Crypto Market Highlights May 5, 2022
Crypto Market Highlights: General News
- According to MicroStrategy’s latest report, the company recorded a $170.1 million loss for digital asset impairment in the first quarter of 2022. The digital asset impairment represents the price of bitcoin falling below the price at which it was purchased. MicroStrategy reported $831 million in total digital asset impairment losses in 2021, compared to $71 million in 2020.
- Equinox Group, an American luxury fitness company, announced on Tuesday that it will accept crypto for membership payments at its New York City Equinox fitness clubs. The firm has begun taking cryptocurrency for payment of the Annual Membership price to its New York clubs, due to a collaboration with crypto payment processor Bitpay. The “Annual All-Access Membership” costs $4,044.15, while the “Annual Destination Membership” costs $4,545.75.
- Gucci will begin taking cryptocurrency payments in select stores across the United States, with plans to grow to all of the company’s North American stores this summer. Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five stablecoins tied to the US dollar will be accepted. Gucci’s crypto payments will be made via a QR code that will be emailed to consumers and will allow them to link their wallets and pay.
- The Federal Reserve raised interest rates by half a percentage point on Wednesday, a move that the market had expected given that inflation has remained more than a percentage point above the central bank’s target. The Federal Reserve also announced plans to decrease its $9 trillion asset portfolio, beginning with allowing bonds to mature without being reinvested in new securities rather than being sold on the open market.
- California, the world’s fifth-largest economy, is attempting to establish itself as a digital asset center. Newsom’s office said in a statement that the governor issued an executive order on Wednesday aimed at setting regulatory parameters for the digital asset business that safeguard investors while stimulating innovation. According to Newsom, the executive order builds on President Biden’s previous actions to provide regulatory clarity to the new asset class, with the goal of putting California ahead of the federal policy curve.
- According to data shared by the Buy BTC Worldwide portal, BTC’s historical volatility is at 18-month lows. Its 60-day estimated average value dropped to 2.62%. BTC volatility was last this low in November 2020, when the most popular cryptocurrency broke through $10,000 for the first time in this bullish cycle. On April 27, 2022, thirty-day volatility reached a local low, but it is already showing signs of recovery.
- The Shiba Inu team has announced that the Shiba Inu token can now be used to purchase land in SHIB: The Metaverse. This was done in response to community feedback. In SHIB: The Metaverse, the Shiba Inu team previously released the details of a new SHIB utility. SHIB will be used to decorate land plots with photos and brands. The feature will also burn SHIB when the photos are altered.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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