POKKET: Crypto Market Update (May 22)
Bitcoin price is -9.3% to $37k after China FUD, while ETH is doing worse -15.3% to trade $2375. Movers are FTM NKN DODO CELR MKR ALPHA MATIC -25%, LIT BZRX AAVE -24%, and rest follow in similar manner, with only FIS +43% and POLY +11% as standouts.
Chinese Vice Premier Liu He and the State Council said tighter regulation is needed to protect the financial system, and will “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field”.
Hong Kong is looking to restrict crypto exchanges to ‘professional’ investors, or those with a portfolio of >$1M.
Jerome Powell plans to publish a discussion paper on the potential issuance of a CBDC, complementing the Fed’s current research efforts.
More from Elon Musk, this time acknowledging scaling through layer-2 is necessary for Bitcoin and saying ‘for now, Lightning is needed’.
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