BITCOIN

The Bank of England says “extreme volatility” in the crypto market “underscores the need for enhanced regulatory and law enforcement frameworks.” The British central bank has warned that crypto prices could fall further. Bank of England Calls for Enhanced Crypto Regulation The Financial Policy Committee of the British central bank, the Bank of England (BOE), said Tuesday that the “extreme volatility” in crypto prices in recent months underscores vulnerabilities in the crypto market, Bloomberg reported. Citing a $2 trillion reduction in the total market capitalization of crypto assets, the Bank of England stressed the need for tougher law enforcement and regulation for the crypto sector, the publication conveyed. The market cap of all cryptocurrencies currently stands at about $1 trillion. It was nearly $3 trillion at its peak in November last year. Last month, Agustin Carstens, the general manager of the Bank of International Settlements (BIS), said all the weaknesses in the cryp

Bank of America has revealed that the number of its customers who are active crypto users has declined more than 50% from its peak in November last year. In addition, the bank said its data “shows that outflows to crypto platforms have fallen sharply,” indicating that “consumers are pulling back on their net investment into crypto platforms.” Bank of America’s Active Crypto Users Bank of America published a report last week showing a steep decline in the number of active cryptocurrency users from its peak in November last year. The bank explained: Anonymized Bank of America internal customer data shows a sharp, greater than 50%, decline in the number of active crypto users from the peak of over 1 million users in November 2021 to below 500,000 in May. “We also found that ‘first time’ users, customers who made a transaction with a crypto platform having not made one previously, have also fallen very sharply,” the report adds. Bank of America further noted that there were only ar

Elon Musk’s Boring Company will accept the meme cryptocurrency dogecoin as payment for rides on its Las Vegas transit system Loop. Musk confirmed that he is “supporting Doge whenever possible.” Tesla already accepts the meme crypto for some merchandise and Spacex will soon follow suit. Elon Musk’s Boring Company to Accept Dogecoin Payments The Boring Company, founded by Tesla CEO Elon Musk, will accept the meme cryptocurrency dogecoin for rides on Loop, its Las Vegas transit system, CNN reported Wednesday. Musk previously said that The Boring Company’s goal “is to solve traffic, which plagues every major city on Earth.” One of the company’s projects is Loop, also known as “Teslas in Tunnels.” Loop is “an express public transportation system that resembles an underground highway more than a subway system,” its website details, adding that the system is all-electric with zero-emissions. The Tesla CEO indicated that the news of The Boring Company’s plan to accept dogecoin payments fo