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🔴 Crypto Resists Market Crisis? | This Week in Crypto – Jun 5, 2023

Elon Musk faces new insider trading charges over Dogecoin, Coinbase says AI can benefit crypto and another crypto millionaire dies mysteriously. These stories and more, this week in crypto.

Bitcoin’s First Down Month in 2023

Bitcoin and Ether each experienced their first losing month of the year, as US debt ceiling worries unfolded. Bitcoin finished the month down 8%, its worst month since November 2022,  while Ether’s May red candle showed a loss of only about 2%. Crypto moved in line with major stocks, which were all lower as investors awaited the House vote.

Tether USDT Market Cap at All-Time High

Tether’s USDT’s market capitalization has hit an all-time high, topping out at $83 billion. It has taken a year, but USDT has recouped the $18 billion it lost in the fallout of the Terra collapse last May. Tether’s milestone runs counter to the shrinkage in the rest of the market, as the total stablecoin market cap has dropped to $130 billion from nearly $200 billion a year ago.

Elon Musk Faces New Charges Over DOGE

Elon Musk is facing fresh accusations of insider trading in a lawsuit filed by investors, who say Musk used his influence to manipulate the price of Dogecoin. The charges center around Musk’s decision to sell $124 million in DOGE shortly after he changed the Twitter logo to the Dogecoin symbol, sending its price up by 30%.

Hong Kong and UAE Collaborate on Crypto

The central banks for Hong Kong and the United Arab Emirates are collaborating on cryptocurrency regulation and financial technology development. Their aim is to strengthen cooperation between the two jurisdictions with regard to those issues. The central banks also discussed joint fintech development initiatives and knowledge-sharing efforts between each region’s innovation hubs.

Binance Loses Market Share

Binance, the world’s largest cryptocurrency exchange, has lost a quarter of its market share over the past three months.  At its peak in February, the exchange controlled 57% of the monthly global trading volume, but now only commands 43%. The sharp decline has come at the end of Binance’s recent free trading promotions, and as it faces greater scrutiny from US regulators.

Coinbase: AI Can Benefit Crypto

In a recent study, Coinbase listed a range of potential use cases of the combination of artificial intelligence and crypto, saying the intersection of both technologies is an important opportunity. The report provides examples such as decentralized data marketplaces and token-based incentives, where AI can help to prevent some of the fraud and security issues that have plagued the industry.

Wall Street to Take on Crypto Companies

Standard Chartered, Nomura, and Charles Schwab are among the traditional financial institutions that are creating and backing new, separate crypto companies, including exchanges and custody firms that can handle digital assets. The Wall Street firms are betting that fund managers are still keen on trading crypto, and that larger players would prefer dealing with established counterparties who have been regulated in the traditional sense.

Another Crypto Millionaire Found Dead

An ER doctor and founder of the ‘Onfo’ cryptocurrency was found dead in an Arkansas lake with a gunshot wound, a week after he went missing in Missouri. Dr. John Forsyth was an early adopter of Bitcoin and a vocal critic of the U.S. dollar. Forsyth’s death is the latest in a series of mysterious fatalities among crypto enthusiasts that have happened over the past year.

That’s what’s happened this week in crypto, see you next week.

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