The most interesting events on the cryptocurrency market – a summary of May 2021
The most interesting news and events on the cryptocurrency market – a summary of May 2021
Bitcoin Takes Africa
Bitcoin is gaining more and more popularity on the so-called “Black Continent”. Interestingly, this popularity is not just due to the speculative potential to get rich. African citizens – especially those politically and currency unstable – trust that Bitcoin and other cryptocurrencies will be the best retirement accounts for them.
The Chinese “Digital Yuan” is not slowing down
The Middle Kingdom is not slowing down with the work on its CBDC – Digital Juan. Payment technology giants like Tencent and Ant Group are already processing a transaction involving a new programmable digital currency.
The largest e-commerce store in South America accepts Bitcoin
MercadoLibre – Latin America’s largest e-commerce platform – is joining the wave of cryptocurrency adoption. From now on, the platform allows you to pay with Bitcoin for some of the real estate offered through it.
CME launches Bitcoin futures
The Chicago Mercantile Exchange Group, one of the world’s leading derivative exchanges, launched Micro Bitcoin futures – with a reduced contract size. It is intended to attract both institutional investors and smaller individual traders.
Ebay is keeping a close eye on the crypto market
The CEO of Ebay revealed in an interview that Ebay is investigating the possibility of providing crypto payments to its users. The platform is also interested in the NFT market. NFT tokens are already traded on Ebay, which is why the website wants to improve trading in this type of assets.
Vitalik Buterin a billionaire
The creator of the second most popular cryptocurrency and the most popular platform for creating smart contracts became a criticism when the price of Ethereum reached $ 3,000.
Iran’s central bank is bypassing sanctions
Iran’s Central Bank has unveiled a new regulatory framework that allows local entrepreneurs to pay for imported goods in cryptocurrencies. The condition, however, is that the Bitcoins used for payment must be mined by licensed Iranian mines. The reason is that it is difficult to track freshly dug coins – which promotes privacy.
Revolut will allow you to withdraw cryptocurrencies
In a deleted post on his blog, Revolut revealed that he plans to introduce the possibility of withdrawing cryptocurrencies from the platform. Until now, trading cryptocurrencies in Revolut was based on contracts – “physically” the user did not have any cryptocurrencies. However, this may change.
Dogecoin more expensive than Twitter or Ford
Dogecoin was valued at $ 49.8 billion at one point. This means that the meme cryptocurrency has capitalized more than the social giant Twitter ($ 44.1 billion) and the American multinational automotive company Ford Motor Company ($ 45.2 billion).
PayPal wants its own stablecoin
PayPal is looking for an external company that deals with the development of stable cryptocurrency protocols. It is known that the payment operator has already approached Ava Labs (the creators of the Avalanche blockchain platform) with a cooperation proposal. It is not known who else PayPal is in talks with on this matter.
Uniswap V3
Another, long-awaited update of the most popular decentralized cryptocurrency exchange. The V3 version is to – among other things – better concentrate the liquidity of trading pairs so that the unnatural price fluctuations are smaller. Maintenance work has also been carried out – exploits have been fixed, user comfort has been improved and the protocol has been optimized.
Increasingly louder about Taproot
Taproot is the largest Bitcoin update since 2017 (SegWit). In May, the last tests were carried out before implementing the new upgrade. Taproot will give Bitcoin more bandwidth than before. It will also reduce transaction costs and increase privacy. Half of the hashrate (total mine power) of Bitcoin has agreed to implement Taproot.
Nokia is launching the blockchain data market
Immortal Nokia does not want to miss the next technological revolutions. The smartphone manufacturer has announced the launch of Nokia Data Marketplace – a corporate data market infrastructure service based on blockchain technology.
Bitmain buys semiconductors
Chinese giant Bitmain – the largest producer of cryptocurrency miners in the world – placed large orders for 5nm chips from Taiwan Semiconductor Manufacturing Company. The chips will be used by Bitmain to produce excavators for sale and personal use. Probably, large orders may also result from the shortage of semiconductors in the global market. Chips are lacking in all industries, so Bitmain is stocking up.
