🗞 Daily Crypto News, May, 13th💰

almost 3 years ago

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

🗞 Market Wrap: DeFi Tokens Aave and Uniswap Climb While ETH and BTC Dump

Bitcoin and ether seem to be more sensitive to a fickle global stock market. But that hasn’t affected aave and uniswap and other altcoins making huge upward swings, fueled by DeFi hype.

Aave (AAVE) trading around $567 as of 21:00 UTC (4 p.m. ET). Gaining 27.7% over the previous 24 hours.

Uniswap (UNI) trading around $40.69 as of 21:00 UTC (4 p.m. ET). Gaining 7.6% over the previous 24 hours.

Ether (ETH) trading around $4,090 as of 21:00 UTC (4 p.m. ET). Gaining 0.33% over the previous 24 hours.

DeFi tokens are hot

The biggest CoinDesk 20 gainers Wednesday were AAVE, jumping 27% and UNI, up 7%, as of 21:00 UTC (4:00 p.m. ET). Aave is a lending protocol while uniswap is used to exchange tokens in decentralized finance (DeFi), the sector underpinned by the Ethereum blockchain.

“The crypto market is primarily focused on Ethereum and the catapulting DeFi sector right now,” said Nick Mancini, research analyst at crypto sentiment analytics platform Trade the Chain. “The narrative is completely off bitcoin and focused primarily on DeFi, Ethereum and the burgeoning altcoin market.”

Ether May options expiry looking conservative

Is bitcoin in the 'Twilight Zone'?

“The drop in crypto markets coinciding with an ugly close of the U.S. markets can be explained by some correlation trades leading to quick profit-taking in cryptos,” said David Lifchitz, chief investment officer, ExoAlpha. “Bitcoin is back in the middle of its ‘Twilight Zone’ of $50,000-$60,000.”

🗞 Crypto Leaders React to Elon Musk’s Bitcoin Environment Bombshell

You can no longer buy a Tesla with Bitcoin.

Elon Musk tweeted that BTC mining uses too many fossil fuels.

Crypto leaders want to know: What changed in the last three months?

When electric automaker Tesla revealed in February that it had bought Bitcoin and, moreover, would accept it for car purchases, the price of the cryptocurrency rocketed up $4,000 in a matter of hours.

Now that Tesla CEO Elon Musk has stated the company will stop accepting Bitcoin for its cars until the blockchain network adopts more sustainable energy practices, the price of BTC has shed about the same amount in the opposite direction, lowering it to just above the $50,000 threshold.

"Elon and Tesla performed less due diligence buying a billion of Bitcoin than I do on my average shitcoin trade," quipped Rob Paone of crypto recruiting firm Proof of Talent.

🗞 US Inflation Is Up 4.2%, But Bitcoin Is Still Down

The US Labor Department shared statistics showing that inflation is rising dramatically.
*The price of Bitcoin is down 10% over the last month.
*Bitcoin may be an inflation hedge to many, but it's also seen as a speculative asset.

The U.S. consumer price index (CPI), which measures how much people are paying for goods and services, rose 4.2% from April 2020 to April 2021. According to the U.S. Labor Department, that's the biggest one-year increase since September 2008.

However, as a relatively new asset class, Bitcoin is also a speculative investment, one that can get sold off when there's concern about the broader markets. Just check out the Dow Jones Industrial Average today, which is down 1.5% after recently reaching record highs (around the same time as BTC).

🗞 Which 'green' cryptocurrency is Tesla likely to add for payments?

Social influencer “The Cryptic Poet,” told his 45,000 Twitter followers that he predicts Tesla will “either use ETH or XRP,” however user “Massimo” pointed out that if Tesla uses ETH in its current state — which uses Proof-of-Work just like Bitcoin does — it might as well be “staying with BTC.”

According to an analysis by TRG data centers, Bitcoin is estimated to average around 700 kilowatt-hours, or KWh, per transaction. While it uses around as much power each year as the Netherlands,

Ethereum and PoS

Ethereum consumes an estimated 62.56 KWh, per transaction. The Ethereum network is currently secured using the same energy-inefficient consensus method as Bitcoin — Proof-of-Work, or PoW. Digiconomist estimates the Ethereum’s network’s annual carbon footprint is comparable to that of the country Sudan.

🗞 Daily Crypto Calendar, May, 13th💰

Verasity (VRA)

"Verasity & FlybitOfficial are happy to announce the listing of VRA, VRA/KRW trading will open on 21.05.13 15:00(GMT+9)"

Student Coin (STC)

"Student Coin (STC) Will Be Trading on Bitcoin.com Exchange. Trading Pairs : STC/USDT, STC/BTC, STC/ETH."
"P2PB2B Listing Date : May 13, 2021."

Genesis Vision (GVT)

"The launch of Funds with GV Liquidity on Ethereum."

Bafe.io (BAFE)

"$BAFE (BAFE.io) to be Listed on #LBank @Bafeio"

Crypto.com Coin (CRO)

"Crypto.com is pleased to announce that Shiba Token (SHIB) will be listed on Supercharger, a one-click liquidity mining platform"

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