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Weekly Roundup: Tesla stops accepting Bitcoin payments, Ethereum is overpriced, eBay enables NFT trading on its platform

CryptocurrencyMay 16, 2021 03:00PM ET
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© Reuters Weekly Roundup: Tesla stops accepting Bitcoin payments, Ethereum is overpriced, eBay enables NFT trading on its platform

Bitcoin

  • As part of its economic recovery plan, Hungarian lawmakers are planning to give Bitcoin investors tax cuts.
  • Software and data analytics company Palantir now accepts Bitcoin payments. There are also plans to add the leading cryptocurrency to its balance sheet.
  • This week’s title of Bitcoin’s biggest critic goes to Nouriel Roubini. The American economist still believes that Bitcoin is a bubble.
  • MoneyGram is strengthening its stake in the crypto industry, enables retail Bitcoin purchase.
  • Hedge-fund legend Stanley Druckenmiller believes that Bitcoin is here to stay. As for Ethereum, he is not so confident about the future of the digital asset.
  • The self-acclaimed founder of Bitcoin Craig Wright has launched a lawsuit against 16 Bitcoin developers. His mission is to retrieve $5.7 billion worth of Bitcoin.
  • Tesla (NASDAQ:TSLA) sent the entire crypto market into panic mode when it announced that it was no longer accepting Bitcoin payments for its cars, citing energy consumption concerns.
  • Rather than wait for the SEC to approve or reject its Bitcoin ETF application, Bitwise has gone ahead to launch a new crypto ETF that tracks the share of top publicly-listed companies that operate in the crypto and blockchain sectors.
  • MicroStrategy threw another $15 million at Bitcoin over the past week.
Ethereum
  • Analysts as JPMorgan (NYSE:JPM) are not confident about the current price of Ethereum. According to them, the digital asset should be trading at around $1,000. Speaking of price, Ethereum crossed the $4,000 benchmark for the first time over the past week. Contrary to their predictions, billionaire Mark Cuban thinks that Ethereum’s price has the potential to “blow up.”
  • Hackers exploited an Ethereum-based DeFi project, Rari Capital, carting away with $11 million.
  • Thanks to the meme coin mania, Ethereum fees are once again on the rise, with the network’s average transaction fees surging to new all-time highs.
Other News
  • Yield Optimization Platform & Protocol (YOP) has launched the First All-in-One App to Combine DeFi Yield Generation, Market Data, IDOs, and NFTs in a Single Easy-to-Use Platform.
  • A bill seeking to recognize the legal status of cryptocurrencies has been passed by the Texas House of Representatives. Similarly, Nebraskan legislators are also pushing a bill that would allow banks to offer crypto services.
  • Effective from July, Wyoming will begin to recognize decentralized autonomous organizations (DAOs) as limited liability companies.
  • Swiss multinational investment bank UBS has joined the ranks of financial institutions that offer crypto exposure to wealthy clients.
  • Thanks to an investment in Dogecoin a managing director at Goldman Sachs (NYSE:GS) can now live his Lambo dream. Aziz McMahon quit his job at the bank after making a fortune from a DOGE investment.
  • Fantom is using blockchain to rebuild the educational system in Pakistan. The project also registered 10 million transactions on its blockchain at record speed.
  • eBay (NASDAQ:EBAY) has become the first e-commerce giant to enable the sales of NFTs on its platform.
  • Crypto.com has received an MFSA Class 3 license in Malta.
  • Epik Prime, a global leader in creating branded digital items for businesses, has closed its private round of funding.
  • Sotheby has raked in nearly $13 million from its Banksy “Love is in the Air” art auction.
  • The US Justice Department and Internal Revenue Service (IRS) have begun investigating Binance Holdings over money laundering and tax evasion concerns.

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Weekly Roundup: Tesla stops accepting Bitcoin payments, Ethereum is overpriced, eBay enables NFT trading on its platform
 

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Comments (1)
Investing Man
Investing Man May 16, 2021 5:07PM ET
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The cost to swap with ether is a nightmare for retail, meaning its only a utility for the richest of the rich. Thet know if they contribute the retail will just unload. Its stuck, and really doesnt have anywhere to go.
 
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