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Cryptocurrency Price on May 7: Bitcoin falls below $63,700; Shiba Inu, Dogecoin tank 5%

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Cryptocurrency Price on May 7: Bitcoin falls below ,700; Shiba Inu, Dogecoin tank 5%
Cryptocurrency markets saw a downturn in Tuesday’s trading session, with Bitcoin, Ethereum, and Dogecoin leading the decline. The global cryptocurrency market cap also dipped 1.8% to approximately $2.34 trillion within the last 24 hours.

As of 12:14 p.m., Bitcoin was trading 1% lower at $63,649, while Ethereum experienced a 3.5% drop to $3,068. Additionally, altcoins like BNB (-1.1%), Dogecoin (-4.9%), Toncoin (2.6%), Cardano (3.3%), Avalanche (-3.1%), and Shiba Inu (-5.2%) followed suit in the downward trend.

The crypto market sentiment was further impacted by news of significant transfers from FTX-associated addresses and a Wells Notice issued to Robinhood by the SEC, alleging unauthorized digital asset trading categorized as securities.

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CoinDCX Research Team noted, “In the short term, both BTC and ETH show bearish price action, though the higher time frame remains bullish. BTC needs to reclaim the $67,000 level, while ETH must surpass $3,250 to regain momentum.”Also Read: Grayscale Bitcoin Trust’s shares jump after first inflow since JanuaryStablecoins accounted for $69.86 billion in volume, representing 91.12% of the total crypto market’s 24-hour volume, according to CoinMarketCap.Within the same timeframe, Bitcoin’s market cap rose to $1.253 trillion, with BTC volume surging by 67.8% to $30.57 billion.Vikram Subburaj, CEO of Giottus, analyzed Bitcoin’s technicals, stating, “Bitcoin, after breaching $65,000 briefly, is consolidating above $63,500 today. The asset has found strong support at the 0.5 fib extension ($60,700), aligned with its 100-day MA at $60,850. Its RSI levels continue to improve towards a neutral territory. Bitcoin can consolidate at these levels for a few more days before it holds $65,000 and turns bullish.”

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Regarding Cardano, Rajagopal Menon, Vice President at WazirX, remarked, “Cardano is looking at an accumulation phase which means the network could see more buying activity in the coming days, creating a potential for a price surge. Its technical indicators are favourable and all signs point to a buying activity for investors in the coming days.”

In Tuesday’s trade, Cardano saw a 3.3% decline to $0.4476. Over the past month, the crypto token dropped by 24%, yet it rallied by 17% over the last year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Police log: cryptocurrency financial scam, traffic stop arrests – TownLift, Park City News

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Police log: cryptocurrency financial scam, traffic stop arrests – TownLift, Park City News

Monday, May 12 

Incident: Traffic Hazard 

A semi got caught on a stop sign on the corner of Wheaton Way and Royal Street W while trying to make a right hand turn. The stop sign was damaged as a result.

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Tuesday, May 13

Incident: Drugs

Deputies stopped a vehicle after a registration check revealed that the vehicle was not insured. During the stop, it was discovered that the male driver had four active statewide warrants for his arrest. The male was taken into custody and his vehicle was state tax impounded. During an inventory of the vehicle, a user amount of marijuana was located, as well as drug paraphernalia. The arrested male was ultimately booked into the Summit County Jail for drug related charges and his outstanding warrants.

Wednesday, May 14

Incident: Warrant 

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Deputies observed a vehicle that had a broken headlight traveling southbound on SR 224. Deputies conducted a traffic stop and during the stop noticed that the driver of the vehicle had a State-Wide Warrant out for their arrest. Deputies arrested and transported the driver to the Summit County Jail without incident. The vehicle was later picked up by a licensed driver.

Friday, May 16

Incident: Wildlife Crossing

A large herd of elk tried to cross SR 224 near Meadows Drive. 

Saturday, May 17

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Incident: Scam

Deputies contacted a complainant regarding a report of a financial scam involving cryptocurrency. The complainant reports being defrauded of approximately $15,000 USD through a fraudulent investment scheme facilitated via cryptocurrency platforms.  This case will be referred to investigations for further follow-up.

Incident: Domestic Violence

Deputies responded to an assault incident at the given location. After an investigation it was determined that domestic violence assault had occurred. The suspect was arrested and booked into the Summit County Jail.

Incident: DUI

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Deputies initiated a traffic stop at N Silver Springs Dr and Little Lake Dr. Deputies smelled a strong odor of alcoholic beverage coming from the vehicle and the driver. After an investigation, the driver was transported to the jail and then released on a citation for DUI. 

