This week, each of us definitely experienced some stress. On Wednesday, the market was in chaos, traders were in hysterics, and investors lost billions. Those who have long been in the cryptocurrency environment have already recovered and expressed very optimistic predictions about the market. For example, Bill Miller isn’t fazed by the bitcoin drop and says the volatility is “pretty routine”.
Cathie Wood, still a Bitcoin believer, sees it going to $500,000.
And Mike Novogratz predicted an increase in the price of Ethereum to the level of $5,000. He also believes that the fall of Bitcoin is a buy signal and the current drawdown does not change the overall bullish trend.
“Markets should not be an easy way to earn money. If they were, we’d all be rich. Markets overheat, then adjust. It is normal.”
Let’s talk a little about the price list. Bitcoin fell to $30k, bitcoin stocks on the exchanges reached the lowest in four months. This happened after the largest outflow of digital coins in a year was recorded against the background of the collapse of cryptocurrency quotes on May 19. In one day, users of crypto exchanges brought to cold wallets about 175 thousand bitcoins for $7 billion at the exchange rate at that time.
Ethereum dropped to $2,014 at the time of the “bloody” collapse of the crypto market. And the fees on the Ethereum network rose above $1.3 thousand.
The sites of many well-known exchanges did not work for several hours (Balance, Coinbase), as well as the services did not work coinmarketcap.com coin360.com.
I would like to say something positive before we go on to the top news: The number of search queries related to cryptocurrencies on Google has reached the highest values in its entire history.
Now we can definitely get on to the top news this week! Let’s go!
1. Elon Musk called Bitcoin “very centralized” and said that he would probably sell all the coins to Tesla. Just with this tweet, the market correction began. A couple of hours later, the CEO of Tesla said that the company does not sell its bitcoins, but the market flew along with the first cryptocurrency.
2. The US Treasury Department has proposed transferring data on crypto transactions over $10,000 to the country’s tax administration.
The new requirements are due to take effect in 2023. Therefore, this time is given to financial institutions to prepare for the upcoming changes.
3. China has banned financial institutions and payment companies from providing services related to cryptocurrencies and warned investors against speculating with digital assets.
Also, financial institutions should not provide services for the storage, trust, or collateral of cryptocurrencies and issue financial products related to cryptocurrencies.
4. Bank of America will use blockchain-based tools to trade stocks.
5. American producer and DJ Paul Oakenfold with RUNWAY magazine announced a collection of NFT “My life story in 3D”. A paid vacation in Hollywood and a dinner with the DJ will be raffled off among buyers.
And Fox has announced the release of a new animated series “Krapopolis” from the creator of “Rick and Morty” Dan Harmon using blockchain technologies
6. Lumi also has its news – now Doge is available on the web platform. Also, if you haven’t seen our latest security article yet, hurry up to read it. Also, we talk about types of cryptocurrency scams and how not to become their victims. And finally, we have 4k followers in TikTok. Thank you all for being with us.
Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, Reddit, and LinkedIn.Let’s learn the cryptocurrency market together step by step!