Look Back on Crypto Market (Week of May 29 – June 4) - Look at the most important moves and news in crypto over the last week.

    Biden signed bill to raise debt ceiling

    President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt.

    Elon Musk accused of insider trading with Dogecoin

    Elon Musk is being accused of insider trading by investors in a Dogecoin lawsuit. They say that the Tesla CEO manipulated Dogecoin, costing them billions of dollars.

    Binance rumored to lay off 20% of its employees

    Biance reportedly laid off 20% of its workforce as the crypto market is facing a lot of difficulties. However, Binance then responded to rumors about the company cutting its staff by 20%. The firm was not cutting down 20% of its staff to manage costs, contrary to reports.

    Uniswap warned of a scam where individuals created a fake Uniswap website

    Uniswap founder Hayden Adams warned the community of a sophisticated scam in China. The scammers went to great lengths by organizing an hour-long Zoom recording showcasing individuals pretending to be high-ranking executives from Uniswap. Adams made it clear that neither Uniswap nor the Uniswap Foundation had any form of association or involvement with the video in question, or the individuals who appeared in it.

    OPNX exchange issued new government token, FLEX pumped 16%

    OPNX, a bankruptcy claim exchange, has released a new governance token called “Open Exchange token” (OX), designed to reduce transaction fees on the platform.

    USDT market cap broke ATH

    Stablecoin Tether has reached a $83.2 billion market capitalization, equaling its previous peak little more than a year ago. While  other stablecoins are struggling because of regulatory crackdown, USDT continues to grow exponentially.

    Plan for 30% tax on Bitcoin mining appears dead under debt ceiling deal

    Bitcoin miners can breathe a sigh of relief as a plan by the White House to impose stiff taxes on the sector appears dead in the water following a larger deal between President Biden and senior Republicans to prevent the U.S. from defaulting on its debt.

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