Bitcoin entered unfamiliar territory this week after surpassing the previous all-time high ($109,452), peaking at $111,895. This bullish price action was fueled by news that the popular stablecoin bill had received the support of the majority of US policymakers.
If signed into law, the bill will provide clear guidelines for crypto companies in the United States that want to issue stablecoins. Industry players say that a clear rulebook for stablecoins will lead to massive capital flowing into crypto, thus pushing the token prices higher.
Here is a summary of other top stories in the last seven days.
Binance Ex-CEO Changpeng Calls Out WSJ for Publishing Fake Report
Last Tuesday, Binance’s former boss, Changpeng Zhao, called out the Wall Street Journal (WSJ) for sharing what he called ‘a report with multiple inaccuracies.’ In its report, WSJ alleged that Zhao was involved in Donald Trump’s family’s decentralized finance project, World Liberty Financial. The media house claimed that Zhao had been acting as an advisor for the project. However, the Binance ex-CEO has refuted the claims through an X post and told WSJ to stop spreading misinformation.
Chinese Policymakers Pass Stablecoin Bill
Lawmakers in Hong Kong passed a crucial stablecoin bill that would enable top financial institutions to issue digital currencies collateralized by various assets. Johnny Ng Kit-Chong, a member of the Hong Kong Legislative Council, tweeted that the bill would help China become a global leader in crypto.
When the bill becomes law, companies that wish to issue stablecoins will be required to apply for licenses with the Hong Kong Monetary Authority.
US Policymaker Proposes Anti-Corruption Bill to Stop Trump’s Involvement in Crypto
On May 22nd, House Representative Maxine Waters introduced a bill seeking to block ‘crypto corruption’ conducted by Trump’s family. Waters termed the President and the First Lady’s move to issue their meme coins earlier this year as a ‘crypto crime.’
It is worth highlighting that the lawmaker’s bill also aims to block members of Congress and the vice president from engaging in the digital asset space.
JPMorgan to Allow Customers to Purchase Bitcoin
According to JPMorgan Chase CEO Jamie Dimon, the bank’s customers will soon be able to purchase Bitcoin. However, the firm will not offer custodial services. His remarks come a few months after telling a CNBC journalist that he wasn’t a crypto fan because digital assets were being used in sex trafficking, money laundering, and financing terror groups.
Analysts Say Bitcoin Bears Are Targeting $69k
After Bitcoin recorded a new all-time high last week, the bears are allegedly ready to trigger a sharp pullback as the asset ‘looks exhausted.’ Analysts from CoinTelegraph say that BTC could plunge to $98,000 before setting another all-time high. Furthermore, they claim that the asset’s price will likely peak in Q4, and then the bears will take over, pulling it to $69,000.
Fake Uber Driver Drugs American Tourist, Steals BTC Worth $123k
A man posing as a UK-based Uber driver dragged a US tourist and stole over $123,000 worth of Bitcoin stored in a mobile wallet app. A report published by MyLondon revealed that the tourist, Jacob Irwin-Cline, had been drinking at a local bar in London before ordering a ride to his home. He only discovered that his Bitcoin had been stolen after getting home.
Sui-Based Exchange Gets Hacked, Exploiter Makes Way With Over $200M
Decentralized exchange Cetus was targeted last week, with the hacker stealing over $200 million in various cryptocurrencies. Pseudonymous onchain looker COMDARE3 was the first to report the incident on X, revealing that a significant portion of the stolen money has already been converted to Ethereum. The hack caused many Sui-based digital assets to shed over 50% of their value within hours.
Amalgam Founder Charged With Robbing Investors of $1M
The founder of venture capitalist Amalgam, Jeremy Jordan-Jones, has been charged with defrauding investors out of $1 million using a fake blockchain network. According to the FBI, Jeremy misrepresented his firm’s investments and partnership to lure investors and then withdrew deposited funds to finance his expensive lifestyle.
