Quote of the week: “There are so many customers beating a path to our door that we have to have all hands on deck just to keep everything running, so the down periods are often sometimes kind of a welcome change from that in the sense that we get to focus on building the next layer of innovation that will benefit us in the next cycle.” – Brian Armstrong, CEO of Coinbase. Source: https://cointelegraph.
Alpha Sigma Capital in the News: Alpha Sigma Capital announced on May 11 their investment in EQIFi, the only decentralized finance platform backed by a leading digital bank. ASC is purchasing up to $3,000,000 USD of EQX tokens as part of this strategic relationship. EQIFi’s vision is expanding the options of digital asset owners, who today have limited options for secure custody and banking level access to their digital assets. EQIFi creates a next-generation high-level user experience, a secure, yet convenient, user-friendly DeFi platform. Source: https://finance.yahoo.
Animal Concerts is Conquering the Metaverse with Snoop Dogs and Others: Animal Concerts is building the next generation of online concerts in the metaverse in collaboration with many established and emerging artists. Animal Concerts is known for working with many artists including Alicia Keys, Future, Busta Rhymes, and Diplo, among others. Animal Concerts has been helping these artists and other emerging artists with NFT creation and crypto-focused endeavors. On March 29, the company launched its token ANML, and it has been highlighted as number one on CoinMarketCap’s list of Trending Cryptocurrencies. Source:
LUNA’s Crash: LUNA has fallen over 97% of its 2022 high. Some believe that the Luna crash was motivated in part by those who have hate towards Do Kwon, the founder of the organization behind LUNA. Many believe that Terra (LUNA) was a Ponzi scheme that did not have enough BTC reserves on hand to prevent the crash. Additionally, a tweet (now deleted) by Charles Hopkinson, the founder of Cardano, revealed that a large institution had borrowed 100,000 Bitcoin from Gemini exchange and then exchanged a large percentage of that BTC for UST over the counter with Do Kwon at a discount, lowering the UST liquidity. In response, the institution then dumped large quantities of BTC and UST putting investors in panic selling modes. Source: https://www.
International Regulation Featuring Germany: This week, Germany published its first nationwide tax guide for cryptocurrency. The Finance Ministry’s letter addressed the income tax treatment of mining, staking, lending, hard forks, and airdrops. The letter confirmed that staked or lent cryptocurrencies were still tax-free if held for over one year. Furthermore, it was confirmed that individuals could sell Bitcoin or Ether tax-free after one year, and according to the guide, income tax does not apply when redeeming utility tokens. Source: https://www.coindesk.
El Salvador, Once Again, Buys the Dip: On Monday, May 9, El Salvador bought more Bitcoin. The El Salvador government purchased 500 Bitcoins for an average price of $30,744. This purchase marks the largest single purchase by the country. El Salvador now holds 2,301 tokens. Source: https://markets.
Meta Launches the Testing of NFTs on Instagram and Facebook: This week, Meta began testing NFTs on Instagram and is planning to launch on Facebook as well. In addition, Meta plans to bring the functionality of AR to project NFTs in digital spaces. Source: https://www.fxempire.
Bitcoin Update: On Monday, May 9, Bitcoin’s value sharply decreased, along with other cryptocurrencies, leading to an $800 million loss in the overall cryptocurrency market. Bitcoin dipped below $30,000 for the first time since July 2021. Some are warning of a “crypto winter” now. The dip in the cryptocurrency market has been caused, in part, by a combination of short-term and long-term inputs, including larger financial markets and the crashing of a major stablecoin.
And, that’s a wrap!