Welcome back to another week’s episode of Crypto Weekly, where you get updated on the major news events shaking the crypto-verse over the past few days.
In today’s episode of crypto stories and happenings, we have the following;
- Bitcoin Falls to Around $34K
- Gucci to Start Accepting Crypto Payments
- Cubans Are Bypassing Financial Sanctions With Crypto
Let’s jump right in;
1. Bitcoin Falls to 3-Month Low
Bitcoin continued it’s 4 day slump as it fell to a three-month low on Sunday.
BTC fell to $33,710, the lowest since Jan. 24 and more than 50% loss since it’s all time high around the end of last year.
Bitcoin has traded between $35,000 and $46,000 this year, so the latest price decline might mark the beginning of a new market trend.
2. Binance Reportedly Halts Crypto Derivatives Service in Spain
Binance stands as one of the most persistent crypto exchanges when it comes to gaining regulatory approval and operational licenses from regulators across the world.
As evidenced by Binance’s official Spanish website, the crypto exchange removed the derivatives drop-down menu, which is still available on the global version.
According to local news publication La Información, the move to hide derivatives offering in Spain comes as a way to comply with the requirements set by CNMV, a.k.a. the National Securities Market Commission.
The screenshot above shows the missing ‘Derivatives’ option from the Spanish version, which is evidently available in the global version.
3. Fashion Giant Gucci to Start Accepting Crypto Payments
Italian high-end luxury fashion house Gucci is looking to add crypto as a payment option in some of its U.S. stores from late May, with plans to expand to all its North American stores by summer 2022.
According to a May 4 report, Gucci will accept in-store crypto payments by emailing customers a link comprising a QR code.
After scanning the QR code, customers will be able to complete the transaction through their crypto wallets.
The first Gucci stores to accept crypto payments are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
The company will accept more than ten cryptocurrencies for payments.
These include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five stablecoins pegged to the U.S. dollar.
4. Luna Foundation Guard Acquires $1.5B in Bitcoin
The Luna Foundation Guard (LFG) has acquired 37,863 bitcoins as it continues to move toward its target of having $10 billion of stablecoin reserves before the end of the third quarter.
The recent purchases were made in the form of two over-the-counter deals, one a $1 billion swap of US Terra (UST) for Bitcoin (BTC) with crypto prime broker Genesis Global Trading and the other a $500 million purchase of bitcoin from hedge fund Three Arrows Capital, as stated in their tweet.
LFG’s total bitcoin holdings now stand at 80,394, worth just shy of $3 billion at press time. UST is the 10th-largest cryptocurrency with a market capitalization of $18.4 billion, according to CoinGecko.
5. Cubans Are Bypassing Financial Sanctions With Crypto
A recent report from the National Broadcasting Company of Cuba, (NBC) suggests that more than one hundred thousand Cubans are bypassing financial sanctions using crypto.
This is happening as Cuba faces financial sanctions placed by the United States.
Bitcoin has become a popular method of transaction among the Cubans after the sanctions placed by the US.
Stores and cafes in the nation are also accepting BTC and ETH as they believe in the philosophy behind crypto assets.
More importantly, crypto has given them the option to be independent of any other nation for payment methods.
This is great as it shows that nations that do not have their proprietary payment methods can depend on crypto.
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The markets currently look bearish and is also at a point of uncertainty.
My advice is to watch closely before thinking of accumulating.
Until next time, HODL on.