Over the past week, the crypto market has fallen as a whole. Bitcoin once fell below US $48,000 over the weekend. The total market value of cryptocurrencies plunged from 2.5 trillion U.S. dollars to 2.3 trillion U.S. dollars, a drop of 200 billion U.S. dollars. After Musk stopped the Bitcoin payment channel, Bitcoin began to fall precipitously, and the crypto market went down as a whole. The hot shit coin was directly erased by 40% of its market value after being "Rug Pull" by V God. It plummeted from the highest peak of 0.0000388 US dollars to 0.00001681 US dollars, a 56.7% drop in the week.
In terms of institutions, Cathie Wood, the "female stock god", joined 21Shares' parent company as an independent director. The traditional e-commerce giant eBay has entered the crypto market, allowing the sale of NFTs on its platform.
The regulatory situation is still unclear, and the Texas House of Representatives passed a new bill to officially recognize the legal status of cryptocurrencies. Hungarian Finance Minister Mihály Varga announced on Tuesday that Hungary will cut the tax on cryptocurrency gains by 50% from 2022 and help revitalize the economy through tax policies. According to a report released by Cornerstone Research, in the past 7 years, the US Securities and Exchange Commission (SEC) has initiated 75 encryption-related enforcement actions. The amount of fines exceeded 1.77 billion U.S. dollars. The US Department of Justice and the Internal Revenue Service are investigating Binance money laundering and tax issues.
The celebrity effect of the crypto market was highlighted this week. Tesla CEO Elon Musk tweeted that Tesla suspends Bitcoin payments. Bitcoin has plummeted after hearing the news. According to the push data, Bitcoin has fallen below $53,000. , The daily decline exceeded 7%. The founder of Ethereum, Vitalik Buterin, began to send three animal tokens to Uniswap in batches, and then convert them to ETH. 660 billion Shiba Inu (SHIB), 140 billion Akita Inu (AKITA) and 43 billion Dogelon Mars (ELON), plus 13,291 WETH withdrawn from Uniswap, V God converted a total of 15,719 Ethereum , Valued at approximately 63 million U.S. dollars. Directly lead to the erasure of 40% of the market value of SHIB.
The overall crypto market showed a downward trend on Monday. Bitcoin retreated 4%, fell below the critical pressure level of $55,000, and its market value accounted for 43.39%. Ethereum broke through the historical high of $4,198 in a short-term day, and then fell straight, and the transaction price fell back to near $3,930. Dogecoin plummeted nearly 20%, ranking first in decline, and its current price is floating around $0.46.
The crypto market rebounded across the board on Tuesday. Bitcoin rose by 1.9% and returned to the $56,000 support level. The market capitalization accounted for 41.89%. Ethereum rose by nearly 5% to near $4,130. Dogecoin rebounded by nearly 10%, and the price rose above $0.5. The market value of Difinity token ICP was ranked eighth one day after it went online on the exchange.
On Wednesday, Bitcoin rose by 1.9% and returned to the $56,000 support level. The market capitalization accounted for 41.89%. Ethereum rose by nearly 5% to near $4,130. Dogecoin rebounded by nearly 10%, and the price rose above $0.5. The total market capitalization of the cryptocurrency market is US$2,533,889,131,699, and the 24-hour trading volume is US$493,980,333,539.
On Thursday, Bitcoin fell to the support level of 55,000 US dollars, a drop of nearly 4%, Ethereum fell slightly, Dogecoin fell more than 7%, and the transaction price was around US$0.46. The total market capitalization of the cryptocurrency market is US$2,481,930,679,902, and the 24-hour trading volume is US$517,946,620,543. Bitcoin accounts for 41.18% of the market.
The crypto market generally fell on Friday. Bitcoin fell nearly 10% daily, falling below the $50,000 support level, and its market capitalization accounted for 40.88%. Ethereum fell 9%, and Binance Coin fell more than 13% due to regulatory bad news. Dogecoin fell nearly 16%. when
In the past 24 hours, the cryptocurrency market has been unable to resist the downward trend. Bitcoin and Ethereum continued to fall. Bitcoin fell 2% and Ethereum fell 4.8%. Bitcoin's market value accounts for 39.3%. The current total market capitalization of the cryptocurrency market is US$2,308,173,054,853, and the 24-hour trading volume is US$464,759,903,332.
[Institutional dynamics: "Female stock god" Cathie Wood joined 21Shares parent company as an independent director; traditional e-commerce giant eBay entered the crypto market and allowed to sell NFTs on its platform; Coinbase's first quarter net profit was $771.5 million, an increase of 3.36 times from the previous quarter; The $7.4 billion Fintech company Brex has launched a crypto reward program, considering adding Bitcoin to its balance sheet]
According to a Bloomberg report on Tuesday, Cathie Wood, founder and CEO of Ark Investment Management LLC, joined the European crypto platform Amun as an independent director. Amun is an operator specializing in exchange-traded products 21Shares AG, managing contracts. With assets of $2 billion, one of the company's products is 21Shares Short Bitcoin ETP, which allows investors to bet on Bitcoin. Wood said in an email statement: "21Shares has led research and a keen understanding of developing asset classes, opening a new path for encrypted ETP. I am very happy to support its mission."
