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Terra, Web 3 and Acceptable Risk in Innovation
Month: May 2022
Crypto needs regulation but should be done right: Report and database
Regulatory attitudes toward crypto are constantly evolving, often at a slower pace than the crypto industry itself. Institutions and the broader public will not seriously consider working with cryptocurrencies without clear and comprehensive regulation. Furthermore, the industry suffers from widespread scams, phishing and hacks that very often have no legal repercussions. This bolsters the audacity of wrongdoers and augments the image of crypto as an arena for shady characters. Download the full report here, complete with charts and infographics In a new report, Cointelegraph Research provides an assessment of regulations…
Binance will delist LUNA/USDT contracts as price falls below 0.005
Major crypto exchange Binance announced it will be delisting its Tether (USDT)-margined Terra (LUNA) futures contracts following a more than 99% drop in price. In a Thursday blog post, Binance said it would be taking “precautionary measures” around its LUNA/USDT perpetual contracts, intending to delist the pair if the price goes under 0.005 USDT. The announcement followed the exchange changing the leverage and margin tiers for the LUNA-tied contracts on Wednesday, with the maximum leverage set at 8 times for positions under 50,000. As mentioned previously, Binance Futures will conduct…
Brazil’s Largest Brokerage XP Set to Launch Crypto Trading Feature
Built on Nasdaq’s trading technology, the platform will allow users to buy bitcoin and ether. Source
Teller Finance Diversifying DeFi With Travel Insurance
Koala, which isn’t backed by a large insurance broker or carrier, has so far gathered a capital pool of about $450,000 for its Koala Flex product, which allows travelers to cancel their trip at the click of a button and get their money back. Doing so requires the capacity to provide a lot of refunds if necessary, explained Koala Insurance CEO Ugo Weyl, adding that risk-averse insurance and reinsurance firms tend to shy away from this type of innovation. Source
Grayscale Met With The SEC, Tried To Convince Them To Turn The GBTC Into An ETF
Will GBTC get to become the first US-based spot bitcoin ETF? It doesn’t look that way. The euphoria from six months ago turned into Grayscale hinting that it might sue the SEC if its request is denied. Currently, the climate dictates that the answer will probably be negative, but the company is not giving up. According to CNBC, Grayscale “met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF.” Related Reading |…
Galaxy Digital Investors’ Concerns About LUNA Exposure Are Overblown, Says BTIG
In its recent management discussion and analysis filing for the quarter ending March 31, Galaxy said the largest contributor in the quarter to its $355 million in net realized gains on its digital assets came from sales of LUNA. Galaxy had previously said in its fourth-quarter earnings release that it held $407.6 million worth of LUNA as of Dec. 31. Source
Dogecoin eyes ‘oversold’ bounce as DOGE price gives up 90% of yearly gains
Dogecoin (DOGE) shows the prospect of undergoing a strong price rebound after reaching a technical support confluence on May 12. DOGE price 25% bounce incoming? DOGE’s 45% price drop to $0.065 this week, or a 90% decline from its record high of $0.76 a year ago, was met with decent buying sentiment. As a result, the token underwent a modest price rebound on May 12, rising over 10% to $0.078. Interestingly, Dogecoin’s upside retracement move started near a confluence of two support levels: a multi-month downward sloping trendline and a…
Bitcoin Bullish Again| Cryptocurrency Market Update And News| Crypto Market Update News|
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Uncovering Terra’s Implosion — Terraform Labs’ Big Name Backers and ‘Zero Exposure’ Claims – Bitcoin News
Digital currency markets have continued to slide downward in value as the crypto economy has dropped by 14% during the past 24 hours. Amid the market rout, the native Terra blockchain token LUNA has dropped to fresh new lows, slipping to $0.0156 per unit. Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the…