Do Kwon, the founder and CEO of Terraform Labs, has broken his Twitter silence to reveal the Terra network’s next steps in the wake of this week’s crash. “I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and…
Maker’s governance token MKR blew up by over 30% overnight while Terra’s UST stablecoin briefly lost its peg to the U.S. dollar and slipped to $0.30 in the early hours of Wednesday morning. Maker currently trades for $1,664 dollars a token, a price increase of a little over 35% in the last 24 hours, according to CoinMarketCap. Maker’s token is…
Do Kwon, CEO of Terraform Labs, will not admit defeat. After an 18-hour wait in which his coins Terra (LUNA) and TerraUSD (UST) endured a face-ripping freefall, Do Kwon has announced his “rescue plan” for the Terra community. Terra is down 90% from its all-time highs, while the “stablecoin” UST is 75% below the dollar parity. But have no fear,…
Do Kwon has urged holders of LUNA to “stay strong,” as the price moves ever closer to zero. Following the UST stablecoin losing parity with USD, prices have plunged, falling to a new low this morning. LUNA, UST Tumble Toward Zero As of writing, LUNA/USD is trading at $5.45, which is marginally higher than its earlier low of $4.21. To…
Stablecoins are assets pegged to the price of a single asset, typically a fiat currency such as the dollar. The first generation of stablecoins, such as Tether, maintain their price using a basket of assets including fiat reserves. But some advocates of decentralization argue that a centralized entity maintaining a basket of real-world assets introduces a single point of failure…
Bitso, a Mexico-based cryptocurrency exchange, is expanding its range of crypto investing options. The company has announced it will now allow customers to earn funds just by holding bitcoin or stablecoins in its wallet. The program, called Bitso+, will offer different yields based on the quantities deposited by users, and it is designed to help customers tackle inflation problems in…
Chainalysis, one of the world’s largest crypto and blockchain intelligence firms, has reportedly raised $170 million in a Series F funding round led by GIC, a Singapore-based sovereign wealth fund. The news was first reported by The Information, citing a person with direct knowledge of the matter. Founded in 2014, Chainalysis provides software tools that allow government agencies, financial institutions…
London-based asset manager Fasanara Capital has launched a $350 million investment fund to back fintech and cryptocurrency startups that can deliver new use cases for the emerging Web3 economy. The company, which manages $3.5 billion in assets, is targeting early-stage startups in the fintech and crypto spheres, where it plans to establish long-term relationships with project founders and other industry…
The Terra network’s native algorithmic stablecoin TerraUSD (UST) has plummeted more than 45% over the past 24 hours. On Wednesday morning it plunged as low as $0.2998, according to data from CoinMarketCap. It’s currently trading around $0.50 per coin, far below its $1 peg. In terms of market value, the stablecoin has shed more than $11 billion since May 9,…
Panic appeared to set in on crypto markets overnight on May 11 as Blockchain protocol Terra failed to steady its bleeding cryptoassets. Data from Cointelegraph Markets Pro and TradingView showed both the firm’s in-house token, LUNA and stablecoin, TerraUSD (UST) seeing fresh heavy losses on the day. A dubious new “all-time high” for Bitcoin After a mass sell-off which some…
