According to the Wu Blockchain post, Bitmain has announced a global suspension of mining machine sales. Bitmain said this is because there is a huge amount of second-hand goods on the market right now.
Currently, only Bitcoin supercomputer servers are available for sale. Spot sales will be phased out worldwide in the near future. In addition, Bitmain announced a complete overseas relocation. Some mid- to high-level employees have already moved out of the country.
There are also rumors that Bitmain has cut one 5nm chip due to the recent price drop. Due to the sharp drop in the hashrate of the entire network, the price of Antminer S19 was below $7000. Earlier, ASIC hardware manufacturer Bitmain lowered the price of Antminer devices by 20% amid falling bitcoin rates and criticism of mining by the Chinese authorities.
The company believes that, despite regulatory uncertainty, the price of the first cryptocurrency will update its all-time high as institutional investors start buying digital coins
Co-head of the trading department at Galaxy Digital, Jason Urban, in an interview with Kitco News, predicted that bitcoin by the end of this year will update its historical maximum and grow to $70 thousand. According to Urban, the negative news background, which is now observed on the crypto market, will dissipate by the fall.
The trader also used baseball terminology, calling the adoption of bitcoin by institutional investors “the first inning.” An inning in…
Digital coins will be distributed to all residents of the country who run a special crypto wallet
El Salvador’s President Nayib Bukele said at a press conference that every adult in the country who installs the state-developed Chivo crypto wallet app will receive $30 in bitcoin.
According to the president, the free distribution of digital coins is carried out to popularize the use of bitcoin and a crypto wallet. Bukele claims the app will work wherever there is a cellular signal. …
Launchpads and decentralized exchanges continue to actively conduct token sales. Their profitability is falling, but many projects bring high profits
After the beginning of the correction on the crypto market, the situation on the IDO (Initial Dex Offering) market is gradually changing — fees, profitability and the number of participants in token sales have slightly decreased.
However, new projects continue to issue their coins, and the industry continues to develop.
Demand mania for meme tokens
One of these trends is a large number of participants and a high number of fees for the sale of meme tokens. As a result of the phenomenal success of Shiba Inu, the altcoin has dozens of follower projects.
Mary Barra named the condition under which the company will start accepting cryptocurrency for payment
General Motors CEO Mary Barra admitted in an interview with CNBC that the company could start selling its cars for Bitcoin. This will only happen if the manufacturer sees such a need from customers, Barra said.
“Nothing prevents us from doing this. We will be guided by the wishes of our customers, ”added Barra.
Tesla began selling its electric cars for bitcoins at the end of March. Already in mid-May, the manufacturer abandoned this due to the non-environmentally friendly method of mining digital coins.
The development of the crypto industry allows today to choose a convenient way to make a profit from working with digital coins. In most cases, this requires certain knowledge and start-up capital.
Since the beginning of 2021, bitcoin has risen in price by almost 40%. In mid-April, the main cryptocurrency reached an all-time high of $64.3 thousand. Over the past two months, the digital coin has fallen in price by 37%.
The Commodity Futures Trading Commission believes that decentralized finance violates the law “On commodity exchanges and exchange trading”
Decentralized Finance (DeFi) projects may violate the Commodity Exchanges and Trading Act (CEA). This opinion was expressed by Dan Berkowitz, Commissioner of the Commodity Futures Trading Commission (CFTC). An unregulated DeFi market is a bad idea, he said.
“Not only do I think unlicensed DeFi markets are a bad idea, but I also don’t understand how they can exist under CEA,” Berkowitz said.
According to the CFTC Commissioner, the law contains no exceptions for either cryptocurrencies or smart contracts. Berkowitz believes DeFi is undermining the US’s status as a strong financial system due to lack of regulation.
Major cryptocurrency exchanges are looking to enter the Indian market despite the uncertainty in the regulation of the local crypto market
Bitfinex, Kraken, and KuCoin are exploring the possibility of entering the Indian market. This is reported by Reuters, citing sources close to the exchanges. According to preliminary information, one of the three exchanges is already negotiating a takeover with a local firm. However, details were not disclosed.
“These companies [exchanges] have already begun negotiations to better understand the Indian market and entry points,” said a spokesman for an unnamed firm.
The other two exchanges, according to the same source, are also considering entering the Indian market. While the exchanges are studying the need to create a subsidiary or take over local firms. None of the three crypto exchanges have officially commented on the post.
The company has already acquired 92,079 BTC. The coins are held on the balance sheet of a newly formed organization called MicroStrategy LLC.
The announcement also announced the formation of another company called Micro Strategy Services Corporation. The company is going to issue secured bonds for $400 million with the preemptive right to redemption until 2028. With the money received, she will buy bitcoin.
However, the company stressed that they will wait for suitable market conditions, and does not know when they will come, and whether they will come at all.
The top 10 largest cryptocurrencies end the week in the green, although Bitcoin has never been able to break out of the symmetrical triangle. Anonymous hackers threatened Elon Musk with war.
Dynamics of major cryptocurrencies
The outgoing week turned out to be unremarkable for the bitcoin (BTC) rate. The main cryptocurrency of the world formed a local bottom on May 19, but since then it has remained within the neutral symmetric triangle pattern. In the middle of the week, bitcoin pierced the upper border of this triangle but failed to gain a foothold above the round $40,000 mark. …