MAY RECAP
Catch up on the latest news from the crypto world with our recap of the past month. Discover the surge in Bitcoin prices and the potential for a bull market, Nigeria's significant interest in meme coins, the congestion in the Bitcoin network and more..
May the 4th be with you! If by any chance you have been putting your money in Yield or a Dollar saving plan, stand up and clap for yourself because na you dey hot now as USDT and USD are the hottest things in the market right now!
Let’s get into it.
Nigeria-Memified
According to Coingecko, Nigeria ranked fifth in a list of ten countries with the most interest in meme coins accounting for 4.92% of the total interest in meme coins. The accompanying African country on the list was Morocco, in the tenth position and accounting for 1.2% of total meme coin acquisition.
To The Moon!
Meanwhile, everyone seems to be discussing the new surge in Bitcoin prices since the year started. It's looking like we're going into a full-blown bull market very soon. Just late into May, Bitcoin hit 28k but couldn't break the 30k barrier and fell back to 26k. Since then, it has garnered momentum going into the new month.
Bitcoin Traffic-Jam!
A significant traffic jam was discovered on the Bitcoin Network due to a lot of ongoing, unconfirmed transactions. In just over two weeks, the number of unconfirmed transactions on the Bitcoin network skyrocketed from 134,000 to 390,000. By May 7, there had been a staggering 343% increase in transaction fees from $1.99 on April 26 to $8.82, making the pressure on Bitcoin miners ‘werser’.
China Eyes Crypto...
China has officially launched a national blockchain centre to train half a million specialists. First announced in February, the National Blockchain Technology Innovation Center will formally begin operations in Beijing, the country's capital, on May 10. The centre will work with regional colleges, think tanks, and blockchain firms to advance blockchain technology in China.
Nigeria Approves Blockchain
Nigeria isn’t left out of the '’blockchain boom’ either. The country’s government just approved the bill for blockchain usage. While far from the final result, that is into law, this shows a renewed commitment to embracing the digitalisation of the world. The new blockchain policy aims to make significant advancements in tech, finance, health and even governmental budgets.
Games of Power
If you have watched movies like 300, Games of Thrones, or even Atlantisetc., you have a glimpse of how people plan to usurp a throne. Well, that's the case with the Dollar. Recently, a conglomerate of countries – like China, Russia and Brazil – is planning on forming a force called the BRICS where they don't have to trade with the Dollar on international waters as about 90% of all foreign exchange trades daily involve the Dollar. But be assured, nothing is happening to the hierarchy of the Dollar anytime soon as none of those currencies is remotely as famous as the USD. So it’s a good day to start saving with Busha Yield.
Bull Run?
What's crypto news without mentioning MicroStrategy? The mega Bitcoin Ownership company announced its first significant profit in over two years. These profits came primarily from Bitcoin's impressive 70% rise in the first quarter of 2023, and MicroStrategy is now betting heavily on another impressive quarter to come. It's important to note that Microstrategy owns the biggest Bitcoin wallet in the entire world, boasting a remarkable hold of 140,000 BTCs.
The Kennedys Loves Crypto
We're all Crypto savvy people; therefore, we talk about those who see what we see. An example is Robert F. Kennedy Jnr., nah it's not the famous JFK. They are nephews as his father is the brother of the former president of the US, John F. Kennedy. But the news is that Robert F. Kennedy, in a recent campaign for running as the president of the US in the next year's election, praised Bitcoin and talked about how cryptocurrency can move the world forward. I know what you're-you're thinking, but let's leave it for the American people to decide.
Crypto is Ready
Did you know that the American Dollar has been recently suffering from a debt crisis and maybe a ''cash crunch''? This new development is bothering investors, and so they’ve started to consider safeguarding their assets with cryptocurrency rather than the USD. If you're one of these groups, we have a Busha Yield for you!
The adoption level for cryptocurrency has been off the roof since this year started. Be on the lookout, people.
I’m Bolu, and That’s all for this month's crypto roundup!
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