The collateral damage of Terra’s collapse could continue to impact Avalanche price, especially considering that the Luna Foundation Guard holds 1.97 million AVAX tokens. Avalanche (AVAX) has emerged as one of the worst-performing cryptocurrencies among the top-ranking tokens in the last 24 hours, partially due to fears connected to Terra (LUNA) and it’s a near-dead UST algorithmic […]
SOL price has been repeatedly knocked down by network outages, a shrinking total value locked on the network and futures traders’ disinterest in trading the altcoin. The past thirty days have been an extremely bearish time for cryptocurrencies. The sector’s aggregate market capitalization plunged 33% to $1.31 trillion and Solana’s (SOL) downfall has been even more brutal.[…]
“It was clear to me, it was clear to many that I know that it was a bad idea,” said Tether and Bitfinex CTO Paolo Ardoino. Tether and Bitfinex CTO Paolo Ardoino said that the Terra (LUNA) project was not intended to be a rug pull, but was simply “poorly designed.” Speaking on the Terra ecosystem’s market-shattering crash,[…]
“GAMES FUND ONE” will invest in game studios, consumer apps and game infrastructure providers with a16z saying the industry has “solved many of the problems” needed to make a Metaverse. Venture capital firm Andreessen Horowitz (a16z) has launched a $600 million fund dedicated to gaming startups with a focus on Web3 saying it believes “games infrastructure and[…]
Participants of the accelerator program will get funding, mentorship and market exposure through the platform DeFi.org. In a new development for the decentralized finance space, Ethereum scaling platform Polygon has partnered with layer-3 project Orbs to launch a program that supports DeFi builders through the DeFi accelerator platform DeFi.org. In an announcement, Polygon and DeFi.org noted that the[…]
“Merging Ropsten is a huge testing milestone towards Ethereum’s mainnet merge later this year,” said Preston Van Loon, an Ethereum core developer at Prysmatic Labs. The Ethereum ecosystem is set for a “huge testing milestone” with the Ropsten testnet Merge set to be conducted on June 8. According to the Merge testnets page on Github, Ethereum DevOps[…]
“Ethereum’s overwhelming mindshare helps explain why its users have been willing to pay more than $15 million in fees per day on average just to use the blockchain,” a16z stated. Crypto venture fund giant Andreessen Horowitz (a16z) has highlighted that development and demand on Ethereum are “unmatched” despite the network’s high transaction fees. The firm does warn,[…]
China still hosts 21% of the total global Bitcoin hash rate after the local government banned all crypto operations in the country last year. The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin (BTC) mining hubs,[…]
“Cloudflare is going to participate in the research and development of the core infrastructure that helps keep Ethereum secure, fast, as well as energy-efficient for everyone,” the firm stated. Ahead of Ethereum’s highly anticipated switch to proof-of-stake (PoS), cybersecurity firm Cloudflare is set to launch and fully stake Ethereum validator nodes over the next few months. It[…]
“People will stop mining the coin if they can’t make money off of it,” according to Michael Bloomberg, who referred to the two previously hyped city coins. Despite being publicly endorsed by the respective mayors of both cities, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have plunged 90% and 80% since their all-time highs. According to data from CoinGecko,[…]
Grayscale announced its first European ETF, listing on the London Stock Exchange, Borsa Italiana and Deutsche Börse Xetra. Crypto investment giant Grayscale is expanding operations by launching a new crypto-linked exchange-traded fund (ETF) in Europe. Grayscale officially announced its first European ETF, called Grayscale Future of Finance UCITS ETF, on Monday. A spokesperson for Grayscale told TechynoWorld[…]
These efforts are sure to help get many Terra projects back on their feet following last week’s devastating events. Numerous developers have been left in uncertainty in the aftermath of the Terra (LUNA) collapse. These Terra-based projects, which are already under a lot of pressure, may be able to save their communities and projects by migrating to[…]
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 subprime mortgage market crisis — around $1.3 trillion, which has prompted[…]
Vitalik Buterin has called for relief for the average UST smallholder who got lured in by promises of high stablecoin yields by crypto influencers. Ethereum co-founder Vitalik Buterin thinks that the beleaguered Terra project should prioritize small hodlers as part of any proposed reimbursement plan. As widely reported, the Terra eco-system suffered a death spiral around May[…]
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 the TerraUSD (UST) stablecoin.[…]
BTC is flashing a few early bottoming signals, but analysts question whether “buying the dip” is a wise maneuver given the strength of the dollar and other factors. It has been a rough week for the cryptocurrency market, primarily because of the Terra ecosystem collapse and its knock-on effect on Bitcoin (BTC), Ethereum (ETH) and altcoin prices, plus the[…]
A district court in Shanghai ruled for Bitcoin owner’s right to compensation in case involving unpaid loan and decided on Bitcoin legal status in the process. The Shanghai High People’s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation to a[…]
In an exclusive interview with TechynoWorld, macro investor Raoul Pal analyzes the macro factors that are keeping the crypto markets under pressure and the triggers that could spark the next Bitcoin rally. Macro investor Raoul Pal is convinced that the current crypto bear market will end only once the Fed eases its hawkish monetary policy by halting[…]
Brian Armstrong, co-founder and CEO of Coinbase, responded to fears surrounding a disclosure that the company made in its recent report. Following the Coinbase report where the company declared its losses, a disclosure that suggests that users are not protected in the case of bankruptcy has been gaining traction on social media. However, Coinbase CEO Brian Armstrong[…]
Luna Foundation Guard is emptying its crypto reserves to bring its stablecoin back to its $1-peg, risking a massive AVAX selloff. Avalanche (AVAX) is paying the price for being one of the collateral assets that maintain Terra’s native stablecoin TerraUSD’s (UST) peg with the U.S. dollar. Major AVAX dump ahead? AVAX’s price dropped about 30% to reach $32.50[…]
As MicroStrategy stock slumps, Michael Saylor remains confident Bitcoin holdings will cover a potential margin-call on BTC-backed loans. MicroStrategy’s CEO and Bitcoin proponent Michael Saylor is confident his firm’s BTC holdings will more than cover a potential margin call on Bitcoin-backed loans. The American business intelligence and software giant made headlines in 2021 with a number of[…]