🗞 Daily Crypto News, May, 17th💰

vlemon (76)in SteemitCryptoAcademy • 3 years ago

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Bitcoin, Ether Dive While Some Alternative Cryptocurrencies Hit Record Highs

Ether, the second biggest cryptocurrency by market capitalization, is positioned to log its first weekly loss since the end of March, as its price, along with that of larger sibling bitcoin, are in the red on Saturday.

After having logged a six-week-long winning streak, ether’s set to end the week on a down note, according to data from TradingView and Kraken.

As for bitcoin, the balance of that cryptocurrency held on major exchanges is increasing again after dropping for more than a year, according to data from Glassnode. Some analysts interpreted it as a bearish sign for the market. as it could show more BTCs are available to sell on exchanges.

🗞 Did Elon Musk Just Suggest Tesla Is Dumping Its Bitcoin?

Bitcoin's price is currently spiraling down.

Elon Musk no longer supports the coin.

Will Tesla sell its Bitcoin holdings soon?

Tesla and SpaceX CEO Elon Musk may have implied on Twitter today that Tesla has sold, or plans to sell, its Bitcoin.

When Twitter user @CryptoWhale tweeted the hypothetical scenario that “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” Musk replied with a single word: “Indeed."

Although it is unclear which part of the tweet Musk is agreeing with (the prediction Tesla dumped its Bitcoin or the comment about how much hate he's getting), or whether he’s even agreeing at all, the insinuation that Tesla could dump the 43,200 Bitcoin it bought in February for $1.5 billion immediately depressed the price of Bitcoin by almost $5,000 dollars, down to $44,700.

Musk also took aim at crypto podcaster Peter McCormack, who described Musk’s recent criticism of the environmental impact of Bitcoin as “poorly informed.”

🗞 Elon Musk: Dogecoin Can Beat Bitcoin ‘Hands Down’

Musk proposed a reform for Dogecoin.

He wants to speed up its block time and block size by 10x, and decrease fees by 100x.

Tesla and SpaceX CEO Elon Musk continues to stir the pot. In reply to a tweet comparing Bitcoin to Dogecoin, he said that the meme coin will win against Bitcoin if major network changes are implemented.

Musk, who has jokingly declared himself the “Dogefather,” tweeted, “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

Last week, he announced that his space exploration company, SpaceX, will launch DOGE-1, the first-ever commercial Lunar payload paid for entirely in Dogecoin. “1st meme in space,” he tweeted.

🗞 Does Digital Yuan Threaten Global Stability?

China is making promising progress with testing its digital yuan currency. It has announced the success of a pilot in Suzhou City, near Shanghai in eastern China, where 181,000 consumers were given CNY 55 (USD 8.5) of free money in digital wallets to spend at participating outlets in the Double Fifth shopping festival between May 1 and 5.

This was part of a bigger test by the People’s Bank of China targeting 500,000 consumers in 11 Chinese regions since April. For those eligible, there is a straightforward app to download which gives them a wallet. Using this to make purchases in thousands of participating stores, they receive discounts.

The digital yuan is a version of the normal Chinese currency deployed on a blockchain, which is the tamper-proof online ledger technology that underpins digital coins like bitcoin and ethereum. However, this blockchain is permissioned, meaning the People’s Bank decides who can use it.

Three dangers

For the laggards, there are several dangers. The first is around international payments. Most transactions between different currencies currently use the US dollar as an intermediary, via the SWIFT international banking protocol. This means considerable demand for the US dollar, which brings advantages such as enabling the US government to borrow more cheaply. In 2019, for example, China alone exported goods worth USD 134bn.

Transactions using digital yuan won’t need SWIFT or the dollar, with implications for dollar usage in international trade. As many as 120 countries have China as their biggest trade partner, and many question settling in dollars as it adds the unnecessary financial risk of adverse exchange rate movements. China says it is not trying to replace the dollar with the digital yuan, and that the “goal is to allow the market to choose” how to settle international transactions.

A second danger is that if central banks don’t meet the demand for digital money, market forces will

Third, countries that fail to embrace digital currencies could find their central banks losing control over monetary policy to cryptocurrencies – be it decentralized initiatives like bitcoin or centralized ones like Facebook’s forthcoming diem currency.

🗞 Daily Crypto Calendar, May, 17th💰

Venus (XVS), Venus XVS (VXVS)

"... $VRT date will be moved back. The block number has not changed and continues to remain block number: 7479562"

Finance Vote (FVT)

"Resident Pool launches on mainnet next week at midday 12pm UTC Monday!"

SafeGalaxy (SAFEGALAXY)

Galaxyswap Launch

Aavegotchi (GHST), Polygon (MATIC), Rarible (RARI)

Aavegotchi (GHST), Polygon (MATIC), Rarible (RARI)

NEM (XEM), Symbol (XYM)

"Zaif, XYM trading is scheduled for May 17, 2021 (Monday) 3:00PM (JST)"

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3 years ago in SteemitCryptoAcademy by vlemon (76)

$0.48

7 votes

STEEM 0.19

TRX 0.15

JST 0.029

BTC 63493.34

ETH 2578.53

USDT 1.00

SBD 2.79