Last week the inevitable that so many awaited finally happened: the crypto market bounced back and showed the first positive signs in weeks. Not every crypto asset managed to close in the green, but Bitcoin (BTC), Cardano (ADA), Polkadot (DOT), and Axie Infinity (AXS) recorded really promising gains—find out about it all in today’s weekly crypto market recap.
The past seven days served as a turning point in many crypto asset’s downtrend, at least it seems. Bitcoin (BTC) closed the week with a massive 7% gain, which makes last week among the best time frames for the asset this year. Cardano (ADA) managed to even top that, and saw a whopping 16% increase in price, which sent its valuation to around USD 0.62 per ADA. Some formations suggest that Cardano (ADA) broke the 20-day Moving Average (MA) at USD 0.54 which could mean bulls will attempt to push its price to the drop value of USD 0.74 per token.
Terraform Labs have launched the new Terra 2.0 blockchain on Friday, the 28th of May. The event came pursuant of Do Kwon’s revival plan, which divided cryptocurrency exchanges and tech entrepreneurs in whether to support this new venture after the historic plunge of the LUNA earlier.
Tether has launched its MXNT token pegged to Mexico’s peso. MXNT is the latest addition to Tether’s array of stablecoins, and also marks its first presence in Latin America.
A survey conducted by the European Central Bank (ECB) has found that 10% of eurozone households have acquired crypto assets to date. According to the survey, the Netherlands had the largest proportion of crypto owners at 14%, while France ranked last with 6%. The study also indicated that while the richest were most likely to own crypto assets, poorer families were not far behind.
Three republican senators have introduced a bill aiming to limit the use of China’s central bank digital currency (CBDC) in the United States over concerns of citizens’ privacy and digital surveillance. The bill titled “the Defending Americans from Authoritarian Digital Currencies Act”, if passed, would ban China’s e-CNY—also known as the digital yuan—in U.S. app stores like Apple Store, Google Play, and other providers.
French luxury fashion house Balenciaga has announced that it will begin to accept Bitcoin (BTC) and Ethereum (ETH) as payment methods. Balenciaga, among other brands, has earlier launched its own NFT collections and meta-verse pop-ups. The fashion house has also announced it will expand payment options to other crypto assets in due time.
The Portuguese congress has rejected two bills that would have imposed a tax on cryptocurrencies. However, Portuguese Minister of Finance Fernando Medina had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes.
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