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” Crypto Biz: Luna’s meltdown will live on in infamy, May 5–11, 2022 “ 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….
” Breaking: Do Kwon proposes Terra revival, including token redistribution plan “ Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic de-pegging of its algorithmic stablecoin, UST, and the resulting death spiral that plunged LUNA tokens to practically zero. In a Friday post on Terra’s research forum,…
” Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions “ 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, Crypto.com said that LUNA trades have been halted due to…
” No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks “ 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 TrueUSD (UST) stablecoin. An announcement published on…
” Breaking: Binance suspends LUNA and UST trading amid issues on Terra blockchain “ Global cryptocurrency exchange Binance has suspended trading pairs with Terra ecosystem’s cryptocurrencies, LUNA and TerraUSD (UST), on its platform following the major crash of the algorithmic stablecoin. Binance confirmed the move on May 13, with spot trading for LUNA/BUSD and UST/BUSD trading…
” DeFi protocols declare losses as attackers exploit LUNA price feed discrepancy “ The seemingly endless freefall of Terra (LUNA) affected two decentralized finance (DeFi) protocols due to a price discrepancy, as the Chainlink price feed for LUNA gets suspended over extreme market conditions. Avalanche-based liquidity protocol Blizz Finance reported that as the price of LUNA…
” Trust in stablecoins ‘infinitely more important’ than collateral “ In light of recent market effects due to the collapse of the Terra USD (UST) stablecoin, several questions should be answered about what makes a stablecoin usable as the crypto market expands. Co-founder of crypto financial service provider VegaX Holdings Sang Lee favors decentralized stablecoins…
” SEC’s Hester Peirce says new stablecoin regs need to allow room for failure “ Commissioner Hester Peirce — also known as the Securities and Exchange Commission’s (SECs) “crypto mom” — has backed a regulatory framework for stablecoins that allows “room for there to be failure.” Speaking at an online panel on May 12 hosted…
” Stablecoins’ recent de-pegging is not a ‘real threat to financial stability,’ says Janet Yellen “ According to United States Treasury Secretary Janet Yellen, the stablecoin market is not at the scale at which the drop in the price of TerraUSD (UST) and Tether (USDT) below $1 would present a threat to the country’s financial…
” Bitcoin could target $32K, says trader as LUNA crashes below one penny “ Bitcoin (BTC) bulls demanded a rematch of $30,000 later on May 12 as the market recovered from its lowest levels since late 2020. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView DXY looms large as BTC recovers Data from Cointelegraph Markets Pro…