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Currently, evil people are turning to money laundering through cryptocurrencies. Bitcoin trading syndicates have also sprung up to safely launder ill-gotten gains overseas.  However, the central bank controls the monetary policy, currency exchange, etc. In each country with a conventional banking system, there is no such state structure to control cryptocurrencies.  As a result, the currency devaluation here depends entirely on demand and confidence. Let’s know the trending news of May 2024 about this Cryptocurrency.

01. Bitcoin and Ether prices drop after the Dencon upgrade.

March 13 Denkun Upgrade to Ethereum Mainnet. Ethereum Layer 2 (L2) protocol transaction fees have been significantly reduced. Some protocols reduce fees by up to 99%. Denkun is recognized as a major scalability. The focused upgrade is said to be one of Ethereum’s most significant. Featured L2 protocols have been marked.  After the upgrade, gas fees were impressively reduced by 99%. Current fees drop to 2.7 cents for something like StarConnect.1.

02. Bitcoin’s 4% dip could ‘scare’ short-term holders as price moves below average cost on May 1

The fundamentals of short-term holder costs basically work according to the support of the bull period. Moreover, they act as resistance during bearish periods. Crypto Trading Resource On-Chain College May 1 X explained it.

Essentially, it pointed to some possible event that would not signal the “end of the bull market.” $59,600 is a “quick move,” roughly 2.2% above Bitcoin’s current market value, to be “bullish.”  On-chain colleges claim it.

It is based on a pattern similar to that of June 2023, when prices fell in line with costs and quickly recovered before a notable upswing.

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03. Gate.io (gt) May 2024 Released Reserve Report: Shows $6.49 Billion with 115.34% Ratio

Gate.io is one of the best crypto exchanges.  The original inventor of Web3.  Published 2024 Proof of Reserves (PoR) report on its website.  And disclosed a reserve-deposit ratio of 115.34% and a total reserve value of $6.49 billion (USD).

This report covers news on more than 209 websites.  Surpassing the previous report’s record.  and increased by 20%. It can be said that it maintains its position as the broadest of any exchange.

The report provides detailed information on the main assets.

The reserve ratio of Bitcoin

  • (BTC) ratio is 116.55%,
  • Ethereum (ETH) ratio is 113.43%)
  • Tether (USDT) ratio is 105.47% 
  • and USD Coin (USDC) ratio is 102.65%.  

These calculations reveal the impact of Gate.io’s liquidity position. And the ability to meet demand even during market downturns.

04. Texas has issued an emergency cease action against ArcBit’s crypto operations.

The Texas State Securities Board recently ordered that Arcbit Capital and such affiliates, Arcbit Capital Holdings, and filed a cease. And desist order against ABC Mining. And ABC Holdings LLC. These organizations are known to operate fraudulent MLM cryptocurrency investment schemes. 

The daily rate of return on investments between $50 and $49,999 for 120 days is 1.6-2.8%. They lure investors in different ways.   And Desist Order reported that Arkbit was using CoinPayments. Net for transactions even after banning the user.  Moreover, social media has been used in various ways to legitimize these issues, including hoax photos and fake videos based on fraudulent actions. If you need to hire a Cryptocurrency lawyer then read our article (best reliable Cyptocurrency lawyers).

05. Donald Trump announced in May 2024 that the USA must become a ‘crypto leader.’

Trump’s support for Cryptocurrency has been noted. And his goal for USA leadership.  Significantly change the political landscape when it comes to digital assets. Its ecosystem for cryptocurrency adoption. And innovation is expected.  Greater implications for market regulation and investor perception.

With the 2024 election campaign on the horizon, Trump’s position on Cryptocurrency will play an important role in that country’s digital currency. It remains to be seen whether his initiative will be effective later.

06. May 8, 2024, Bitcoin Drops Below $63,000, Athena Becomes Top

May 8, 3024 Bitcoin drops below $63,000 for the world’s oldest Wednesday. Other currencies — such as Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), 

The market’s overall fear and greed index ranks 55 (CoinMarketCap).     Ethina (ENA) token is in a profitable position of more than 3 percent in 1 day. (WIF) suffered more, with a 24-hour decline of 10%. 

07. Cartier Arrested for Crypto laundering. 

On May 2, the US Department of Justice (DoJ). Arrested a man from the Cartier empire. Accused of laundering drug money through the use of Tether’s USDT stablecoin.   Allegations are one of the most common crypto-related crimes. 

The DoJ also announced that Maximilien de Hoop. A descendant of jewelry house founder Louis Cartier. It was alleged that the Colombian drug had contracted with the man to import cocaine. Over-the-counter has also allegedly been linked to hundreds of millions of dollars in laundering. 

08. Monero P2P trading platform shut down LocalMonero shutdown.

LocalMonero, the cryptocurrency Monero-peer-to-peer platform. They announced the shutdown of its operations to protect privacy. 

In a May announcement, the exchange told its users that new contracts would be introduced and that advertising for Monero would be stopped. As of May 14, the company will no longer. And support cryptocurrency trading to protect privacy. 

Close-up of a man completely focused on a newspaper.

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09. Nigeria backs Binance, CEO accused of bribery. 

Nigeria peres back at Binance Holdings bribery allegation.  

They said that it was a conspiracy. This is a ploy to divert focus from the operations of the exchange. It has also been reported that government officials have pressured crypto representatives to sign a secret agreement. The agreement will resolve the Nigerian government’s claims against the exchange.

10. Cristiano Ronaldo teams up with Binance to raise new NFTs in May.

Famous footballer Cristiano Ronaldo (NFT) wished to extend his collaboration with Binance for the launch of the collection.

Binance recently revealed on its website that it paid tribute to Ronaldo’s illustrious career by unveiling the Binance NFT Marketplace on May 29

Learn how to earn money through Binance.

11. Tether’s USDT has announced  $2 billion in illegal foreign exchange.

Chinese police on May 15. Accused Tether of $2 billion worth of USDT in illegal currency transactions. In Sichuan province and arrested some people suspected of being involved. And in an underground banking operation.

12. According to a report by Baijiahao.Baidu, Sichuan police arrested the suspects.

A major underground banking institution was subsequently shut down in connection with smuggling worth 13.8 billion Chinese yuan. With a market capitalization equal to approximately $1.9 billion. Carrier of illegal transactions Expressed as USDT. 

This institution was spread over 26 provinces.  Chinese police have arrested 90 suspects in connection with this illegal activity.

13. More than 180 million dollars have been recovered by the Hong Kong police. And 100 fraudsters were arrested. 

Hong Kong police have arrested 100 people in a crackdown on fraud. And money-laundering syndicates. And recovered HK$180 million from 295 victims.

The campaign, called “Widepeak,”  ended on May 8. This includes 75 males and 25 females. They have been detained on suspicion of money laundering. And fraudulent acquisition of property. 

Chief Inspector Cheng Ki-fung of Hong Kong’s Sham Shui Po District Crime Squad said. Most of these suspects are cleaners and decorators. Also, there are several account owners. These criminals sold the bank accounts of the syndicate. and is alleged to have given loans.

Wrap-Up

Cryptocurrency is a buzzword in the investment world. According to a survey, cryptocurrencies are becoming increasingly important in the economy. Now the question is: will crypto dominate the economy in the near future?

Check out our website for answers to all your questions about digital currencies. Get all the information and all the updated news about cryptocurrencies

Frequently Asked Question

Which crypto coin will rise in 2025?

Experts estimate that Bitcoins can reach $10 million by 2025.

What will the total crypto market be by 2025?

The total crypto market by 2025 will be $7.5 trillion. According to Bernstein, analysts

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