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Top cryptocurrency news on May 9: The biggest moves in Bitcoin prices, crypto policies and more

01. Market Buzz

Bitcoin trading above Rs 27 lakh
Cryptocurrencies traded in the red early today on May 9. The global crypto market cap is $1.57 trillion, a 2.26 percent decrease over the last day. The total crypto market volume over the last 24 hours is $101.92 billion, which makes a 28.79 percent increase. The total volume in DeFi is currently $11.81 billion, 11.59 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $95.73 billion, which is 93.93 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently Rs 27.64 lakh, with a dominance of 41.43 percent. This was a 0.20 percent decrease over the day.

02. Big Story

Bitcoin on a tumble, cryptocurrency down 28 percent over the year
Bitcoin, the world’s biggest cryptocurrency, is on a tumble down 28 percent this year so far. On a daily basis, it slipped four consecutive days, to notch $33,629.45 today, as per CoinMarketCap data. Market capitalisation is at $640,109,408,868 (-2.87 percent) and volume is at $35,739,822,477 (28.59 percent). Bitcoin hit an all-time high of $67,549.74 on November 09, 2021. The swing has been wild, with the range from May 2021 to May 2022 being a steep $68,789.63 at the highest to $28,893.62 at its lowest. Prices of Bitcoin nosedived this year largely due to investors abandoning “riskier assets” due to the Russia Ukraine war and the United States Federal Reserve adopting a more hawkish policy. Read details here

03. Corporate Watch

Block misses profit estimates as bitcoin boost fades
Block Inc, the fintech firm led by Twitter founder Jack Dorsey, missed market estimates for first-quarter profit as demand for bitcoin softened due to a decline in cryptocurrency prices. The company’s Bitcoin revenue more than halved in the quarter to $1.73 billion, hit by a drop in interest from retail traders after a frenetic price rally last year that was fueled by rising mainstream acceptance of digital currencies. Overall, Block’s revenue fell 22 percent to $3.96 billion in the three months ended March 31. The company earned an adjusted profit of 18 cents per share, falling short of analysts’ estimates of 21 cents, according to IBES data from Refinitiv. (Reuters)

04. Analysis

How Portugal became Europe’s accidental ‘bitcoin heaven’
As governments slowly shackle the crypto industry with regulations and obligations, Portugal is increasingly isolated in Europe — a place with few rules that investors describe as a crypto paradise. “You don’t need to do anything else because you already have a perfect system, with zero percent tax on bitcoin. For bitcoiners, it’s heaven,” said Didi Taihuttu, a prominent crypto enthusiast who shifted his family to Portugal from the Netherlands. Right now, Portugal is one of the last countries in Europe to regard them as currencies from a tax point of view, meaning profits from trading are not taxed. The finance ministry told AFP it was reviewing the situation and wanted a common European framework, but pressure is building for quick action. (AFP)

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