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Weekly Wrap-up: Ether Breaks Past $3K – New All Time High (May 3, 2021)

The biggest crypto news from last week. Axie Infinity, JPMorgan, Tesla, etc. Plus Ether just hits all-time high.

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Good morning. Welcome to Monday Markets Wrap-up, part of our new series: BitPinas Daily. We will look back at all the major news and updates that happened this week. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. We highlight three to four important news of the past week and list down the rest.      

Market Price as of May 3, 2021:

Bitcoin $56,601 -2.1%
Ethereum $2,953.30 +0.32%
BNB $622.59 +0.58%
XRP $1.56 -5.45%
DOGE $0.38 +22%
SLP $0.31 -5.2%

Bitcoin closed May 2, 2021, at $56,601 per BTC. We’re up 18% in the last 7 days and up 100% since the year began. This is also 12.66% below the all-time high of $64,804, which was hit on April 14, 2021.

Bitcoin’s market capitalization stands today at $1,083,576,020,472 which is 46% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $2,345,082,547,975   (+1.1%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

Ethereum

Ether Finally Breaks Above $3k

Ether has finally breached past $3,000 and is now up 300% on a year-to-year basis. This is in comparison to Bitcoin which is up 100%. As of press time, Ether is at $3,052, the highest the second most valuable cryptocurrency has ever been. 

The price of Ether is soaring just as demand for it also increases. Most of the work being done in the field of decentralized finance is done on top of the Ethereum blockchain. The total value locked in DeFi is now more than $70 billion.

According to data from CoinMetrics, the number of ETH active addresses has also reached a new all-time high of 771,000 wallets that are either at the sending or receiving end of a transaction. Speaking of transactions, daily transaction count has also increased by 22% as per Glassnode. This year alone, transaction count has totaled to 1.37 million.

The Ethereum blockchain is about to transition to 2.0, which will make the blockchain use  the proof-of-stake consensus versus the current proof-of-work similar to Bitcoin. 

With the recent increase in price, market research firm FundStrat maintains that the cryptocurrency will reach $10,000 this year. 

“The crypto narrative is shifting from bitcoin to ethereum and other segments like DeFi (decentralized finance) and Web 3.0 apps. These applications are generating ~3x fees for the Ethereum network vs. Bitcoin, which trades at ~3x the market cap. In crypto accounting terms, this is the same as a company using revenue, less operating costs and earning profit that is used to buy back stock. This means the network would become profitable like a company once ETH supply reduction from burned fees outpaces inflation.”

MetaMask

DeFI, NFT Booms Send MetaMask Past 5 Million Active Users

MetaMask, the cryptocurrency wallet that lives as a browser or mobile wallet recently announced it has reached 5 million active users this month. For contrast, it reached the 1 million active user mark in October last year.

Along with the boom in decentralized finance, MetaMask said NFTs are also a big driver. “On-chain data clearly indicates that NFTs are being widely embraced by users across the Ethereum ecosystem. In fact, accessing NFTs is now the second most popular use case for MetaMask, only behind swaps.”

Axie Infinity

Axie Infinity’s Ronin Phase 2 is Now Live

Sky Mavis announced the launch of Phase 2 of Ronin, its Axie Infinity sidechain built to address network congestion and increasing gas fees on the Ethereum blockchain. In Phase 1, Lands and Land items were migrated to Ronin. This time, the Axies themselves can now be migrated to the sidechain.

This means the following:

  • Players can now breed, buy and sell Axies on Ronin;
  • AXS and SLP rewards can be claimed on Ronin

Migration to Ronin:

  1. Make sure  to download Ronin if you haven’t;
  2. Migrate  your Axies from the Marketplace Dashboard;
  3. Deposit ETH, AXS, and SLP to Ronin

Check out the tutorial below:

Read More of Our Axie Infinity Articles here:

Visa

Visa Says It Will Move Into Crypto in a Very Big Way

According to Al Kelly, the CEO of Visa, the company is in an extremely good position to move forward with its crypto ambitions. 

Visa is going to take a multi-pronged approach when it comes to Bitcoin, stablecoins, and even central bank digital currencies (CBDCs). 

“So our focus is on five different opportunities that we see in this space and I would say that this is space that we are leaning into in a very big way and I think are extremely well-positioned,” Kelly said as reported by The Block.

Kelly said they are in discussion with central banks on how Visa can play a role in these CB’s digital currency  strategies. “We’re talking to central banks about the criticality of public/private partnership and in particular the criticality of acceptance because for these central bank digital currencies to have value, they’re going to have to both be secure in the minds of consumers, and that’s something we have a long track record with and could help. And then secondly, obviously they have to have some form of utility.”

Tesla

Tesla Sold $272 Million Worth of BTC

Tesla revealed in its Q1 2021 earnings report that it sold $272 million worth of Bitcoin, listed under “proceeds from sales of digital assets.”

