Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for May 22-28, 2003.

Weekly Crypto Digest for May 22-28, 2003.

Monday, May 29, 2023

TOP news of the crypto industry by Yellow Capital.

Circle has launched Euro Coin on the Avalanche network.

Circle, the co-issuer of the USDC stablecoin, has announced the launch of a 1:1 euro-pegged "stablecoin" called Euro Coin (EUROC) on Ava Labs' Avalanche network.
Representatives of the firm noted that in the Avalanche ecosystem, a stablecoin can be used for all types of financial operations: storage, transfers, loans, etc. The expansion of networks that use Euro Coin is part of a so-called multichain strategy, Circle noted.

Biden has opposed protecting crypto traders in the debt deal amid the threat of a US default.

US President Joe Biden announced his desire to reach an agreement with Republicans that would avoid a debt default.
"I'm not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly a hundred — excuse me — nearly 1 million Americans," he noted.
At the same time, US Democratic presidential candidate Robert F. Kennedy Jr. said that cryptocurrencies need to be protected from "invasive surveillance."

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Elon Musk announced the risks of Dogecoin.

On May 23, the WSJ Board of Directors met. Among those present was Elon Musk, who unexpectedly warned investors about the risks of investing in Dogecoin.
In his words, traders should definitely not "rely" on this meme coin. And although Dogecoin, of course, remains his favorite, investments in this asset are associated with high risks.

FTX has started work on restarting the exchange.

Cryptocurrency exchange FTX, which is currently in the process of bankruptcy, is preparing to relaunch its platform. This follows from the report of the new head of the company, John Ray.
In April, the firm's chairman spent office hours preparing and developing the plan, which the documents refer to as "FTX 2.0," according to the service bill. The FTT token rose by 7% in a day after this information appeared.

The ECB predicted the launch of the digital euro in 3-4 years.

The launch of the digital euro will take place in 3 or 4 years, but the banknotes will remain in circulation as long as there is demand for them. Fabio Panetta, a member of the Executive Board of the European Central Bank (ECB), stated this.

If Biden is re-elected, Bitcoin will "die" - Florida Governor Ron DeSantis.

US Republican presidential candidate and Florida Governor Ron DeSantis has announced his support for digital currencies. The politician believes that Bitcoin represents civil liberties. At the same time, he called the attempts to introduce restrictions against the first cryptocurrency by his opponent, US President Joe Biden, an abuse of power.
According to the governor, if incumbent President Joe Biden is re-elected during the 2024 election, his administration could destroy the first cryptocurrency.

Hotbit has announced its closure.

Cryptocurrency exchange Hotbit said it was “time to say goodbye” and shut down all operations on its platform on May 22. Hotbit representatives asked customers to withdraw assets by June 21. Among the reasons that contributed to the collapse of cryptocurrency transactions, in particular, the collapse of the bitcoin exchange FTX and the banking crisis in the United States. According to them, this led to a constant outflow of funds from the platform.
Also, representatives of the platform noted that recently they have faced "repeated cyber attacks", which led to the loss of funds.

Huobi has been banned in Malaysia.

The Securities and Exchange Commission of Malaysia (SC) brought charges against Huobi Global Ltd. The companies are accused of operating the trading platform of virtual assets (DAX) without the appropriate license.
The regulator's order was published on the official website on May 22. Huobi is prescribed to completely suspend work on the local market, as well as close residents' access to its portal and mobile application.
In Malaysia, Huobi violated the Capital Markets and Services Act (2007). This regulation requires digital asset service providers (VASPs) to obtain an appropriate license to manage DAX.

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