The dangers posed by stablecoins to the traditional market cannot be dismissed due to Tether’s exposure to the U.S. credit system. The cryptocurrency market has lost $1.9 trillion six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007’s subprime mortgage market crisis — around $1.3…
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Pointing out the potential issues with forking Terra, CZ said that “Minting, forking, don’t create value.” Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means to revive the once-thriving LUNA and UST ecosystems. Following up on the same, CZ revealed his perspective…
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Despite the risks involved, Terra’s ‘insane volatility’ still serves as an attractive market for many short-term investors — mainly because LUNA momentarily gained 600% in value on May 14. It took just seven days for the Terra (LUNA) ecosystem to spiral down as prices came crashing from $85 on May 5 to nearly $0 on…
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GAM Investments has called fake news on a fabricated announcement claiming it would invest $3 billion to help Luna/UST recovery efforts. GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and…
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BTC, ETH and altcoin prices were crushed this week, but the futures funding rate shows retail traders are not ready to become permabears. 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%…
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At a time when the third-largest stablecoin, terraUSD (UST) collapsed, a group of Coinbase’s clients are suing the crypto exchange over its alleged role in the promotion and trading of GYEN, another stablecoin the plaintiffs claim brought them millions of dollars in losses…. Read More: Coinbase Sued Over Collapsed Stablecoin, but It’s Not UST…
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It’s time for some self-reflection in the crypto community after the spectacular collapse of the terraUSD (UST) stablecoin and the entire Terra (LUNA) ecosystem. A debate about what crypto investing should be like, how crypto projects are promoted and whether ‘bitcoin-only’ is the best strategy to follow for average investors, has now re-emerged in…
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Terra’s death spiral resulted in the mispricing of LUNA tokens on the popular cryptocurrency exchange. Traders aren’t happy with the compensation. Cryptocurrency exchange Crypto.com has halted the trading of Terra (LUNA) tokens after it determined that user transactions were quoted at an “incorrect price,” prompting severe backlash from the community. In a Friday news release,…
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On Friday, the value locked in decentralized finance (defi) protocols dropped to a low of $110.35 billion after there was more than $200 billion total value locked (TVL) eight days ago on May 5. One specific defi protocol called Lido, a liquid staking platform and the second largest defi application in terms of TVL size…
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Following a few days of carnage, the two leading crypto assets built on top of the Terra blockchain have plummeted to significant lows. LUNA has dropped to $0.00000100 per coin and the once-stable coin terrausd (UST) hit a low of $0.044 per unit. After temporarily halting the Terra blockchain and restarting it, the team has…
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