Today in Crypto: Bitcoin Falls With Powell Remarks; Coinbase Institute to Fund Research

Bitcoin dropped under $30,000 in trading on Wednesday (May 18) following traditional markets in retreat, Coindesk wrote.

Traders and analysts are responding to Fed Chair Jerome Powell’s pledge to keep putting pressure on inflation.

Bitcoin’s slide will likely extend a seven-week losing streak — the longest in a trading history going back to the early 2010s.

Meanwhile, crypto exchange Binance is pursuing regulatory approval in Germany, Coindesk reported.

CEO Changpeng Zhao said Binance would recruit compliance personnel for its German team.

He said the company wanted to get a license there and was “definitely talking with regulators.”

Binance is also looking at the right way to roll out its local presence in India, a Coindesk report said.

A spokesperson said the company was “monitoring the changes in the local regulatory environment.”

“We are also in talks with different stakeholders to understand the market approach of the South Asia market in a compliant manner,” the spokesperson said, per the report.

Meanwhile, Russia plans to eventually legalize crypto as a means of payment, according to Industry and Trade Minister Denis Manturov, a Reuters report said.

This could see the government and central bank inching towards a settlement of their differences.

Before Russia invaded Ukraine, the finance ministry submitted legislative proposals to legalize and regulate crypto, while the Bank of Russia recommended banning it.

In other crypto news, Coinbase is rolling out its Coinbase Institute, a global crypto-native think tank, which will work on research on decentralizing and the future of finance, a blog said.

“Our work will cut across many disciplines and provide expert analysis and insights about what’s happening in the global cryptoeconomy,” the blog says.

The Coinbase Institute will help with publishing research, discussing them with leaders, academics and policymakers, making partnerships to accelerate research, and building a team to boost public knowledge and awareness of crypto and Web3.

Finally, Bitso, the Mexican cryptocurrency exchange, will now operate in Colombia, Reuters reported.

This is its fourth market and it hopes to get 1 million clients this month, according to co-founder CEO Daniel Vogel.