Blockchain Industry update (Goldman Sachs, JP Morgan, Nvidia, Dapper)

China got many set back after governments conflicts with USA. Cryptos are now listed and many ups and downs after that. Lets explore more on this week … 

Bitcoins

The worst Bitcoin correction during this bull run. In the span of a month, bitcoin went from $65K to $42K which officially became the largest correction since the bull cycle began.

Coinbase Share price fall below the reference price of $250 for the first time since listing. The recent decline is being attributed to the crypto market sell-off.

MicroStrategy buys dip. Michael Saylor’s MicroStrategy has bought aggressively during the current bitcoin price dip, accumulating 229 BTC for $10 million.

Coinbase shares down 27%. $1.2B convertible debt deal announced. Shareholder letter says competition increasing.

Wealthy clients of Wells Fargo will soon be able to buy Bitcoin. Wells Fargo Investment Institute has been working on “a professionally managed solution” for crypto investing. Now it’s nearly ready to launch.

Michael Saylor reveals entities under his control now hold a combined total of 111,000 Bitcoin and none of them have sold a single Satoshi during the recent market mayhem.

JP Morgan experts believe that institutional investors might replace bitcoin with gold since the price of the digital asset collapsed.

Chinese Bitcoin Firm to invest $25M in Texas Mining Center. BIT Mining Limited has announced an investment into a crypto mining data center in Texas.

The Bitcoin network’s hash rate has suffered a short-term loss as miners in China’s Sichuan region are facing temporary power limitations.

Bitcoin crashes 12% as China reiterates mining crackdown. The financial committee in China has emerged with news that it will crackdown on Bitcoin mining within the country. The note released also includes a wide range of other financial risks.

Goldman Sachs reconsiders whether Bitcoin is legitimate asset. Little over a year ago, the investment bank said crypto was not an asset class. Now it is taking a second look.

China’s largest miner plans to move to North America amid China’s crackdown on Bitcoin mining.

Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” says now that bitcoin is “crashing,” it is a buying opportunity, especially for those who said that they could not afford it before.

Greenpeace, the ecological NGO, has stopped accepting bitcoin donations due to the big impact the cryptocurrency network has on the environment.

Bitcoin miners are shutting down Chinese operations after Vice Premier’s comments. The country’s miners control a majority of Bitcoin’s hashrate and are sensing trouble after recent regulatory comments.

HSBC won’t launch Bitcoin Trading Desk. HSBC has confirmed its bitcoin and cryptocurrency stance as a growing number of major banks are beginning to offer crypto services.

Iran is using Bitcoin mining to circumvent and lessen the effect of the economic sanctions that the U.S. and other countries have applied to the country since 2006.

Legendary hedge fund manager and billionaire investor Ray Dalio, founder, chairman, and co-chief investment officer of Bridgewater Associated, has revealed he owns some bitcoin.

Blockchain

Tether is launching on the Avalanche blockchain making it the ninth blockchain network it operates on. USDT’s launch on the Avalanche network is expected in mid-June.

KSI and Mr. Beast invested into XCAD. They are the biggest YouTubers in the UK & US respectively. 84M Subscribers combined. More YouTubers backing XCAD following soon.

DeFi lending protocol Maple Finance has launched with its first lending pool of $17 million. The first lenders include Blockchain dot com and CoinShares, and borrowers include trading firms Alameda Research, Wintermute, and Amber Group.

Ex-Ripple exec Jed McCaleb dumped over $310 million in XRP this month. Ripple co-founder Jed McCaleb continues to sell massive portions of his XRP cache on a daily basis.

DeFi tool ‘Bogged Finance’ sees $3 million hack, prices plunge 98%. Another day, another DeFi, another hack.

Bank of Korea to launch a pilot platform for its CBDC. Bank of Korea is now looking for a technology provider to develop a test environment for its central bank-backed digital currency.

The SafeMoon DeFi protocol is the latest project to have vulnerabilities revealed in its smart contract code.

Cryptos

Crypto companies raised the highest amount of capital in the first quarter of 2021 – $2.5B, which is twice their previous ATH. Many crypto companies raised hundreds of millions of dollars seeing their valuation grow multi-fold with the latest funding round.

CryptoPunt released the first Punters Pick #1. Incumbent gaming solutions are decaying. CryptoPunt is building the next generation of blockchain-based gaming.

Nvidia extends limits on crypto mining to the newest gaming graphics cards. The global head of GeForce marketing at Nvidia said that the reduced hash rate “only applies to newly manufactured cards,” not to GPUs already purchased.

Crypto market sees the biggest crash of 2021 as BTC briefly falls to $31,000. The entire crypto market goes red.

Germany’s Trade Republic lands $900 million investment led by Sequoia. Berlin-based neo-broker Trade Republic, which recently branched out into crypto trading, has raised $900 million in a Series C round led by Sequoia.

Binance Smart Chain’s Pancake Bunny drained of $200M after flash loan exploit.

Privacy Coin Monero rises 30% after Biden reveals tax plans for crypto transactions. Leading privacy-centric cryptocurrency Monero was one of the few tokens to enjoy a bullish impulse following Biden’s new tax plans.

FTX crypto exchange is reportedly raising $1 billion in its latest funding round. The latest funding round would take its valuation to $20 Billion.

Elon Musk has clarified that he has not sold and will not be selling his Dogecoin holdings.

Lawrence Summers, the former US Treasury Secretary and the former Chief Economist of the World Bank recently appeared on Bloomberg where he said  that cryptocurrencies are here to stay, and Bitcoin may become fundamental to commerce on the Internet.

Huobi and OKEx limit services for Chinese Customers ahead of Gov Crackdown. Huboi has restricted Chinese citizens from crypto derivatives trading and some mining services, while OKEx will pause trading for its coin OKB in China.

Elon Musk, the CEO of Tesla and SpaceX, has, at last, reaffirmed his cryptocurrency allegiance, after a series of contradictory signals that collaborated with the market plunge this past week.

The Central Bank of Kuwait, or CBK, states that crypto assets are not real currencies even though they are commonly called cryptocurrencies.

Ethereum

American citizens are most interested in Ethereum, the number one altcoin ahead of other countries. Behind Americans, Germans and Turkey residents have also shown a high level of interest in Ethereum as they top chart for search for ETH.

Crypto Crash cost Ethereum Boss his Billionaire status. Buterin’s public wallet was valued at $1.1 billion on the morning of the downturn. But following the crash, it stood at $870 million.

Ethereum co-founder slams Elon Musk’s plans to ’10x’ Dogecoin. Vitalik Buterin laid out his thoughts on why scaling Dogecoin is not child’s play.

Chia Network has raised $61 million in a funding round led by a16z and has outlined plans to become a publicly traded company later this year.

NFT

Dapper leads funding for Pop Culture NFT Collectibles Platform Tibles. Set to launch on Flow this year, the NFT marketplace will focus on “geek culture” brands and hails from a Topps and Quidd veteran.

Dynamo Kyiv to trade NFT in Binance. Club becomes first soccer team to sell tickets as NFT.

Read our previous blogs here.

Credit: Telegram VYSYN – Capital News

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Mansi Nashte
Articles: 57

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