Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash
The collapse of FTX led to a similar exodus from centralized exchanges, as users worried they may lose access to funds during crises. Go to Source Powered by WPeMatico
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Circle CEO ‘able to access’ $3.3B of USDC’s reserves at Silicon Valley Bank
Circle’s earlier disclosure that $3.3 billion worth of USDC reserves were held with Silicon Valley Bank resulted in it losing market share to its competitor USDT. Go to Source Powered by WPeMatico
Bridged Bitcoin on Avalanche Surpasses Value Locked on the Lightning Network
Members of the crypto community have been discussing the number of bitcoins that have been bridged over to the Avalanche network, which is now larger than the total value locked on the Lightning Network. At the time of writing, there are 5,493 bitcoins circulating on the Avalanche blockchain, while the Lightning Network holds 5,248 bitcoins. … Read more
Luna Foundation Guard Discloses Usage of Bitcoin Reserves
The Luna Foundation Guard, the entity in charge of safeguarding the peg of UST, the stablecoin of the Terra ecosystem, has revealed how it used the available Bitcoin reserve before the recent debacle involving the Terra ecosystem. The organization sold part of the bitcoins owned directly, while another part was traded on different dates to … Read more
Luna Foundation to Lend $1.5 Billion in Bitcoin and UST to Market Makers — Plan Aims to Protect Stablecoin’s $1 Parity
As crypto markets continue to slide in value, concerns about the algorithmic stablecoin terrausd (UST) losing its $1 parity have swelled in recent times. Two days ago on May 7, 2022, UST dipped down to $0.985 per unit against tether (USDT), and the stablecoin’s price drop invoked a great deal of speculation concerning UST losing … Read more
Venezuelan Minimum Monthly Wage Not Pegged to the Petro, According to Official Gazette Decree
The new decree that makes official the recently announced Venezuelan minimum monthly wage rise has been revealed in the Official Gazette, with no mention of its supposed peg to the petro, the national cryptocurrency. The law published mentions that the wage will be 130 VES, using the national fiat currency as a unit of account, … Read more
Venezuela Increases Minimum Monthly Wage to Half a Petro
Nicolas Maduro, president of Venezuela, announced an increase in the minimum wage of workers in the country linked to the petro. In the II Workers’ Congress, Maduro revealed that the new value of the salary would be half a petro, the national cryptocurrency, which is now worth close to $59. This constitutes an increase of … Read more
Terra Tokenomics Lead to Market Surge, Bitcoin Reserve Hinted
The recent movements in the treasury of Terra, a decentralized financial payment network, which is now burning more than $4 billion worth of LUNA due to a governance proposal, have seemingly made the price of the asset rise to all-time high (ATH) levels. This rise has been also accompanied by new proposals to further cement … Read more
Markets Update: Crypto Bulls Lose Footing After Stablecoin Controversy
Cryptocurrencies dropped in value yesterday after the New York Attorney General’s court filings against Bitfinex and Tether were published. Currently, the entire market capitalization is roughly $170 billion and most cryptocurrencies have lost 2-10% of their value since the announcement. Also read: Researchers Find Hundreds of Ethereum Wallets at Risk Due to Weak Key Pairs … Read more
None of the Stablecoins Maintain Their Peg Against the US Dollar
There has been a massive influx of stablecoins in the cryptocurrency industry. The purpose of these currencies is very simple: maintain their peg to the US Dollars at all times. Surprisingly, that is a very difficult task for nearly all stablecoins, especially during these volatile times. None of the current stablecoins on the market can … Read more