The Block did the math for us. Tesla bought $1.5 billion worth of BTC in February. Selling $272 million would leave at least $1.33 billion in BTC still with the electric car maker. Of course, this calculation did not take into account BTC’s price movements, but Tesla is not allowed to adjust any figure as per U.S. filing rules.

Tesla’s CFO did say they believe in the long-term value of Bitcoin. “It is our intent  to hold what we have long-term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”

JPMorgan

JPMorgan to Let Clients Invest in Bitcoin Fund

JPMorgan is now the latest bank to offer certain clients the option to invest in an actively managed Bitcoin Fund, which would roll out around summer, according to a report from Coindesk.

As an actively managed fund, it will be different from the “passive fare” that is currently offered by Galaxy Digital. By passive it meant the clients buy and hold Bitcoin through the fund without touching it themselves.

This makes JPMorgan the unlikeliest bank to offer something that is related to Bitcoin. Its CEO Jamie Dimon was a critic of Bitcoin and he belongs to the “blockchain, not Bitcoin” crowd.

Binance

Binance Launches NFT Marketplace

Cryptocurrency exchange Binance announces its plans to launch its own NFT marketplace on June 2021. The exchange said in a press release that it aims to create an NFT platform with minimal fees, high liquidity, and featuring high value collectibles in all forms, such as art, music, games, sports, and metaverses.

For a primer on Non-Fungible Tokens, check out our article: Non-Fungible Tokens – NFT 101 – Why People are Spending Millions of Dollars for Crypto Art and Digital Items

The landing page is already up, allowing artists and creators to get in touch now. Binance plans to launch a mobile version of its NFT marketplace soon. 

Users already on Binance will not have trouble accessing the NFT marketplace because it will have the same account system as Binance.com. That means if you are already on the exchange platform, you are able to access the NFT marketplace and trade with your current funds on Binance.com. 

What else is happening

  • Uranium Finance developer suspected of ‘leaking’ information leading to $50M exploit
  • Alchemy raises $80M to power the NFT boom as the ‘AWS of blockchain’
  • ‘Damn Huge’: Germany Opens Up to Institutional Crypto Funds
  • Kurt Cobain’s Final Nirvana Photoshoot to be Released as NFTs
  • Binance Smart Chain: Q1 2021 Overview
  • Brian Brooks plots ambitious path to take Binance.US out of Asian crypto giant’s shadow
  • Goldman Sachs Says Blockchain Stocks on Average Outperform S&P 500 (But Not Bitcoin)
  • Polygon’s Ethereum Scaling Project Is Never Complete: Sandeep Nailwal
  • Turkey’s Cryptomania Hits Home With Losses, Arrests, Manhunt
  • The Last Days of Satoshi: What Happened When Bitcoin’s Creator Disappeared

This article is published on BitPinas: Weekly Wrap-up: Ether Breaks Past $3K – New All Time High (May 3, 2021)

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitpinas.com/price-analysis/monday-markets-ether-breaks-past-3k-may-3-2021/

Blockchain

Bitcoin can be purchased with MoneyGram using Coinme ATM operators

TL;DR Breakdown • MoneyGram will work with physical cryptocurrencies.• Coinme expects to expand its crypto operations globally by 2022. The North American money transfer company, MoneyGram, announced its merger with Bitcoin last Wednesday. This company will allow its clients to buy in Bitcoin and withdraw their holdings of the crypto converted into cash. This measure […]

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TL;DR Breakdown

• MoneyGram will work with physical cryptocurrencies.
• Coinme expects to expand its crypto operations globally by 2022.

The North American money transfer company, MoneyGram, announced its merger with Bitcoin last Wednesday. This company will allow its clients to buy in Bitcoin and withdraw their holdings of the crypto converted into cash. This measure is applied globally so the Bitcoin investor will have freedom in withdrawing cash.

This news has captivated many merchants with a long relationship with North American banking. For the process to complete, MoneyGram had to partner with Coinme, the largest crypto exchange in the United States. With this huge collaboration, Coinme promises to support over 20 thousand physical locations in the country.

Coinme and its partnership with MoneyGram to give Bitcoin

Bitcoin

Alex Holmen, SEO at MoneyGram, said this partnership with Coinme opens up a new space for crypto investors to profit. The company wants the digital currency to become a fiat currency, such as the dollar or the euro. However, the volatility of Bitcoin and other cryptocurrencies is not compared to that of local currencies.

The new service will be rolled out to all MoneyGram locations in the United States in the coming months. Coinme also plans to take this method globally, partnering with other crypto exchange companies.

MoneyGram points out that it has 150 million users around the world. This popularity of the company will increase as the new Bitcoin withdrawal system is known.

MoneyGram joins the Bitcoin business with other companies

The American company was founded in 1940, and its headquarters are in Dallas, Texas. MoneyGram competes with Western Union to be the best national and international transaction company.

For the year 2017, MoneyGram became interested in cryptocurrencies, and since then, it has grown in popularity. Although the company’s guidelines with handling Bitcoin are not clear, their intentions could be very good.

