Catch up with the Top 10 news in the crypto space in the last 2 weeks:
1. Bitcoin Plunges Below $40K Following China Crypto Curbs
For the first time in months, bitcoin plummeted below $40K levels, following China’s latest curbs on cryptocurrencies.
Bitcoin prices have plunged around 40% from its All-Time-High of $64, 863.10, based on figures from Coinmarketcap.
The second-largest cryptocurrency by market cap, Ethereum, was not spared from the nosedive in prices - falling to below $3K for the first time since in weeks, since it first breached $3K on 3rd May 2021.
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2. Dogecoin Spikes with Elon Musk’s Tweets
Dogecoin prices spiked by some 11% following Elon Musk’s tweet on Thursday, making a recovery from its previous dip to $0.236 on May 19th.
Musk also replied to another tweet affirming his DOGE holdings, saying he hasn’t, and will not be selling any DOGE.
3.US Fed Takes Further Steps to Develop Digital Currency
The Federal Reserve will release a paper that explores the move to a central bank digital currency.
Though the central bank does not currently have concrete plans on the development of the currency, Chairman Jerome Powell said the Fed has been “carefully monitoring and adapting” to those innovations.
“Technological advances also offer new possibilities to central banks — including the Fed,” Powell said. “While various structures and technologies might be used, a CBDC could be designed for use by the general public.”
4. Unique Network Raises 4.3 Million To Launch Polkadot Chain for NFTs
Unique Network, an NFT chain for Polkadot and Kusama ecosystems, revealed that it has raised an impressive $4.3million in the first round of its pre-sale.
The round was led by Web3 investment pioneers, Outlier Ventures.
The funds will power the development and growth of the Unique Network community and finalize the launch of Unique’s parachains on Polkadot and Kusama networks. Some other activities include the development of a white label NFT marketplace that seeks to further fuel the NFT scene, by allowing anyone to build an NFT.
5. Enjin Dabbles In Project That Delivers Physically Backed NFTs
Enjin has recently partnered with Uniqly, an ecosystem that allows nonfungible tokens to be backed by physical items. Unlike other NFT ecosystems, Uniqly aims to be “bridge between virtual nonfungible tokens and real-world goods”.
On May 12, Uniqly held its first NFT auction, making tokens exchangeable for T-Shirts from a special collection, each piece with a unique and randomly generated design.
Uniqly has its own token, UNIQ, with a hard cap of 13 million. The token is currently available on Uniswap.
🤔 What are NFTs? Read more here
6. VC Firm White Star Capital Raises 50 million For Crypto & Blockchain Fund
White Star Capital successfully closed a $50 million fund, which will be allocated to blockchain firms and cryptocurrency networks.
The raised amount surpassed the firm’s target of $20 million, and is backed by institutional investors and corporations such as Bpifrance and Ubisoft.
7. Chinese Firm Invests 25 Million In Crypto Mining Data Center
On May 19 2021, Shenzhen-based Bit Mining Limited - previously known as 500.com, revealed its investment in a cryptocurrency mining data center in Texas.
The $25-million-dollar investment will see both Dory Creek LLC and Bit Mining limited “jointly construct and operate the Texas Mining Center.”
The mining center reportedly has a total power capacity of 57.2 MW, with allegedly more than 85% of its power generated by clean and low-carbon energy.
8.South Korean Deputy Prime Minister Eases Tone on Crypto
The South Korean government appears to be taking a softer approach towards crypto - hinting at possible future dialogue about virtual currencies.
South Korean Deputy Prime Minister Hong Nam-Ki revealed that officials are evaluating ways to involve young people into “domestic asset markets”.
Hong Nam-Ki, who also serves as the Republic’s finance minister, commented that it was necessary for South Korea to “reinforce policy details and support efforts for the domestic asset market, where the interest of young people is high.”
9. Hollywood Sign To Be Made Into NFTs
The world famous Hollywood Sign in Los Angeles will be made into an NFT - and used to raise funds for charity.
Launched by Sugar23, a creative platform founded by Oscar-winning producer Michael Sugar, the Hollywood sign NFT is anticipated to go on sale soon, but no specific dates have been mentioned yet.
10. Vitalik Not Surprised By Crypto Crash, Burns SHIB Holdings
In an exclusive interview with CNN, Ethereum founder Vitalik Butarin mentioned that he was not taken back by the recent crypto bloodbath.
The huge drop in prices may have dethroned the 27-year-old programme from his crypto newly-acquired crypto billionaire status.
Buterin also burned $6B million of $SHIB, which were gifted to him, citing that he did not want to be a “locus of power of that kind.” He requested that crypto enthusiasts stop gifting him random coins.
"First of all, I don't really know or understand many of these projects well. So, I can't endorse them,” said Buterin.
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