Bitcoin continues its downward trajectory, trading at around US$34,159 on May 9 — down 9.7% over the past 7-day period. This is more than a 50% drop from its all-time high of US$69,044 recorded on Nov 10, 2021, according to CoinGecko data.
Other large altcoins also saw price drops, with Terra’s reserve currency Luna falling over 18.7% over the past week.
Amid the market volatility, smart contract platform Tron’s native token Tronix (TRX) surged more than 38% over the past week, following the launch of its stablecoin USDD. On May 8, Tron DAO Reserve which ensures USDD’s price stability and decentralisation announced that it had acquired 504.6 million TRX worth US$38 million to back the algorithmic stablecoin.
Chart: Bitcoin 7-day price performance, CoinGecko
Crypto exchange giant Binance has received approval from French regulator Autorité des marchés financiers to operate as a registered Digital Asset Service Provider (DASP). In a statement, Binance said its first DASP in Europe demonstrates its commitment to being a “compliance-first exchange”.
See also: Digital Assets Association launches to connect tradfi and tokenised real world assets
“Effective regulation is essential for the mainstream adoption of cryptocurrency. The French DASP and AML/CFT (anti-money laundering and counter-terrorism financing) regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France,” said Binance founder and CEO Chengpeng “CZ” Zhao.
Photo: Binance
See also: Ex-Grab executive joins Winklevoss twins crypto firm Gemini as head of APAC
Kering’s Gucci is accepting cryptocurrency payments for its goods starting from the end of May. The luxury brand said it would accept multiple digital assets, including Ethereum and Dogecoin at several locations in New York, Los Angeles, Miami, Atlanta and Las Vegas.
Gucci plans to extend the pilot to all of its directly-operated North American stores this summer.
