And now that another week has passed, we have prepared a new digest for you! ETH hit a new ATH of $3,450 this week, and the capitalization of the second cryptocurrency on Wednesday for the first time exceeded $500, overtaking Visa, Samsung, Mastercard, and Walt Disney.
At the time of writing, Ethreum is hovering around $3,900. On the night of May 13, the bitcoin rate on the Binance exchange fell by 17%, to an 11-week low of $46 thousand. Now the rate is holding at about $50k. It is also worth noting that the Bitcoin Dominance Index fell to its lowest level since July 2018 at 42.1%. And in the last week, Ethereum miners earned more than BTC miners – $77 million and $67 million per day, respectively. The reasons lie in the growing popularity of DeFi and the boom in demand for some ERC-20 tokens.
In April, Ethereum miners earned $1.59 billion, which was the largest value ever.
Currently, about 40% of the income of Ethereum miners comes from fees, but the situation may change in July. It is then that the activation of the EIP-1559 update is expected, which involves burning most of the user fees instead of transferring them to miners, as is happening now.
Moving on to the news:
- The developers of the most famous surveillance software Palantir are investing part of their reserves in Bitcoin. The company also started accepting BTC as a means of payment.
- Mark Zuckerberg named one of his goats “Bitcoin”. Traders are persistently looking for a hidden message in this. But, of course, no one asks why Zuckerberg has even got two goats.
- Ebay has opened access to trading NFT tokens on its platform.
- Tesla suspends car sales with Bitcoin – Elon Musk is concerned about the environmental impact of mining. So in the future, Tesla will consider other cryptocurrencies that are less energy-consuming compared to BTC.
- The IRS plans to confiscate cryptocurrencies from tax evaders. The agency said in a 2014 notice that cryptocurrency is property for tax purposes. As such, it can be seized like other types of property, said Robert Wearing, deputy associate chief counsel (Procedure & Administration) at the IRS. The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it to satisfy collection.
- The UK will have to issue a national digital currency (CBDC) in order for public money to survive the expansion of private alternatives. This was stated by the Deputy Governor of the Bank of England Jon Cunliffe. According to Cunliffe, the regulator needs to assess the risks and benefits associated with digital currency. He called CBDC a major government project that will affect not only the economy, but society as a whole.
Cunliffe also noted the imminent emergence of private stablecoins from large tech companies. He believes that these tools will receive more functionality and will be more effective than the proposals of commercial banks.
- Michael Saylor’s MicroStrategy has made yet another major Bitcoin purchase. On the fall in price, the company acquired 271 BTC ($ 15 million) at an average price of ~ $ 55,387. In total, the company owns 91,850 BTC. Saylor is one of the most powerful advocates of Bitcoin and he makes frequent public comments on the subject, as well as appears on many media forums to explain his views on Bitcoin. He has said that “Bitcoin is the most powerful and disruptive technology of our lifetime”, and sees it as “the strongest treasury asset for institutional investment.”
- The American publisher Merriam-Webster added the definition of a non-fungible token (NFT) to its dictionary of the same name and put it up for auction as an NFT on the OpenSea platform. The NFT is a 22 second video clip. It demonstrates how to magically add a non-fungible token definition to the dictionary.
9. Lumi Wallet added new token – SHIBA INU. By the way, for the week, SHIB increased by +1732.93%.
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