CRYPTO WEEKLY NEWS — May, 8
What important crypto events happened last week?
📌 Well, it’s all about the upcoming Bitcoin halving right now. The experts say that BTC is now the most profitable investment by far, rising 21% from $7,203 at the start of 2020 with equities suffering big losses in 2020 and gold up 7.83% on the year.
The price of Bitcoin is around $9,000, after last week’s impressive 20% rally in a single day. All seems to be going well. However, there is one chart view that suggests that BTC may still be in a downtrend.
Following the price recovery trend, the whales are actively accumulating Bitcoin. According to Glassnode, from the beginning of March 2020, the number of the largest bitcoin addresses grew by 11% and reached 111, the highest since the beginning of August 2019.
📌 Ripple has published a financial report for the first quarter of this year. During this period, the company sold XRP for $1.75 million. In the last quarter of 2019, this figure reached $13.08 million. The drop in sales was a record 87%, and this is the worst Ripple record ever. The decline is due to a sharp decrease in direct institutional sales, as well as a prolonged pause in sales to cryptocurrency exchanges.
📌 Block number 10,000,000 was mined on Ethereum on the 4th of May 2020 setting the number of blocks mined on the second-largest blockchain over 15 times more than Bitcoin despite being 5 years younger. Congrats!
Meanwhile, Vitalik Buterin spoke about the expected reduction in the annual Ethereum issue from the current 4.7 million coins to 100 thousand-2 million after switching to the Proof-of-Stake consensus algorithm. The rejection of Proof-of-Work in favor of Proof-of-Stake is due to the desire to reduce inflation in the blockchain.
Speaking about Ethereum, ConsenSys, the leading Ethereum dApp development studio, is adjusting to the conditions of the devastating crisis of COVID-19 and will present Ethereal Summit completely virtually on May 7–8. Such an event takes place virtually for the very first time.
And from May 29 to June 16, the Planet Wide SOS online hackathon will take place. The participants will share business ideas to overcome the global crisis. The best of them will receive financing for implementation. The event will be opened by Ethereum founder Vitalik Buterin and Singularity.Net CEO Ben Herzel.
📌 Owing to the drastic economic effect of coronavirus in Italy and also a way to survive these hard times, a small Italy town, Castellino del Biferno, with 550 residents, began minting their local currency dubbed “Ducati”.
📌 Global Digital Assets (GDA), the first merchant bank in North America to focus on blockchain and digital assets, announced that it will be joining the DigitalBits ecosystem to further enterprise adoption for branded cryptocurrencies.
📌 The ever-entertaining John McAfee is 99% certain he knows who Satoshi Nakamoto is. McAfee claims that linguistic analysis of the whitepaper is all that is needed to uncover Satoshi’s identity. But he won’t name this person.
📌 In honor of its seventh birthday, CoinMarketCap organized the so-called roast challenge, inviting the participants of the crypto community to sincerely hook on the popular analytical service in the comments under the Twitter post. Happy Birthday, CMC! And yes, the comments are so good they deserve your attention.