Sunday, May 18

Incident: Vandalism

Deputies responded to High Valley Transit Center for reports of a broken glass door. The victim was able to provide a screenshot of a possible suspect. Deputies later found and identified the vandal and he was taken in for questioning. 

Read our full article on this police story.

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Incident: Drugs

Deputies initiated a traffic stop. During the records check, a deputy’s dog alerted on the vehicle. During a search of the occupants and vehicle, controlled substances and drug paraphernalia were discovered. Both subjects were arrested and booked into Summit County Jail.

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Bitcoin Hits Record High After Stablecoin Bill Advances in Senate | PYMNTS.com

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Bitcoin Hits Record High After Stablecoin Bill Advances in Senate | PYMNTS.com

Bitcoin reportedly hit an all-time high of $109,730 Wednesday (May 21), driven in part by the Monday (May 19) news that a stablecoin bill advanced in the U.S. Senate.

The cryptocurrency reached its previous record high around the Jan. 20 inauguration of President Donald Trump, which heightened the market’s hopes for regulatory clarity around crypto, Bloomberg reported Wednesday.

Bitcoin has also benefited from some investors’ belief that it offers a haven from financial market turmoil, from some companies stockpiling the token, and from the greater variety of bitcoin exposure available to investors, according to the report.

The crypto industry-backed bill in the Senate is set for debate and could pass as soon as this week, per the report.

“It’s the shift of approach from [former Securities and Exchange Commission Chair Gary Gensler and the SEC] to this Trump administration, which has embraced our industry,” Michael Novogratz, founder and CEO of Galaxy Digital, told Bloomberg TV Wednesday. “That freed up the animal spirits both here and abroad.”

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The Senate voted to advance the country’s first stablecoin legislation, the GENIUS Act, an acronym for Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act, on Monday after weeks of political back-and-forth, PYMNTS reported Tuesday (May 20).

“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets,” Senate Banking Committee Chairman Sen. Tim Scott, R-S.C., said in a press release. “After playing politics, I’m glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape. By moving forward on the GENIUS Act, we are one step closer to delivering a regulatory framework that keeps innovation in America, protects consumers, and safeguards our national security.”

After hitting its previous record high in January upon Trump’s inauguration, the price of bitcoin fell by as much as 30% when new tariffs led to a market downturn.

However, it rose back above the $100,000 mark for the first time in three months on May 8 amid anticipation for a relaxation of global tariff-related tensions following a new trade deal.

“It just speaks to the large amount of demand for digital assets in the industry, and especially bitcoin,” Cosmo Jiang of Pantera Capital told Bloomberg at the time.

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Bitcoin Buys a View: Trump Tower Dubai Embraces Cryptocurrency Payments via Deus X Pay

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Bitcoin Buys a View: Trump Tower Dubai Embraces Cryptocurrency Payments via Deus X Pay

Deus X Pay, an institutional stablecoin payment solution setting new standards across the luxury sectors, is now enabling crypto payments for property purchases at the new Trump Tower Dubai, the first Trump International Hotel to be built in the Middle East.

The new $1 billion Trump Tower Dubai, unveiled through partnership with London-listed Dar Global,marks a breakthrough in global luxury real estate. Eric Trump, Executive Vice President of the Trump Organisation and son of US President Donald Trump, has recently announced that Bitcoin and other digital currencies will be accepted for condo sales.

Ziad El Chaar, CEO of Dar Global, said the Trump Tower Dubai is among the most ambitious Trump-branded residential towers globally, reflecting the project’s magnitude, stature, and symbolic significance in the region and internationally.

Trump previously told Gulf Business that Dubai is where luxury real estate and financial innovation intersect, and projects like Trump Tower Dubai are leading the way. By embracing technologies like stablecoins, buyers gain a faster, cheaper and more transparent way to secure exclusive, high-end properties while reshaping how luxury transactions are conducted.

Deus X Pay, a licensed Virtual Asset Service Provider (VASP) in Lithuania, offers institutional stablecoin payment solutions, enabling luxury sectors such as real estate, aviation and yachting to capitalise on this new era of finance. Deus X Pay CEO, Richard Crook, highlights that Dubai has created an environment where stablecoins can flourish as a practical, secure tool for international transactions (with Crypto Watch reporting that crypto adoption in the UAE is expected to surge 210% in 2025), giving premium buyers faster, frictionless access to high-value assets.

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“Dubai’s forward-thinking stance has unlocked a whole new economy, and the gold standard for transactions of high-value assets. International buyers seek faster settlements, fewer cross-border complications and seamless access to premium developments. This project is a defining moment — not just for Deus X Pay, but for the global real estate sector. We are thrilled to deliver the regulated rails that make it possible for premium property buyers to transact instantly, compliantly and without the traditional delays or friction.”

