Cryptocurrency News by Bitcoin Romania, May 2022

Mon | 09.05.2022

FX & Currency

In this cryptocurrency era, things are moving faster than ever, so you'd better keep one eye constantly on the market changes. Find out what are the top performance leaders in the past 5 days.

What Determines Bitcoin's Price?

Bitcoin (BTC) is a cryptocurrency developed in 2009 by Satoshi Nakamoto, the name given to its unknown creator (or creators). Transactions are recorded in a blockchain, which shows the transaction history for each unit and proves ownership.

Unlike traditional currencies, Bitcoin is not issued by a central bank or backed by a government. For investors, buying a bitcoin is different from purchasing a stock or bond because Bitcoin is not a corporation. Consequently, there are no corporate balance sheets or Form 10-Ks to review, no fund performances to compare, or other traditional tools for choosing an investment.

Learn what influences Bitcoin's price so that you can make more informed decisions about choosing it as an investment.

KEY TAKEAWAYS

  • Purchasing stock grants you ownership in a company, whereas buying bitcoin grants you ownership of however much cryptocurrency your money bought.
  • Bitcoin is neither issued nor regulated by a central government and therefore is not subject to governmental monetary policies.
  • Bitcoin’s price is primarily affected by its supply, the market’s demand for it, availability, competing cryptocurrencies, and investor sentiment.
  • Bitcoin supply is limited—there is a finite number of bitcoin, and the final coins are projected to be mined in 2140.

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Gucci and Starbucks Go Crypto to Bond with Customers

The crypto markets may be swooning, yet mainstream companies continue to embrace blockchain technology to deepen their connection with customers.

The latest converts: Gucci and Starbucks. 

Gucci, the iconic Italian fashion house, plans to accept digital tokens — Bitcoin, Bitcoin Cash, Ether, Dogecoin, Litecoin, Shiba Inu, and several stablecoins — in select U.S. stores at the end of May.  

In-Store Payments

Gucci will allow in-store crypto payments via an email sent to the customer.  This email contains a QR code that allows them to execute the payment from their crypto wallet.

Previously, Gucci had released an NFT collection called Supergucci as a partnership with animation studio Superplastic and an NFT collection called 10KTF Gucci Grail inspired by Alessandro Michele, Gucci’s new creative director .  

Meanwhile, Starbucks, the gourmet coffee giant with 32,000 stories in 80 nations, is launching NFT collections to “allow for access to exclusive experiences and perks.” Translation: the company wants to use nonfungible tokens to strengthen its loyalty programs, a function that’s attracting attention from corporate marketing departments and investors.

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Top 10 Disruptive NFT Trends to Watch Out for in 2022

Over the course of the last two years, the NFT market has made a massive turnaround, and without a doubt, 2021 was clearly a watershed moment in the emerging sector. Since then we’ve seen a lot of new applications for the technology springing up all around.

2021 notably witnessed the official integration of NFTs into decentralized finance, GameFi, Layer-2 smart contracts, fundraising, and so much more. However, the journey doesn’t end there as we are continuing to witness further trends in the current year. 

In this article, we have compiled a list of disruptive NFT trends to keep an eye on in 2022. Without further ado, below are our picks for the top ten disruptive NFT trends of the year, listed in no particular order.

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Argentine Central Bank Prohibits Banks from Offering Crypto Services

  • The issuer’s new measures will leave the crypto purchase and investment options launched this week by two Argentine banks without legal support.

  • Banco Galicia has responded to the news that it is waiting to receive official information from the BCRA in order to issue an opinion.

  • The bank also reported that the money invested in cryptocurrencies by its clients will be returned.

By mandate of the Central Bank of the Republic of Argentina (BCRA), banks operating in the country will not be able to carry out or facilitate operations with cryptocurrencies. The order comes just days after two private banks offered their clients options for trading and investing in digital currencies.

The BCRA stated that the regulation, released on Thursday 5th, includes unregulated crypto assets whose yields are determined based on the variations they register, according to news website Ambito.com.

The Galicia bank, the largest in the country, and Brubank announced earlier in the week that they would begin offering services with digital currencies, with Galicia opting to do so through Liechtenstein-based crypto platform Lirium.

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Terra Purchases $1.5 Billion Worth of BTC to Become Second-Largest Corporate Bitcoin Holder

The Luna Foundation Guard (LFG) has purchased an additional $1.5 billion of the leading cryptocurrency in its bid to accumulate Bitcoin worth $10 billion. The bitcoin purchased by LFG will be used to bolster the reserves of its popular stablecoin, known as U.S. Terra (UST).

The LFG’s drive to attain $10 billion of bitcoin for its stablecoin reserves has seen it purchase an additional 37,863 bitcoins, worth approximately $1.5 billion.

The foundation’s latest bitcoin acquisition consisted of two over-the-counter deals this week. The first was a $1 billion OTC swap with crypto prime broker Genesis for $1 billion worth of UST. The second was a $500 million bitcoin purchase from Three Arrows Capital.

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This article is provided by our Cryptocurrency Partner, Bitcoin Romania.   

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