Bitcoin saw a big crash in its price and is currently trading at $50,382, a 10% drop since yesterday. The coin which stood strong was Kusama, which is currently trading at $546, a 7% increase in price.
Let’s look into some of the major crypto news for today:
1. Elon Musk’s Sudden U-Turn Sent Shockwaves Across the Crypto Market
Elon Musk had previously announced that Tesla will accept Bitcoin payments. However, he has now made a complete U-turn. He has put Bitcoin payments on hold. His statement, though, makes sense. Telsa is an environmentally-friendly electric car company, and Bitcoin is often accused of high energy consumption. There are counterarguments, though, that 75% of Bitcoin’s energy consumption actuallycomes from renewable energy.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
We are still in grey waters, and one person’s tweet or decision can bring the price of Bitcoin and also altcoins down. Since yesterday’s tweet, Bitcoin has seen a greater than 10% decrease in price, currently trading at $50,380. This also means we are still early in the industry.
It also needs to be noted that Tesla is now evaluating options of cryptocurrencies that use <1% of Bitcoin’s energy used per transaction. This was the reason proof-of-stake was born. And some of the Generation 3 tokens can resolve the problems. Algorand comes first on the list. It became a fully carbon-neutral blockchain on April 22. Here’s a list of other contenders.
Image source: TRG DataCenters
The wait is over! In a landmark vote, the Kusama council has agreed to upgrade code for parachains, auctions, and crowd loans. This also reduces the minimum vested transfer by 100x and reduces fees/deposits by 50x. What does this mean? Kusama parachain auctions are coming soon. Unbond your KSM. This also resulted in Kusama touching a new-all time high. Next stop, Polkadot parachain auctions.
BEAKING: Upgrade v0.9.1 passed council and is now a public referendum, fast-tracked to end Friday ~12pm CEST. This upgrade includes the code for parachains, auctions and crowdloans, reduces the min. vested transfer by 100x and reduces fees/deposits by 50x.
ₑₓₚₑcₜ cₕₐₒₛ.— kusama (@kusamanetwork) May 12, 2021
AAVE also reached a new all-time high of $612. There has been ongoing news that AAVE is working to bring centralized organizations into its decentralized network. The protocol has put into place a private pool for institutional investors and to test out KYC/AML compliance features. However, the protocol stresses that it is decentralized.
In an exciting development for NFTs, Deeper Network will launch an IPO in the form of NFTs. These NFTs represent equity subscriptions in the platform. 50,000 NFTs will be issued at a price of $2,000 each. Holders will receive a cut of Deeper Network’s future profits.
In our last bit of crypto news for today, we have AIOZ Network announcing yet another partnership. The partnership with the MILC platform will provide multiple benefits that include the use of the MILC platform, fast licensing, AI-translation and subtitling, crowdfunding, marketing, etc.
Join us on Telegram to receive free trading signals.
For more crypto news, check out the Altcoin Buzz News YouTube channel.
