Daily excerpt of Crypto and Blockchain news – May 22, 2022
Nox Bitcoin, a cryptocurrency exchange in Brazil, has taken the unprecedented step of using its own funds to refund customers for their TerraUSD coins at the full rate. Following local media’s report on May 20, the Nox Bitcoin exchange has refunded all UST holders at a $1 rate with Tether’s USDT. The report stated that the crypto brokerage firm paid 620,000 Reais ($127,000). The exchange paid the amount to compensate all its customers who lost money due to the Terra ecosystem collapse. Related Reading | Ripple Price Falls Below $0.43 As Bears Take Control Of The Market “FatMan” of the Terra research forum commented in a tweet on May 20 that the decision might set a global precedent for other crypto exchanges. The tweet stated; This is fairly significant. A Brazilian cryptocurrency exchange has refunded all UST holders at a 1:1 rate with USDT. Likewise, this case may be used as key precedent to argue that exchanges are liable for UST losses. If tortious misrepresentations were made. UST Back At $1 For Those Lucky Ones The exchange stated that it would refund the customers the amount of the difference between the present rate for UST and the dollar peg it collapsed from. This implies that a holder of 100 UST at $0.06 will receive a refund of 94 USDT. According to Nox Bitcoin CEO Joo Paulo Oliveira, the firm is not responsible for bearing clients’ losses from investing in certain currencies on its platform. Yet, they decided to intervene to ensure their customer’s trust. He continued; Clients have trusted us with staking and we understand that their trust is much more valuable than anything else. As a result, we’re going to reimburse these users minus the expenses we’d have elsewhere, like marketing. The news came as a relief and brought positiveness to the cryptocurrency space. However, the decision by the Nox Bitcoin exchange reflects the Brazilian customer protection regulations. The exchange also offers staking services, such as Anchor Protocol, which UST heavily uses. The DeFi protocol offered up to 20% APY on UST staking and was primarily seen as being instrumental in its collapse due to these unsustainable yields. People are now waiting to see what happens next regarding listing UST and LUNA. “It is possible that this will no longer exist in the near future,” stated Oliveira before adding, “but you never know what can happen in an unpredictable crypto market.” Related Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery According to Tradingview, UST is trading at $0.067 with a 1% increase at the time of writing. The “unstablecoin” has withdrawn 93% from its peg. And it is unlikely to get back to it without major intervention such as a TerraForm Labs hard fork. Also, TerraForm’s LUNA has dumped a similar amount. As a result, the coin is trading at $0.00020 with a market cap of $1.35 billion and 6.5 trillion tokens in circulation. Featured image from Flickr, and chart from Tradingview.com
Why do we celebrate this joyous holiday, and how does it resemble the quirky holiday of Festivus?
Galaxy Digital CEO and Bitcoin (BTC) bull Mike Novogratz is issuing a warning to crypto traders, saying that altcoins could still see massive devaluations. Novogratz tells his 463,600 Twitter followers that altcoins are at still risk of losing more than half of their value even if they are already down big from their all-time highs. […]
The post Bitcoin (BTC) Bull Mike Novogratz Warns Crypto Traders, Says Altcoins at Risk of Another 70% Decline appeared first on The Daily Hodl.
The recent crypto market crisis has not only hurt investors, but also notable entrepreneurs, erasing billions of dollars from their fortunes. Vitalik Buterin, co-founder of Ethereum, is one example. In 2014, the 28-year-old founded Ethereum, a leading cryptocurrency by market capitalization. Buterin revealed on social media on Friday that he is no longer a billionaire. […]
Widely followed crypto analyst Benjamin Cowen is offering up some price targets for Cardano (ADA) should the bear market for digital assets intensify. In a new strategy session, Cowen tells his 743,000 YouTube subscribers that he’s looking at Cardano against Bitcoin (ADA/BTC) and says the pair is in the midst of a strong downtrend. According […]
Citadel Capital CEO Ken Griffin is arguing the collapse of Terra (LUNA) should serve as a wake-up call for regulators. In a new interview, Griffin says the Terra (LUNA) “catastrophe,” which also saw the de-pegging of the blockchain protocol’s flagship stablecoin TerraUSD (UST), should motivate the authorities to come up with the necessary regulation, especially […]
The post Citadel Capital CEO Ken Griffin Says Terra (LUNA) ‘Fiasco’ Should Be a Wake-Up Call for Regulators appeared first on The Daily Hodl.
