The rise of blockchain technology has been compared to the early days of the internet, hence the moniker “Web 3.0”. In the early days of the internet in the 1990s, only a small number of people had the expertise, funds, and time to experiment with the new technology.

According to data from Glassnode, Bitcoin miners have earned a total revenue of $50.2 billion from block subsidies and fees since the cryptocurrency's inception. The estimated input cost for mining during this time was $36.6 billion, resulting in an all-time aggregate profit margin of $13.6 billion, a 37% increase.

Coinbase launches international exchange for institutional clients, offering Bitcoin and Ethereum perpetual futures. The new exchange has received regulatory approval from the Bermuda Monetary Authority and trades will be settled in USD Coin with security features including real-time risk management, dynamic margin requirements, and rigorous compliance standards.

Bitcoin miners have been selling their coins recently, as shown by on-chain data, which could potentially have bearish consequences for the cryptocurrency's price. The "miner reserve" indicator, which measures the total amount of Bitcoin that all miners are holding in their wallets, has been decreasing, suggesting that miners are transferring BTC out of their reserves, possibly for selling-related purposes.

The exchange reserve ratio for US vs offshore Bitcoin platforms has been declining, indicating that US-based exchanges have been experiencing a greater decrease in reserves compared to overseas platforms. This decline in the exchange reserve ratio is believed to be a result of the recent regulatory crackdown on crypto services in the US, which has shaken investor confidence in the market. US investors are assumed to be switching to decentralized exchange protocols or storing their crypto in self-custody wallets to safeguard their assets.

Microstrategy continued to invest in Bitcoin over the previous quarter, as indicated by the company’s financial results on May 1.

Bitcoin (BTC) Ordinals, popularly referred to as Bitcoin non-fungible tokens (NFTs), are steering a new pathway for the growth of the Bitcoin network despite the harsh criticism from a section of the community in its development phase.

If you’re looking to invest in cryptocurrency this May, you may want to consider reading this blog to the end.

The cryptocurrency found decent support earlier in the session when it briefly fell to test the $29,000 level and 21-Day Moving Average just above it.