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Crypto's Feeling Unwell, Twitter Sold, Gucci - Sold for Crypto

05/06/2022
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  • LHCrypto
  • news
  • Gucci
  • Musk
  • Bitcoin
  • Ethereum
News list

Cryptocurrencies are running low again, Elon Musk is crowdfunding to buy Twitter, Gucci can be bought for crypto - all that in our fresh crypto news by LH-Crypto!

Bitcoin Renewing the Lows, Traders Lose Millions

On May 5th, the world's first cryptocurrency showed a drastic fall and reached the minimum price from the end of February. The Bitcoin price reached the level of 35,5 thousand USD. As usual, it was followed by other cryptocurrencies too.

As a result of the crypto market crash, traders lost over 430 mln USD in a matter of days. Almost half of the losses were thanks to Bitcoin, 201 mln USD. The second place was taken by Ethereum; the traders who had set orders to buy this currency lost 69 mln USD.

Vitalik Buterin's brainchild lost 7% in price, it is now worth 2,7 thousand USD per ETH token.

Elon Musk Collected Over 7 bln to Buy Twitter

The overhyped idea of the popular developer buying Twitter finally came to life. On April 25th, Musk signed an agreement to buy the network for 44 bln USD. After that, he started attracting the necessary funds. By now, he has already managed to collect around 7,1 bln USD.

So far, the top investors are two foundations, The Lawrence J. Ellison Revocable Trust with their 1 bln USD investment and Sequoia Capital with 800 mln USD. Binance, the world's biggest crypto exchange, follows them with their 500 mln USD investment. Another huge investor is a Saudi Arabia royal member and businessman Al Waleed bin Talal Al Saud who is investing almost 35 mln Twitter shares which is approximately worth 1,9 bln USD.

Gucci Sold for Crypto

The fashion brand announced that from now on, people can buy their products for crypto. This option will be available from the end of May for some US shops in the biggest cities like Miami, Los Angeles, New York, Atlanta, and Las Vegas. By summer, Gucci is planning to involve all of the US shops in the programme.

The Italian brand fans will be able to pay for their clothes and accessories with one of ten cryptocurrencies including Bitcoin, Ethereum, Dogecoin, etc.

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