Blockchain Industry Week in Review

A week of cryptocurrency events

Blockchain Industry Week in Review
  1. Bitcoin falls below $50,000, a host of animal coins nearly decimated
    After U.S. stock market hours on Wednesday, Tesla CEO Musk suddenly announced on social media that ” Tesla has called a halt to purchasing cars with Bitcoin. We are concerned that bitcoin mining and trading is leading to skyrocketing consumption of fossil fuels, especially coal, which has the worst impact of all fossil fuel emissions.” Musk’s comments brought down the cryptocurrency market directly. On Thursday morning, bitcoin fell below the $50,000 mark again, dipping as low as $45,750, with a maximum intra-day drop of 17.88%. At the same time, zoo coins, which have been on fire recently, also took a heavy hit. Among them, Dogcoin (DOGE) fell 26.63%, more than 40.54% from its high of 0.74 5 days ago; Shiba Inu (SHIB) fell 47.47%; Piggy Coin (PIG) also fell 41.65% in the last 24 hours; Akita (AKITA) fell more than 30%; Dogelon Mars’ The drop is even more exaggerated, once more than 70%. Of course, one of the big factors in the near-collapse of Zoo Coin is the sell-off by V God, the founder of Ether. It’s worth mentioning that ETH, OKB, HT, etc. were not affected much by this cryptocurrency market drop, and the drop was much smaller than Bitcoin. 13 morning, ETH was affected by the general market, once fell to $3500, the maximum intra-day drop of about 17.66%, just on the 12th, ETH also had a record high of $4371.96; the same day at zero, HT also had a record high of $39.91, and then it was The biggest drop of the day was 7.15%. OKB was a standout, up 3.87% at one point. The cryptocurrency market plunge is also considered by some analysts to be a normal retracement. Bitcoin has been trading sideways in the $50,000-$60,000 range for more than twenty days, and its market capitalization dominance is gradually declining. According to CoinGecko data, Bitcoin’s market capitalization has dropped to 39.8%, while Ether’s market capitalization is 19.3%. During this period, on the contrary, the rise of ethereum and other mainstream coins has been higher than one wave, with dogcoin, litecoin, EOS, etc. all doubling. In the face of such impressive gains, many speculative funds may have moved to other coins. But what should not be overlooked is that after falling to around $45,000, Bitcoin quickly rebounded to above $50,000, suggesting that institutional funds have not withdrawn significantly.
  2. Cryptocurrency regulation is different in 10 miles: South Africa and Argentina to include tax sources, Spain approves institutional investment, Indian banks cut cryptocurrency investment ties The cryptocurrency bull market is hot, but it has also attracted regulatory attention. India’s central bank has informally urged banks to cut ties with cryptocurrency exchanges and traders, Reuters reported. Three sources said India is drafting a law that would ban cryptocurrencies and punish anyone who trades in them, in what would be one of the most sweeping blows to crypto investments. But with India’s new crown epidemic sweeping the country, no one knows when the crypto bill will be passed. In other good news, the Spanish market regulator announced a few days ago that it will allow institutions to make cryptocurrency investments. However, the regulator has set some terms. First of all, crypto products are only allowed to be offered if the market price is determined by a third party that conducts the purchase and sale operations. In addition, fund managers are obliged to warn their clients that crypto assets are “high-risk investments” that “involve a high speculative element”. Such warnings should also be included in the fund’s prospectus and clearly stated in all marketing materials. Finally, institutional investors and fund operators will be prevented from investing in certain types of crypto derivatives and securities based on crypto assets, including crypto asset-based exchange-traded commodities (ETCs) or exchange-traded notes (ETNs). In addition, there is a trend towards taxing crypto assets, with the Argentine Federal Public Revenue Authority (AFIP) issuing a “Form 8126” to domestic digital asset exchanges on the 14th, requiring exchanges to report information such as lists of registered users, total wallet revenues, expenses and final monthly balances. A recent report from South Africa also shows that the country’s tax authorities are trying to tax cryptocurrency investors in order to increase the total value of government tax revenue. According to expert Thomas Lobban, “The South African Revenue Service (SARS) is currently very concerned about cryptocurrency transactions.”
