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What Can a Single Bitcoin Afford You Today? The Evolution of the Bitcoin-Lambo Phenomenon The infamous Bitcoin Lamborghini meme has come full circle, as you can now purchase a Lamborghini with just one Bitcoin, a drastic reduction from the 200+ Bitcoins spent for a Lambo in 2013. This phenomenon began when an anonymous buyer used 216.8433 Bitcoins to buy a Gallardo from the first auto dealership accepting Bitcoin payments, Lamborghini Newport Beach, in late 2013. As Bitcoin's value soared, the story became emblematic of the Bitcoin dream and the "When Lambo" meme was born. Today, with Bitcoin's value exceeding $110,000, it's clear that you no longer need to spend 216.8433 Bitcoins to buy a Lamborghini. In fact, one Bitcoin can get you a used 2006 Gallardo with less than 17,000 miles, a far cry from the original transaction.
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Exploring Bitcoin's New Heights Over $110K: The Upcoming Significant Milestones Bitcoin's value has soared past $110,000 for the first time, prompting speculation about potential future targets. Bitcoin's market cap has exceeded $2.2 trillion, and its realized cap has been consistently increasing. After a rough patch where it dropped below $75,000, Bitcoin shattered its previous all-time high of $109,000 and is now hovering around $112,000. This puts Bitcoin in a price discovery stage, indicating that all investors are profiting, and no historical resistances exist. Analyst Ali Martinez optimistically predicts Bitcoin could skyrocket to nearly $150,000. Meanwhile, Stockmoney Lizards suggest a possible short squeeze could trigger a surge up to $200,000. Despite the overall bullish sentiment, some caution that a pullback may be imminent, although past indications have not always been accurate.
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Bitcoin Sets New Record, Surpassing $111,000 on Pizza Day Bitcoin's price hit a new high of nearly $112,000 on May 22. This increase, which followed a 4% daily gain, has pushed the total crypto market capitalization to $3.6 trillion. Despite these gains, the market capitalization remains below its peak of $3.9 trillion in mid-December. The surge in Bitcoin's value is driven by institutions like spot exchange-traded funds and corporations, with spot Bitcoin ETFs in the U.S. seeing six consecutive trading days of inflows exceeding $2 billion. This day also marks "Bitcoin Pizza Day", celebrating the first physical purchase made with Bitcoin 15 years ago when 10,000 BTC were used to buy two pizzas, which at today's value would be worth around $1.1 billion.
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No Increase in Network Participation Noted Despite Ethereum's Successful Pectra Update Ethereum's recent Pectra upgrade, which introduced 11 Ethereum Improvement Proposals (EIPs) for better user experience and a future-proof network, has not resulted in a spike in network engagement. Data from crypto insights platform Glassnode reveals that user engagement dropped following the upgrade's implementation. The Pectra upgrade, initially set for April 30 but delayed to May 7 due to technical issues, made significant improvements including enabling account abstraction, allowing more substantial staking of ether, and enhancing layer-1 and layer-2 chain compatibility. Furthermore, it reduced data verification costs for layer-2 rollups and allowed users to pay gas fees in crypto assets other than ETH. Despite these improvements, Glassnode reports a decrease in new and resurrected Ethereum addresses, although Ethereum’s Realized Cap has shown a slight rise.
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SEC Extends Review Timeline for XRP and DOGE ETF Proposals, Seeks Public Input The US Securities and Exchange Commission (SEC) has delayed its review of proposed cryptocurrency ETFs linked to XRP and DOGE and is soliciting public comments on these proposals. The delay impacts the 21Shares Core XRP Trust, Grayscale XRP Trust, and Grayscale Dogecoin Trust, which all aim to provide investors with exposure to these digital assets through ETF shares backed solely by XRP or DOGE. The SEC clarifies that this delay doesn't indicate a leaning towards approval or rejection but is seeking public comments to better assess if the proposals meet investor protection and market integrity standards as outlined in the Exchange Act. The decision on Bitwise’s proposal to allow staking in its Ethereum ETF has also been postponed, continuing the trend of extended timelines as the SEC reviews an increasing number of crypto-related filings.
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