Crypto News Digest May 23, 2022, By Coinscreed

Here are a few pieces of crypto news published by us at Coinscreed on May 23, 2022
Cryptocurrency News Digest by Coinscreed
Cryptocurrency News Digest by Coinscreed

After Max Verstappen defeated Charles Leclerc to win the Spanish Grand Prix, Drake lost another bitcoin (BTC) bet worth $234K

Drake Suffers Defeat In F1 Spanish Grand Prix, Losing $234k In BTC
Crypto News Digest May 23, 2022, By Coinscreed

Drake made a bet of $234,000 in bitcoin (BTC) that Ferrari driver Charles Leclerc would win the Spanish Grand Prix, but in the end, Max Verstappen won the race, which was bad news for him.

During the first part of the race, the 24-year-old racer had a comfortable lead. It looked like he could win and bring the rapper a profit of around $350,000 worth of the main cryptocurrency.

But the rising temperatures in Barcelona caused Leclerc a lot of trouble. On lap 27, his engine broke down because of the heat.

Max Verstappen, his main rival from the Red Bull team, took the lead and won Spain’s GP.

An analysis of the NEO price showed that the cryptocurrency market still has a bullish trend with strong chances of holding

NEO/USD Gains Tremendous Value
Crypto News Digest May 23, 2022, By Coinscreed

For example, the price of NEO/USD went up a lot on May 22, 2022, and went from $10 to $10.90 in a short amount of time. The price went up, even more, the next day, to $12, and is still going up as of May 23, 2022.

In the last 24 hours, the price has gone up 17.75 percent, with a trading volume of $188,611,337. The blockchain platform is currently #65 and has a market capitalization of $878,522,563.

Tether has seen withdrawals of $10 billion as regulators have raised concerns about Stablecoins after the collapse of Terra (UST)

In the last two weeks, investors have taken out more than $10 billion from Tether. This is because regulators are paying more attention to stablecoins.

Tether's (USDT) Withdrawals Top $10 Billion, Users Concern Over Crash
Crypto News Digest May 23, 2022, By Coinscreed

According to data from CoinGecko, the number of Tether coins in circulation has dropped from a record $84.2 billion on May 11 to around $73.3 billion as of Monday. Tether is the world’s largest stable coin. Late Friday night, about $1 billion was taken out.

Balenciaga aims to expand its business outlook by beginning to accept cryptocurrencies like Bitcoin and Ethereum payments in its first phase

Balenciaga will accept cryptocurrency at all of its flagship stores in the United States, including Madison Avenue in New York, Rodeo Drive in Beverly Hills, and its website. The brand also predicted that other regions and e-commerce would follow suit.

Meanwhile, decisions on which payment solution provider will be used are still being made. To begin, Bitcoin and Ethereum will be accepted, followed by other currencies in due course.

Balenciaga indicates that it will consider cryptocurrency in the long run, and currency value fluctuations are nothing new.

The move represents another step forward in the stores’ eagerly anticipated foray into crypto and web3 technology.

GameStop Launches Crypto, NFT Wallet Service
Crypto News Digest May 23, 2022, By Coinscreed

Gamers and others will be able to store, transmit, receive, and use bitcoins and NFTs across decentralized apps using the self-custodial Ethereum wallet, the company said in a press release.

In premarket trading, GameStop’s stock rose more than 3%. However, they are down nearly 40% this year due to a market crash.

Nollywood actress, Iheme Nancy, cried out as she lost $7k in the recent Bitcoin (BTC) crash

Iheme Nancy, an actress in Nollywood, is upset about the recent crash of Bitcoin because she lost a lot of money because of it.

The actress went on her social media page to say that she lost up to $7,000 because of the recent crash of Bitcoin.

Iheme Nancy (Nollywood Actress) Cries Out As She Loses $7k In BTC Crash
Crypto News Digest May 23, 2022, By Coinscreed

She is now begging when she asks people to take her out to lunch because Bitcoin has cost her a lot of money.

Despite the growing uncertainties in the global cryptocurrency market, the Tron ecosystem is on the rise

Following the fall of Terra’s LUNA and UST, investors have been keeping an eye on the TRON ecosystem.

Tron Surges Amid Market Volatility, Will It Fail Like Terra?
Crypto News Digest May 23, 2022, By Coinscreed

The newly launched stablecoin USDD, which uses the same mechanism as TerraUSD has now exceeded the total supply of $463 million. Its 24-hour trading volume has increased by more than 18% to stand at $159.4 million.

Tron has been continually burning TRX tokens to keep the momentum going. According to the announcement, they have cumulatively delivered over 5.8 billion TRX tokens (about $450.1 million) to a dead wallet till now.

Over 1.1 billion tokens were burned on May 22, 2022. On May 21, 2022, about 397 million tokens were burned.