  3. Alipay Adds Digital RMB Module, Suning Tesco Also Opens Digital RMB Payment Service On May 10, Alipay has added a new digital RMB module for some users, and users can open the digital RMB wallet of NetShares Bank after following the page prompt. It is reported that the digital RMB wallet can be used anonymously and in real name. The anonymous use only supports transfer and spending functions, while the real-name use also includes transfer in and out functions. The balance limit and transfer spending limit for real-name use are higher. On the 13th, Suning Tesco announced that from now on, consumers can use digital RMB payment when shopping in Suning Tesco, but the digital RMB payment service is still in the trial operation stage.
  4. The U.S. Department of Justice and the IRS are investigating Coinan for money laundering and tax evasion, BNB once fell over 15% According to a report by Bloomberg on May 14, the U.S. Department of Justice and the IRS are investigating Cryptocurrency for money laundering and tax evasion. The investigation by blockchain forensics firm Chainaysis inc. determined that criminal activity with funds transacted with Coinan exceeds that of other cryptocurrency exchanges, and that Chainaysis’ clients include U.S. federal agencies. In response, Coinan responded, “We take our legal obligations very seriously and are willing to work with regulators and law enforcement in a collaborative manner. We work to establish a robust compliance program, including anti-money laundering systems and tools for financial institutions to detect and address suspicious criminal activity. We have a proven track record of assisting law enforcement agencies around the world, including the United States.” As a result, the coin flat BNB plunged to $526.6 per coin, a 24-hour drop of more than 15%.
  5. Musk responds to the “scam” joke, dogcoin down all the way; Coinbase plans to go live, dogcoin back up 47% On the U.S. show Saturday Night Live, Musk said, “Cryptocurrency is a digital currency that is decentralized through blockchain technology. Dogcoin is the future of cryptocurrency, it’s an unstoppable financial instrument.” He also added that dogcoins are as real as dollar bills. But the host jokingly asked if dogcoin was a scam. Musk laughed helplessly, “Well, it is a scam.” After this comment, the price of dogcoin went all the way down to $0.34. On the 14th, Coinbase CEO Brian Armstrong said during the company’s Q1 earnings call that Coinbase plans to offer dogcoin trading in the next 6-8 weeks. Upon this statement, Dogcoin jumped 47.55% to a high of $0.57. In addition, SpaceX will launch the DOGE-1 mission to the moon in the first quarter of next year, and Musk’s commercial rocket company will accept dogcoin as a payment method. 11, Musk also launched a poll on Twitter: whether he wants Tesla to accept dogcoin as a payment method.
  6. Coinbase Q1 Earnings: Net Profit Reaches $771.5 Million, Institutional Trading Revenue Grows to $85 Million On Thursday, Coinbase released its first quarterly earnings report. The report showed: the company’s first quarter revenue was $1.8 billion, up from $585 million in the fourth quarter of last year and $191 million in the same period last year. Of that, net profit was $771.5 million, while trading revenue from institutions grew to $85 million from $10 million in the first quarter of last year. The platform now has more than 56 million verified users and a trading volume of $335 billion. Monthly trading users have more than doubled from the previous quarter, from 2.8 million to 6.1 million. Since its IPO on April 14, Coinbase shares have fallen about 30.4 percent, excluding after-hours trading, to close Thursday at $265.10, down 6.53 percent daily.
  7. DBS Private Bank Launches Cryptocurrency Trust Solution for BTC, ETH, BCH and XRP Recently, DBS Private Bank has launched a cryptocurrency trust solution that allows its private banking clients to invest, custody and manage digital assets. This trust product is only available for BTC, ETH, BCH and XRP, which are the four cryptocurrencies hosted on the DBS Digital Exchange. Because the trust is excluded from the probate process, it would not normally be part of the public record. The bank said this will save clients’ beneficiaries from having to deal with the potential complications that can arise in the probate process, including estate taxes in jurisdictions.

8 .Coinbase debuts at No. 1 Apple App Store download in the U.S.

On May 12, the Coinbase app debuted at number one on the Apple App Store’s free app download chart in the United States. Previously, on April 16, Robinhood and Coinbase were ranked in the top two apps for several days in the US Apple App Store’s Finance section of the free app download chart.

  1. Chicagoland Micro Bitcoin Futures Goes Public in 6 Days, Trading Volume Exceeds 100,000 Copies CME Group recently announced that micro bitcoin futures traded over 100,000 contracts in the first six days after its launch. According to CME, unlike the standard bitcoin futures, which were previously launched at a size of 5 bitcoins each, the “mini-bitcoin” futures contracts will be worth just 0.1 bitcoins each and will be settled in cash.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/blockchain-industry-week-in-review/
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