Nvidia announced record earnings, PayPal supports Bitcoin

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

Speaking at Consensus on Wednesday afternoon, PayPal’s head of blockchain and crypto, Jose Fernandez da Ponte said the company will be adding support for third-party wallet transfers—meaning that PayPal and Venmo users will be able to send Bitcoin not only to others on those platforms, but to services like Coinbase and to outside crypto wallets as well.

Fernandez da Ponte added that PayPal wants its customers to “bring their crypto to us, so they can use it in commerce, and we want them to be able to take the crypto they have bought with us and take it to the destination of their choice.”

Nvidia, a chip company, reported a record quarterly revenue and profit, propelled by demand for videogaming and cryptocurrency  despite a broad-based shortage of semiconductors.

The chip maker posted net income for its most recent quarter of $1.91 billion, more than double the year-prior figure. Revenue rose 84% to $5.66 billion. Nvidia’s stock has risen roughly 80% over the past year.

They explain a demand because of the coronavirus pandemic. At which time people flocked to videogaming for entertainment during the coronavirus pandemic. The way those graphic chips work has also made them popular for other applications, including performing artificial-intelligence calculations and mining cryptocurrencies, further inflating demand.

Quick weekly news:

• Buterin: ‘Elon Musk’s Influence on Crypto Prices Won’t Last Forever’: Read more here.

• Uniswap v3 looks set for layer-two scaling on both Arbitrum and Optimism: Read more here.

• Why Coinbase stock could rise another 36%, according to Goldman Sachs: Read more here.

• Ethereum price 2025 – leaked Goldman Sachs predictions say Ether to dominate crypto market: Read more here.

Other notable events include:

– Bank of Korea sees threat from leveraged crypto trading

– Iran bans Bitcoin mining

The risk

The governor of South Korea’s central bank said leveraged crypto trading threatens the country’s financial system.“An excessive level of leveraged cryptocurrency trading puts households at risk of financial damages considering the instability of (cryptocurrency),” Bank of Korea Gov. Lee Ju-yeol said Thursday.

Korea’s central bank is already seeking authority to monitor cryptocurrency transactions made through individuals’ bank accounts.

Ban

Mining of Bitcoin and other cryptocurrencies will be prohibited in Iran amid government concerns over high levels of energy consumption.

The latest restriction was likely catalyzed by a wave of rolling blackouts in several major cities last week. Apart from the heat, drought, and surging demand for electricity, the country’s officials also named cryptocurrency mining among the factors contributing to the energy shortage. According to a report from Bloomberg, the ban will last four months and will be lifted on September 22.

 

• Spot trading: Bitcoin (BTC) was the most traded coin in the Good Crypto app last week. Ethereum (ETH) and Cardano (ADA) are not losing momentum and keep on finishing in the top three coins. 
• Derivatives: Ethereum (ETH) has soared to the top position and has become the most traded coin. Chainlink (LINK) is at the bottom of the top five most traded coins showing good demand.

 

Here are the hottest exchange listings of the last week: 

New Listings on CoinbasePro:

– Solana (SOL/EUR SOL/GBP SOL/BTC SOL/USDT SOL/USD)

New Listings on Binance:

– Mdex (MDX/USDT MDX/BUSD MDX/BNB MDX/BTC)

– Mask Network (MASK/BUSD MASK/USDT MASK/BNB)

New Listings on Huobi:

– NFT (NFT/HT NFT/USDT)

New Pairs on Huobi:

– ZEC3L/USDT BSV3L/USDT

New Listings on FTX:

– Mercurial Finance (MER/USD MER-PERP)

New Listings on Bittrex:

– Akash Network (AKT/USDT AKT/BTC)

– Beshare Token (BST/USDT BST/BTC)

– Edgeless (EDG/BTC EDG/USDT)

New Pairs on Bittrex:

– JASMY/USDT

– ROC/USDT

– MATIC/ETH

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 cryptocurrency Dogelon Mars (ELON) 2is a fork of the meme token Dogecoin. The website of the Dogelon Mars cryptocurrency project states that the ELON token was developed as the first “interplanetary currency” to accompany the first settlers on their flight to Mars. According to the statement on the website, the coin was named Dogelon after the capital of the red planet Mars. 

👍 The website also encourages the Dogelon community, which is growing daily, to donate Dogelon tokens to victims of scams to further build the community and build trust. Who benefits with ELON tokens is decided by the community.

📈Indicators 

Day -48.75%

Month -7.63%

Volume 24H: $11.9M

Market Cap: $98.6M

🔍DYOR

Twitter

Website

Paxos Standard Token (PAX) is an ERC-20 token issued on Ethereum blockchain. As a regulated stablecoin collateralized by the U.S. dollar, it brings benefits of the blockchain technology and stability of fiat currencies together.

Paxos Standard is designed to have growing use cases. Today, it’s primary use case is to limit crypto asset volatility, remove friction from cross-border transactions, and become a reliable payment vehicle for crypto assets and other blockchain assets.

 

We have prepared for you top-performing coins of May 27.

SKALE Network has managed to become the best performing asset among TOP-100, gaining 52.08% within the last 24 hours.

Amp was the worst-performing asset among TOP-100 (again), losing 12.02% 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

No pain, no gain 😓

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!