Monthly update of May 2021

11 days ago

Monthly update of May 2021

Why did the market crash?

You have probably heard about the crash in the crypto market.

  • It started with news about mining in Xinjang, a place where a lot of Bitcoin is mined. Because of a blackout, the mining hash rate decreased with 40% and the price of BTC decreased with 10K!
  • After that Elon Musk tweeted that Tesla will not accept BTC as a payment method anymore, because of this the price decreased even more.
  • Then there was news that the interest would increase in the United States and it was Tax Day, the last day that people could pay their taxes, this had another negative impact on Bitcoin.
  • And finally, the news that China would ban crypto emerged.

Due to all these factors, the market crashed. Some altcoins even had a 75% correction since their all time high. However currently, most coins have recovered with 40-60%!

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What to make of the Elon Musk drama?

Let’s dig a little deeper into the drama about Musk and Bitcoin.

Musk criticized Bitcoin, saying the mining process is a burden to the environment. The Bitcoin community did not like this and cancelled their order with Tesla and argued with Musk via Twitter.

According to Musk, Tesla will refrain to accept BTC as long as there is no green alternative to the energy that is used by the mining industry. However, Musk will keep supporting Dogecoin. Will does affect the Bitcoin price even more?

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LiteBit is the first Dutch crypto broker registered with French regulator

LiteBit is the first Dutch crypto party to be registered with the French regulator Autorité des Marchés Financiers (AMF). With the registration acquired on the 11th of May, LiteBit proves it takes the safety of her users and industry in general seriously.

The French registration and requirements fit well with LiteBit's core strategy. The crypto broker has the ambition to become the largest in Europe. LiteBit is currently working on registrations in Austria and Germany, among others.

Find out more

Popular risers

These are the most popular coins which have risen the most in the past 30 days.

Popular losers

These popular coins have fallen significantly over the past 30 days.

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