🗞 Daily Crypto News, May, 5th 💰

Telegram Won’t Let American TON Investors Get 110% Refund in 2021 ;
BTC and ETH Trading Updates pre-halving ;
Iran Ditches the Rial Amid Hyperinflation as LocalBitcoins Seem to Trade Near $35K ;
Launch of the HODL Tribe - A Crypto Social Community;
Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving ;
🗞 Daily Crypto Calendar, May, 5th 💰
Bitcoin Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Telegram Won’t Let American TON Investors Get 110% Refund in 2021

Soon after missing the April 30 deadline to launch the Telegram Open Network (TON), Telegram sent another letter to its investors. In the new letter, Telegram reportedly said that American TON investors will not be able stay in the TON project for another 12 months.

American TON investors will be only eligible for an immediate 72% repayment instead of a 110% refund option in April 2021, Russian news agency RBC reports on May 4.

Telegram had to retract the 110% option due to regulatory uncertainty in the U.S.

The news comes after Telegram offered to refund its investors on April 30. As reported, the firm proposed two options — an immediate 72% refund, or 110% in 12 months. The firm offered the second option as a “a token of gratitude” of trust in TON, promising to provide interested investors with a loan agreement shortly.

🗞 Bitcoin’s Halving: Stars are Aligning for Next Big Bull-Run

However, forecasting a rally post halving just because the top-ranked cryptocurrency on CoinMarketCap has done so previously might not play out as expected. During the previous two halvings, the main participants were early crypto adopters but that is not the case now.

Since the last bull market several new traders have entered the space and became rich in a short time period. Therefore, after every small rally, talks about a strong bull run can be heard. If speculators buy Bitcoin in anticipation of a strong rally post halving that does not materialize, then a sell-off is likely.

BTC/USD
Bitcoin (BTC), turned down from $9,190.82 on May 3. The traders could have booked partial profits at this level as suggested in the previous analysis.

The sharp bounce off today’s low at $8,526.38 suggests strong buying by the bulls on dips. Both moving averages are sloping up and the relative strength index remains close to the overbought zone, which suggests that bulls are in command.

ETH/USD

Ether (ETH) turned down from the resistance line of the ascending channel on May 3. This attracted profit booking by the short-term traders, which resulted in a drop to the 20-day EMA ($192).

This triggered the stop-loss on 50% of the long positions at $200 as suggested in the previous analysis. Stops on the rest of the position can be retained at $185 to give a larger wiggle room to the 2nd-ranked cryptocurrency on CoinMarketCap.

🗞 Iran Ditches the Rial Amid Hyperinflation as LocalBitcoins Seem to Trade Near $35K

Per a May 4 report from local outlet Mehr News, Iran’s new ‘Reforming Monetary and Banking Law’ has passed in parliament. The new law dictates the transition from rial to the toman — valued at 10,000 rials — within the next two years.

Hyperinflation and the BTC connection in Iran

Back in 2018, Iranian authorities set an official exchange rate at some 42,000 rial to the dollar. Many currency exchanges still show this as the going rate. At the same time, peer-to-peer Bitcoin exchange LocalBitcoins is seeing prices of 1,445,658,900 rials per BTC — according to the official exchange rate, roughly $34,500.

It is, however, not the time to start selling BTC in Iran. Despite official proclamations, the rial has taken a beating alongside the Iranian economy.

🗞 Launch of the HODL Tribe - A Crypto Social Community

So, what is the HODL community about ?

Source

Hive account@hodlcommunity is focused on:

Curating good crypto-related content,
Attracting content curators and
Retaining them through appropriate reward system

Topics covered will be :

Cryptocurrencies
Blockchain Technologies
Mining
Crypto/Decentralisation Philosophy
Blockchain Games
Airdrops

Hive account@hodlcommunity aims to have a positive impact

As a starting point, our goal is to generate revenues through curation and donations to help 5 selected content creators from less well-off countries.

To start this initiative, I am guaranteeing on my personal funds a minimum of 20 HBD per selected content creator for the first 3 months.

Therefore giving a minimum of 100USD per month.

I will also personally follow Hive account@hodlcommunity with 50% upvotes with my account (Hive account@vlemon with 35k HP currently)

HODL Community Social Economy

How can you help us?

By delegating to Hive account@hodlcommunity

If you would like to delegate some HP to our community and support us; we would give you 100% of the curation rewards back on a daily basis !

250 HP- 1000 HP - 2500 HP - 5000 HP

By following our HIVE trail here

You can also follow our HIVE trail, we will be upvoting a maximum of 10 posts a day for the month of May.

🗞 Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving

Bitcoin mining difficulty – a measure of how hard it is to compete for block rewards – has neared an all-time high in the network’s last adjustment before the halving happens in roughly seven days.

The world’s largest blockchain network by market capitalization just adjusted its mining difficulty to 16.10 trillion (T) at 4:05 UTC on Tuesday, close to the network’s all-time high of 16.55 T recorded in March.

Tuesday’s upward surge follows the second-largest decline in the network’s history in late-March.

Today’s adjustment, which is the second time that mining difficulty has topped the 16 T threshold, is also the final rate change before bitcoin’s halving – one of the most anticipated events in 2020.