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Former U.S. President Donald Trump has revealed that bitcoin “seems like a scam” and called on regulators to take action against it.
Germany’s largest lender Deutsche Bank has warned the U.S. may be headed for one of its worst inflationary periods in history, arguing that government spending and loose monetary policy could lead to conditions similar to those seen in the 1940s and 1970s.
Following the recent cryptocurrency market crash that saw the price of bitcoin plunge from a near $64,000 all-time high to $29,900 before it recovered to $36,000, open interest for bitcoin has dropped significantly, while for Ethereum, it surged.
Sponsored: SportX is a well-established online sports and crypto betting platform, aimed at bringing cryptocurrency and smart contract-based protocols to the mainstream. The platform utilizes the Polygon blockchain for transactions, giving unprecedented flexibility and speed on bet executions.
Top stories in the Crypto Roundup today:
- Bitcoin ‘Seems Like a Scam’: Donald Trump
- Deutsche Bank Issues Stark Inflation Warning
- Bitcoin Open Interest Drops 25% While Ethereum’s Rises
- Sponsored: SportX Summer Tournament Promotes Sports Betting on The Blockchain
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Bitcoin ‘Seems Like a Scam’: Donald Trump
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Former U.S. President Donald Trump has revealed that to him bitcoin “seems like a scam” and called on regulators to take action against it.
In an interview with Fox Business, Trump pointed out he does not like bitcoin because it poses a risk to the U.S. dollar. He said:
“Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar… I want the dollar to be the currency of the world. That’s what I’ve always said.”
Bitcoin’s price dropped after Trump’s words went viral on social media, even though he had criticized the flagship cryptocurrency back in 2019, saying he was “not a fan” of BTC or rival digital currencies.
At the time, the then-president said on Twitter cryptoassets could “facilitate unlawful behaviour, including drug trade and other illegal activity.”
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Deutsche Bank Issues Stark Inflation Warning
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Germany’s largest lender Deutsche Bank has warned the U.S. may be headed for one of its worst inflationary periods in history, arguing that government spending and loose monetary policy could lead to conditions similar to those seen in the 1940s and 1970s.
Elevated government spending and the loose monetary policy are added to some $2 trillion in “excess savings” consumers amassed during the pandemic when businesses were closed and travel was mostly shut down.
Deutsche Bank Chief Economist David Folkerts-Landau, along with Peter Hooper, global head of economic research, and Jim Reid, head of thematic research wrote:
“Consumers will surely spend at least some of their savings as economies reopen. This raises the very real specter of consumer-driven inflation.”
Cryptocurrency investors closely watch inflation, as BTC is seen as a hedge against fiat currency debasement. Bitcoin, however, has at times traded in sync with equities markets and other traditional assets.
Deutsche Bank has warned that when inflation does appear, the Federal Reserve may have to react forcefully, potentially creating a “significant recession and set off a chain of financial distress around the world.”
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Bitcoin Open Interest Drops 25% While Ethereum’s Rises
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Following the recent cryptocurrency market crash that saw the price of bitcoin plunge from a near $64,000 all-time high to $29,900 before it recovered to $36,000, open interest for bitcoin has dropped significantly, while for Ethereum, it surged.
CryptoCompare’s May 2021 Exchange Review details Ethereum’s price ended the month of May down just 2.5%; however, Ethereum gained market share in the derivatives market, as open interest on the second-largest cryptocurrency by market capitalization rose 9.9% to $6 billion.
Meanwhile, open interest in BTC products dropped by 25.8%. It’s worth noting that over the same period, open interest across all derivatives products fell by 14.5% to $27.8 billion, with Binance being the exchange with the highest open interest in the space, followed by Huobi and OKEx.
Binance had the highest open interest figures for ETH perpetual futures contracts at $1.5 billion, followed by Bybit, Huobi, and OKEx. Regulated futures exchange CME had the highest ETH futures open interest at $489 million, followed by OKEx’s $481 million.
Read on to discover more key insights from the Exchange Review. This month’s report is sponsored by AAX, the world’s first crypto exchange powered by London Stock Exchange Technology.
You can access the full report via this link.
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Making sense of May 19’s Volatility
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With on-chain data it’s possible to see that on May 19, the day cryptocurrency prices came crashing down from their highs, transaction fees surged and crypto whales were very busy.
The chaos started fairly early in the morning on May 19, at least for American traders. At roughly 9 AM ET, there was a massive spike in transaction fees. That spike would leave ripples that resounded throughout the day, with average transaction fees a new high for May.
Why were gas fees so high you ask? Well, because as prices dropped around the crypto ecosystem, traders, especially whales, rushed to get their funds out and avoid being liquidated.
May 19 saw a massive jump in whale activity, with the number of high-value transactions (here defined as those worth more than $100,000) climbing 30% higher than its previous peak.
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SportX Summer Tournament Promotes Sports Betting on The Blockchain
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SportX is a well-established online sports and crypto betting platform, aimed at bringing cryptocurrency and smart contract-based protocols to the mainstream. The platform utilizes the Polygon blockchain for transactions, giving unprecedented flexibility and speed on bet executions.
Unlike other sports betting websites, SportX offers an additional layer of security to platform users by allowing players to place bets directly from their cryptocurrency wallets and browser extensions, while wagers are held in an escrow contract with guaranteed payouts. With the summer season around the corner, the SportX team decided to organize a large-scale Tournament that will incentivize all current and new platform users by earning extra on top of their bets.
SportX Tournament Schedule
Three major events are coming in the following two weeks:
- Roland Garros Special (6-9 June) – $2,000 reward pool; open to all bettors
- Summer Open Qualifier (10-13 June) – $2,000 reward pool; open to bettors with +1,000 SX staked
- SportX Open Major (16-20 June) – $10,000 reward pool; open to the top 40 bettors from the Summer Open Qualifier
You can see all tournament events on Sportx.Bet website.
Earn & Govern The Platform With SportX Token
The SX native token (SX) is based on the ERC-20 standard, enabling governance through staking. Staking prevents users from buying SX tokens solely to vote on a specific proposal and then selling immediately after the vote.
Stakers receive two types of rewards for participation. 5.00% of the total SX token supply (50,000,000) is placed into a special SX Token Staking Contract. These tokens are distributed proportionally to stakers at the end of each day at a rate of 0.10% of the total remaining balance, and the second comes from the SportX fee on winning bets. All DAI and ETH exchange fees are collected in a Community Fund, controlled by SX token holders.
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State of the Crypto by Top Tier Exchange Volume
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Source: https://www.cryptocompare.com/email-updates/daily/2021/jun/08/
