Crypto Craze Chronicles: A Weekly Roundup of News and Insights by alberdioni8406 - is a new segment of mine where I highlight the latest crypto news I wrote about during the week. The articles cover the entire week starting from last Sunday until the last Saturday of each week, and I appreciate feedback on what I can improve.
To begin, on May 7th, I published an article where I highlighted Stripe's launch of a crypto onramp platform that will allow companies and individuals to invest in cryptocurrencies securely, efficiently, and using a reliable company in the market with a brand of excellence in the payment industry now incorporating cryptocurrencies. The company launched the service without much fanfare and was announced by Jason Yanowitz using his official Twitter account.
On the same day, May 7th, Binance Exchange halted Bitcoin withdrawals due to the excessive number of pending transactions on the network caused by the massive use of the network and the introduction of new protocols such as BRC-20 and NFTs on the Bitcoin Blockchain. The exchange had to later replace the transactions with higher fees to be accepted by miners and ease congestion on the network.
Brian Armstrong, the boss of Coinbase, and some members of his team visited the United Arab Emirates and were amazed by the developments that the Arabs are having in the crypto field. Armstrong had an enthusiastic visit to the country and left the impression that the American cryptocurrency exchange will definitely soon install a hub in the territory. The United Arab Emirates is a cryptocurrency hub in the region and has more than 500 companies registered with the regulator, and is the first country to show willingness to regulate the cryptocurrency market in the world, after all, the market holds promise.
While Armstrong was strolling through the Emirates making connections, perhaps to faster a license to operate in the country, the PEPE frog meme token phenomenon was making waves in the market. In just one month, this token managed to create millionaires who are now sitting on profits of over $90 million together. But that's not all, as there was also a "blunder" on Coinbase's part regarding the PEPE frog meme token.
Customers received emails classifying the token as a symbol of hate, raising the fury on the cryptocurrency supporters who quickly launched a #deletecoinbase campaign on Twitter to call out the exchange and force them to come out publicly. It wasn't long before the Exchange's legal team publicly apologized for the misunderstanding using the account of their Chief Legal Officer, Paul Grewal, who used the famous words: "We screwed up and we are sorry."
While all of this was happening on Coinbase regarding the frog meme token PEPE, the Binance cryptocurrency exchange was also moving the market with the announcement of listing Bitcoin Non-Fungible Tokens (NFTs) soon. Upon the announcement, the exchange also made it clear that trading would be done between Binance accounts, which makes inconveniences like waiting for "ordinals" in the wallet easier.
Wow, it's was a busy week for the crypto ecosystem and it's not over yet. Do you remember the "beef" between the Securities and Exchange Commission and the crypto industry? Well, now the cryptocurrency industry has the support of the United States Chamber of Commerce, which makes several accusations against the regulator, including driving technological innovation away to other places and also acting illegally.
Once again, Binance Exchange returned to the crypto space spotlight with the announcement of its exit from the Canadian market, largely due to the policy enforced by the regulator that limits users in terms of investments as well as a range of rules that make it difficult to continue business in the territory.
Finally, Elon Musk, the owner of Twitter and outgoing CEO, announced that he has hired a new CEO. The new CEO is Linda Yaccarino, who for ten years helped NBCUniversal expand its brand and position itself in the market and now has the mission to catapult Twitter high and make the platform an all-in-one app. Musk, on the other hand, will continue in leadership but with different functions from his current role.
In short, these were the daily crypto news that moved the space and informed the community about what is happening in real time. It was a unique week and I hope, as I said at the beginning, that you leave feedback below and I promise to improve wherever possible.
