Altcoins take over the market but Bitcoin is still the main subject of the news. Which CBDCs are starting development? Why are social media users talking about DOGE so much? Read in the newest crypto news digest by ChangeHero.
Key Takeaways
- Bitcoin is not showing the best performance in comparison to altcoins but crypto news about companies like MercadoLibre investing in it keep coming in;
- Ethereum ecosystem is prospering, with Uniswap v3 having launched on mainnet and ETH scoring a new ATH ($3,541) on May 6;
- The countries that most recently report new strides in developing CBDC (central-bank digital currency) are the United States and Georgia.
Latest Crypto News Digest
Bitcoin Digest
- At the start of the week Bitcoin price failed to overcome $58,400 and descended first to $57,600 and then $56,400. The working week was more favourable to sellers, and the Monday top reached $59k. Rejection was accelerated by the stock market drop after Treasury Secretary Yellen mentioned measures to regulate it.
- Buyers made the BTC price bounce nicely from $53,000. It’s climbed to $57,000 and charted an inverse head-and-shoulders pattern in the process.
- Is it smart to invest in Bitcoin right now? The pattern is a sign of a bullish reversal, so there is a chance Bitcoin can appreciate in the short-term.
Bitcoin News
- MercadoLibre, an Argentina-based payment provider giant, disclosed a purchase of BTC in Q1. A week ago, they announced that they will start accepting cryptocurrency payments. The company started with a $7.8 million purchase but introducing crypto payments can mean they intend to grow this position.
Altcoin News
- The long-awaited Uniswap v3 is live, concurrently to the v2. In addition to the quality-of-life improvements such as fee tiers, liquidity providers will also get NFTs representing their position. Now Uniswap users have the Optimism deployment to look forward to, but the new Ethereum version already has more flexibility and lower fees.
- Meanwhile, in Ethereum news the topic is the new ATH. The second cryptocurrency is being traded for over $3,500. The most recent peak in discovery is $3,541.46, reached on May 6, according to CoinMarketCap.
- Andre “Dre” Lewis became the personality of the week with the Investor TikTok after making the SCAM token. While he intended it to be ironic, the token attracted $70 million market cap in an hour since its launch. Obviously, this could not have ended well, but Lewis did not simply abandon the idea. He and “the Scamily”, as the community calls themselves, will work to make the token into a legitimate product with value.
Business Crypto News
- WallStreetBets plan to launch an ETP (exchange-traded portfolio) through a DAO (decentralized autonomous organization). This means that the composition of the portfolio will be decided by the community members, in the spirit of the movement.
- The crypto strategy is already paying off for PayPal: about half of its users reportedly use crypto balances daily. But more importantly, they are rumored to develop their own stablecoin.
Crypto News on Adoption
- Another large step for the crypto payment adoption would be being accepted on eBay. The CEO shared the plans to introduce the option and start offering NFTs as well.
Regulation & Politics Crypto News Digest
- It is the only matter of time for the USD CBDC pilots to get off the ground. In a new press release, it is revealed that five separate programs will be testing the prospects of a digital dollar. The initiative is supported by the consulting company Accenture and the Digital Dollar Foundation.
- The National Bank of Georgia came out with the statement that they are also considering developing the digital gel CBDC. However, their plans are still at the very initial stage.
- Stricter regulations are coming for Thailand residents. The government mandated that to comply with the anti-money laundering regulations, crypto exchange users have to personally provide their IDs. It is not yet clear how this will influence non-local exchange users.
Social Media Crypto Digest
Video of the Week
Crypto-involved rappers Nas, Jay-Z and DJ Khaled released a new track a few days ago. In its lyrics, Nas casually drops the lines: “I’m coin based, basically crypto-currency scarface./ Join us, there’s gotta be more of us”. Nas himself is an early Coinbase investor, and Jay-Z set up a development fund with Jack Dorsey.
