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Global Watchdogs to Regulate Stablecoins Following TerraUSD (UST) Fiasco

The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD (UST), last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market. Following the market meltdown, global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future. UK to Legalize and Regulate Stablecoins Over the weekend, the United Kingdom Treasury revealed plans...

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Bitcoin Stalls Below $30K, Polkadot Recovers Another 7% (Weekend Watch)

Bitcoin has calmed just under and around the $30,000 level after the recent massive volatility that brought the asset south by five digits. Most altcoins are also quite stagnant on a daily scale, with a few exceptions, such as Polkadot, Bitcoin Cash, and Monero. Bitcoin Stands Still Below $30K The past ten days were nothing short of a volatile rollercoaster for bitcoin and the rest of the market. The largest digital asset stood close to $40,000 before it plummeted by $4,000...

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Bitcoin Rejected at $30K, TRON and Polkadot Spike 4% (Weekend Watch)

After yesterday’s brief price surge to $31,000, bitcoin stalled and retraced back to below $30,000. Most altcoins are also slightly in the red today, except for TRON and Polkadot, both of which are up by around 4%. Bitcoin Failed at $31K No other word can explain what transpired last week better than “massacre.” Bitcoin stood close to $40,000 on May 5 before the bears took complete control over the market and pushed it south hard. At first, BTC lost $4,000 in a day before the...

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This Week’s Recap: UST’s Depeg and LUNA’s Demise, Crypto Markets Lose $500 Billion

This was the most eventful week in many months, but, unfortunately, the end result was that $500 billion were wiped off the total cryptocurrency market capitalization. Terra’s ecosystem was at the forefront of it all, so let’s unpack. On May 9th, UST – the algorithmic stablecoin of the Terra ecosystem, lost its peg. It fell to about $0.95, but no one was prepared for what happened after that. On the following day, UST continued losing value as the Luna Foundation Guard...

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Terra Blockchain Officially Halted to Prevent Governance Attack

Terra validators have reportedly decided to freeze Terra’s blockchain due to LUNA’s collapsing market price. The team argues that at such low costs, a whale buyer could easily commit a governance attack on the network. The chain was officially frozen at block 7,603,700, making native transactions on Terra’s blockchain impossible. Terra (LUNA), which has seen a price collapse of over 99% within the past week, also serves as the protocol’s governance token. Governance tokens...

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Warren Buffett’s Advice for Beating Inflation is Actually the Key to Bitcoin’s Success (Opinion)

At the annual Berkshire meeting last week, Warren Buffett continued to balk at Bitcoin’s history-making ROI over the last decade. But the investing legend also gave advice to beat inflation which is precisely what makes Bitcoin so valuable. The investment news world has been filled with responses to Warren Buffett’s latest remarks heaping scorn on Bitcoin. The legendary investor took his notorious “rat poison squared” insult from 2018 a step even further. From the day Buffett...

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Weekend Watch: LUNA Dumps 8%, Bitcoin Struggling at $36K

After yesterday’s massacre, bitcoin slipped slightly more and dropped to another multi-month low. Most altcoins are in a similar position, with Terra losing the most value on a daily scale. In contrast, TRON, Algorand, and Monero have charted impressive gains. Bitcoin’s Latest Low It’s safe to say that bitcoin has seen better days, which weren’t all that long ago. In fact, the cryptocurrency had spiked toward $40,000 earlier this week, after the latest FOMC meeting, in which...

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Bitcoin Collapses to 10-Week Lows, Binance Backs Musk’s Twitter Deal With $500M: This Week’s Crypto Recap

Bitcoin’s price crashed to levels that we last saw on the day that Russia invaded Ukraine. Moreover, the entire market lost over $150 billion of its capitalization as the past 24 hours caused nothing but mayhem in the industry. Bitcoin’s price is down 9% in the past seven days, and it’s currently trading slightly above $36K. This time last week, the cryptocurrency was sitting slightly below $39K, and the week was going relatively well. The price managed to increase towards...

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Bitcoin Crashes Below $37K to 2.5-Month Low: Over $100M Liquidated In One Hour

Bitcoin’s price took a nosedive on Thursday after stocks retraced gains made following yesterday’s Federal Open Markets Committee Meeting (FOMC). It fell to $36,520 – the cryptocurrency’s lowest price since Russia invaded Ukraine.  At FOMC on Wednesday, Federal Reserve Chairman Jerome Powell announced the first 0.5% interest rate hike since May of 2000. He set future expectations for further 50 basis point hikes later this year.  However, he also claimed that 75 basis point...

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BAYC’s Otherside: Nearly $200M Gas Burnt in Hours, ApeCoin Crashes 30%

The highly-anticipated virtual land sale related to Yuga Labs’ metaverse project went live hours ago and affected a large portion of the entire crypto market. The massive demand led to ETH fees worth nearly $200 million, while ApeCoin’s price slumped by double digits after the sale. Ever since Yuga Labs, the creators of popular NFT projects such as Bored Ape Yacht Club, announced the metaverse project Otherside, the anticipation for the actual sale was soaring. This led to a...

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