May 8: A D-Day for Dogecoin?
May 8 could either spell execution day for Dogecoin or a euphoric day that will finally mark its success and claim its place in the crypto world.
But why is May 8 a very significant date for the future of Dogecoin? This event has been well-publicized in almost all news agencies worldwide. This marks the day when Elon Musk, the biggest DOGE (dogecoin) proponent, will have his live appearance on the TV show “Saturday Night Live”.
On April 25, Musk announced his appearance on the TV show in a tweet.
Am hosting SNL on May 8
— Elon Musk (@elonmusk) April 25, 2021
The price of DOGE (dogecoin) tremendously increased breaching uncharted waters. On Tuesday, the price of the altcoin increased by almost 40% making it the fourth-largest cryptocurrency by market cap.
But analysts have already warned the buying public to take caution before investing in DOGE (dogecoin). Pseudonymous cryptocurrency trader Lowstrife stated that signs of the altcoin’s looming extinction can be seen in the spot market. The crypto trader stated:
“Each of Doge’s major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now.”
The crypto trader further added:
“I suspect this is the final push before it’s all over for good. May 8th is the day to watch.”
According to market analysts, DOGE (dogecoin) may have a bloody ending like XRP (Ripple). It can be recalled that in 2018, the price of XRP (Ripple) made a final push and reached its all-time high at $3.20. Shortly after, it went through a sharp dive at $0.14.
Could this be the end of the bitcoin meme? DOGE (dogecoin) has been adopted by companies like Nissan Daytona, Mark Cuban’s Dallas Mavericks, and Kessler Collection as payment. Mark Cuban, like Elon Musk, is also a DOGE (dogecoin) proponent. In recent data by Crypto.co, DOGE (dogecoin) is now at $$ 0.610524 with a market cap of $ 80,089,226,982.
Crypto.com Partners with Serie A to Bring Coppa Italia Final 2021
Crypto.com, a Hongkong-based crypto trading platform has recently partnered with Serie A, an Italian football league to bring the much-awaited Coppa Italia Final 2021.
The partnership was announced by Crypto.com through a recent tweet.
— Crypto.com (@cryptocom) May 6, 2021
The sports event will be happening on May 19. In his statement, Luigi De Siervo, CEO of Lega Serie A stated:
“We are extremely proud to announce this prestigious partnership with Crypto.com, a leading company in the world of cryptocurrencies and NFTs.”
De Siervo further added:
“Lega Serie A aims to expand its target audience and continues the international growth of the brand, always looking to the future of innovation.”
Serie A is Italy’s premier football league which includes the prestigious Juventus team which has produced the most number of World Cup champions. The league was founded in 1898 and has a total of 20 teams.
Kris Marszalek, co-founder, and CEO of Crypto.com also commented on the partnership.
“We are proud to collaborate with an exceptional partner such as Lega Serie A. It’s a unique opportunity to support the world’s most popular sport during the historic match between Atalanta and Juventus, surely to be watched by football fans worldwide.”
Crypto.com is a crypto trading platform founded in 2016 and with over three million users. Its recent partnership with the football league only proves its sincerity towards its goal to promote the widespread adoption of cryptocurrencies worldwide.
Trading of Foreign-mined Bitcoin Not Allowed in Iran
Iran Central Bank (CBI) has banned the trading of bitcoin not locally mined in the country.
In October 2020, the country lifted its hostility towards BTC (bitcoin) after amending its law and legalized bitcoin mining in the country. Miners are directed to sell all their BTC (bitcoin) to the central bank.
The move was made to counter the sanction imposed by the United States which prevented the country from engaging in international trade and sought refuge to BTC (bitcoin). Although crypto mining is already legal, crypto trading is still banned in the country which makes the new regulation perplex and uncalled for. But according to reports, the regulation aims to counter the monetary capital from leaving the country’s coffer.
Iran with its cheap cost of energy sources like oil and natural gas deposits made it more conducive for bitcoin mining. With China’s aggressive action against miners, will Iran be one of the biggest hubs for crypto miners in the future?
Turkey Implements Another Regulation for Crypto Users
The Turkish government will now track crypto transactions above 10,000 Turkish liras or $1,200. Turkish Minister of Treasury and Finance Lütfi Elvan has announced the new policy in a live broadcast on CNN Turk.
The Turkish government has implemented regulations one after another in less than a month following the controversies involving two crypto exchanges in the country.
In April, the Turkish government banned the use of cryptocurrency as payment.
On May 1, following the crypto exchange scam, it has now added exchanges to the list of firms covered by the anti-money laundering law. Under the new regulation, exchanges are required to implement more rigid KYC on their customers and report any suspicious activity to MASAK, the country’s financial watchdog.
With just less than a week after the implementation of the regulation, the Turkish government is bound to combat illicit activities and financial risk involving crypto trading platforms in the country by adding another regulation.
MASAK will oversee the implementation of the new rule. Lütfi Elvan, the Minister of Treasury and Finance stated how the new policy will be implemented and what will be the role of MASAK.
“MASAK has full audit authority over crypto exchanges. Crypto trading platforms are now obliged to share the information of their active users with MASAK. They are liable for any suspicious activities on their platforms. They are also responsible for notifying MASAK about any transactions worth over 10,000 Turkish liras in ten days after the trading.”
Opinions from local experts and crypto exchange representatives were also taken into consideration according to Elvan. Scams involving crypto exchanges and crypto projects have been one of the driving forces for countries to issue more rigid regulations on cryptos worldwide.