Crypto News from Twitter
The Moneyist is a triple threat today:
#1 'My employer paid me in crypto. It rose 700% in value. Now he wants employees to return the crypto and accept dollars What do you think is a fair solution?'https://t.co/eSMxHS95SF
— Quentin Fottrell (@Quantanamo) May 3, 2021
The Moneyist advice column got a really curious request the other day. A submitter asked Quentin Fottrell whether his employer could be right to demand back the crypto they received as payment before it appreciated 700%. The general consensus seems to be “Hell no!”
The vigilante strikes again.
Last night on the Bank of England pic.twitter.com/1XsBgW7e0I — Dominic Frisby (@DominicFrisby) May 3, 2021
This week, several more projections allegedly made by the activist artist Fraz were shared on Twitter. (Fraz is the artist behind the “Bitcoin Fixes This” projection on the Bank of England’s walls.) Other messages include “Money printer go brrr” and “Fiat is the bubble, Bitcoin is the pin”.
The original installation has already been turned into an NFT because of course it has.
Why tf does @elonmusk going on Saturday Night Live create the scenario to push DogeCoin to $1.00. Somebody please help me understand this logic?
— Jason A. Williams “Parabolic Guy” (@GoingParabolic) May 5, 2021
All DOGE holders and Crypto Twitter are now talking about May 8. This is the day when Elon Musk is due to make his appearance on the Saturday Night Live show. Crypto community cannot wait to see what he will say about his favourite currency and maybe crypto in general.
Influencer of the Week
ALTs shining right now but I do think $BTC is going to get some attention in a few weeks.
Once ETHUSDT calms down, capital rotation into BTC is likely. That's my bet for the $70k trade idea. Prior analysis held true, no point in trying to be a shorter right now imo. https://t.co/YMXMbQnmZc pic.twitter.com/eNSKcUxAh7 — Loma (@LomahCrypto) May 3, 2021
Full-time trader and Crypto Twitter aficionado Loma is our recommended account this week. They’re of the sort who seem to be in on the fun and gains equally, keeping a balanced approach. Bonus points for keeping a hand on the pulse of the community: from the Crypto Twitter shenanigans to the big picture of the market.
What is the best altcoin to buy right now? You can count on their posts and insights to help you decide.
Top Crypto Digest
At the moment of writing the crypto digest, the general market stats are:
- Total Market Cap: $2,376,169,134,193 (+12.046%);
- BTC Dominance: 44.9%.
7d Change in Top Coins
The market keeps heating up, and it especially applies to altcoins. At the moment of writing the crypto digest, the weekly change of the top currencies is:
- Bitcoin (BTC) $57,236 (↑6.36%);
- Ethereum (ETH) $3,483 (↑26.08%);
- Binance Coin (BNB) $641 (↑6.87%);
- Dogecoin (DOGE) $0.621 (↑99.44%);
- XRP $1.68 (↑21.14%);
- Polkadot (DOT) $40.55 (↑19.57%);
- Bitcoin Cash (BCH) $1,333.73 (↑48.45%);
- Litecoin (LTC) $338.42 (↑31.32%);
- Uniswap (UNI) $41.83 (↓1.97%).
- Chainlink (LINK) $47.29 (↑30.04%).
Gainers of the Week
Which crypto will explode in 2021? Dogecoin made the top again, but 2018-era altcoins seem to be on the rise, too. The altcoins on the rise at the time of writing the crypto digest are:
- OKB $36.29 (↑101.15%);
- Dogecoin (DOGE) $0.6023 (↑93.71%);
- Bitcoin Cash (BCH) $1,333.73 (↑48.45%).
Conclusion
News and stats both suggest that the market is ecstatic and is going at a speed of sound. More adoption, more investments — the stakes are getting higher day by day. Will Bitcoin break out or is it the alts time?
The next crypto news digest will be posted in a week in our blog. For the time being, you can follow us on Twitter, Facebook, Reddit and Telegram for live updates.
