Bitcoin suffered minimal losses this week, around 0.87%, while Ethereum fell 9% to $1,792.
many so called ethereum killeraka Smart Contract-enabled Layer-1 Blockchain, were among the biggest losers: Cardano is down 12% to $0.46, Avalanche is down 19% to $23.53, Algorand is down 14% to $0.36, NEAR is down 17% to $4.87 and Solana 15 were sunk. % to $42 as of this writing.
universe, which is Structurally different to Ethereum in that it is a network of many smaller blockchains, but also offers high-functionality smart contracts, it also fell 12% to $9.55.
Other notable losses in the top 40 cryptocurrencies this week include Flow down 13% to $2.39, Apcoin down 19% to $6.31, Decentraland down 12% to $0.95, Internet Computer down 10% to $7.11 and Elrond 25% to $68.88.
news of the week
On Monday, the US Federal Reserve’s annual survey of the economic well-being of American households reported that unbanked citizens are turning to crypto At a higher rate than ever before. The findings suggest that nearly 12% of the 11,000 Americans surveyed had or had used crypto in 2021.
About 13% of Americans who used crypto last year did not have a bank account, compared to 6% of Americans who neither have a bank account nor use crypto. About 27% of US crypto users did not have a credit card, which again exceeds the national average of 17% who use neither.
E-commerce giant eBay announced this on Monday First Admission in NFT With digital hockey collectibles inspired by Wayne Gretzky. NFTs are on the Ethereum Sidechain polygon and released through a partnership with Sports Illustrated and NFT platform OneOff.
Disgraced North Carolina GOP Rep. Madison Cawthorn is under investigation by the House Committee on Ethics after joining a alleged pump and dump scheme Via the short-lived “Let’s Go Brandon” coin.
committee issued Statement On Monday, Cawthorne said he “may have improperly promoted a cryptocurrency in which he has an undisclosed financial interest, and may have engaged in an inappropriate relationship with a person employed on his congressional staff.”
At the World Economic Forum’s annual meeting in Davos that day, the International Monetary Fund’s managing director, Kristalina Georgiev, urged the crowd, referring to crypto, “not to run out of importance to this world,” adding: “It All that provides us with faster service, much lower costs, and more inclusion, but only if we separate apples from oranges and bananas.”
Georgieva pointed to Terra’s recent collapse as a harsh lesson, highlighting the fact that, unlike Tether and Circle, UST was not backed by underlying fiat assets: “when it is not backed with assets , but has been promised a 20% return, it’s a pyramid. What happens to the pyramids? … They eventually fall to pieces.”
On Tuesday, the European Central Bank published a report As part of the biennial review titled “Decrypting Financial Stability Risks in the Crypto-Asset Market”. The report warned that cryptocurrencies could pose a threat to financial stability if left unchecked.
The report compared current market conditions to the subprime mortgage market, which was responsible for the strengthening of the global economy in 2008: “Despite the recent decline, they [cryptocurrencies] remain similar in size to, for example, the securitized subprime mortgage market that triggered the global financial crisis of 2007–08.”
The report warns that the growing popularity of crypto could also be a catalyst for disaster. If many institutions adopt this as a form of payment, this integration will “increas the potential for spillover into the broader economy.”
The same day, FTX CEO Sam Bankman-Fried revealed that he could Donate up to $1 billion To help influence the 2024 US presidential election campaign.
“I would estimate north of $100 million,” he said. “For more than that, I don’t know. It really depends on what happens. It really depends on who’s running where for whom, and these things are super accidental.”
He added that if former President Donald Trump runs again, he may be willing to donate up to $1 billion as a “soft ceiling,” the largest ever done by Sheldon and Miriam Adelson during the 2020 campaign. Large single charities would more than quadruple those who supported. Republicans with $218 million.
Bankman-Fried, 30, was among the 20 biggest donors to Joe Biden’s 2020 campaign, Contribution of $5.2 million To help Biden win over Trump.
In Europe, Portugal’s parliament voted down a proposal to tax crypto. Left parties Bloco de Escarda and Livre’s proposal called on the government to consider taxing crypto profits of more than €5,000 ($5,340), but the idea was rejected during Wednesday’s budget session.
Portugal has long Considered a Cryptocurrency Tax Haven Since trading in crypto is tax-free since 2016. But that could end, after Finance Minister Fernando Medina earlier this month announced Digital assets may soon be subject to capital gains taxes.
On Thursday, Tether announced that it was knocking the Mexican market with digital peso, The Peso-backed stablecoin will be available on Ethereum, Tron and Polygon.
And finally, on Friday, Tesla/SpaceX CEO Elon Musk tweeted that SpaceX will soon begin accepting Dogecoin for merchant payments, The announcement briefly raised the price of DOGE.
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) 27 May 2022
At the time of writing, DOGE was trading at $.0816.
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