Reuters reported on Wednesday that e-commerce giant Ebay Inc. allowed the sale of NFT digital collectibles (such as trading cards, images or video clips, etc.) on its platform, making it the first large e-commerce company to join the NFT frenzy. The company told Reuters that in the short term, it will provide NFT inventory to eBay-compliant sellers, and will soon provide further plans, policies and tools that will allow users to buy and sell a wider range of NFT categories.
The public financial report on Friday showed that Coinbase's net profit in the first quarter was US$771.5 million, more than four times the US$177 million in the fourth quarter of 2020, an increase of 3.36 times from the previous quarter, and more than 24 times the profit in the same period last year. As of the first quarter of 2021, the platform has more than 56 million verified users and a transaction volume of 335 billion. Monthly trading users more than doubled from the previous quarter, from 2.8 million to 6.1 million. Coinbase’s first quarter earnings per share were $3.05 and revenue was $1.8 billion, which was higher than the $585 million in the fourth quarter of 2020 and the $191 million in the same period last year. Since its listing on April 14, excluding after-hours trading, Coinbase's share price has fallen by about 30.4%, and today’s closing price fell by 6.53%.
The San Francisco-based financial technology company Brex launched a crypto reward program that allows its customers to redeem reward points in Bitcoin or Ethereum. The new encryption feature was launched in cooperation with Travelbank, and Coinbase will provide the wallets needed by Brex customers to store, hold or exchange cryptocurrencies. Brex founder Henrique Dubugras also stated that he is considering adding Bitcoin to the balance sheet. Brex withdrew from the Y Combinator accelerator program in 2017 and has grown into a company with more than 600 employees. In late April, Brex raised US$425 million in a Series D financing led by Tiger Global at a valuation of US$7.4 billion. Other investors include Durable Capital Partners, Dragoneer Investment Group, GIC and Ribbit Capital.
[Supervision: The Texas House of Representatives passed a new bill to officially recognize the legal status of cryptocurrencies; the US Department of Justice and the Internal Revenue Service are investigating Binance money laundering and tax issues]
The Texas House of Representatives unanimously passed the "Virtual Currency Bill" (Virtual Currency Bill) that recognizes the legal status of virtual currencies on Tuesday. The bill needs to be approved by the Senate before it officially becomes law. After approval, Texas will join Wyoming as the two major "crypto hubs" in the United States. The bill aims to include the term "virtual currency" in the Uniform Commercial Code and regulates commercial transactions in the state. The bill reads: "Virtual currency is a digital manifestation of value, acting as a medium of exchange, A unit of account and/or a tool for storing value, and is usually protected by blockchain technology.”
According to Bloomberg News, the US Department of Justice and the Internal Revenue Service are investigating Binance money laundering and tax issues. People familiar with the matter said that as part of the investigation, officials investigating money laundering and tax violations are seeking information from individuals who know Binance’s business.
[Celebrity dynamics/views: NFL superstar Tom Brady changed his Twitter profile picture to "Laser Eyes" theme; V God donated more than 60 million US dollars to charity after selling Shiba Inu coins and other meme tokens; Tesla CEO Elon Ma Skr tweeted that Tesla suspended Bitcoin payments; hedge fund legend Stanley Druckenmiller said that Bitcoin’s status will be "very difficult" to be replaced]
National Football League (NFL) superstar Tom Brady has officially changed his Twitter profile picture to the "laser eye" theme. According to previous reports, the seven-time Super Bowl champion also plans to launch an NFT platform called Autograph, which will bring together some celebrities in sports, entertainment, fashion and popular culture to develop unique digital collections with creators. .
The data on the chain shows that on the afternoon of May 12, EST, Ethereum founder Vitalik Buterin began to send three animal tokens to Uniswap in batches, and then convert them to ETH. 660 billion Shiba Inu (SHIB), 140 billion Akita Inu (AKITA) and 43 billion Dogelon Mars (ELON), plus 13,291 WETH withdrawn from Uniswap, V God converted a total of 15,719 Ethereum , Valued at approximately 63 million U.S. dollars. Subsequently, Buterin sent more than 16,000 ETH and these dog-themed tokens to multiple charities, and the largest sum (13,292 ETH) was sent to the non-profit charity organization Givewell.
Tesla CEO Elon Musk tweeted: “Tesla suspends Bitcoin payments due to concerns about the environmental impact of Bitcoin. Cryptocurrency is a great idea, and we believe it has a bright future, but This cannot be at the expense of huge environmental costs. Tesla will not sell Bitcoin, and once its mining method transitions to sustainable energy, we will continue to use it for transactions. We are also considering using cryptography with lower energy consumption Currency (<1% of Bitcoin energy consumption)". According to the push data, Bitcoin fell below $53,000, a daily decline of more than 7%.
In a recent interview with CNBC, hedge fund legend Stanley Druckenmiller said that in the value store competition, Bitcoin's position will be "very difficult" to be replaced. He said, "Bitcoin, as a store of value asset, will be difficult to be replaced...it has been around for a long time." At the same time, he believes that Ethereum may be the next Yahoo, and the outlook is not clear. Obviously, Ethereum has a leading edge in smart contracts... It's just whether Ethereum can be the ultimate winner... It's too early. "(Yahoo, as one of the giants of the Internet, eventually declined due to poor management and unclear positioning) .