Golden Morning Post | The total market value of cryptocurrencies fell below $1.5 trillion

headlines

▌The total market value of cryptocurrencies fell below $1.5 trillion

Jinse Finance reported that according to data from CoinGecko, the current market cap of cryptocurrencies is $1.498 trillion, with a 24-hour drop of 9.2%, and a 24-hour trading volume of $143.09 billion. The current market value of Bitcoin accounts for 39.4%, and the market value of Ethereum accounts for 18.4%.

quotes

As of press time, according to Huobi global data:

The latest transaction price of BTC is 30203.9 US dollars, with an intraday increase and decrease of -6.66% ;

The latest transaction price of ETH is 2245.21 US dollars, with an intraday increase and decrease of -5.58% ;

The latest transaction price of SOL is 63.59 US dollars, with an intraday increase and decrease of -8.81% ;

The latest transaction price of MATIC is US$0.82, with an intraday increase and decrease of -5.32% ;

NEAR's recent transaction price was US$9.59, with an intraday increase and decrease of -11.63% ;

The most recent transaction price of ENS is 13.55 US dollars, with an intraday increase and decrease of -8.72% ;

The recent transaction price of DOGE is 0.1048 yuan, with an intraday increase and decrease of -7.84% .

policy

▌U.S . Treasury Secretary: The U.S. Financial Stability Oversight Board is working hard to determine the risks of digital assets

On May 10th, U.S. Treasury Secretary Yellen: The U.S. Financial Stability Oversight Committee (FSOC) is working hard to determine the risks of digital assets. The U.S. Financial Stability Oversight Council (FSOC) recommends that regulators increase their capacity and efforts to address climate-related risks to the financial system.

▌Ukraine ’s new fundraising platform supports over 100 cryptocurrencies

Golden Finance reports that Ukrainian President Volodymyr Zelenskyy has launched a new fundraising platform called United24, which accepts donations in more than 100 different encrypted assets. The list of supported cryptoassets ranges from popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), to the recently launched apecoin (APE) and some smaller decentralized finance ( DeFi) coins such as HectorFinance’s HEC, StreamCoin’s STRM, and Enzyme’s MLN.

▌Venezuela Bets on De-Dollarization After Foreign Currency and Crypto Tax Implementation

Jinse Finance reports that the Venezuelan government is now focusing on trying to establish the bolivar as the preferred currency for purchases in the country. That could be a risky bet for a country emerging from hyperinflation but still suffering from high inflation, according to several economists. However, the 3% tax target for spending in foreign currency and cryptocurrencies has had some impact in this regard. A new tax called the IGTF, which aims to impose a 3% tax on transactions and payments made in U.S. dollars, foreign currencies, and cryptocurrencies in some cases, appears to be designed to help with this. However, now may not be the time for such adjustments, as Venezuela has just emerged from a period of hyperinflation that was also accompanied by a devaluation of fiat currencies that had to be renamed twice.

Blockchain application

▌Digital RMB landed in Zhejiang Provincial Hospital of Traditional Chinese Medicine

Jinse Finance News, recently, Zhejiang Provincial Hospital of Traditional Chinese Medicine officially opened the digital renminbi payment service, becoming the first hospital in Hangzhou to accept digital renminbi payment for medical expenses. "Digital renminbi supports offline payment between both parties, and transactions can be realized without a network. It is convenient and fast, broadens the payment channels for patients to seek medical treatment, and can also guarantee the security of payment." He Qiang, deputy director of the Provincial Hospital of Traditional Chinese Medicine, told reporters that the current digital renminbi payment function It has been realized in the outpatient manual window and self-service payment machine of the hospital. Patients can pay offline after installing the "Digital RMB" APP on their mobile phones. Next, the payment service will also cover scenarios such as payment between clinics, online hospital visits, and hospital bills.

cryptocurrency

▌President of El Salvador: Just bought 500 bitcoins at an average price of $30,744

News on May 10, President of El Salvador Nayib Booker: He just bought 500 bitcoins at an average price of $30,744.

