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The Crypto Beat - May 25, 2021

Written by:
Aaron Goldstein
Published on:
May/25/2021

Here are all the latest stories related to cryptocurrencies Tuesday May 25, 2021.

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Bitcoin

Bitcoin Correction or Bear Market?

On Tuesday, Michael Hsu, new chief of the Office of the Comptroller of the Currency (OCC), appointed by U.S. Treasury Secretary Janet Yellen two weeks ago, called for a review of the cryptocurrency guidance issued by the regulator under his predecessor Brian Brooks. Since Brooks took office in May 2020, the OCC provided interpretive letters and guidance clarifying that banks can custody cryptocurrency and stablecoins, as well as engage in stablecoin business, while also creating a controversial Special Purpose Payments Charter for FinTech companies.

The same day, three Chinese financial industry associations announced that bank and payment institutions are largely prohibited from conducting business related to cryptocurrencies, specifically clamping down on a slew of activities, including cryptocurrency registration, trading, clearing and settlement. The guidelines, which reiterate a previous measure from 2017, also bar financial institutions from accepting or using cryptocurrencies in payments or settlements, developing digital currency exchange services and offering any such services to clients.  Source: Forbes

JPMorgan says the recent cryptocurrency plunge and shift into riskier altcoin bets looks a lot like the 2017 collapse

The firm's Josh Younger noted that like the end of the 2017 bull cycle, investors are beginning to diversify out of bitcoin and ether and into riskier altcoins.

But Younger also said the crypto market is more resilient than it was in 2017.

Also, there's been more institutional sponsorship in this current cycle, continued development and maturation of market infrastructure, broader and cheaper availability of leverage, and the rise of DeFi projects, Younger said.

The strategist concludes that crypto is in the middle of a "sizeable correction," and it's too early to call the bottom, but the resilience of the crypto market structure is a "positive technical backdrop" for a recovery. Source: MSN

Elon Musk Tweets About Having Discussions on Cryptocurrency's Sustainability, Bitcoin Surges

Bitcoin's price jumped about 4% on Monday afternoon after Tesla CEO Elon Musk tweeted he was talking to "North American Bitcoin Miners," according to CNBC. The cryptocurrency was trading just over $38,000.

Bitcoin SV

CoinGeek Weekly Live Stream

Join Kurt Wuckert Jr in another CoinGeek weekly livestream where you can ask him anything you like about Bitcoin. In this episode Kurt will have a very special guest.

Luno Forced to Amend 'Misleading' UK Cryptocurrency Adverts

Cryptocurrency app Luno has fallen foul of the UK's advertising watchdog for "misleading" posters displayed at. Adverts with the slogan "If you're seeing Bitcoin on the Underground, it's time to buy" have been ubiquitous in Tube stations and on the side of London buses.

- Aaron Goldstein, Gambling911.com

Video News News

Global Blockchain Convention in Dubai Gets Underway (Watch Day 1 Here)

Global Blockchain Convention in Dubai Gets Underway (Watch Day 1 Here)

The Global Blockchain Convention in Dubai kicked off Tuesday and the full agenda can be found here.  Watch the entire Day 1 event or simply select topics of interest.  There was to be a strong focus on gaming and the blockchain.

Smerconish: 'Biden Should Announce Now He is Not Running for Re-Election"

Smerconish: 'Biden Should Announce Now He is Not Running for Re-Election"

BetOnline has Biden a near -300 favorite to exit office in 2015 whether by choice or as a result of losing the election.

Long Shot Payout Odds on Creative Minister, Skippylongstocking to Win This Year's Preakness Stakes

Plus the guys look at some interesting props for this weekend's Preakness Stakes that include whether there will be a wire-to-wire winner.

Power Master Class - Pay Per Head Software Features (Part 3)

Power Master Class - Pay Per Head Software Features (Part 3)

In this episode we discuss agent betting alerts as well as the subscription newsletter that provides bookies and agents a front row seat for exclusive seminars and work shops.

Epicenter To Win Preakness Stakes 2022? Dick Jerardi Says Yes!

Epicenter To Win Preakness Stakes 2022? Dick Jerardi Says Yes!

Epicenter entered the Kentucky Derby two weeks ago after winning his previous two races both Grade 2s: The Louisiana Derby and Risen Star.  Epicenter would go on to finish 2nd after huge long shot Rich Strike's upset victory.   Rich Strike will not be racing in the Preakness.

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