Weekly Highlights (May 16 – May 22): Terra’s collapse is a premise for governments to pay more attention to cryptocurrencies

Weekly Highlights (May 16 – May 22): Terra’s collapse is a premise for governments to pay more attention to cryptocurrencies


2022-05-22 21:11:26

A week after the collapse of the Terra ecosystem, its echoes are still there and governments have paid more attention to the issue.

The idea that the not-so-positive movements from the Wall Street stock indexes in the past week will continue the bearish momentum for the cryptocurrency market. Contrary to that, however, cryptocurrencies have remained steady at a fixed level since the “recession week” in early May. Concerns about a historical events repeat like this same time in 2021 didn’t happen. At that time, Bitcoin was at a peak near $60,000, plummeted to $30,000 and extended the “crypto winter” until November.

Last year’s Bitcoin history didn’t repeat itself

Last week also saw the legal events of Korean government’s involvement in the downfall of Terra. Plus it’s work Cryptocurrencies become one of the main topics of discussion during the G7 summit. These show that cryptocurrencies are increasingly asserting their position in the future.

Notable Blockchain News

Binance CEO Support Terra Community But Not Satisfied With LUNA

FTM left investors dumbfounded after SpiritSwap was hacked and lost its domain name.

TRON still believes in stablecoins as it continues to pool TRX, Bitcoin and Tether to protect USDD.

Due to Kwon’s claim to reverse time, the Terra hard fork was before the de-peg was lost.

The amount of Luna worth $1.6 billion before CZ’s de-peg is now only $3,000.

USDC reaffirms secure reserves with sufficient safe capital volume.

Ethereum L1 network fees drop to 2-month low.

Ethereum testnet testnet of The Merge event in June.

Tether Reaffirms $82 Billion USDT Guarantee Reserve

Merger and Investment deals

Robinhood launches DeFi wallet to compete with Metamask.

BitMEX Launches Spot Market After $30 Million Fine.

Pantera Capital sold 80% of LUNA before Terra became the “pain” of the market.

Some of the memecoins that followed the LUNA crypto disaster increased in price abnormally.

Legal news

Germany declares cryptocurrencies to be tax-free after 1 year.

Queen Elizabeth II puts stablecoins in Britain’s future.

China returned to the Bitcoin mining race despite the suppression order from the government.

California considers lifting its ban on donating cryptocurrency to political campaigns.

Russia’s Minister of Industry and Trade: Russia Legalizes Bitcoin and Cryptocurrency It’s Only a matter of Time.

NFT, Metaverse

Record label Universal Music Group will release NFT on the LimeWire platform.

$3 billion flowed into the Metaverse and Web3 gaming universes in April.

Meta has just filed 5 trademark applications for “Meta Pay”.

The floor price of Bored Ape Yacht Club is reduced by 50% in May 2022.

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