▌Zuckerberg : Will start testing digital collectibles on Instagram this week

On May 9, Zuckerberg, CEO of Meta Platforms (FB.O), announced that he will start testing digital collectibles on Instagram this week. Zuckerberg said that a small group of American creators and collectors will be allowed to share NFTs they create or buy on Instagram. There are no fees associated with posting or sharing digital collectibles on Instagram. Digital collectibles will also be available on Facebook in the future.

▌Coinbase stock price fell below $90, hitting a record low

According to news on May 9, the stock price of Coinbase fell below $90 per share, and the current price is around $87 per share, a record low and a drop of nearly 80% from its all-time high.

▌NEAR Foundation Launches Kenya Blockchain Center

Jinse Finance reported that the NEAR Foundation, a Swiss non-profit organization responsible for overseeing the governance and development of the NEAR protocol, has partnered with Sankore, a local blockchain community in Kenya, to launch a regional center. The center will be dedicated to ongoing blockchain innovation, education and talent development across the continent. Sankore founder Kevin Imani will lead the hub, which will consist of events, academies, incubation programs and the Sankore Bounty ecosystem. Beyond Nairobi, NEAR will also work in lesser-known cities in Kenya where no other layer 1 blockchain currently exists.

▌Popular programming framework Qt CEO: Cryptocurrency is a "Ponzi scheme"

Jinse Finance reported that the chief technology officer of Qt, a popular programming framework used by technology giants such as Adobe, Tesla, and Blizzard, called cryptocurrencies a "Ponzi scheme" on May 6. Although its CTO believes that cryptocurrencies and “smart contracts are just a bad idea,” it repeatedly uses the fact that Satoshi Nakamoto used Qt in an early Bitcoin wallet. Given that cryptocurrencies are “Ponzi schemes,” it’s safe to assume that public companies’ association with the household name “Ponzi scheme” needs to be disclosed as a risk in their annual reports. However, the company did not mention blockchain or cryptocurrencies in its risk disclosure. Knoll, the chief technology officer of a technology used in thousands of applications around the world, has a very negative view on encryption.

▌Nigerian fintech founder: African fintech has greater potential for scale than other tech startups

Jinse Finance reported that the African fintech industry has developed rapidly in the past few years, which has attracted the attention of some well-resourced venture capital (VC) firms. This dominance has persuaded venture capital firms to pour tens of millions of dollars into different fintech projects in Nigeria. In fact, some fintech startups originating in Nigeria, the continent's most populous country, have managed to secure over $100 million in funding. According to Eghosa Nehikhare, CEO of financial services fintech startup Multigate, this is due to the interrelationship between certain variables such as (1) the scale potential of the business, (2) the patience of the VC/PE providing the funding ( or impatience), (3) the proportion of fintech’s “true” addressable market size compared to other tech startups, (4) and ultimately return on investment (ROI). African fintechs have greater potential for scale than other tech startups in the region, given that a large portion of today's population desperately needs most of the solutions fintech offers.

important economic trends

▌Federal Reserve Bostic: Take 2-3 rate hikes of 50 basis points as a benchmark

May 10 news, Federal Reserve Bostic: 2-3 rate hikes of 50 basis points as a benchmark, although this is what I expect, but I am willing to accept some adjustments. As far as demand is concerned, there are still many uncertainties on the downside. A 50 basis point hike in consecutive meetings is aggressive by historical standards.

▌U.S. and Bursa oil prices fell 6% within a day

According to the market, oil prices in the United States and Burundi fell 6% within a day, to $103.45/barrel and $105.67/barrel respectively.

▌U.S. stocks opened lower and moved lower, the Nasdaq extended its decline to 3%

The market showed that U.S. stocks opened lower and moved lower, and the Nasdaq extended its decline to 3%. Tesla ( TSLA.O ) fell more than 6 percent, while Amazon ( AMZN.O ) fell nearly 3 percent.

Golden Encyclopedia

▌GoldenEncyclopedia | What is Ethereum Virtual Machine EVM

The Ethereum Virtual Machine (EVM) uses 256-bit machine code and is a stack-based virtual machine for executing Ethereum smart contracts. Since EVM is designed for the Ethereum system, the Ethereum Account Model (Account Model) is used for value transmission.

Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for informational reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.