Crypto Market Weekly Update April 29 – May 5

The cryptocurrency markets have continued on its path to maturity with the last seven days holding out plenty of gains for holders. Aside from Bitcoin moving from $5200 to above $5800, a couple of big announcement from crypto projects and jurisdictions also means there is a lot to look out for in the coming weeks.

Which Big News Did You Miss?

Jaguar Land Rover To Pay Drivers IOTA Tokens

Popular automobile company, Jaguar Land Rover revealed that latest models of its vehicles would feature a crypto wallet and program that allows drivers to earn IOTA tokens in exchange for performing specific tasks. Read the full story here.

Facebook Coin to Partner with Mastercard and Visa

Social media giant Facebook is reportedly in talks with MasterCard, Visa and a couple of notable firms to support the launch of its proposed stablecoin. Facebook’s prospective partners could help the project raise as much as $1 billion. Read the full story here.

Bitcoin Bottom Callers left Behind; Climbs Above $5800

Those expecting Bitcoin to reach rock bottom before another push in the right direction, chew their words after the major cryptocurrency recorded a massive increase from near $5200 to $5800 in a couple of hours. Read the full story here.

Canada and Singapore Completes First Cross Border Transaction With Blockchain

While it is no longer news that banks are adopting blockchain technology, Canada and Singapore have gone the extra mile. Read the full story here.

Backdoor Exit? Bitfinex Plans $850+ Million Token Issuance

After charges of illegally hiding business losses with funds from Tether’s stablecoin reserves, under fire cryptocurrency exchange, Bitfinex is planning a sizeable token issuance to right the wrongs. Read the full story here.

Current Market Performance of Top 5 Cryptocurrencies

Bitcoin (BTC) is seeing a close to 2% decline on the daily trading charts and would have to post more significant losses to surpass the 7.40% increase recorded within the past seven days. Bitcoin’s price at press time was $5666.

Ether (ETH) is exchanging hands at $160 with daily losses similar to Bitcoin’s, albeit a lower gain on the weekly charts (2%)

Ripple (XRP) has the most losses on the day among the top three cryptocurrencies, recording an over 2% loss on the day, and no gains on the weekly chart. The altcoin was exchanging hands at $0.29 at press time.

Bitcoin Cash (BCH) looks set to shill off massive gains recording in the past week (12%) and is already over 4% down on the day with a value of $280.

Litecoin (LTC) is seeing price action similar to BCH’s with a loss of near 6% on the day, looking to overshadow the 4% gain it has on the seven-day chart. Litecoin was exchanging hands at $72 at press time.

Biggest Gainers and Losers

What’s Trending in the Community?

Venezuelan money so worthless they now use it to make bags r/CryptoCurrency

Only Gamble was whether Bitcoin would make it from $0 to $100. Going from $4000 to 40,000 or 400,000 is easy. r/Bitcoin

Warren Buffet is taking a shot at Bitcoin again. Twitter

What to Expect This Week?

As we hinted earlier, the new week has not gotten off to the best possible start with several cryptocurrencies posting losses of at least 2%. However, how events pan out within the next few hours could decide which way prices and market sentiment would go this week.

Total Market Cap = $178.8 billion

BTC Market Cap = $100.3 billion

BTC Dominance = 56.0% (1.6% greater than last week)

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