🗞 Daily Crypto News, May, 6th💰

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

🗞 Bitcoin Options Traders Leaning Bearish Despite Price Recovery

Bitcoin traders appear cautious about the sustainability of the cryptocurrency’s swift recovery from Tuesday’s low of $53,000.

The top cryptocurrency jumped 8% on Wednesday, erasing Tuesday's slide from $57,000 to $53,000, as the U.S. Treasury Secretary Janet Yellen backtracked on comments suggesting interest rate hikes may be needed to stop the economy from overheating.

Bitcoin (BTC) is currently trading near $58,000, representing a 21% gain on lows near $48,000 seen at the end of April, according to CoinDesk 20 data.

The recovery, however, has failed to subdue fears of a deeper bull market correction. The one-week put-call skew remains entrenched in the positive territory for the third straight week in a sign of persistent demand for short-term put options or bearish bets

The one-week put-call skew is currently hovering near 9%, having turned positive with bitcoin's drop from $60,000 to sub-$50,000 in the second half of April.

🗞 Kazakhstan Plans Central Bank Digital Currency Pilot: Report

The Kazakhstan central bank said it is planning to pilot a central bank digital currency (CBDC).

In an announcement Wednesday, the National Bank of the Republic of Kazakhstan said it plans to pilot a new legal tender dubbed the “digital tenge.”

The tenge is the basic monetary unit in the country equal to 100 teins ($0.23).

The bank said it will provide the infrastructure for the CBDCs but before issuance it needs to conduct a comprehensive study of the benefits and risks associated with a digital currency and the method used to issue and distribute it.

🗞 DeFi More Disruptive to Banks Than Bitcoin, Says ING

Netherlands-based ING Bank has been analyzing the risks and opportunities associated with the exploding decentralized finance (DeFi) space.

A paper released last month titled “Lessons Learned from Decentralised Finance,” carefully weighs some of DeFi’s pros and cons, and concludes that “the best of both worlds is achieved if centralised and decentralised financial services cooperate.”

Commenting on the paper, ING blockchain lead Herve Francois pointed out that “DeFi could be more disruptive than Bitcoin to the financial sector,” adding that the crypto-friendly Dutch lender has the ecosystem in its sights.

“DeFi is an integral part of ING’s digital asset vision,” Francois wrote in a message to CoinDesk. “Researching into DeFi gives ING insight into what gaps might exist in the new paradigm from a micro and macro perspective.”

🗞 Taxman Comes Calling at Kraken – IRS Gets Hands on Data from 2016-2020

A branch of the California District Court has granted the American tax collecting body, the Internal Revenue Service (IRS), permission to issue a John Doe summons on the crypto exchange giant Kraken – in a bid to discover the identities of United States residents and citizens who have conducted high-value crypto transactions in the past four years.

The IRS is known to have been hoping to gain a favorable court ruling for several weeks, if not months. The move follows a warning last month from a tax expert – who wrote, prophetically: “Guys, file your crypto taxes. The IRS is coming” – after the tax body won the right to issue a John Doe summons on Circle.

A John Doe summons, in the IRS’ own words, permits the tax body to “obtain the names, requested information and documents concerning all taxpayers in a certain group.”

“Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer. Gathering the information in the summons approved today is an important step to ensure cryptocurrency owners are following the tax laws.”

🗞 Daily Crypto Calendar, May, 6th💰

Hedera Hashgraph (HBAR)

"Scheduled (May 6, 2021, 16:00 UTC): Hedera Will Be Upgrading Mainnet to v0.13.2 on Thursday, May 6th 2021 at 16:00 UTC."

Syscoin (SYS)

"Be watching on the 6th of May at 3pm UTC. We will make one of our biggest announcements this year"

Rapids (RPD)

"At block 1286000, Rapids Network will fork to implement supply reduction with a ratio of 1000 to 1 and reward allocation restructure."

Cartesi (CTSI), Mirror Protocol (MIR), iExec RLC (RLC), Tellor (TRB)

"Trading will begin on or after 9AM(PT) Thurs 5/6, if liquidity conditions are met."

FastSwap (FAST)

"The listing date for FAST is May 6th 17:00 (UTC+8) Hotbit"

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