What should we expect this week in crypto?
Anyway, check out the crypto happenings of the 3rd week of May.
Bitcoin is uncertain at $27,000
Last week started on a positive note for Bitcoin, which bounced above $27,600 after stalling over the weekend. However, this was short-lived, and the property dropped below $27,000 within days.
Another price bomb followed, which brought it back to $27,500, which was then stopped again.
The largest cryptocurrency by market capitalization recently traded at around $26,800, up 0.3% over the past 24 hours, according to CoinDesk data. The price of BTC surged to nearly $27,200 late Friday morning as Powell — who appeared with former Fed Chairman Ben Bernanke at the Thomas Laubach Research Conference — said that credit stress could mean that interest rates may not be as high as previously thought.
This time, the rejection was even stronger, sending the cryptocurrency to a weekly low of $26,400 (on Bitstamp). The bulls tried to capture this move, which helped BTC regain some of the field.
As such, Bitcoin moved back into the familiar area around $27,000 and stayed there for several days.
A few hours ago, it finally came to a halt at $27,300 again. Despite losing value since then, BTC is still hovering above $27,000.
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PEPE continued its growth with an incredible double-digit price.
PEPE is on the rise again.
All eyes in the crypto community were on PEPE last month, as the memecoin went from an unknown coin launched in mid-April to a major trend with a market cap of nearly $2 billion just a few weeks later.
After a few savvy investors became overnight millionaires, it was listed on several major exchanges, including Binance, in what proved to be a news-selling moment. PEPE lost some of its momentum, and its market capitalization dropped by more than a billion in just a few days.
Larger cap alts are also rising daily, albeit more moderately. ETH, BNB, XRP, ADA, MATIC, SOL, LTC, DOT, and TRX rose as much as 2% in one day.
The total capitalization of the crypto market added up to around 10 billion USD per day and is 1130 trillion USD.
Ripple has bought Swiss cryptocurrency management company Metaco for $250 million. This is part of Ripple’s strategy to expand its presence outside of the US. This comes in the same week that they are launching their own
“Ripple CBDC Platform,” which allows governments and central banks to create their own CBDC.
Lido Finance v2 has been launched on the mainnet, allowing ETH withdrawals for users of its net investment service. Lido currently holds around 31% of the total ETH invested in its platform.
Uniswap was released on Polkadot via Moonbeam, one of Polkadot’s parachains.
Hardware wallet company Ledger is in the news after a new update for its Nano X device that allows users to subscribe to a recovery tool that encrypts their password and sends it to various administrators. Many in the community thought this defeated the purpose of a hardware wallet, as it meant your private keys could theoretically leave the device.
Tether has announced that it will regularly spend up to 15% of its profits to buy bitcoins to further bolster its reserves.
The NFT collection, Pudgy Penguins, released a toy line called Pudgy Toys. Each toy is NFT licensed directly to the owner and unlocks multiple features with a QR code.
Sky Mavis, the company behind Axie Infinity, has launched the Mavis Market – an NFT marketplace for its proprietary blockchain, the Ronin Network. Creators set their own royalties, with Sky Mavis receiving a 2% royalty and Ronin’s Treasury receiving a 0.5% royalty on all sales.
ApeCoin DAO has accepted a proposal to launch an “Ape Accelerator”, which aims to support the incubation of projects with APE tokens.
Bitcoin Frogs, a new collection of NFTs based on Bitcoin Ordinals, tops the NFT trading charts this week, outperforming even Bored Apes.
Developers Axie Infinity released a “lite” version of their Origins game on the Apple App Store. This version does not require users to purchase NFTs, but allows existing Axie N (https://emoneymax.net/)FT holders to move their Axies into the app.
Borderless Capital led a $50 million fund focused on cross-chain projects that use the Wormhole protocol for cross-chain messaging.
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