Hello everyone, this is our weekly crypto digest. Here you’ll find everything from a weekly market summary and top news to the hottest new listings on exchanges, and even memes to cheer you up. To get these updates as soon as we post them, follow us on Twitter.
Weekly Market Summary
On May 19, Bitcoin (BTC) fell below $40,000 for the first time in a long time. Since reaching a new all-time high of $64,000 per coin, the largest cryptocurrency’s capitalisation has fallen by 40%. According to Coindesk, Bitcoin (BTC) was worth $34,923 as of 17:44pm.
The sharp drop is attributed in particular to the Chinese authorities’ actions to regulate Bitcoin mining – the day before the authorities banned financial institutions and payment services from providing services using cryptocurrency, and warned private investors against speculative trading in cryptocurrencies – and the general volatility of the cryptocurrency market.
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
They have banned crypto exchanges and initial coin offerings but have not barred individuals from holding cryptocurrencies.
The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial products related to cryptocurrency.
Quick weekly news:
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Dogecoin jumps after Elon Musk tweet fans more wild cryptocurrency trading: Read more here.
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PancakeBunny tanks 96% following $200M flash loan exploit: Read more here.
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Chainlink Labs Joins Hedera Hashgraph Governing Council: Read more here.
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Coinbase, Binance, other platforms see disruptions as crypto sell-off intensifies: Read more here.
Other notable events include:
– Ethereum Foundation will use less energy
– BlockFi mistakenly deposited Bitcoin to user wallets
Ethereum Foundation
Ethereum’s upcoming ETH 2.0 upgrade could help reduce the blockchain’s energy consumption and will no longer devour “a country’s worth of power”.
Currently, Ethereum’s blockchain uses the same energy-hungry proof of work (PoW) consensus mechanism employed by Bitcoin. This will change soon, however, thanks to Ethereum 2.0. The ambitious multi-year upgrade will switch the network to a greener consensus mechanism called proof of stake (PoS).
BlockFi
BlockFi, the crypto lending and trading business, mistakenly deposited large amounts of crypto to user accounts. The payments were associated with a promotion they were running, in which users would receive bonuses in USD stablecoins.
The promotion was intended to be “paid out in one lump sum in GUSD” according to their website. Instead, some accounts were paid the amount denominated in Bitcoin, with some receiving over 700 BTC (worth >$28,000,000 at current prices). BlockFi is now offering these users a refund for a $1000 reward. Otherwise, they are threatening to take legal action.
- Spot trading: Over the past week, Ethereum ($ETH) and Cardano ($ADA) were the most traded coins in our app. They even surpassed Bitcoin ($BTC) by the trading volume.
- Derivatives: The crypto king is in the first place. It is still maintaining a strong hold without giving a chance to coins like EOS ($EOS) and Ren ($REN). The latter were second and third best, respectively.
Here are the hottest exchange listings of the last week:
New Listing on Binance:
– Arweave (AR/USDT AR/BNB AR/BUSD AR/BTC)
– Polkastarter (POLS/BNB POLS/USDT POLS/BTC POLS/BUSD)
New Pairs on Binance:
– SHIB/EUR ETC/EUR DOGE/BIDR ETC/BRL SHIB/RUB
New Listing on Huobi:
– O3Swap (O3/USDT O3/BTC)
– Chia Network (XCH/BTC XCH/USDT)
New Pairs on OKEx:
– FEG/USDT
– SHIB/USDT
– AKITA/USDT KISHU/USDT
– CSPR-USDT-SWAP LAT-USDT-SWAP ICP-USDT-SWAP
– ETH-USD-210518-4400-P ETH-USD-210518-4400-C
– BTC-USD-210924-18000-P BTC-USD-210924-18000-C
– BTC-USD-210528-34000-C BTC-USD-210528-34000-P
By the way, our PRO plan includes new Exchange Listing alerts for all 27 exchanges in the app. Become a PRO and receive an instant notification when a new coin is listed on Coinbase Pro, Binance, or your exchange of choice!
The Internet Computer is a protocol that is developed by the DFINITY Foundation and aims to become ‘a blockchain network that evolves the internet. This ‘internet computer’ intends to ‘extend the functionality of the public internet so that it can host backend software’ on a smart-contract compatible, distributed network.
ICP tokens are similar to classic proof-of-stake tokens. Users can lure ICPs via smart contracts, for example, participate in network governance and receive rewards. In addition, the tokens can be converted into so-called Cycles, which in turn serve as “fuel” for decentralised applications on the protocol.
😋Recent announcements:
Internet Computer (ICP) Crypto: 10 Things to Know as ICP Snags No. 8 Spot
Internet Computer (ICP) Market Value Reaches $45B Two Days after Launch
🔥DYOR:
– Website
We have prepared for you top-performing coins of May 20.
Internet Computer has managed to become the best performing asset among TOP-100, gaining 40.05% within the last 24 hours.
Bitcoin SV was the worst-performing asset among TOP-100 (again), losing 17.24% within the last 24 hours.
To get up-to-date reports on gainers and losers during the week, follow us on Twitter.
Top crypto meme of the week
Sorry, DOGE😏
We hope you found this digest useful and informative! If you want to be the first one to receive new crypto insights and stay up-to-date with the market, follow us on Twitter. Happy trading with the Good Crypto app!