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Crypto Weekly - May 17

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Here is a summary of select stories from the cryptocurrency and blockchain world during this week.

Bitcoin shoots above $8000; Highest in a year

Bitcoin, which is on a strong recovery path from its 2018 lows, has broken another important benchmark by shooting above $8000 late Monday. The price reached $8291 in the early hours of Tuesday, a high not seen since May 20, 2018.

New York Supreme Court Grants Bitfinex's Motion To Modify NYAG Injunction

Cryptocurrency exchange Bitfinex said the New York Supreme Court granted its motion to modify injunction obtained by the New York Attorney General or NYAG against its business. The court's order allows Bitfinex and its affiliated stablecoin issuer Tether to continue their normal business activities. At the same time, it requires them to turn over information regarding a loan and line of credit Tether provided to Bitfinex.

Ethereum price at highest level in 7 months

Ethereum (ETH) reached its highest level - $273 - in more than seven months on Wednesday. The last time the world's second largest cryptocurrency traded above this value was on September 4, 2018. Samsung had confirmed extending Ethereum support to its range of Galaxy phones.

Canaccord Analysts See Bitcoin Climbing Back To $20000 In 2 Years

A research paper by investment banking firm Canaccord Genuity said that Bitcoin price will return to its all time high levels of around $20000 in two years. "Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself", analyst Michael Graham and associates Matthew Volpe and Alexander Frankiewicz at the Canadian financial services company said.

Crypto money laundering ring busted in Spain

A large-scale cryptocurrency money laundering ring in Spain has been dismantled in a joint operation by Europol and Spanish law enforcement authorities. Eleven vehicles, EUR16800 ($18871), around 200 cannabis plants, two crypto ATMs, computers, devices, jewels and relevant documents were seized. The authorities froze several bank accounts, four cold wallets and 20 hot wallets, to which EUR9 million ($10 million) was transferred.

Michael Terpin Wins $75.8 mln in cryptocurrency fraud case

Michael Terpin, a US blockchain and cryptocurrency investor, won $75.8 million in a suit against a man who defrauded him of cryptocurrencies through SIM swapping, Reuters reported. The case was against Nicholas Truglia, 21, who was allegedly part of a scheme that defrauded Terpin of digital currencies.

Hacked Crypto Exchange Cryptopia Halts Trading; In Liquidation

New Zealand's cryptocurrency exchange Cryptopia, which lost millions of dollars in hack, suspended its trading. The company announced that investigations are going on, and that it is in the process of liquidation. In a blog post, the exchange said David Ruscoe and Russell Moore from Grant Thornton New Zealand were appointed as its liquidators, who are securing the assets for all stakeholders.

SEC Again Delays Decision on Bitwise Bitcoin ETF Application

The United States Securities and Exchange Commission has again delayed taking a decision on bitcoin exchange-traded fund or ETF application by Bitwise Asset Management. The regulator requested public comments to determine whether to approve or disapprove the proposed rule change related to the listing and trading of shares of the bitcoin ETF, as modified by amendment on May 7.

Coinbase Extends Crypto-to-Crypto Trading Services To 50 More Countries

US cryptocurrency exchange Coinbase expanded its crypto-to-crypto trading service to 50 more countries. With this, Coinbase would be now serving customers in 103 countries, compared to 32 countries a year ago. It was in mid-April that the exchange extended its crypto-to-crypto trading service to 11 more countries across Latin America and Southeast Asia making a total of 53 countries.

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