Bitcoin Drops Below $27,000! Here’s Why [ Crypto Espresso 5.12.23 ]

It's Friday Friday you know I'm giving News on Friday I'm your host Andrew and This is crypto espresso your teeny tiny Daily shot of caffeinated crypto Headlines and I'm wasting no time let's Just dig in first up coinbase's recent Newsletter has irked crypto Twitter the Newsletter which was published on May 10th highlighted the meteoric rise of Pepe a token based on the popular Pepe The Frog meme Pepe has seen a humongous Rise in value in recent weeks surging From a few hundred thousand dollars in Market cap in April to a peak of more Than 1.5 billion dollars on May 5th with Half of its value disappearing in less Than a week but that loss of value Didn't upset the Pepe Community rather They were upset at how the Pepe the Frog Meme was depicted in the newsletter the Community claims that coinbase Mischaracterized the Pepe the Frog meme As a tool of racists coinbase has since Apologized for its coverage of Pepe Saying it screwed up the exchange has Also said that it will be more careful In the future about how it covers meme Coins a New Jersey judge has decided That blockfi's custodial wallet users Are entitled to receive back nearly 300 Million dollars worth of assets that Were frozen after the crypto lender Filed for bankruptcy back in April of 2023. the judge ruled that the assets

And the wallets were not part of Blockfy's estate but belonged to the Clients who deposited them this is a Relief for thousands of blockify Customers who were unable to access Their funds since the bankruptcy Announcement block fi which offered High Interest loans and savings accounts Using cryptocurrencies collapsed after a Series of regulatory actions and Market Volatility the company faced lawsuits From creditors and investors as well as Investigations from several State Regulators the judge's ruling allows Blackfy's trustee to begin the process Of returning the assets to the custodial Wallet users who will have to verify Their identities and provide proof of Ownership the trustee said that the Process could take several weeks Depending on the volume and complexity Of the claims the ruling does not affect Other blockified products or Services Which remain subject to ongoing Litigation Bitcoin has mostly been Trading just below thirty thousand Dollars since late April as the ongoing Banking crisis and drama over the debt Ceiling in the U.S have investors Wondering what it all means for the World's biggest cryptocurrency well over The past 24 hours the cryptocurrency Dropped below 27 000 touching a low of Twenty six thousand eight hundred and

Five dollars investors remain concerned About low liquidity which has led to Relatively small sell orders having a Larger than normal impact on the Bitcoin Price Bitcoin has been more active Around macro events such as Consumer Price Index reports and recent bank Failures yeah those two after nearly Doubling from lows of about sixteen Thousand dollars that were hit late last Year further progress has stalled out Since March do something Bitcoin come on Just do something the U.S Chamber of Commerce has expressed its support for Coinbase in its legal battle with the SEC over its proposed lending product The chamber filed an amicus brief in Which it criticized the SEC for its lack Of clarity and consistency in regulating Digital Assets in the brief the chamber Argues that the SEC is harming the Economy and Innovation by creating Uncertainty and confusion for investors And businesses the chamber also argues That the sec's actions could have Far-reaching implications for the Broader crypto industry and that the Agency's regulatory overreach could Stifle Innovation and growth in the Sector additionally they suggest that The sec's approach to regulation may be Overly burdensome and could hinder Legitimate businesses from operating in The space while the outcome of this case

Remains uncertain the chamber's support For coinbase is likely to be seen as a Positive development for the Cryptocurrency industry as a whole and Might actually help shape future Regulatory decisions in the sector and Finally according to a report by hunk Jung which is a South Korean news Outlet Do Quan had more than 176 million Dollars worth of assets Frozen by a sole Court order these assets include real Estate cars and yes cryptocurrencies the Court's decision is based on the Suspicion that Kwan obtained his wealth Through Crim criminal activities related To Terra Luna a dual token ecosystem That collapsed back in May of 2022 after Its stablecoin Terry USD lost its Peg a Quick refresher the incident wiped out About 40 billion dollars in market value And triggered investigations by South Korean and U.S authorities back in March Quan was arrested in Montenegro and is Currently awaiting extradition South Korean prosecutors claimed that Kwan Converted illegal funds from Terra Luna's native token now called lunk to Bitcoin and have traced 314.2 million Dollars in unlawful assets meanwhile in The U.S Kwan faces eight counts of fraud Charges that could result in up to 160 Years in prison and here's something That won't take nearly as long as 160 Years it's just liking this video

Subscribing to our YouTube channel and Clicking on that little bell icon to get Buzzed whenever a new crypto espresso Video goes live and a look that took at Most 10 seconds and you're already Rehabilitated and ready to re-enter Society and what did you think about Today's video just let me know in those Come comments below because I read them And I think too much about them they eat Me up inside at night all I can think About are the comments on YouTube Questions about today's headlines or Crypto in general why not take the Plunge and ask Alex in that description Below Alex is always a great resource For all things web 3 and the metaverse And that about does it for today as Always I've been your host Andrew these Have been your headlines and ladies and Gentlemen The weekend See you Monday


Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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