CRYPTO WEEKLY MARKET UPDATE Tencent-backed Everledger co | MYC Signals

CRYPTO WEEKLY MARKET UPDATE



Tencent-backed Everledger collapses amid lack of funding
Everledger, which uses blockchain to track the provenance of diamonds and other goods, failed to make its latest funding round happen, the AFR reported on May 8.

Subsequently, Everledger was quietly placed into voluntary administration as the firm could not pay its debts. All Everledger employees were given layoff notices on March 31, with Vincents Chartered Accountants being appointed as administrators on April 24. The first meeting of creditors was scheduled for May 8.

Liechtenstein to allow payment for certain state services in Bitcoin
Liechtenstein plans to allow Bitcoin payments for certain state services, Prime Minister Daniel Risch told the German business daily Handelsblatt in an interview.

"A payment option with Bitcoin is coming," Risch said in the interview on Sunday, without giving a specific timeframe.

Reality Hits Memecoins as PEPE Traders Lose $7M in 24 Hours
PEPE, the poster boy of this year’s meme coin season, is down by almost 50% from its all-time high. Is this the end of its rally?

Since last month, meme coins have taken the market by storm. While PEPE has given over a 1000% price rise in less than a month, investors need to stay cautious of high volatility and various scams.

China’s Crypto Ban Proven Ineffective, What Can Other Nations Learn?
China has been under a blanket crypto ban since September 2021, but it has not stopped its citizens from buying and selling digital assets.

A recent report by Bloomberg found that a lot of Chinese investors were making credit claims from the FTX crypto exchange, despite a crypto ban in the country. Meanwhile, Binance and OKX also reported significant usage by Chinese citizens.

BTC Miners Receive Revenue Boost Following High Network Demand
Glassnode, the blockchain intelligence firm, mentioned via a tweet this morning that Bitcoin (BTC) miners received a revenue boost over the past few blocks. According to the post, this increase in revenue for miners comes after the BTC network experienced extremely high demand for blockspace.

Reportedly, the spike in demand for blockspace was driven by BRC-20 tokens, utilizing inscriptions and ordinals. As a result, the average fee paid per block was around 2.905 BTC, which is near historical bull market peaks.