Day: May 13, 2022

Luna’s meltdown will live on in infamy, May 5–11, 2022

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Terra’s meltdown forced cryptocurrency investors to ask a question they never thought was possible: Will TerraUSD (UST) or Terra (LUNA) reach $1.00 first? The magnitude of this question provides a sobering reminder of just how quickly things can change in crypto. While Terraform Labs co-founder Do Kwon remains defiant, many people in the industry are beginning to distance themselves from the protocol they thought was delivering real-world utility for stablecoins and Bitcoin (BTC). The threat of contagion from Terra’s apparent collapse could take months or even years to fully quantify,…

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Bitcoin and Ethereum had a rough week, but derivatives data reveals a silver lining

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This week the crypto market endured a sharp drop in valuation after Coinbase, the leading U.S. exchange, reported a $430 million quarterly net loss and South Korea announced plans to introduce a 20% tax on crypto gains. During its worst moment, the total market crypto market cap faced a 39% drop from $1.81 trillion to $1.10 trillion in seven days, which is an impressive correction even for a volatile asset class. A similar size decrease in valuation was last seen in February 2021, creating bargains for the risk-takers. Total crypto market…

CFTC commissioner appoints senior policy adviser experienced in digital asset regulation

In a Friday announcement, Pham said Keaghan Ames will be her counselor and senior policy adviser at the CFTC starting May 23. Ames worked at Credit Suisse for more than two years as vice president and head of U.S. regulatory policy, which included advising executives on digital assets regulation. He will be joining the CFTC from the Institute of International Bankers, where he has been the director of government affairs since July 2021. Sworn in as a commissioner in April, Pham is one of five heads serving at the CFTC…

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Stablecoin Shuffle — Terra Fiasco Shakes up Fiat-Pegged Crypto Economy, Over $35 Billion Disappears – Bitcoin News

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According to statistics on Friday, May 13, the top stablecoins by market capitalization are currently worth $163.7 billion after the stablecoin economy was valued at close to $200 billion just last week. Of course, the climactic terrausd (UST) failure wiped out billions from the stablecoin economy, and Binance’s stablecoin BUSD has recently entered the top ten crypto market capitalization positions. Just as it caused carnage in the crypto economy, Terra’s recent downfall has caused a great shift within the stablecoin ecosystem. The Stablecoin Economy’s Great Shift It was only a…

Buy the dip, or wait for max pain? Analysts debate whether Bitcoin price has bottomed

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It has been a rough week for the cryptocurrency market, primarily because of the Terra ecosystem collapse and its knock-on effect on Bitcoin (BTC), Ethereum (ETH) and altcoin prices, plus the panic selling that took place after stablecoins lost their peg to the U.S. dollar. The bearish headwinds for the crypto market have been building since late 2021 as the U.S. dollar gained strength and the United States Federal Reserve hinted that it would raise interest rates throughout the year. According to a recent report from Delphi Digital, the 14-month RSI…

Crypto Shorts See $240M Flush As Bitcoin Rebounds Back Above $30k

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Data shows the crypto futures market has taken a $380 million beating over the past day as Bitcoin has rebounded above $30k. Out of this amount, $240 million liquidations have belonged to short traders. Crypto Shorts Observe $240 Million In Liquidations Over Last 24 Hours In case anyone isn’t aware of what “liquidations” are, it’s best to first take a brief look at the workings of margin trading in the crypto futures market. When an investor opens a, say, Bitcoin long or short contract at a derivatives exchange, they first…

Stablecoin Issuers Speak Out as UST Craters

Since Terra began blowing up, DAI, a five-year-old overcollateralized stablecoin overseen by the MakerDAO community, has held its peg and carried out liquidations of collateral in an orderly fashion, which has been “a great test of the system,” said Luca Prosperi, a leader on lending oversight at MakerDAO. Source