The Trump Tower Dubai, an 80-story architectural icon, offers the highest international standards for ultra-high-net-worth travellers and long-stay residents. The exclusive building boasts 2-3 bedroom apartments and 4-bedroom penthouses valued at over AED 73 million, the highest outdoor swimming pool in the world, and has views of the world’s tallest building, the Burj Khalifa.

This new skyscraper is part of an expanding trend across private aviation, superyachts, and luxury collectables as high-end sectors embrace digital assets as a payment option to future-proof legacy industries.

About Deus X Pay

Deus X Pay is a regulated provider of institutional stablecoin payment solutions, revolutionising the authorisation, clearing, and settlement of cryptocurrency payments. We enhance global payment options for institutions, businesses, and corporations by seamlessly merging traditional finance with advanced digital payment infrastructure, enabling faster, more cost-effective, and secure transactions.

Fully compliant and regulated as a Virtual Asset Service Provider, Deus X Pay operates under a license in Lithuania, supervised by the Financial Crime Investigation Service (FNTT), the Czech Republic, supervised by the Financial Analytical Office (FAU), and in Canada, supervised by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

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As a part of the innovative crypto investment firm Deus X Capital, we equip organisations with state-of-the-art financial tools aimed at fostering growth and success in today’s dynamic market.

Deus X Pay, an institutional stablecoin payment solution setting new standards across the luxury sectors, is now enabling crypto payments for property purchases at the new Trump Tower Dubai, the first Trump International Hotel to be built in the Middle East.

The new $1 billion Trump Tower Dubai, unveiled through partnership with London-listed Dar Global,marks a breakthrough in global luxury real estate. Eric Trump, Executive Vice President of the Trump Organisation and son of US President Donald Trump, has recently announced that Bitcoin and other digital currencies will be accepted for condo sales.

Ziad El Chaar, CEO of Dar Global, said the Trump Tower Dubai is among the most ambitious Trump-branded residential towers globally, reflecting the project’s magnitude, stature, and symbolic significance in the region and internationally.

Trump previously told Gulf Business that Dubai is where luxury real estate and financial innovation intersect, and projects like Trump Tower Dubai are leading the way. By embracing technologies like stablecoins, buyers gain a faster, cheaper and more transparent way to secure exclusive, high-end properties while reshaping how luxury transactions are conducted.

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Deus X Pay, a licensed Virtual Asset Service Provider (VASP) in Lithuania, offers institutional stablecoin payment solutions, enabling luxury sectors such as real estate, aviation and yachting to capitalise on this new era of finance. Deus X Pay CEO, Richard Crook, highlights that Dubai has created an environment where stablecoins can flourish as a practical, secure tool for international transactions (with Crypto Watch reporting that crypto adoption in the UAE is expected to surge 210% in 2025), giving premium buyers faster, frictionless access to high-value assets.

“Dubai’s forward-thinking stance has unlocked a whole new economy, and the gold standard for transactions of high-value assets. International buyers seek faster settlements, fewer cross-border complications and seamless access to premium developments. This project is a defining moment — not just for Deus X Pay, but for the global real estate sector. We are thrilled to deliver the regulated rails that make it possible for premium property buyers to transact instantly, compliantly and without the traditional delays or friction.”

The Trump Tower Dubai, an 80-story architectural icon, offers the highest international standards for ultra-high-net-worth travellers and long-stay residents. The exclusive building boasts 2-3 bedroom apartments and 4-bedroom penthouses valued at over AED 73 million, the highest outdoor swimming pool in the world, and has views of the world’s tallest building, the Burj Khalifa.

This new skyscraper is part of an expanding trend across private aviation, superyachts, and luxury collectables as high-end sectors embrace digital assets as a payment option to future-proof legacy industries.

About Deus X Pay

Deus X Pay is a regulated provider of institutional stablecoin payment solutions, revolutionising the authorisation, clearing, and settlement of cryptocurrency payments. We enhance global payment options for institutions, businesses, and corporations by seamlessly merging traditional finance with advanced digital payment infrastructure, enabling faster, more cost-effective, and secure transactions.

Advertisement

Fully compliant and regulated as a Virtual Asset Service Provider, Deus X Pay operates under a license in Lithuania, supervised by the Financial Crime Investigation Service (FNTT), the Czech Republic, supervised by the Financial Analytical Office (FAU), and in Canada, supervised by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

As a part of the innovative crypto investment firm Deus X Capital, we equip organisations with state-of-the-art financial tools aimed at fostering growth and success in today’s dynamic market.

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