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2022-05-17 21:15:42 Global crypto markets are up over 2% during Tuesday’s session, with AAVE and AVAX two of the biggest tokens to rise. Both of these cryptocurrencies rebounded from losses during yesterday’s session, with AAVE trading as much 10% higher.

Aave (AAVE)
AAVE rebounded during Tuesday’s trading session, as bulls returned to action after a recent three-day winning streak was snapped yesterday.

Following a low of $82.02 to start the week, AAVE/USD rallied by as much as 10% today, hitting a peak of $92.16 in the process.

Today’s move pushed prices away from the long-term support level of $80, and they now hover marginally below a resistance point of $94.

Bulls in AAVE seem to be targeting the $100 level, however we will likely not see a move towards this point unless the current ceiling on the RSI is broken.

Looking at the chart, the 14-day Relative Strength Index i...

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2022-05-17 17:12:51 India’s central bank, the Reserve Bank of India (RBI), has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.”

RBI’s Crypto Warnings and Dollarization of Economy
The Reserve Bank of India (RBI), the country’s central bank, has warned that cryptocurrencies could lead to the dollarization of a part of the Indian economy, PTI reported Monday, citing unnamed sources.

During a briefing with India’s Parliamentary Standing Committee on Finance, top RBI officials, including Governor Shaktikanta Das, “clearly expressed their apprehensions about cryptocurrencies,” the publication conveyed.

The committee, chaired by former Minister of State for Finance Jayant...

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2022-05-17 17:12:46 BTC moved away from Monday’s lows to surge above $30,000 on Tuesday, as crypto bulls pushed prices higher. ETH continues to trade above $2,000, with prices rising by as much as 4% during today’s trading session.

Bitcoin
Following a stint below $30,000 to start the week, BTC was trading above this level as bulls made a comeback on Tuesday,

Following a low of $29,251.89 during Monday’s session, BTC/USD rose to a peak of $30,678.68 earlier today.

Since falling below $30,000 last week, markets have been volatile, as prices have looked to establish new support and resistance levels.

So far, the floor has been the $28,...

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2022-05-17 15:40:38 Square Enix has announced its new mid-term business plan, reinforcing its blockchain pivot according to the documents presented. The company will continue to invest in key companies in the blockchain arena, including Animoca Brands and The Sandbox, and will also consider other investments in the area. Square Enix recently sold its Western studios for $300 million, but will reportedly not use the funds to pursue these new Web3 investments.

Square Enix Structures Blockchain Strategy
Square Enix, the Japanese gaming company, seems determined to include blockchain and play-to-earn (P2E) as part of its business and monetization scheme for the future. In its recent earnings call, the company disclosed plans regarding blockchain and play-to-earn and the investments...

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2022-05-17 15:40:35 PRESS RELEASE. At Bitcoin Vault (BTCV), the team pride itself on solving security issues that no one else can, which requires a great deal of creative thinking. But when a team can think outside the box, anything is possible. Now, it has been proven that creativity drives projects forward.

BTCV is incredibly happy to announce that BTCV has been awarded the Gold Prize at the Muse Creative Awards for work on the SkillzVault series of events. This initiative was BTCV’s first collaboration with a new partner, ESE Entertainment. These events were announced in May 2021 and ran in Asia and South America from August to December. The events were a huge success, attracting large in-person crowds and audiences across multiple streaming platforms. This was compounded by launching the very popular NFTs promoting the events....

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2022-05-17 13:49:09 Since last week’s Terra implosion and the demise of the blockchain project’s native token LUNA — and the algorithmic stablecoin terrausd (UST) — crypto tokens based on the Cosmos ecosystem have seen significant losses. Two months ago, the top Cosmos ecosystem coins collectively were worth $61.6 billion and since then, the Cosmos economy has lost more than 75% in value, dropping to $15.2 billion.

Terra’s Fallout Stirs Cosmos Token Ecosystem
The blockchain project Terra is a Cosmos-based network, which leverages the consensus protocol Tendermint, the Cosmos SDK, and the Inter-Blockchain Communication protocol (IBC). Terra’s network has a native token called LUNA and a suite of algorithmic fiat-pegged tokens such as terrausd (UST).

Last week, UST lost its $1 parity and after the de-pegging event, LUNA’s value dropped well below a U...

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2022-05-17 13:49:06 This is the May 2022 monthly market insights report by Bitcoin.com Exchange. In this and subsequent reports, expect to find a summary of crypto market performance, a macro recap, market structure analysis, and more.

Crypto Market Performance
May got off to a rough start as the Federal Reserve confirmed a hawkish bias on the back of lingering inflation. Markets reacted by going risk-off.

The collapse of LUNA and UST added fuel to the fire, with the result that crypto markets saw historically large drawdowns.

BTC reached a low of $25.4k USD, which is 60% off its all-time high of $65k....

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2022-05-17 11:40:31 The Luna Foundation Guard, the entity in charge of safeguarding the peg of UST, the stablecoin of the Terra ecosystem, has revealed how it used the available Bitcoin reserve before the recent debacle involving the Terra ecosystem. The organization sold part of the bitcoins owned directly, while another part was traded on different dates to try and stabilize the value of UST. The reserve was comprised of more than 80,000 BTC.

Luna Foundation Guard Clarifies Reserve Movements
The Luna Foundation Guard (LFG), the organization tasked with safeguarding the dollar peg of UST, the algorithmic stablecoin of the Terra ecosystem, has broken its silence to explain the use of the assets it had under its custody. The institution had...

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2022-05-17 09:09:53 Portugal, one of the countries considered a crypto tax haven due to its absence of crypto-related taxation, is preparing to change this policy. Fernando Medina, minister of finance of Portugal, stated that the country is working on a framework to allow the taxation of cryptocurrency income gains following the principles of “justice” and “efficiency,” and declared that there cannot be gaps for any income gains to be obtained without taxation.

Portugal to Tighten Cryptocurrency Taxation Policy
Portugal, one of the countries that has been touted as a crypto haven due to the absence of taxation in this regard, is working on the establishment of laws that will allow it to tax these digital assets. The statements on the sub...

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2022-05-17 07:37:58 The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products.

SEBI’s Crypto Advertising and Endorsement Proposal
The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products, Businessline reported last week. In addition, the regulator proposed requiring advertisers to disclose possible law violations.

SEBI recently shared its view on the subject with India’s Parliamentary Standing Committee on Finance when it was questioned about va...

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