Daily excerpt of Crypto and Blockchain news – May 21, 2022
The blockchain industry has grown rapidly in the last couple of years to the point where clear regulations are necessary to get to the next level of adoption. Vietnam, for one, has seen several profitable startups spring up in the last few years. Still, a lack of regulation has seen these businesses become based in […]
The Swedish central bank Riksbank, argued that Bitcoin and Ethereum are not currencies as they lack the stability to function as a store of value or a medium of exchange so let’s read more today in our latest cryptocurrency news. The Swedish central Bank joined a group of other monetary authorities in rejecting BTC’s status […]
Not everyone was thrilled by the news that Coinbase has teamed up with the WNBA. The Women’s National Basketball Association (WNBA) is one of America’s most popular sports leagues. Still, many basketball fans were upset about their league partnering with a crypto exchange company amid a market crash. Last October, the US crypto brokerage rapidly […]
What a peculiar combination: bitcoin and pizza. Nonetheless, an entire day has been designated for each of these occasions. All of this is done in recognition of the innovations that crypto has brought to the world. Since their creation, cryptocurrencies have dominated the global virtual currency landscape, and now everyone is mining this coin or […]
A popular crypto analyst is digging into the charts to see what’s next for Bitcoin (BTC) as well as one enterprise-grade blockchain platform. In a new post, Michaël van de Poppe alerts his 602,500 Twitter followers that he’s eyeing $29,300 as a key make-or-break indicator for Bitcoin. “Still watching the level at $29,300 for Bitcoin. […]
A popular crypto trader is staying optimistic about one decentralized finance (DeFi) altcoin despite the market’s overall price downtick. Pseudonymous analyst Credible tells his 332,400 Twitter followers he’s still buying Curve DAO Token (CRV), the governance token for Curve Finance, a decentralized exchange for stablecoins. “Way down on my average for CRV at this point […]
The post Popular Crypto Trader Remains Optimistic About One DeFi Altcoin As Bitcoin (BTC) Pulls the Market Down appeared first on The Daily Hodl.
The bear market has been quite harsh to all major altcoins including Ethereum. Over the past 24 hours ago, the coin dipped by 4%. In the last week however, Ethereum tried to stage a recovery. The bears continued to drag prices down despite that. Buyers of Ethereum have tried to remain calm throughout most of the downswing. The consistent push by the bears have caused the altcoin to experience less to almost no recovery. The technical of the coin also pointed towards further fall in price before Ethereum starts to rise on the chart again. In the recent developmental front, the altcoin has announced for its possible merge to happen in the month of August this year. It is to be seen if the altcoin’s price reacts positively to this news. A likeliness of a trend reversal cannot be ruled out as the chart below depicts it. Ethereum Price Analysis: One Day Chart Ethereum was exchanging hands at $1900 at the time of writing. Continued fall below the current price level would cause the coin to trade at $1700. If buyers continue to remain scanty the coin could note a further 30% downfall and trade near $1200. On the flipside the coin can trade above the $2000 mark slightly and then attempt to trade above the $2200 mark. The volume of Ethereum traded was still seen in red because bearish pressure had not declined in the market. Technical Analysis A chance of a possible downswing cannot be ruled out because the one day chart depicted at death cross. A death cross occurs when the short term moving average is below the long term moving average. On the SMA, 20-SMA was seen below the 50-SMA indicating weakness of ETH’s price in the market. ETH’s price was below the 20-SMA line because sellers were driving the price momentum in the market. The Relative Strength Index was also weak in accordance with other techincals. RSI was below the zero-line, just above the 20-mark. This reading meant sellers preceded the number of buyers heavily at the time of writing. Moving Average Convergence Divergence depicts the price momentum of the market. MACD flashed red histograms beneath the zero-line which indicated a continued bearish price action for the coin. Awesome Oscillator also demonstrated green histograms below the half-line, in accordance with the MACD. AO flashing histograms below the half-line indicated a sell signal for Ethereum. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover Possibility Of A Price Reversal? Ethereum formed a falling wedge pattern on the one day chart. A falling wedge pattern in associated with a change in current price action or a trend reversal. At the moment Ethereum was on a bearish price momentum. As falling wedge pattern was formed chance of the coin rebounding cannot be ignored. In case of a northbound movement, first resistance was at $2093 and then at $2200 respectively. For the bearish stance to be invalidated, Ethereum needs to trade above the $2900 mark. Related Reading | Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support Featured image from UnSplash, Charts from TradingView.com