The Terra ecosystem’s rise and fall has had major consequences all around the world, but there’s no doubt that South Korea, the birthplace of its’ creator, was the most concerned country of them all. Amid signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country’s ruling party announced Tuesday
Month: May 2022
press release PRESS RELEASE. Clesson, the operating company behind OPENTRACK and LABEL Foundation, has officially established a memorandum of understanding (MoU) with CJ Entertainment & Media. The new collaboration has the potential to benefit both parties involved as CJ Entertainment & Media is essentially an entertainment and mass media organization founded by the CJ Group,
Bitcoin (BTC) fell in line with United States equities on May 31 as the return of Wall Street began with a whimper. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Stocks take BTC price south again Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to near $31,000 at the start of trading after markets returned
Bitcoin (BTC) price action has been surprisingly bullish since May 27. Weekends, especially holiday weekends, are notoriously volatile and indecisive, with major whipsaws in price movements being the norm. Even in bull markets, bearish price action is often the norm, but BTC bucked that trend. BTC/USD daily chart (Coinbase) Source: TradingView Bitcoin rallied nearly 11%
In the precariousness of Web3 open-source code, iterative development and “move fast” ethos, things break. And through breaking, things are also made. A new project allows anyone to create a copy of someone else’s NFT, aptly named “Mimics.” But how does Mimics work, and what does it mean for the NFT art market to have
The persistent challenges decentralized finance face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by
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The Department of Economic Affairs of India is finalizing a consultation paper on crypto currencies, which then will be handed over to the federal government. The implementation of the document could bring the country of 14 billion people closer to the international regulatory consensus on digital assets. On Monday, May 30, during an event hosted
Pseudonymous Shiba Inu (SHIB) founder ‘Ryoshi’ has walked away from the community after deleting all of their Tweets and blog posts this week. Much like Bitcoin (BTC) founder Satoshi Nakamoto, Ryoshi’s identity has remained unknown since the project launched in August 2020. Additionally, they have also held a hands-off approach to the memecoin much like
The China state-owned media outlet the Economic Daily has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem. In an article published May 31, the outlet detailed the collapse of TerraUSD (UST) and Luna (LUNA) explaining the workings of the algorithmic stablecoin.
press release PRESS RELEASE. Miami, Florida. – Vybe, LLC announced today that they are building an app that lets people mine their social media for cryptocurrency. “What if you earned crypto for every like you earned on social media?” Vybe Business Development Manager Blake Marum said, “That’s what Vybe does. It connects your content creator
After creating the dubious record of nine successive red weekly closes, Bitcoin (BTC) is attempting to make amends by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not fear a bear market because it is one of the best times to invest in fundamentally strong projects in preparation
Bear markets are typically marked by a capitulation event where discouraged investors finally abandon their positions and asset prices either consolidate as inflows to the sector taper off or a bottoming process begins. According to a recent report from Glassnode, Bitcoin hodlers are now “the only ones left” and they appear to be “doubling down
On May 30, the cryptocurrency market experienced a much-needed bounce that saw Bitcoin (BTC) climb above $30,900 and Ether (ETH) rally 5.84% to $1,930, but analysts warn that it could be too early to expect a reversal. ETH/USDT 1-day chart. Source: TradingView Here’s a look at what several analysts are saying about the outlook for
A mismatch in the reported price of underlying assets on synthetic assets DeFi platform Mirror Protocol has caused an ongoing exploit that has the potential to drain all of its funds. The exploit was observed on May 29 by governance participant ‘Mirroruser’ on the protocol’s forum. As of the time of writing, the mBTC, mDOT,
Paraguay is viewed by many as a potential hot spot for cryptocurrency adoption due to low electricity costs and relatively soft taxation. The government has recognized this opportunity by pushing forward new legislation around digital assets. On May 25, a bill that regulates cryptocurrency trading, mining and custody was approved by the Paraguayan Congress on
Federal Reserve governor Christopher Waller has detailed he is ready to get behind 50 bps rate hikes until the extreme inflationary pressures plaguing the U.S. economy subsides. Waller stressed that until inflation is reduced he doesn’t “see the point of stopping” 50 bps rate hikes. Furthermore, statistics from the U.S. Bureau of Economic Analysis show
Generating a yield on crypto is increasingly tricky. The Terra ecosystem implosion — where up to $50 billion was wiped out — led to a decline in decentralized finance (DeFi) protocols offering interest. At the other end of the table, centralized finance, or CeFi, where all processes are rooted through a central body, has endured a comparatively
On May 30, the total crypto market capitalization gained 4% and currently is within reach of a $1.3 trillion market capitalization. The move was enough to erase the losses from the previous 7 days and was driven mainly by Bitcoin’s (BTC) 4.9% gain during that time frame. Total crypto market cap, USD billion. Source: TradingView
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