“The price stabilization mechanism is absorbing UST supply (over 10% of total supply),” Kwon wrote in a tweet during European trading hours, explaining how UST works. “But the cost of absorbing so many stablecoins at the same time has stretched out the on-chain swap spread to 40%, and LUNA price has diminished dramatically absorbing the arbs.” Source
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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 put things in perspective, prices are down nearly 90% from yesterday’s peak of $34.28, and only seven days removed from it trading at a high of $88.40. LUNA/USD – Daily…
Community members form Anchor have submitted proposals to save the UST peg. Source
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 Latam. Bitso Introduces Yield Program for Bitcoin and Stablecoins Bitso, one of the biggest cryptocurrency unicorns in Latam, is expanding its services offerings by introducing new yield services…
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io This Bitcoin and Cryptocurrency trading analysis applies to various exchanges, including Bybit and Binance. Tackling questions like if Bitcoin can reach all time highs again or how low BTC will crash. Things like the lightning network have provided huge improvements for BTC and while it is true that others like Roger Ver with Bitcoin Cash (bcash) may disagree, I do see these blockchain technology innovations to be very bullish fundamental signs for the space. ⚡️𝗢𝗙𝗙𝗜𝗖𝗜𝗔𝗟 𝗙𝗢𝗥𝗙𝗟𝗜𝗘𝗦 𝗖𝗛𝗔𝗡𝗡𝗘𝗟𝗦 (𝗧𝗘𝗟𝗘𝗚𝗥𝗔𝗠/𝗪𝗘𝗕𝗦𝗜𝗧𝗘)⚡️ 🚀 Forflies GOLD: 🚀…
This blockchain-based application’s users must purchase a “virtual sneaker” NFT to earn crypto rewards. Consumer advisory: They start at around $800. Source
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 veterans. This includes potentially larger equity commitments than traditional venture capital firm. Founded in 2011, Fasanara Capital is a fintech investment firm increasingly specialized in digital assets and lending technologies.…
The Basel-based FSB joins tax and money-laundering bodies in responding to calls for coordinated action Source
In a major turnaround, Bitcoin exchanges saw significant inflows during the last 7 days as large crypto addresses started moving digital assets from wallets to trading platforms. According to Santiment, almost 0.52% of the overall Bitcoin supply has returned to exchanges in just one week. A rise in the supply of Bitcoin on prominent crypto trading platforms has played a major role in its price dip. The world’s most dominant digital asset is now down by more than 20% in the past 7 days. “Exchanges have seen a massive 0.52%…