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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- May Week 2 – Innovation & Tech Today

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- May Week 2 – Innovation & Tech Today

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With President Biden blocking a Chinese bitcoin mine, Wells Fargo announcing new investments in ETFs, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

President Biden Blocks Chinese Bitcoin Mine

On May 14, President Joe Biden issued a directive prohibiting a Chinese-backed cryptocurrency mining company from possessing land adjacent to a nuclear missile base in Wyoming, citing concerns about national security.

The directive mandates the sale of property utilized as a cryptocurrency mining facility near the Francis E. Warren Air Force Base. MineOne Partners Ltd., a company partially supported by Chinese investors, and its subsidiaries are instructed to dismantle specific equipment on the premises.

This action coincides with the United States’ plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China.

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Wells Fargo Announces Investments in ETFs

According to a regulatory disclosure, Wells Fargo & Company (WFC) has revealed its involvement in cryptocurrencies by investing in several Bitcoin exchange-traded funds (ETFs). This move reflects a growing interest in digital assets within the financial sector.

The disclosure indicates that Wells Fargo has acquired shares of Grayscale’s GBTC Bitcoin ETF, providing the bank with approximately $141,817 worth of exposure to the digital currency. Additionally, Wells Fargo has made a smaller investment of less than $1,200 in the ProShares Bitcoin Strategy ETF (BITO). This ETF enables investors to gain exposure to Bitcoin futures contracts, allowing them to speculate on the future price movements of the cryptocurrency.

Wisconsin Buys Blackrock Spot Bitcoin ETF

According to a filing, the U.S. state of Wisconsin acquired 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter, valued at nearly $100 million.

Following this news, Bitcoin experienced a 1% increase, currently trading at $61,957. However, it saw a 1.7% decline over the past 24 hours, coinciding with the release of new inflation data exceeding expectations during U.S. morning hours.

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Wisconsin, which submitted its quarterly 13F report to the Securities and Exchange Commission (SEC) on Tuesday, becomes the first state to publicly disclose its bitcoin investment. Additionally, the state’s investment board bought shares of Grayscale’s Bitcoin Trust (GBTC) valued at approximately $64 million.

OKX Australia Launches

OKX, a cryptocurrency exchange, has launched its services in Australia, offering spot and derivatives trading options for local users.

This move follows OKX’s establishment of a Sydney office in May last year and marks the latest expansion into international markets, joining previous entries in countries like Turkey and Singapore.

OKX’s expansion into Australia reflects the growing interest in cryptocurrencies among Australians. Notably, the Australian Securities Exchange (ASX) is considering the potential introduction of Spot Bitcoin ETFs by the end of 2024.

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Crypto

Argentina Collaborates with El Salvador to Enhance Cryptocurrency Adoption and Regulation

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The Argentine government is collaborating with El Salvador to gain insights from its experience with Bitcoin adoption and other cryptocurrency activities. The National Securities Commission (CNV) of Argentina met with El Salvador’s National Commission of Digital Assets (CNAD) to discuss crypto adoption and regulation in both countries, according to an official CNV announcement. On May 23, CNV president Roberto Silva, vice president Patricia Boedo, and CNAD president Juan Carlos Reyes reviewed El Salvador’s experience as the first nation to make Bitcoin legal tender in September 2021. The meeting focused on exchanging views and strategies regarding cryptocurrency use in global economies,

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Iggy Azalea Hints at Interest in Cryptocurrency

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Iggy Azalea Hints at Interest in Cryptocurrency

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.
His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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Bitcoin price today: drops to $67k on inflation fears, Ether rally cools By Investing.com

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Bitcoin price today: drops to $67k on inflation fears, Ether rally cools By Investing.com

Investing.com– Bitcoin price fell slightly on Tuesday, while a rally in no.2 token Ether also cooled as anticipation of key inflation readings this week kept traders largely risk averse, especially towards crypto.

Hype over the approval of an exchange-traded fund that directly tracks Ether also took a back seat, especially as the Securities and Exchange Commission now has to engage with fund managers over their applications to list such a potential product. 

The SEC had last week approved applications from major exchanges to list a spot Ether ETF, which triggered a sharp rally in the token and broader crypto markets.

fell 1.3% in the past 24 hours to $67,901.9 by 01:15 ET (05:15 GMT). sank 2% to $3,844.48, also retreating from two-month highs hit over the weekend.

Rate fears mount ahead of inflation data 

Fears of high-for-longer U.S. interest rates remained squarely in focus, especially ahead of key data due later this week.

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The reading is the Federal Reserve’s preferred inflation gauge, and is likely to factor into the central bank’s outlook on rates.

Sentiment towards crypto and other risk-driven assets was battered by growing fears that the Fed will keep rates high for longer, especially after a string of officials warned that sticky inflation will delay any monetary easing. 

This notion also kept Bitcoin trading comfortably within a trading range established over nearly three months, and also limited bigger gains in Ether.

High rates bode poorly for speculative assets such as crypto, given that they limit liquidity that can be invested in the space, and also push up the attractiveness of conventional, low-risk investments such as the dollar and Treasuries. 

Crypto prices took little advantage of a mild drop in the on Monday. 

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Before the PCE data, inflation readings from , and are also due this week. 

Crypto price today: altcoins, memecoins subdued 

Broader crypto prices saw little action, as trading volumes were also subdued on account of market holidays in the U.S. and the UK.

Altcoins and rose less than 1% each, while meme tokens and traded in a flat-to-low range. 

 

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