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President Nayib Bukele That Announced 44 Countries Will Join The Bitcoin Discussion in El Salvador

Daily Market Wrap

  • Crypto market cap: 1.29 trillion, down 1.93%

  • BTC price stands at USD 29,981, down 1.46%

  • ETH price stands at USD 2,040, down 2.00%

  • Top gainer: eCash (XEC), up 15.32%

  • Top loser: TerraUSD (UST), down 29.56%

News of the Day

Why it matters:

  • El Salvador President Nayib Bukele says in a tweet that 32 central banks and 12 financial authorities from 44 countries will meet on Monday, May 16, to discuss financial inclusion, digital economy, banking the unbanked, El Salvador’s Bitcoin rollout, and its benefits in the country

  • Later after the announcement, Bitcoin Beach, the project that is creating a sustainable Bitcoin Economic ecosystem on the coast of El Salvador, posted a tweet of a map depicting the countries who have either adopted Bitcoin already or are attending Monday's meeting

  • At the time of writing, El Salvador's temporary losses caused by investing in BTC (holding about 2,301, costing about $105 million) have reached nearly $40 million

Crypto daily spotlight

Brief introduction: The Bored Ape Yacht Club (BAYC) is arguably the most influential NFT project by far. The BAYC NFT collection was technically created by Yuga Labs. It is a collection of 10,000 NFT Apes, each with completely unique traits. By purchasing an Ape, you will get exclusive access to future collections and other perks as a member of BAYC. Part of BAYC's success nowadays has been its focus on creating a universe and exclusive club behind the NFTs, maintaining the hype and a relatively high floor price as a result.

Why it matters:

  • On Sunday, a BAYC holder sold his Ape NFT for 200 USDC by mistake, meaning that the seller lost 99.9% below the floor price

  • However, speculators think the former owner was trying to evade taxes

  • This is not the first time a BAYC holder has sold an Ape at an unreasonable low price. Last December, the owner of Ape #3457 made a costly mistake by selling the NFT for $3,000 instead of $300,000

Daily sector tracker

Daily News Roundup

  1. Research Director Igor Igamberdiev Jump Trading Lost $682.5M To Save Terra’s UST in Vain

  2. LFG’s Member Remi Tetot Says The Revival Plan Will Give Priority to Small Wallets

  3. Bitcoin Sees 7 Consecutive Weeks of Losses for the First Time

  4. LFG Discloses Its Bitcoin Reserves Falling From 80K to 313

  5. Grayscale Plans To List Its First European ETF in UK, Italy, and Germany

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