statement. Read details here

Invest
Binance backs Elon Musk bid with eye on bringing Twitter to Web3

Binance Holdings has committed $500 million for Elon Musk’s proposed takeover of Twitter Inc. as part of its strategy to bring social media and news sites into the world of web3. “We’re excited to be able to help Elon realize a new vision for Twitter,” Changpeng Zhao, chief executive officer of Binance, said in a statement. “We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.” The deal was part of the $7.1 billion of new financing that Musk has secured for his proposed $44 billion takeover of Twitter. Sequoia Capital Fund, Qatar Holding LLC, and Brookfield Asset Management are among other backers in the package. Twitter is a main platform for online discourse by the crypto community. Take a look

Twitter Mania
Binance, Sequoia, 19 others commit billions to back Elon Musk’s Twitter takeover

Venture capital firm Sequoia Capital committed $800 million while cryptocurrency exchange Binance committed $500 million to finance Elon Musk’s takeover of Twitter, reported Coindesk. Binance founder Changpeng “CZ” Zhao referred to the commitment as “a small contribution to the cause”. Apart from Binance and Sequoia Capital, 19 other parties have also put side round $7.1 billion with investment firm Fidelity has committed $316 million for the takeover, the report stated. Saudi Arabian investor Prince Alwaleed bin Talal, who had initially opposed the buyout, also agreed to roll his $1.89 billion stake into the deal rather than cashing out, a filing showed. Read more here
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He is currently Editor at Inferse.com. He is a political columnist for the Finger Lakes Times, Eiram.org, and is the co-founder of InFocus.co. His passions include politics, golf, the media, and gadgets.