While we enter another intimidating week for new bitcoin investors, for old experienced HODLers it’s just another day in the office. I’d like to think of it as the crypto market is giving non-coiners a new opportunity to hop into the wagon with 50% discount on BTC!
At first, bitcoin proved mettle after the US Fed announced the hike of interest rates and even had a brief rally, reaching highs over $40,000. However, this didn’t last as later on BTC plunged to $35,000 in lockstep with Wall Street. While some traders eyed profit opportunities, it looks like some are concerned about rising inflation and the possibility of a recession. Like what we always say when in doubt, zoom out and don't take your eyes off the big picture. With no further ado, here’s your Crypto Weekly Recap that will keep you up to date on all of the major news stories from the previous week.
Gucci to Accept Bitcoin
The designer brand Gucci has announced that a few of its American outlets would begin accepting cryptocurrency payments, including Bitcoin, Ether, Litecoin, Shiba Inu, and Dogecoin.
Gucci is tapping into crypto! The brand will begin to accept cryptocurrency payments in some US stores at the end of this month.
— Litecoin (@litecoin) May 5, 2022
They plan to accept payments in only 10 cryptocurrencies including Litecoin⚡https://t.co/RBRvRK5gz4
Customers who want to transact with crypto will be emailed a QR code that will allow them to execute a transfer from their wallet, according to Vogue Business.
Binance Invests $500M in Musk’s Twitter Takeover
As part of his $44 billion agreement to acquire Twitter, The techno king of Tesla Elon Musk has obtained $7 billion in funding from a group of 18 co-investors. Binance's chief executive has described the move as a move toward "crypto Twitter."
A small contribution to the cause. https://t.co/xD9XZxOWfL
— CZ ? Binance (@cz_binance) May 5, 2022
Binance will contribute $500 million, according to a filing with the US Securities and Exchange Commission and the confirmation of CEO. The richest man in the world has already expressed his support for cryptocurrencies and the fact that the world's largest crypto exchange company has invested suggests that the blockchain will play a significant part in the social media site's future. It’s worth noting that Binance is likely to expand its activities in France after the Autorité des marchés financiers (AMF) granted Binance France a Digital Asset Service Provider (DASP) registration with the consent of the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
FIFA to Use Blockchain supported Wallet in Qatar 2022
A blockchain-based wallet will be available for the FIFA World Cup Qatar 2022. FIFA has entered into a sponsorship and technical collaboration agreement with the Algorand Blockchain startup. Algorand will become FIFA's official blockchain platform, providing a "blockchain-supported wallet solution," according to the deal. Algorand will sponsor the Qatar 2022 FIFA World Cup in North America and Europe as a regional sponsor.
