Nubank, the largest digital bank in Brazil and Latin America, announced that it has partnered with Paxos to allow the bank’s customers to buy, sell and store cryptocurrencies directly through Nubank. Along with the launch of the new cryptocurrency transaction services, Nubank announced it will allocate roughly 1% of its net assets to Bitcoin (BTC) through the cashier of Nu…
Grayscale, the largest bitcoin fund in the world, met with the SEC in a closed meeting.The meeting was meant to persuade regulators to approve Grayscale’s conversion from a fund to a spot-bitcoin ETF. The deadline of approval for Grayscale’s ETF application is July 6, 2022. Grayscale, the company behind the world’s largest bitcoin fund (OTCQX: GBTC), had a private meeting…
Pressure from the Kremlin and sanctions from the West have forced Russian news outlet Meduza to increasingly rely on cryptocurrency donations to fund its independent journalism. As the restrictions imposed over Moscow’s invasion of Ukraine have prevented its Russian readers from contributing in fiat currency, the Riga-based website now accepts several digital coins. Meduza Pulls Journalists out of Russia, Seeks…
In brief Terra’s UST stablecoin is trading well below its $1 target. Stablecoin creators and skeptics alike believe collateralization is key to consumer confidence. On Monday, the Federal Reserve released a report that identified three assets with funding risks: certain money market funds, some bond funds, and stablecoins. The latter sector, it said, “remains exposed to liquidity risks” and “vulnerable…
ApeCoin (APE), the new cryptocurrency that was recently launched by Yuga Labs, aims to be the bedrock of the Otherside Metaverse and recently the token has experienced massive volatility leading into and after its digital land sale. APE’s price dropped from $26 at the peak on Apr. 28 to $14 on May. 2 — more than 45% drop within a…
In brief The cryptocurrency market is down 11% over the past 24 hours. Avalanche, ApeCoin, Shiba Inu, and Solana are among the coins and tokens that have experienced major losses in the past day. It’s bloodshed pretty much across the board in the crypto market again today, led by Terra (LUNA) and its 97% drop following the collapse of its…
Cryptocurrency investors never thought they’d have to ask which one of TerraUSD (UST) or LUNA would reach $1 first. On May 11, that question became the talk of the crypto-sphere as the Terra ecosystem imploded. As algorithmic stablecoin UST lost its dollar peg, crashing to a low of around 30 cents, Terraform Labs co-founder Do Kwon took to Twitter to…
In brief Coinbase shares traded as low as $50 on Wednesday, a far cry from last year’s high of $381. CEO Brian Armstrong tweeted reassurances suggesting the stock is a buy. Coinbase shareholders are reeling as the stock price fell about 30% on Wednesday, after the company posted earnings that widely missed analysts’ expectations. The stock had already been subject…
The crisis with Terra’s stablecoin TerraUSD (UST) and the freefall in Terra’s LUNA token has dented crypto sentiment further. Although Terraform Labs CEO Do Kwon announced a relief plan, the community does not seem too hopeful about the revival. Another hindrance to a quick improvement in sentiment is that the United States Consumer Price Index soared 8.3% from a year…
As Terra’s stablecoin, UST, and native token, LUNA, hurtle toward unheard-of lows, many in the crypto community are scrambling to assess how far-reaching the damage will be for decentralized finance as a whole. This morning, after UST hit a record low of $.30—the stablecoin was designed to be pegged to the U.S. dollar—and LUNA—a week ago worth over $87—fell to…
