In brief UST stablecoin lost its peg at the start of May’s crypto crash. Tether’s market cap decreased. USDC stablecoin’s market cap increased. When Terra and its UST stablecoin collapsed last week in tandem with a marketwide crypto crash, things looked very shaky for crypto in general and stablecoins in particular. But the crash produced at least one winner in…
The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second largest blockchain after Ethereum (Terra), the de-peg contagion seems be spreading wider. While UST has completely de-pegged from dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where…
Testifying before a congressional subcommittee on Wednesday, Securities and Exchange Commission chair Gary Gensler fired yet another warning shot at crypto industry leaders. “The crypto exchanges should come in and register,” said Gensler, “or, frankly, we’re going to continue to bring, use what Congress has given us, in our enforcement and examination functions.” The statement came in response to questioning…
We spoke with the two people who are part of the team behind the popular website, Bitcoiner Jobs, geared toward the orange-pilled workforce. Nathan Dennis and Cory Klippsten cocreated Bitcoiner Jobs with the goal of connecting Bitcoiner employers with Bitcoiner employees. Many Bitcoiners are interested in making the leap from the fiat-mining jobs and finding a career in Bitcoin. Often,…
On May 17, United States Federal Reserve Chairman Jerome Powell told the Wall Street Journal that the 50-basis-point rate hikes would continue until inflation is under control. Powell’s emphasis on a hawkish policy suggests that monetary conditions are likely to remain tight in 2022, which could limit the upside in risky assets. On-chain market intelligence firm Glassnode said that historically,…
There’s been one person notably absent from the conversation about the collapse of Terra’s $18 billion algorithmic stablecoin and $30 billion network token, LUNA: investor Mike Novogratz. After not tweeting since May 8, right around when things started going pear-shaped for Terra, the founder and CEO of crypto investing firm Galaxy Digital today tweeted a memo to shareholders and stakeholders…
The legalization of bitcoin and other cryptocurrencies as a means of payment is only a matter of time according to the Russian minister of industry and trade. The minister explains that the process of legalization will happen, it’s just a matter of how it is regulated, and how it is passed. Russian regulatory agencies have danced around the concepts of…
The blockchain firm Aave has launched the Lens Protocol, a social media project with applications built on the Polygon blockchain. Lens is similar to the social media platform Twitter but Lens profiles are linked to a non-fungible token (NFT) that can be ported into decentralized applications. Lens Protocol Is Live – Aave Founder Believes People Are ‘Ready for a Better…
Looking to expand its reach into gaming, venture capital firm Andreessen Horowitz (a16z) announced today the launch of GAMES FUND ONE, which will invest $600 million across the industry. Games will continue to play a pivotal role in how people socialize, play, and work in the future, and the fund will invest in game studios, game and customer experiences, and…
Terraform Labs CEO Do Kwon’s plan to create a new blockchain “without the algorithmic stablecoin” TerraUSD (UST) has the support of 85 million community votes. In a proposal opened to the Terra community on Wednesday, more than 91% of votes at the time of publication were in favor of “rebirthing” the Terra network — roughly 85 million out of 93…
