The decentralized finance (DeFi) ecosystem continues to struggle with the ongoing market volatility and after-effects of the Terra ecosystem collapse. Over the past week, major DeFi protocols showed signs of increased trading activity, with Uniswap breaching the $1 trillion trading volume mark. Terra remained the focus of most of the discussions around blockchain and crypto
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The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government’s Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin
Buying low and selling high is easier said than done, especially when emotion and volatile markets are thrown into the mix. Historically speaking, the best deals are to be found when there is “blood on the streets,” but the danger of catching a falling knife usually keeps most investors planted on the sidelines. The month
In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool. Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of
The United States Securities and Exchange Commission (SEC) maintained its perfect record for rejecting Bitcoin (BTC) spot exchange-traded fund (ETF) applications Friday when it disapproved a rule change to allow cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca. The decision comes
Every Bitcoin investor is searching for signals that the market is approaching a bottom, but the price action of this week suggests that we’re just not there yet. Evidence of this can be found by looking at the monthly return for Bitcoin (BTC), which was hit with a rapid decline that “translated to one of
Blockchain-based gaming, also known as GameFi, is an up-and-coming sector that could potentially be one of the primary catalysts for kickstarting the mass adoption of blockchain technology. WEMIX, a gaming protocol that operates on the Klaytn network, aims to get in on the GameFi revolution and this week, the project’s native token (WEMIX) rallied even
Quick take: Tether (USDT) has launched on the Polygon (MATIC) network. Polygon’s DeFi ecosystem is set to benefit from Tether’s availability on the network. USDT issued on Tron continues to be higher than that issued on Ethereum. A total of $72.537 billion Tether is in circulation with the stablecoin remaining at the number three spot
Bitcoin (BTC) clung to $29,000 at the May 27 Wall Street open as crucial support levels lay just hundreds of dollars from spot price. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Trader demands higher low above $28,000 Data from Cointelegraph Markets Pro and TradingView confirmed volatility once again waning in a frustrating week’s price action. BTC/USD
Equities markets in the United States rallied sharply on May 25 and May 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and
The collapse of the Terra ecosystem, which subsequently depegged its algorithmic stablecoin TerraUSD (UST) value and crashed it to an all-time low of $0.30, has cast doubt over the future of not just algorithmic stablecoins but all stablecoins in general. UST’s success and stability were intertwined with its sibling, LUNA, which creates arbitrage opportunities that,
The economist David Dodge, the former seventh governor of the Bank of Canada, says gold is an “antique instrument,” and he believes Canada’s central bank got rid of its gold reserves for this very reason. Despite saying gold is an outdated financial tool, Dodge said that the leading crypto asset bitcoin (BTC) has no place
Solana (SOL) dropped on May 26, continuing its decline from the previous day amid a broader retreat across the crypto market. SOL price pennant breakdown underway SOL price fell by over 13% to around $41.60, its lowest level in almost two weeks. Notably, the SOL/USD pair also broke out of what appears to be like
As the dust settles on the cataclysmic collapse of the Terra ecosystem, an on-chain deep-dive carried out by blockchain analytics firm Nansen highlights two major takeaways. The cryptocurrency ecosystem was awash with varying speculatory theories around the cause of Terra’s algorithmic stablecoin UST’s decoupling from its $1 peg. The who and why seemed a mystery
STEPN will stop serving all users in China to comply with the country’s policies on cryptocurrencies. The GMT token tanked following the news, dropping nearly 20% over the past 24 hours. Play-to-earn games and similar services are starting to get the attention of lawmakers. Web3 app STEPN has announced that it will ban all of
Bitcoin (BTC) could still see a major price capitulation, but more whales need to start selling first, data suggests. In one of its daily QuickTake market updates on May 27, on-chain analytics platform CryptoQuant highlighted increasingly bearish whale behavior. Small whale selling should spark “absolute capitulation” Amid widespread consensus that BTC/USD should put in a
