What's Hot

    Intel Ships Blockscale ASIC Chips To Chosen Bitcoin Mining Firms

    2022-07-05

    CoinShares Publicizes the Acquisition of Napoleon Asset Administration

    2022-07-04

    Worth of Bitcoin Alternate KuCoin’s KCS Token Tanks Amid Insolvency Rumors

    2022-07-04
    Facebook Twitter Instagram
    • News
    • Cryptocurrency
    • Technology
    Facebook Twitter Instagram
    Cryptocurrency news
    • Homepage
    • News
    • Bitcoin
    • Cryptocurrency
    • Markets
    • Technology
    • NFT
    Cryptocurrency news
    Home»Cryptocurrency»🔴Unstablecoin Shook Crypto Market | This Week in Crypto – May 16, 2022
    Cryptocurrency

    🔴Unstablecoin Shook Crypto Market | This Week in Crypto – May 16, 2022

    adminBy admin2022-05-26Updated:2022-05-31No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    

    Luna and its stablecoin tumble the whole crypto market, Coinbase reports first quarter losses and Instagram begins testing NFTs. These stories and more this week in crypto.

    Stablecoins Are No Longer Stable

    TerraUSD, a high-profile stablecoin depegged and was trading as low as 12 cents, fueling deep panic across the whole crypto market. Amid the marketwide crash, Tether — the world’s largest stablecoin, reliably seen as a safe on-chain placeholder for crypto investors, also briefly broke its peg to the US dollar, trading at one point at 95 cents. The price of Bitcoin fell as low as $26,000 while Terra’s LUNA token fell the furthest of any altcoin – shedding 100% of its value in just 24 hours.

    Terra Collapse: Wall Street Denies Involvement

    Following the collapse of Terra’s LUNA token after Terra’s algorithmic stablecoin lost its peg to the US dollar, rumours circulated that Blackrock, Citadel, and Gemini might have had some part in the fiasco. The three companies quickly came out to deny the accusation.

    Coinbase Reports Losses

    Cryptocurrency trading platform Coinbase reported a $430 million net loss in the first quarter with declining sales and active users. Along with Coinbase’s disappointing first-quarter earnings, the exchange has revealed that in the event that it were to go bankrupt, its users may lose all the funds in their accounts.

    Instagram Begins NFT Testing

    Instagram began testing NFTs on its platform with selected creators in the US. Creators taking part in the test can now share NFTs that they’ve made on their Instagram feed or in messages. Currently, the supported blockchains are Ethereum and Polygon, with support for Flow and Solana coming soon.

    US Accounting Standard Considers Digital Assets

    The Financial Accounting Standards Board has unanimously voted to review accounting rules for exchange-traded digital assets in the United States. While it’s still unclear when exactly the FASB will review its accounting rules, or provide any new guidance, this could have major implications for corporations seeking a regulatory pathway for better managing cryptocurrencies on their balance sheets.

    KuCoin Exchange Raises Funds

    Seychelles-based exchange, KuCoin, has been valued at $10 billion in its latest financing round as it looks to broaden its web3 ecosystem. The exchange has already attracted over 18 million users in over 200 regions, making it one of crypto’s largest exchanges supporting worldwide customers.

    Diamonds on Blockchain

    The world’s most famous diamond producer, De Beers, has deployed a platform to keep secure records of their diamonds on blockchain. According to De Beers, the platform, known as Tracr, provides an immutable record of a diamond’s provenance, and empowers jewelry retailers to have confidence in the origin of the diamonds they purchase.

    Belgian Museum Tokenizes Masterpiece

    The Royal Museum of Fine Arts in Belgium has tokenized a million-euro painting and is allowing fractional ownership of the masterpiece. Partial ownership of Carnaval de Binche, by Belgian artist James Ensor is available to anyone who invests in a so-called Art Security Token, and the money raised will be used to purchase the painting.

    Sending Cardano just got easier. If you’re using Yoroi Wallet you can send and receive ADA without long complicated addresses thanks to Unstoppable Domains. In collaboration with tofuNFT, one of the largest multichain NFT marketplaces in Web3 Unstoppable Domains is now releasing 100 Gamer Tag themed .nft domains. First come, first served so grab yours quickly with the link below.

    That’s what’s happened this week in crypto, see you next week.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    admin
    • Website

    Related Posts

    Intel Ships Blockscale ASIC Chips To Chosen Bitcoin Mining Firms

    2022-07-05

    CoinShares Publicizes the Acquisition of Napoleon Asset Administration

    2022-07-04

    Worth of Bitcoin Alternate KuCoin’s KCS Token Tanks Amid Insolvency Rumors

    2022-07-04

    Roger Ver delivers ‘disappointing’ assertion on unfolding CoinFLEX saga

    2022-07-04
    Add A Comment

    Leave A Reply Cancel Reply

    Top News
    Cryptocurrency

    Intel Ships Blockscale ASIC Chips To Chosen Bitcoin Mining Firms

    By admin2022-07-05

    It’s official, Intel is a part of the bitcoin mining enterprise. The gargantuan know-how firm…

    Cryptocurrency

    CoinShares Publicizes the Acquisition of Napoleon Asset Administration

    By admin2022-07-04

    CoinShares, a European cryptocurrency funding agency, mentioned on Monday that it had acquired Napoleon Asset…

    Cryptocurrency

    Worth of Bitcoin Alternate KuCoin’s KCS Token Tanks Amid Insolvency Rumors

    By admin2022-07-04

    The worth of KuCoin (KCS), native token of the KuCoin cryptocurrency change, has tanked over…

    Cryptocurrency

    Roger Ver delivers ‘disappointing’ assertion on unfolding CoinFLEX saga

    By admin2022-07-04

    Roger Ver gave his tackle the CoinFLEX scenario through the newest Bitcoin Cash Hangout session.…

    Cryptocurrency

    Argentines Embrace Crypto Following Resignation of Financial system Minister

    By admin2022-07-04

    The South American nation has been battling excessive inflation and financial instability for many years.…

    Recent Comments
    • novelfullweb.com on Unlocking the potential of blockchain know-how | MIT Information | Massachusetts Institute of Expertise – MIT Information
    • CryptoVenetian on Madison Cawthorn going through investigation for illicit cryptocurrency promotion and intercourse claims by Home Ethics Committee
    • ECore on Madison Cawthorn going through investigation for illicit cryptocurrency promotion and intercourse claims by Home Ethics Committee
    • LEDN42 on Madison Cawthorn going through investigation for illicit cryptocurrency promotion and intercourse claims by Home Ethics Committee

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement

    Cryptocurrency news

    Facebook
    Top Insights

    Intel Ships Blockscale ASIC Chips To Chosen Bitcoin Mining Firms

    2022-07-05

    CoinShares Publicizes the Acquisition of Napoleon Asset Administration

    2022-07-04

    Worth of Bitcoin Alternate KuCoin’s KCS Token Tanks Amid Insolvency Rumors

    2022-07-04
    Get Informed

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Cryptocurrency news
    Facebook Twitter Instagram Pinterest
    • Home
    • News
    • Bitcoin
    • Cryptocurrency
    • Markets
    • Technology
    • NFT
    • Privacy Policy
    © 2022

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Do not sell my personal information.
    Cookie SettingsAccept
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT