The first cryptocurrency recovered after the correction, Changpeng Zhao was sentenced to four months in prison, the Fed retained the key rate, trading in spot ETFs based on bitcoin and Ethereum and other events of the past week started in Hong Kong.
Bitcoin has returned to the $64,000 level
The first cryptocurrency started the week at around $64,000. On Tuesday, April 30, digital gold crashed below $60,000. The next day, bitcoin failed the $57,000 level, after which it began to recover.
On Friday, May 3, the first cryptocurrency gained a foothold above the psychological level of $60,000 after the report on the US labor market. The next day, digital gold soared to $63,000.
At the time of writing, bitcoin is trading at $64,400.
The BTC/USDT hourly chart of the Binance exchange. Data: TradingView.Most of the digital assets from the top 10 by capitalization ended the week in the "green zone". The exceptions were Ethereum (-4.6%) and BNB (-1.5%).
Data: CoinGecko.The total capitalization of the cryptocurrency market is $2.5 trillion. The Bitcoin dominance index is 55%.
MicroStrategy has purchased 122 BTC and announced a solution for identification on the bitcoin blockchain
MicroStrategy additionally acquired 122 BTC ($7.8 million) during April, bringing its bitcoin reserves to 214,400 BTC (~$13.5 billion).
In total, $7.54 billion was allocated for the purchase of crypto assets at an average rate of $35,180 per coin.
In total, since December 31, the company has acquired 25,250 BTC for $1.65 billion — at $65,232 per BTC. The trend of increasing reserves in digital gold by the corporation continued for the 14th quarter in a row.
MicroStrategy plans to launch a decentralized bitcoin-based MicroStrategy Orange identification protocol.
The solution stores and interacts with users' personal information using unspent transaction outputs in the blockchain.
The company has not yet announced the timing of the launch of the service and the scope of its application.
Binance founder Changpeng Zhao was sentenced to four months in prison
A Seattle federal court has sentenced the founder of the Binance cryptocurrency exchange Changpeng Zhao (CZ) to four months in prison in a case of money laundering and other illegal activities.
"I will serve my time, complete this stage and focus on the next chapter of my life (education). I will remain a passive investor in the crypto industry (and a hodler). The industry has entered a new era. Compliance is very important," he wrote.Prosecutors demanded a more severe punishment of 36 months in prison. During the hearing, CZ apologized and expressed his willingness to take full responsibility. Before that, he repented for "bad decisions."
https://forklog.com/news/uchastniki-industrii-obsudili-prigovor-chanpenu-chzhaoCoinDesk explained "such a short period" by CZ's reputation. The judge, lawyers and even prosecutors admitted during the hearing that he was not an "ordinary defendant" in criminal cases. In their opinion, Zhao was a philanthropist who broke the law for the first time, as well as a family man who gave up in order to accept the consequences.
What should I discuss with my friends?
A solo miner mined a block of bitcoin and earned $218,500.The trader lost $152,000 in half an hour due to insiders.TON announced that there are no plans to release a Web3 smartphone.The Fed has maintained its key rate for the sixth time in a row
On May 1, the US Federal Reserve (FRS) maintained the key rate range at 5.25–5.5% per annum. The decision coincided with market expectations.
According to CNN, JPMorgan and Goldman Sachs expect the first reduction in the Fed's key rate in July, and Wells Fargo in September. Bank of America analysts do not expect a decline until December.
Some representatives of the Fed, according to the publication, allowed the possibility of raising the rate instead of reducing it.
Spot ETFs based on Bitcoin and Ethereum have started trading in Hong Kong
On April 30, six spot ETFs based on bitcoin and Ethereum officially began trading on the Hong Kong Stock Exchange (HKEX).
The issuers were China Asset Management, Harvest Global, Bosera and HashKey.
ChinaAMC reported that the subscription volume during the initial placement for its bitcoin—based product amounted to 950 million HKD ($121.4 million), based on Ethereum - 160 million HKD ($20.5 million).
HKEX representatives stressed that the listing of Asia's first exchange-traded fund for virtual assets strengthens the city's position as a leading market in the region.
In the first quarter, net inflows into three previously launched bitcoin-based futures ETFs amounted to HKD 529 million (~$67.6 million).
In addition to Hong Kong residents, the tools are available to qualified non-resident investors after passing KYC. Mainland Chinese residents are still unable to invest in a new product category.
Also on ForkLog:
The USDC has overtaken the USDT in the number of monthly transactions.The trader lost $68 million due to address substitution fraud.Roger Vera was arrested for tax evasion.Willy Wu predicted Bitcoin at $1 million by 2035
By 2035, the "fair price" of the first cryptocurrency will reach $1 million. This opinion was expressed by analyst and co-founder of CMCC Crest Willy Wu.
"This is if we take the user growth curve as a guide for evaluation. Remember, I said about a fair, not a peak price in a hype in a bull market," he said.The expert recalled that at the first stage of development, digital gold did not even have a price until 1000 users appeared. By August 2011, there were several trading platforms in the crypto industry to correctly evaluate bitcoin.
According to Wu, after 2012, the quotes of the first cryptocurrency were largely driven by an increase in the number of users.
What else should I read?
This week, ForkLog explained what liquid restaking tokens are for and how different protocols solve the problem of Byzantine generals.
https://forklog.com/exclusive/such-zoozashhitkoin-kak-web3-pomogaet-zhivotnym-igrami-donatami-mem-tokenamiTraditional digests have collected the main events of the week in the fields of cybersecurity and artificial intelligence.
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure, and the increasing attention that companies are paying to bitcoin as an asset class. The most important events of recent weeks are in the ForkLog review.
https://forklog.com/news/kalendar-na-maj-bitcoin-pizza-day-i-sud-po-delu-binance-v-nigerii