Analysts at banking behemoth Goldman Sachs believe the recent crypto crash will have little impact on U.S. households. Michael S. Derby, a special reporter from Wall Street Journal, shared this information through a Twitter screenshot on May 19. The bank’s analysts, led by Jan Hatzius, estimated that U.S. households hold approximately one-third of the global…
Based on recent price performance, the crypto market is at its lowest ebb for the first time in a very long time. According to data on CryptoSlate, most meme coins have lost more than 80% of their ATH value in this current market downturn. Dogecoin and Shiba Inu lead meme coin losses Data from CryptoSlate…
Animoca Brands co-founder Yat Siu believes the web3 ecosystem continues to expand rapidly despite the recent turmoil in the crypto markets, according to an interview with Bloomberg’s Stephen Engle on May 18. Siu said the recent crash in the crypto market is not similar to the 2018 rout. He highlighted that Bitcoin (BTC) was trading…
Litecoin founder Charlie Lee tweeted an estimated go-live date of May 19, at 20:30 PT, for the long-awaited MWEB upgrade. He signed off by prompting pools and miners, who haven’t already upgraded, to do so in preparation. MWEB is currently estimated to activate on 5/19 8:30pm PT (5/20 3:30am UTC). We’re thinking of doing a…
Yun Chang-hyeon, a lawmaker in South Korea’s ruling party, People’s Power, has suggested summoning Terraform Labs’ founder Do Kwon to a parliamentary hearing. A report unveiled this news today, noting that the legislators plan to summon Kwon over the collapse of the firm’s stablecoin and crypto projects. The company’s TerraUSD (UST) and Terra (LUNA) projects…
Rostin Behnam, the Chair of the Commodity Futures Trading Commission (CFTC), claimed Bitcoin (BTC) and Ethereum (ETH) are commodities. He said this during an interview with CNBC’s Squawk Box on Monday. Referring to a Senate bill that seeks to give the Securities Exchange Commission (SEC) control over a large chunk of the crypto market, leaving…
Ashish Mehta & Associates, Solicitors and Legal Consultants, a Dubai-based law firm, has announced plans to start accepting crypto for payments. Through this integration, the law firm’s clients will be able to pay for services in digital currencies, including Tether (USDT), Bitcoin (BTC), and Ether (ETH). Explaining why the law firm decided to take this…
Terraform Labs proposed to burn a total of $1.3 billion worth of UST to save LUNA to combat the current crisis. A three-step emergency plan was posted on the project’s Twitter account, which included proposal 1188 — to burn the remaining UST in the community pool and the cross-chain. 3/ TFL is also initiating three…
A blog post from Shiba Inu gives an update on ecosystem developments per ‘Riyoshi’s Vision.’ Riyoshi is the project’s anonymous founder who claims to hold 0 $SHIB tokens, as doing so would affect his judgment and decision-making. “Don’t worry, the great Shiba will reward me in other ways i guess.” Riyoshi’s Vision was first set…
Terraform Labs CEO Do Kwon announced a possible “solution” to deal with the massive crash LUNA and UST experienced over the last couple of days. TerraUSD (UST), a stablecoin pegged 1:1 to the U.S. dollar, lost over 50% of its value in an unheard-of event in the crypto space. Stablecoins serve as hedging havens during…