Weekly report on the cryptocurrency market

The cryptocurrency market has lost hundreds of billions of dollars this week, and Bitcoin fell under the $ 40,000 level again in months.

The price of Bitcoin falls below $ 40,000

This week was a bear for the cryptocurrency market because hundreds of billions were dropped. Bear took full control of the market, which led to a massive decline in cryptocurrency prices on a broad front. At Bitcoin, the price fell from over $ 50,000 to around $ 30,000 during the week. However, the price recovered a little and the leading cryptocurrency is now over 39,000. Ethereum also lost 28% of its value this week and fell from its all-time high over $ 4,500 to $ 2,700 in crypto exchanges. The massive sale could be due to the panic caused by statements by Elon Musk and China. Despite the decline, several analysts and experts are confident that this will only be a correction and that prices will soon rise again.

Elon Musk takes up the decentralization claims from Bitcoin to

Elon Musk, CEO of Tesla, attacked Bitcoin at the beginning of this week and claimed that the cryptocurrency was not a decentralized unit. According to Musk, Bitcoin is a strongly centralized cryptocurrency, as the majority of the hashing performance is controlled by many large mining companies. He claims that every negative situation with the mining facilities could affect Bitcoin's performance. Despite his attack on Bitcoin, Musk revealed that Tesla had not sold anything from his BTC supply. This latest development comes a few days after Musk has announced that Tesla BTC no longer accepts as a means of payment for its electric vehicles due to concerns about Bitcoin's energy consumption and its effects on the environment

China again prohibits crypto -related services

The Chinese authorities again issued a ban on services related to cryptocurrency at the beginning of this week. The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China banned financial institutions and payment companies to provide cryptodists for companies and individuals in the country. According to the order, the financial institutions cannot register, act, handle or process transactions in connection with cryptocurrencies. The agencies warned their citizens that the trade in cryptocurrencies was risky and added that the Chinese government would not cover any losses that a crypto dealer will suffer. China has a long history of the ban on crypto activities in the country after stock exchanges, first coin offers (ICOS) and other events were prohibited.

leading crypto exchanges went back during the market correction

The massive drop in prices this week followed a drama on the cryptocurrency market. Binance, coin base, octopuses and a variety of other crypto trading platforms were canceled during the market crash at the beginning of this week or have restricted the access of people to their accounts. During the crash, several investors tried to sell their facilities while others wanted to finance their accounts. However, the stock exchanges were overloaded and could not process the orders. Some dealers miss the purchase of the dips. With Revolut, Kraken and Gemini, connectivity problems also occurred that prevented customers from using the platforms.

Wells Fargo offers its wealthy customers crypto access

Despite the massive drop in prices, Bitcoin is still accepted by financial institutions. Wells Fargo, one of the leading US banks with a custody of over $ 2 trillion, said that she would offer its wealthy customers access to cryptocurrencies. The US bank will introduce its investment strategy up to the next month and say that it will only be available to the selected customers. Wells Fargo believes that cryptocurrencies are alternative systems and that qualified investors can use them through personally managed funds. Wells Fargo joins a growing list of US banks that enter the field of cryptocurrency. So far, Goldman Sachs and Morgan Stanley have already offered their wealthy customers the service. Citigroup and JPmorgan Chase have expressed interest in offering their customers similar services.

Bank of America uses blockchain to handle stock transactions

The Bank of America announced that it had joined the Paxos Blockchain Stock settlement Network. The US bank will use blockchain technology to process business faster and more efficiently. According to the bank, the conversion to the Paxos network can shorten the processing period for shares from two days to minutes. The Bank of America has tested the Paxos system internally and intends to use it for its customers as soon as it becomes a clearing point for its customers. Paxos offers a faster, cheaper and more efficient method for processing stocks than the Depository Trust & Clearing Corporation (DDTC). DTCC is the main actor in the share processing industry and has dominated in the past 50 years.

Coinbase to list Solana on Monday

The Coinbase crypto exchange based in the USA announced that Solana (Sol) will list Pro trading platform on Monday on Monday. Customers were allowed to transfer Solana to their coinbase pro accounts yesterday, but the commercial services will be available from May 24th. Solana is an exciting project in the field of cryptocurrency and has attracted a lot of attention in recent months.

The Saxo Bank starts the trade in cryptocurrencies

The online trade and investment company Saxo Bank started its cryptocurrency trading services at the beginning of this week. The offer enables its customers, Bitcoin, Ethereum and Litecoin via a single margin account against the Fiat currencies to act EUR, USD and JPY. Dealers can do this without managing a cryptocurrency letter. According to the company, the service of British customers is available. You can act the available crypto FX pairs during the normal Forex trade times from Sunday evening to Friday evening. You can also open long and short positions in the three main cryptos.