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Bitcoin corrected to $ 50k level, Ethereum ETFs recorded impressive numbers, Chinese merchants switched to Split using BTC Peers


© Reuters. Weekly market rotation: Bitcoin corrects to $ 50k, Ethereum ETFs record impressive numbers, Chinese traders turn to Chia mining.

  • Bitcoin started the week on a negative note. The leading cryptocurrency has dropped below $ 50k for the week and is struggling to maintain the $ 50k benchmark. Interestingly, in the face of the incident, Bitcoin transaction fees have risen to over $ 50, with the number of unconfirmed transactions exceeding 100,000.
  • For the first time since 2018, Bitcoin’s market dominance falls below 50%.
  • Bitcoin received an unexpected endorsement from the People’s Bank of China. The top bank has described Bitcoin as an investment alternative. Meanwhile, Goldman Sachs (NYSE 🙂 has included Bitcoin in its annual asset earnings report. And as expected, the digital asset topped the list.
  • Contrary to the popular story from people like billionaire Ray Dalio, who believes governments can kill Bitcoin to maintain their monopoly on money, the top investment bank Morgan Stanley (NYSE 🙂 believes that the government-backed digital currency and Bitcoin can coexist.
  • WeWork has joined the list of companies that accept payments in Bitcoin and other cryptocurrencies. The US real estate firm also noted that it will add digital assets to its balance sheet.
  • The First Foundation (NASDAQ 🙂 has a strategic partnership with the Bitcoin NYDIG company.
  • Venmo, a digital wallet application with more than 60 million active users, allows buying and selling Bitcoin on its platform.
  • The Nigerians are defying the official Bitcoin ban. Statistics reveal that crypto p2p transactions have increased 27% since the introduction of the nation’s central banks.
  • The US General Department of Services (GSA) has continued to sell off Bitcoin. On Friday, the agency auctioned $ 500,000 worth of Bitcoins.
  • The battle for the true identity of Satoshi Nakamoto, the founder of Bitcoin, continues to rage. This time, Dr. Craig Wright, an Australian born businessman and computer scientist, is claiming that he created digital assets. And like others like him, he turned to legal action.
  • Crypto Mom and SEC Commissioner, Hester Peirce, were forced to admit that banning Bitcoin would be difficult.
  • Ethereum has recorded a lot of important milestones in the past week. First, the digital asset hit a newer high of $ 2,600. This has pushed the value of Ethereum placed in ETH 2.0 staking contract to over $ 10 billion. The number of active Ethereum addresses has also risen to a new high of 771k. Meanwhile, the second largest cryptocurrency by market cap could settle $ 1.5 trillion in transactions in the first quarter of 2021.
  • Rothschild Investment increased its crypto stake with the purchase of Grayscale’s $ 4.75 million Ethereum Trust.
  • JPMorgan (NYSE 🙂 is shopping for highly skilled Ethereum and blockchain developers, a sign that the company may be looking to roll out crypto-based solutions.
  • The three Ethereum ETFs that were previously approved by Canadian regulators have finally begun trading on the Toronto Stock Exchange.
  • Ethereum miners have started increasing their gas limit capacity from 12.5 million to 15 million.
  • At the conclusion of a report from Weiss Crypto Ratings stated that Ethereum is still the boss and there may not be an Ethereum Killer anytime soon.

Other news

  • Immediately after listing COIN directly on Nasdaq, the executives of leading US exchange, Coinbase, sold nearly $ 5 billion worth of shares.
  • South Korean regulators have formed an interagency group to prevent the use of cryptocurrencies for illegal activities.
  • The past week has been a great one for the DOGE meme coin. It was added as a payment option on Newegg.
  • Balancer Labs is giving white-hat hackers up to $ 2 million to report vulnerabilities in the recently launched Balancer V2.
  • Before launching on May 5, Uniswap V3 launched on all four Ethereum testnets.
  • The CEO of a Turkish exchange has earned about $ 2 billion that belongs to crypto traders.
  • The new craze for Chinese miners is no longer ASIC or GPU mining. They turned to Split mining, a new type of protocol that uses hard drive storage for its consensus mechanism.
  • After offering stock tokens, top crypto exchange Binance is currently under close scrutiny from regulators. The purpose is to try and define the applicable regulations for new products.

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