The international transaction company joins the crypto game after other similar companies have seemingly invaded. For February, Mastercard said it would support cryptocurrencies starting this new year. This slight attraction is achieved after Bitcoin had a rise that would take it to reach its all-time high in price.

But PayPal also announced that it would work with Bitcoin to make the purchase/sale more secure. These American crypto pioneers are making good decisions that attract traders. Since October of last year, cryptocurrencies can be bought in the PayPal wallet.

MoneyGram will release an official statement when its crypto transactions are approved. After the announcement, Bitcoin and other cryptocurrencies are expected to increase in value and reach new all-time highs.

Going from buying digital to physical cryptocurrencies can be a great idea and provide secure storage. Coinme has a great reputation in American exchange banking and is a great partnership with Moneygram.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/bitcoin-can-be-purchased-with-moneygram/>

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Blockchain

Goldman Sachs executive resigns after making a fortune from Dogecoin

TL;DR Breakdown Aziz McMahon makes fortune from Doge investment Doge metric rise over the year Aziz McMahon is another person who has hit the jackpot thanks to his Dogecoin crypto investment, as he reportedly made millions from the meme coin. The London-based executive took a bow from his job with the bank after working with […]

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TL;DR Breakdown

  • Aziz McMahon makes fortune from Doge investment
  • Doge metric rise over the year

Aziz McMahon is another person who has hit the jackpot thanks to his Dogecoin crypto investment, as he reportedly made millions from the meme coin.

The London-based executive took a bow from his job with the bank after working with the financial institution for more than 14 years, his LinkedIn profile shows, according to eFinancialCareers.

According to the site, McMahon might be starting a hedge fund that cited sources at Goldman as he is yet to respond to requests for comment, but Goldman confirmed his departure to Insider.

Also, the exact amount McMahon made from his Dogecoin holdings was not made public. Sources claimed that it was a substantial sum, pointing out that DOGE rallied over 1,000% in value this year.

The former Goldman Sachs executive made his Dogecoin fortune trading with a personal account and was not affiliated to Goldman Sachs.

Dogecoin metric rise over the year

Although at press time, the meme coin is on a decline and has been over the past seven days, however, this does not diminish the success the meme coin has enjoyed so far in the year.

The meme coin has recorded landmark gains outstripping the largest cryptocurrency, Bitcoin (BTC), in the number of related internet search queries.

Doge has emerged as the fastest-growing digital currency since 2021, began posting up to 13,500% growth year-to-date, and surging from just $0.005 to an all-time high of $0.68 on May 7.

Dogecoin’s recent tumble came after Musk called the meme token a “hustle” on SNL, adding that it’s “as real” as a dollar bill. However, the meme coin is having a run for its recent surge as a clone, and rival coin, Shiba Inu, has been surging above it recently.

The coin has broken to a new ATH but has seen a 13 percent decline at press time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/banker-resigns-after-fortune-from-dogecoin/>

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Blockchain

BitMEX Executives to Face Trial in March 2022

BitMEX’s former executives Arthur Hayes, Benjamin Delo, and Samuel Reed will face trial in March 28th, 2022.

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The executives of the derivatives trading platform – BitMEX – will face trial in March next year. The money laundering case will come 18 months after charges were first filed. The former members of BitMEX can face up to 5 years in prison and a $250,000 fine if found guilty.

The Trio Heads to Trial

Last year, US officials accused the CEO of the company Arthur Hayes, the co-founder Benjamin Delo, and the chief technology officer Samuel Reed of violating the Bank Secrecy Act. Moreover, the members of BitMEX were served with money-laundering charges.

On May 11th – 18 months after the first accusations against them – New York District Judge John Koeltl set the trial date for March 28th, 2022. Furthermore, Gregory Dwyer – BitMEX’s head of business development – also faces charges but will appear in court separately.

Even though the company’s headquarters are in the Seychelles, the US Department of Justice accused BitMEX of failing to apply anti-money laundering procedures while doing business with US-based customers.

Interestingly enough, the ex-CEO of BitMEX – Arthur Hayes – said that the exotic island was a more convenient place for business as it was much easier to bribe Seychelles’ authorities rather than the US ones. The former executives of the cryptocurrency exchange could face a maximum of five years in prison and a $250,000 fine.


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Where Was Arthur Hayes?

Attorney Jessica Greenwood told the court that Hayes has ”discussed a surrender date of April 6th, 2021 in Hawaii.” She added that ”the plan is to notify the Court in advance of that appearance and discuss logistics” around his submission.

As CryptoPotato reported, even after his remote announcement Hayes continued to reside abroad and explained that he would only visit the United States whenever has to face the trial in New York.

In the end, the former BitMEX CEO indeed turned himself in on April 6th, 2021. However, the officials released him on a $10 million bond pending the future court process.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitmex-executives-to-face-trial-in-march-2022/

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