Die Aktien und die Altcoins haben sich zwar erholt, doch Analysten warnen vor weiteren Rückgängen.
Michael Saylor beruhigt Investoren nach Einbruch: Mehr als genug Bitcoin (BTC) vorhanden
Während die Aktie von MicroStrategy fällt, zeigt sich Michael Saylor davon überzeugt, dass die Bitcoin-Bestände mehr als ausreichen, um einer möglichen Nachschussaufforderung nachzukommen.
The price of LUNA falls massively after the UST de-pegged from the US Dollar
After weeks of hyping due to the TerraUSD (UST) stablecoin release, the LUNA token has been forced to bite a humble pie after the same stablecoin de-pegged from the US dollar causing its price to drop massively.
The price of LUNA, the native token of Terra has dropped by over 95% over the last five days with the bulk of the drop being registered today where it had fallen by about 86% at the time of writing.
In one week, LUNA has dropped from trading above $80 to its current price of $4.89 at the time of writing.
LUNA and the UST
Some analysts say that there is a possibility that there were no funds in the Terra project to support the UST and maintain its Dollar peg.
However, the Luna Foundation Guard (LFG), the organization that ensures UST maintains its $1 peg, has been putting a lot of effort into ensuring that there are no more losses and returning the UST peg to the Dollar.
Besides, Terra’s stablecoin reserve emptied its Bitcoin reserve by deploying $1.5 billion worth of BTC to support the UST and also defend the peg by adding the required liquidity to the ecosystems. The foundation also started to loan out coins to other trading firms and also 750 million UST tokens to accumulate BTC all aimed at defending the peg.
On May 5, the foundation had a total of 167,081 BTC ($3.5 billion) when it announced that it has added 37,863 coins more. However, the market effects did not seem to bother Do Kwon, Terra funder, he tweeted “Deploying more capital – Steady lads.”
Deploying more capital – steady lads
— Do Kwon 🌕 (@stablekwon) May 9, 2022
However, after Kwon’s tweet, the foundation moved 42,500 coins to different crypto exchange platforms like OKX, but since then Kwon has not said a word.
How UST and LUNA work
UST and LUNA work together to maintain the $1 price using game theory and blockchain-based burn and mint mechanics. These mechanics acts as a shock absorber for UST price volatility by ensuring that traders can swap a $1 worth of UST for $1 worth of LUNA.
Although there were speculations on the future of LUNA, Today’s Doji candlestick showed that although bulls are buying at lower levels the bears are equally defending the lower levels, therefore, the selling and buying pressure are canceling out.
The post The price of LUNA falls massively after the UST de-pegged from the US Dollar appeared first on Coin Journal.
US-Zentralbank besorgt wegen Stablecoins: Bericht zur Finanzstabilität
In dem Bericht heißt es, dass Stablecoins nur wenig stressresistent sind und Risiken für die Finanzstabilität mit sich bringen. Außerdem bekräftigte die Zentralbank nochmals ihre neutrale Haltung in Bezug auf einen digitalen US-Dollar.
Highlights May 11: Bitcoin loses over 20% in a week, LEO only gainer
The crypto market as a whole continues to suffer with most top 100 coins in the red at the time of writing.
Top cryptos
Bitcoin lost around 5% in the last 24 hours, trading below $31,000. Ethereum and XRP suffered similar losses. The second biggest crypto is changing hands for just over $2,200. The biggest top 10 loser is Solana with a drop of 12%.
Cryptos outside the top 10 did not do much better. Avalanche has shed over a quarter of its value so far today with further pain expected. Terra’s stablecoin UST, which lost its currency peg, is down 67%, trading for 30 cents per UST.
Another big loser is NEAR, down 22% today and 33% this week.
Top movers
Outside the top 20, the tendency was similar, with most coins losing 7-12% of their value.
Notable victims of the severe market downturn include Algorand (-22%), Cosmos (-17%), Monero (-18%), ApeCoin (-21%), THORChain (-23%), Axie Infinity (-24%), Fantom and WAVES (each -20%), and the promising STEPN’s GMT (-27%).
Terra’s LUNA is in freefall, down 86% today and ranking 38th. Since the crisis with its stablecoin started, LUNA has lost 95% of its value.
At the time of publication, the only cryptocurrency in the green was UNUS SED LEO, which has added 6% to its value. This cryptocurrency allows Bitfinex users to save money on trading fees.
The extent of the discount depends on how much LEO the customer has in their account. LEO is at #22 and seems poised to break the top 20 soon.
Trending
The biggest winner today is 1SAFU, a platform on Solana where users will be able to send and receive messages, SOL, and NFTs as a single transaction.
To sign up and use the service, one would only need a supported SOL wallet. 1SAFU holders are rewarded generously based on a tiered system. Its token SAFU is up 843% today.
The post Highlights May 11: Bitcoin loses over 20% in a week, LEO only gainer appeared first on Coin Journal.