Top Stories This Week
Breaking: Terra blockchain officially halted following LUNA price collapse
This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar — and continued to crash.
At its lowest point during the week, UST fell to around $0.13, according to CoinMarketCap. The meltdown also affected LUNA due to its symbiotic relationship with its sister asset. After reaching a high of $120 in early April, LUNA’s value plummeted this week to basically zero.
Do Kwon, CEO of Terraform Labs, looked to impliment certain measures to right the sinking ship, as per Cointelegraph’s reporting on Thursday. Subsequent reporting showed that the Terra blockchain halted operations briefly after LUNA’s hyperinflation significantly reduced the cost of a governance attack on the network.
Leaked report: South Korea to establish crypto framework by 2024
South Korea plans to govern crypto assets with a new set of laws intended to come into play by 2024, according to a leaked government document. Although verified as valid, the leaked document is not a finalized plan.
Led by the administration of President Yoon Suk-yeol, the new crypto regulations pertain to several categories, including NFTs.
Meta will test digital collectibles on Instagram starting this week
Earlier this week, Meta said it intends to experiment with NFTs on Instagram by allowing digital collectibles to be used as profile pictures. The decision came directly from CEO Mark Zuckerberg.
Adding NFTs to Instagram serves as a precursor to bringing digital collectibles to Facebook and other Meta entities, Zuckerberg said. Other social media platforms, such as Twitter, have already moved toward offering NFTs as profile pictures.
Robinhood shares spike 30% after Sam Bankman-Fried buys $650M stake
Since March of this year, FTX CEO Sam Bankman-Fried has been buying shares of popular trading app Robinhood, concluding his purchasing this past week. In total, Bankman-Fried picked up $648 million in Robinhood stock, equating to a 7.6% company stake. The FTX CEO’s average price per share was $11.52.
A United States regulatory filing recently revealed the purchase. Robinhood shares increased more than 30% immediately after the news became public.
ECB lays out ‘anonymous’ digital euro as public opposes ‘slavecoins’
The topic of central bank digital currencies (CBDCs) has become increasingly common. A recent working paper from the European Central Bank gave the latest update on where the monetary authority stands on the matter. According to the central bank, a CBDC with anonymity features could streamline payments while also enabling merchants to prevent banks from extracting information about their payment flows.
Meanwhile, Europeans have apparently come out against CBDCs. “Slavecoin” is the term some online commentators have used to describe CBDCs. The backlash has steadily flowed in following the April 5 launch of a digital euro consultation which, in part, allows the public to weigh in on the issue via online comments.
At the end of the week, Bitcoin (BTC) is at $29,994, Ether (ETH) at $2,067 and XRP at $0.42. The total market cap is at $1.28 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, there were only two altcoin gainers of the week: Maker (MKR) at 1.22% and Fei USD (FEI) at 0.27%.
The top three altcoin losers of the week are Terra (LUNA) at -100%, TerraUSD (UST) at -81.61%, and Fantom (FTM) at -50.89%.
Read Full Article Here: https://cointelegraph.com/magazine/2022/05/14/terra-ecosystem-collapses-sam-bankman-fried-buys-robinhood-stock-crypto-trader-receives-jail-sentence-ponzi-scheme-hodlers-digest-may-8-14