According to news on May 7th, confirmed by ZB, Ethereum’s market value ranking has risen to 17th in the world, surpassing Wal Mart and approaching Samsung and Johnson & Johnson.Ethereum’s market value is about 406.333 billion US dollars (about 2.6 trillion yuan).As of the morning of May 7, ETH had quoted around $3500.
Affected by the market warming, the market value of bitcoin has gradually recovered, and the total market value of global digital currency has exceeded US $2 trillion again. On May 7, according to the statistics of ZB, the total market value of global digital currency reached US $2.13 trillion.As a result, the total market value of usdt is more than US $53 billion.
On May 7, according to a report released by research firm finbold, the trading volume of bitcoin in April was $1.84 trillion, at least seven times that of Apple’s $249.22 billion stock.This shows that cryptocurrency as an asset “is no longer excluded” as more and more institutional investors pour in ZB Research Institute believes that the increase in trading volume in April will lay the foundation for the value growth of digital currency in the second half of 2021, and the demand for trading volume may support the global digital currency market to a new peak.
In terms of policy, on May 7, South Korea’s Ministry of planning and Finance said that the benefits obtained through cryptocurrency mining are also the objects of taxation.Cryptocurrency mining profit minus electricity charge is the standard of income tax.Taxpayers have to prove for themselves how much electricity they need to spend in the process of mining cryptocurrency.In the previous (February 2021) statement issued by South Korea’s planning and finance department, the South Korean government classified the income generated by investment in encrypted assets as other income from 2022, and taxed it at a 20% tax rate, with a basic deduction of 2.5 million won.
According to ZB, between 2016 and 2020, the Korean government and public institutions have invested 50 billion won (about US $4 million) in cryptocurrency related funds.Including 34.3 billion won for small and medium-sized enterprises, 11.7 billion won for KDB Development Bank, 3.46 billion won for national pension Bureau and 490 million won for post office.
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said that bitcoin trading on large exchanges is not protected, and there are loopholes in the government’s regulation of bitcoin trading on exchanges.In terms of transaction demand for the encryption market, Gary Gensler said that the encryption asset market with a market value of nearly $2 trillion could benefit from better investor protection.Gary Gensler believes that only Congress can really solve this problem, and it’s better to consider whether to bring greater investor protection to cryptocurrency exchanges.
On the institutional side, Mercado Libre, a Latin American e-commerce giant, disclosed a $7.8 million bitcoin investment plan on Wednesday, according to news on May 7.Mercado Libre says investing in bitcoin is part of its fiscal strategy.In addition, Mercado Libre was previously open to bitcoin for real estate investment.
According to the news on May 7th, according to CoinShares data, the digital asset fund has inflowed a total of US$489 million in funds last week. This is the largest capital inflow since February 2021.Among them, ETH products attracted a capital inflow of US $30 million, bringing the total assets under management to a record US $13.9 billion.In addition, the largest inflow of bitcoin products was US $442 million.
On May 7, the New York Department of Financial Services (NYDFS) has allowed Standard Chartered Bank to provide cryptocurrency custody services. In addition, Goldman Sachs, the investment bank, is offering investors non deliverable forwards (NDF), a derivative linked to the price of bitcoin and paid in cash.
In terms of NFT, on May 7th, StarColl will launch the “Star Wars” limited NFT.
Charles F. Stewart, chief executive of Sotheby’s, a luxury goods auction house, announced that Sotheby’s will begin to accept bitcoin and Ethereum payments, and art lovers can bid for Banksy’s NFT work “love is in the air” in cryptocurrency next week.Coinbase will support payments in the eight digit range on Sotheby’s website and will also help manage price volatility.It is reported that Sotheby’s related auction will be held next Wednesday.