Internet Computer running
Internet Computer is a long-awaited platform for handling smart contracts. Work on the project developed by the Dfinity Foundation took five years – before the platform was finally launched. The Internet Computer is to process smart contracts at the speed of the Internet.
Binance has listed SHIB
The largest cryptocurrency exchange in the world has launched trading for Dogecoin’s rival – SHIBA INU (SHIB). The new memecoin is taken on the wave of Doge’s popularity – popularized in turn by Elon Musk. Chengpeng Zhao (CZ) – Binance’s CEO – warned, however, that SHIB is a highly risky asset.
Sylwester Suszek ceased to act as the president of BitBay
The third largest cryptocurrency exchange in Europe – Bitbay – has acquired an American investor from the FinTech industry. For this reason (probably as a result of the sale of shares), Suszek ceased to be the CEO of Bitbay.
Planned tax reduction on cryptocurrency profit in Hungary
In Hungary, this rate is currently 30.5% on cryptocurrency income. However, this may change soon. As part of the post-pandemic stimulus program, Hungarian authorities proposed a reduction in the income tax on cryptocurrencies to 15%. Maybe it’s time to pack your bags.
Enjin is a partner of the project Uniqly.io
Uniqly is a project that itself calls itself a bridge between NFT and physical objects. Uniqly’s ambitious plan is a solution to the last problem faced by NFT projects – to create a real item from a token on a blockchain. They started with T-shirts. Enjin became interested in the project, which resulted in an official partnership.
Zuckerberg speculations – has the creator of Facebook loaded into Bitcoin?
Mark Zuckerberg shared a public post on his Facebook profile, which in effect became an object of speculation. The creator of Facebook shared a photo of two goats with users of the platform. The content of the post was: “My Goats: Max and Bitcoin.” It could have been a subtle expression of support for the oldest cryptocurrency.
Ethereum’s capitalization has surpassed the value of the VISA network
The market capitalization of the Ethereum cryptocurrency for a moment exceeded the level of USD 500 billion. Rising above $ 4,300, Ether’s total capitalization has surpassed the value of the VISA network by several billion dollars.
A large chunk of the cryptocurrency market evaporated after Musk’s tweet
$ 425bn was evaporated from the crypto market after Elon Musk tweeted in which Tesla’s CEO wrote that Bitcoin (actually the massive energy consumption needed to mine it) is harmful to the environment.
Vitali Buterin burned his SHIB tokens
On May 17, the crypto community got word that the creator of Ethereum had burned SHIBA INU tokens. The news was shocking for one important reason – the value of the burned SHIB tokens owned by Vitalik was $ 6.6 billion.
The FinNexus project has been hacked
FinNexus – a DeFi project – announced that its network has been hacked. Cybercriminals somehow obtained the private key of the network and then managed to modify it. The attack resulted in 383 million minted, empty FNX tokens worth approximately USD 7.6 billion – at the time of the attack. The news of a hacked network caused the price of cryptocurrency to drop sharply – by 97%!
GameStop enters the NFT industry
GameStop is a famous publicly traded company, on whose shares the informal Wall Street Bets group has made a short squeeze of short positions in mutual funds. Now GameStop wants to launch its own NFT platform on the wave of popularity. They are looking for programmers and other people to join the team that will create the platform.
PayPal is following Revolut’s footsteps
At the CoinDesk Consensus 2021 conference, the vice president of PayPal – Jose Fernandez da Pont – announced that the option to withdraw cryptocurrencies from PayPal to third party wallets is in the implementation phase. PayPal, like Revolut, will offer its users the withdrawal of their crypto assets.
For more than 6 years, he has been interested in cryptocurrencies, tokens and blockchain, as well as other modern technologies like artificial intelligence. I have been actively investing for more than 10 years. I have developed hundreds of highly substantive articles and publications for this and many other external portals.
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