Crypto Outlook

-BTC: $28,285.77

-ETH: $1,870.40

-XRP: $0.4398

-LTC: $82.15

The global crypto market cap is $1.16T, a 2.19% decrease over the last day. The total crypto market volume over the previous 24 hours is $33.04B, which makes an 11.12% decrease.

BTC: BTC price decreased by 2.18% and 0.67% over 24 hours and in the past seven days. The asset reached a low and high of $28,082.37 and $29,119.38, respectively.

Block, formerly known as Square and renowned for its business platform, has recently disclosed a slight surge in revenue and earnings per share. The company reported that Bitcoin sales on CashApp, one of its most anticipated products, have increased by 25% since last year. This starkly contrasts the previous quarter’s report, indicating a 7% YoY decrease in Bitcoin sales.

Even though Bitcoin sales generated just $50 million of the company’s $1.71 billion total gross profit, the outcome highlights the increasing adoption of Bitcoin among the general public.

ETH: ETH price decreased by 1.75% and increased by 1.23% over 24 hours and in the past seven days. The asset reached a low and high of $1,844.75 and $1,934.00, respectively.

Following the release of the Shanghai update, Ethereum stakers can now withdraw their funds. Since the staking feature was introduced in December 2020, many people have eagerly awaited this moment.

However, the most significant revelation from this event is that Kraken’s U.S. staking clients have been mostly depleted from the system. This is because the cryptocurrency exchange faced regulatory action in February, leading it to pay a $30 million settlement to the SEC and cease its staking services for U.S. customers.

Coinbase has the largest number of staked deposits, with over 55,000 ETH ready to be withdrawn. The second noteworthy finding is that more addresses are depositing Ethereum than withdrawing it, indicating a positive net amount of Ethereum being staked.

XRP: XRP price decreased by 4.15% and 5.53% over 24 hours and in the past seven days. The asset reached a low and high of $0.4363 and $0.4606, respectively.

CyberCapital’s founder and CIO have rekindled the debate surrounding the centralization of XRP and XRPL, Justin Bons, who accuses Ripple executives of falsely promoting XRP as a decentralized and permissionless network.

Justin Bons, Founder & Chief Investment Officer at Cyber Capital, claims that XRP’s consensus relies on Unique Node Lists (UNLs), which are lists of trusted nodes published by centralized parties, including the XRPL Foundation. Nodes that are not on this list are considered untrustworthy and cannot participate in the consensus. Additionally, users must obtain permission from trusted third parties selected by XRPL Foundation, undermining the fundamental principles of a trustless and decentralized network.

However, former Ripple Director of Developer Relations Matt Hamilton has argued that each node is responsible for its own UNL and selects its contents. He further contends that there is no central authority, and XRPL Foundation’s UNL is a product of the community’s desire to utilize a non-Ripple UNL.

LTC: LTC price decreased by 1.67% and 6.18% over 24 hours and in the past seven days. The asset reached a low and high of $81.46 and $84.86, respectively.

Despite doubts from investors and analysts about Litecoin’s profitability, its creator Charlie Lee is emphasizing the cryptocurrency’s strengths.

On May 2, Lee took to Twitter to highlight what he sees as undeniable indicators of Litecoin’s primary advantages.

He argues that Litecoin is a valuable cryptocurrency, despite currently trading at a fraction of Bitcoin’s price. It remains a reference in the world of digital money.

Furthermore, Lee notes that Litecoin is fully compatible with the Bitcoin protocol and shares the same theoretical attack surfaces as Bitcoin. Additionally, Litecoin has its own set of ASIC miners, which makes it a secure network. It has been operational for over 11 years without any downtime and boasts low fees.

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