Binance Commits $500M To Elon Musk’s Twitter Takeover – May 5

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$36,930

Bitcoin price has taken a sharp tumble this morning, following an unlikely FOMC rally yesterday to $40,000. Price is currently sitting around the $37,000 level.

Top-20 altcoins are down across the board, as Ethereum drops 4%, BNB falls 3% and Tron is the sole riser with a 1% gain, amidst its USDD stablecoin launch.

Top Stories for May 5, 2022 🔥

👉 Binance Commits $500M To Elon Musk’s Twitter Takeover

Cryptocurrency exchange Binance and other crypto-related companies have invested in Elon Musk’s Twitter takeover, as revealed in a Securities and Exchange Commission (SEC) filing.

Binance contributed $500 million, along with $800 million from Sequioa, $400 million from a16z and $316 million from Fidelity. The total investments committed in the filing add up to around $5.2 billion.

Binance CEO Changpeng Zhao has expressed that he is excited to be involved in the new vision for Twitter and that he hopes to be able to play a role in bringing web3 into the picture.

👉 Gucci To Begin Accepting Crypto In Some US Retail Stores

Italian luxury brand Gucci will begin accepting crypto at some of its retail stores in the US, according to Vogue Business. Participating stores will accept Bitcoin, Bitcoin Cash, Ether, Wrapped Bitcoin, Dogecoin, Shiba Inu and some stablecoins.

The payment mechanism has been rolled out to flagship stores including Rodeo Drive in Los Angeles, Wooster Street in New York and in Las Vegas. Gucci will convert the crypto into fiat currency.

👉 Bitcoin Network Hits Hash Rate All-Time High Yet Again

The Bitcoin network’s hash rate has reached yet another all-time high, also setting the new record around the halfway-point to the next block reward halving.

The hash rate reached 249.1 EH/s, beating the previous all-time high by just 1 EH/s. Notably, the total supply of Bitcoins in circulation has also recently reached 19 million out of a total maximum supply of 21 million.