Crypto crash calms down, Elon Musk’s boring company dogecoin and Mt.Gox is a step towards Bitcoin holdings for lenders to accept. These stories and more this week in crypto.
Bitcoin’s best week since October
Bitcoin felt some relief this week as some investors hoped the worst of the crypto liquidity crisis was over. Markets turned green in a short-term relief rally that came after a sharp decline in prices and pressure on the market. Bitcoin rose more than 10 percent, marking its best week since October.
The boring company to accept Dogecoin
Boring Company, one of Elon Musk’s companies, will begin accepting Dogecoin payments for Loop Rides. Customers can pay in memecoins to ride Tesla vehicles on the company’s Las Vegas transit system, called the Loop. Rides are currently free for commuters using the Loop, but charges will come at a later date.
The Mt. Gox recovery plan
The failed cryptocurrency exchange Mt. Gox has provided updates on its repayment plans under the lender’s rehabilitation plan. According to the statement, the process can start as soon as next month, and the document details the different choices that creditors can make when receiving their payment, which includes compensation directly in Bitcoin.
FED: Crypto needs regulation
Federal Reserve Vice Chairman Lael Brainard says cryptocurrencies need regulation now before they become too big to threaten the financial system. In a speech that showed the central bank is closely monitoring the crypto crisis, Brainard said the lack of regulatory guidance is confusing and problematic for the entire crypto industry.
The Central African Republic released the Sango coin
After becoming the second country to legal tender bitcoin in April, the government of the Central African Republic launched a new cryptocurrency called Sango Coin, which aims to tokenize the country’s resources, such as gold and diamonds, to international investors. President Tuadera said, “The alternative to cash is cryptocurrency, which is not an alternative to our normal economy.”
To buy Nexo rival Vold
Cryptocurrency lender Nexo has announced plans to buy struggling lender rival Vold. Another victim of the liquidity crisis is Singapore-based Vald, which has suspended withdrawals for more than 800,000 of its customers. If successful, Nexo said it plans to restructure the company and expand in Southeast Asia and India.
ETH’s lowest gas charges for 19 months
Ethereum transaction fees have hit lows not seen since November 2020. The average gas or network fee required to push a transaction over the network has dropped below $1 per transaction. In the year On May 1, 2022, the average network fee was nearly $200 per transaction, due to the popular NFT sale that took place that day.
Large merchants accept Crypto payments
A BitPay and Pymnts.com report titled “Paying with Cryptocurrencies” found that 85% of businesses with an annual revenue of $1 billion are accepting crypto payments. The report states that crypto payment fees are around 1%, which is much lower than other digital payment options, which can charge up to 3.5%.
That’s what happened in crypto this week, see you next week.