Crypto News Digest by U.Today
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Here are the top four news stories from the past day that U.Today presented to you.
SHIB can now be used to pay for flights and hotels through this new partnership
Good news for SHIB holders who love travel: According to XcelTrip, a decentralized ticket and hotel booking platform, the dog token can now be used to book travel on their website, xceltrip.com. As of this writing, 2.3 million hotels, more than 450 airlines and car rental companies in more than 70 countries can be made available to Shiba Inu fans. By introducing SHIB as a payment method, XcelTrip now joins the ranks of luxury brands such as Gucci and Tag Heuer, which earlier in May announced the ability to make purchases with the memecoin. However, the price of SHIB continues to fall steadily, despite its mass adoption as a means of payment. At the time of writing, SHIB is changing hands for $0.0000105, down nearly 5% in the past 24 hours.
Elon Musk Responds To His Deepfake Promoting Crypto Scams
Earlier this week, a video featuring Elon Musk’s deepfake went viral on Twitter. The video was intended to entice crypto holders to put their money into a trading platform that “offers 30% dividends every day for the rest of their lives”. The Tesla boss rushed to comment on the fake promotion, declaring that he “absolutely” wasn’t. Fortunately, most crypto users did not fall for the poor quality video, contrary to Musk’s voice, which sounds robotic and unintelligible. The viral video has not gone unnoticed by Dogecoin co-founder Billy Markus. He said those stupid enough to fall for such a sham deserve to part with their money.
Ethereum’s Weekly Timeframe Signals Incoming ETH Price Bounce
The latest market view showed a few signs of a possible price increase for the Ethereum cryptocurrency. Santiment on-chain analytics platform reports that Ethereum’s average costs are extremely low (around $2.54 per trade), adding that ETH tends to rise after average trades fall below $5. The decline in gas prices was driven by the asset’s decline in prices due to inflation fears and systemic risks within the broader crypto market. Also, the latest sell-off has pushed ETH price closer to the MA 200 at $1,179 on the weekly chart, which could serve as lower support. Market observers say there could be an uptick here if large long-term buyers emerge.
Cardano Reaches New Interoperability Milestone, New Ethereum-Cardano Bridge Goes Live
Iagon, a decentralized cloud computing platform, has announced that its Ethereum-Cardano token bridge is going live in beta. According to the IAGON team, the token bridge was built to facilitate the conversion of ERC-20 IAG tokens to CNT IAG tokens, allowing tokens to communicate on different blockchains (Ethereum and Cardano). The new bridge is based on solutions from Milkomeda, a Layer 2 protocol and Nomad protocol. Cardano reached a pivotal moment in interoperability after the Milkomeda Foundation announced the launch of Milkomeda C1 in late March. C1 is a Layer 2 EVM-compatible sidechain that allows Ethereum dApps to be deployed in the Cardano ecosystem.