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The Bitcoin exchange rate updated to a local low below $35,000, the Binance exchange provided Elon Musk with $500 million in funding to buy Twitter, the Luna Foundation
The Bitcoin exchange rate updated to a local low below $35,000, the Binance exchange provided Elon Musk with $500 million in funding to buy Twitter, the Luna Foundation Guard bought 37,863 BTC and other highlights of the week for $1.5 billion.
May 5, after a short-term increase in quotes on a backdrop of increase fed At a key rate, the price of the first cryptocurrency started to drop rapidly and approached $35,000. Digital gold failed to reverse the downside trend – the asset fell below $34,400 on Sunday.
At the time of writing, Bitcoin is trading around $34,500.
The flagship brought the rest of the market with it. At the end of the week, all assets in the top 10 by capitalization were in the red zone.
Terra (LUNA) showed the worst dynamics – the cryptocurrency fell 16.5%. Reasons include short-term stable depreciation to the US dollar by the algorithmic stablecoin UST. The incident occurred against the background of the drop in the rate of return on deposits in the Anchor protocol. More than 2.2 billion USTs were withdrawn from the latter in less than two days.
The native token of blockchain platform Algorand (ALGO) rose the most among mid-cap digital assets during the week, according to the CoinCodex service. Its price has increased by almost 30%.
The price of the token of the Project Galaxy (GAL) digital identity management platform has dropped more than any other. Prices of the asset fell by 56%.
The total capitalization of the cryptocurrency market has reached $1.7 trillion. Bitcoin Domination Index dropped to 39.4%.
Cryptocurrency exchange Binance has allocated $500 million to fund the acquisition of social network Twitter, launched by Elon Musk. The billionaire cited this information in an application for the U.S. Securities and Exchange Commission.
According to the document, Musk raised $7.14 billion from equity investors. The largest check ($1 billion) was issued by The Lawrence J. Ellison Revocable Trust. In second place is Sequoia Capital, which allocated $ 800 million.
This week, Binance also acquired a digital asset provider license in France.
Nonprofit Luna Foundation Guard (LFG) purchased another 37,863 BTC for a total of ~$1.5 billion. The transaction was completed on the OTC market mediated by Genesis Global Trading and Three Arrows Capital.
To improve the project, the DAO behind the ApeCoin (APE) token has approved three proposals focused on changing the governance structure and integrating the staking mechanism for APE and NFT from the Bored Ape Yacht Club ecosystem.
The authors of the initiative estimated the integration cost at $300,000-$500,000 and the implementation time was 12-16 weeks.
Billionaire Mark Cuban talked about a way to combat spam and fraud on Twitter using Dogecoin (DOGE). The idea was backed by Billy Markus and Elon Musk, co-founders of the meme cryptocurrency.
Cuban suggested adding a feature that requires each user to commit 1 DOGE to tweet. Anyone will be able to mark messages as spam – if approved, complainants will share the violator’s existence among themselves. To post new tweets, a spammer will need to commit 100 DOGE already. If the complaint is not approved, its author loses 1 DOGE.
One of the Russian customers of the Bitstamp exchange reported that the account was blocked without the possibility of withdrawal. He said on his Reddit platform that the company was taking action “in light of current events in Ukraine and subsequent regulatory directives.”
No statement was made regarding the restrictions for users from the Russian Federation in the official Bitstamp communication channels. However, it was previously reported that the exchange blocked transactions with sanctioned banks.
At the same time, Coinbase chief attorney Paul Grewal said the exchange is following regulatory requirements and restricting access only to users on sanctions lists.
The US Treasury Department has placed the Blender.io cryptocurrency mixer and associated Bitcoin and Ethereum addresses on the sanctions list.
According to this OFACThe service helped launder funds stolen by North Korean hackers and was allegedly involved in ransomware attacks.
The International Football Federation (FIFA) granted Algorand the status of regional sponsor of the World Cup in Qatar.
The protocol has become the official blockchain platform of the competition. The project team will assist FIFA in developing an NFT-focused digital asset strategy and provide a wallet solution.
Coinbase, the largest cryptocurrency exchange in the US, received the first loan secured by bitcoins issued by Goldman Sachs. He did not disclose the terms of the agreement.
According to Matthew Ballensweig, managing director of crypto brokerage firm Genesis, such borrowers typically place bitcoin at a price of between 40% and 60%. The guarantee is held by a qualified guardian. The lender lends in dollars at the agreed rate.
On May 5, the algorithmic stablecoin USDD was released and circulated on the Tron network. The asset is also available on Ethereum and BNB Chain via the BTTC cross-chain protocol. The total supply of USDD is 100 million coins.
Earlier, Justin Sun, the founder of the project, said that the TRON DAO Reserve, which manages the stablecoin, will set a “risk-free” annual interest rate of 30% for the return on the asset.
To be “really acceptable”, commissions for L2 solutions for the Ethereum network should not be higher than $0.05. This perspective was brought by blockchain co-founder Vitalik Buterin.
Prices under $0.05 are currently only offered by the Metis Network project. While others on the list send $0.12 to $0.85 and $0.71 to $1.19 ETH when exchanging tokens, on the Ethereum network, the user will have to spend more than $2 and almost $12, respectively.
Kazakhstan’s Minister of Digital Development, Baghdad Musin, changed the rules for information about cryptocurrency mining activities.
Persons who plan to engage in mining or provide related services must inform the Ministry about the legal person or individual entrepreneur, including contact details, bank details and other information, within 30 days before starting work. Read more at the link.
Cryptocurrency platform Crypto.com has announced a reduction in rewards for staking the CRO token for prepaid cards – the 180-day average ROI will drop by 69.5%, and the possibility of staking for entry-level cards will disappear altogether.
After criticism from the community and the drop in the CRO rate, Crypto.com president Chris Marszalek said the decision will be adjusted to provide a “more balanced approach”.
Self-proclaimed digital gold creator Craig Wright is suing crypto exchanges Coinbase and Kraken.
Wright International Investments Limited and its owner Wright International Investments UK Limited signed the lawsuit with Wright. They claim that the platforms misrepresent information by offering Bitcoin Core assets to customers under the guise of Bitcoin.
According to Wright, the only digital asset that “remains faithful to the original bitcoin protocol” is Bitcoin Satoshi Vision (BSV).
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
