In brief UST and LUNA collapsed last week. Terra users will soon vote on whether to fork the blockchain. Terra Network co-creator Do Kwon is trying to revive the fallen blockchain after its UST stablecoin de-pegged from the dollar and the LUNA governance token went from nearly $100 to fractions of a penny in a week. His most recent proposal—after…
An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain’s LUNA and the de-pegging of the UST stablecoin vindicate the Asian country’s decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the buying and selling of crypto…
Bitcoin (BTC) bounced 19% from the $25,400 low on May 12, but has investor confidence in the market been restored? Judging by the ascending channel formation, it’s possible that bulls at least have plans to recover the $30,000 level in the short term. Bitcoin/USD 4-hour price at Bitstamp. Source: TradingView Does derivatives data support reclaiming $30,000, or is Bitcoin potentially…
Portugal’s days as a crypto tax haven may be numbered. Minister of Finance Fernando Medina announced on Friday before a full meeting of Portugal’s parliament that crypto assets in the country soon will be subject to capital gains taxes, per Portuguese news outlet ECO. The statement constitutes a definitive shift in Portugal’s attitude toward crypto: Since 2018, the country has…
Pnkfrg, a new gaming studio building mobile F2P games on the Bitcoin Lightning Network just raised $3 million. The funds will be used to develop games targeting a F2P circular creator economy with a casual experience.The studio based in Berlin and Helsinki includes team leads from the Candy Crush Saga. Pnkfrg studios, a mobile gaming studio startup designing games for…
The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever. This indicates that the momentum remains strongly in favor of the bears. While the short-term sentiment remains bearish, institutional traders seem to be taking a longer-term approach on cryptocurrencies. Goldman Sachs and Barclays joined several other…
Bitcoin’s seventh consecutive week of losses is unprecedented. The previous six-week record took place in 2014, when Bitcoin dropped from $507 on August 25 to $323 on October 6, according to BitStamp. This year, the primary cryptocurrency has suffered an equally dramatic collapse, from roughly $46,900 on March 28 to a Monday close of about $31,300—a 33% loss. Before its…
Wind and solar are altcoins. They are unreliable, costly and make as much sense as LUNA. “Green” energy takes up too much real estate for the energy they provide but they grow through propaganda and subsidization like preferred pronouns on Facebook. Despite claims of being renewable, they require resources from the earth like everything else and have a finite lifespan.…
On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the…
Bitcoin price volatility seems to have been a sale klaxon for institutional investors last week, some of which poured $299 million into exchange-traded Bitcoin funds, according to a new CoinShares report. It’s an unprecedented level of bullish investment in Bitcoin funds during extreme market volatility, according to James Butterfill, CoinShares’ head of research. “It’s the largest since October 2021,” he…
