May 7 Daily report: DOGE flips BTC volume, Bitcoin revenue up 1000%, Altcoins rally as bulls pile into large-cap tokens, EOS price rallies 100% and Indian startup organization proposes a regulatory framework for crypto

DOGE flips BTC volume for the first time

Dogecoin has officially flipped Bitcoin in a few categories here in China, with DOGE trading volume on leading Chinese exchange Huobi surpassing that of leading assets ETH and BTC. Searches for ‘Dogecoin’ on WeChat surpassed searches for Bitcoin, with 2.3 million versus 1.7 million on May 5th. DOGE flips BTC volume, Dogecoin’s volumes, and prices are also peaking across the world on the much-anticipated appearance of Musk on an American TV show on May 8.

Bitcoin revenue up 1000% in 12 months

Bitcoin alone drove $3.5 billion in revenue, an astonishing increase of 1,000% in just 12 months. Square’s quarterly gross profit also surged 79% year-over-year to tag $964 million. More than half of the firm’s profits can be attributed to its crypto-friendly payment application, Cash App, which drove $495 million in gross profits — a 171% increase when compared to Q1 2020.

Altcoins rally as bulls pile into large-cap tokens and layer-1 projects

EOS, LTC, ETC, and ETH are just a few of the altcoins that chased after new multi-year highs as layer-1 projects saw an increase in trading volume. The cryptocurrency market provides investors with another day of ‘alt season’ as the majority of altcoins in the top 100 on CoinMarketCap rallied today.

EOS price rallies 100% following a proposal to increase staking rewards

A proposal to boost staking rewards and increase the inflation rate triggered a 100% rally in EOS price. With the overall cryptocurrency market heating up and 2016-era projects like Litecoin (LTC) and Ethereum Classic (ETC) reaching new highs, EOS is one large-cap blockchain project that could continue to benefit as the cryptocurrency bull market stampedes ahead.

Indian startup organization proposes a regulatory framework for crypto

An internet startup association in India has asked the government to define cryptocurrencies like Bitcoin as digital assets and not currencies. IndiaTech.org on Wednesday released a white paper including a policy proposal with recommendations for a regulatory framework for crypto-assets and crypto exchanges in India.

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