Crypto Bulletpoint #15 – May 16th

By CryptoEase
May 16, 2022

Another week in Crypto and the bankers are talking Bitcoin in El Salvador

📉Market Movers 📈

Bitcoin closed its 7th weekly red candle straight
The circulating quantity of Terra’s LUNA has increased by approximately 1.9 million percent in the previous seven days after losing 100% of its value
The Bitcoin Dominance Rate (BTCD) has broken out of a nearly yearlong declining resistance line after forming a bullish pattern, but will this be enough?
Despite the volatility, the number of addresses containing more than one Bitcoin has reached a new all-time high
MakerDAO recovers as DAI maintains its peg and investors seek stablecoin security.
Terra’s LUNA had reached zero during last week’s market slump as $1.2 billion worth of Bitcoin was liquidated wiping out some BTC holdings

📰Today’s News📰

The operator of a significant validator node on Terra is dissatisfied with how the chain’s demise transpired and expects that a new blockchain will be built to replace it.
Economic Daily, a Chinese state tabloid, condemns crypto and the LUNA crash while applauding the crypto ban.President Nayib Bukele of El Salvador stated on Twitter that 32 central banks and 12 financial authorities from 44 nations will meet on Monday, May 16 to discuss financial inclusion and El Salvador’s Bitcoin acceptance and benefits.
UK crypto trading platform Elwood recently received funding by Goldman Sachs and Barclays as the two banking giants dive further into institutional crypto orientated investments
The Luna Foundation Guard (LFG) has spoken out about the health of its crypto assets, stating that it will seek to recompense customers for losses incurred due to the failure of its algorithmic stablecoin, not LUNA.
The LUNA Foundation has revealed that it has sold over 80,000 Bitcoin reserves for UST
Currently 937 projects are being built on Cardano
Grayscale’s cryptocurrency exchange-traded fund (ETF) will be listed on the London Stock Exchange, as well as in Germany and Italy
A GoDaddy exploit saw attackers hack multiple DeFi protocols, which have just come back to regular functionality
Following the crash of TerraUSD, DEI, DEUS Finance’s algorithmic stablecoin, plummets below $0.60.
Justin Sun, the founder of Tron, has promised to set aside $10 million in USD to help the average UST investor hurt by the stablecoin’s depegging.
Do Kwon proposes forking Terra into a new chain without stablecoins with both new and old chains coexisting
Dozens of open positions on Binance and Binance US suggest that the company aims to strengthen its legal team

👍Adoption👍🏾

Financial regulators in South Korea are apparently conducting an emergency examination of digital assets after the LUNA crisis in order to expedite the implementation of the “Digital Asset Basic Act”
Fernando Medina, Portugal’s Finance Minister, has stated that the country would begin taxing bitcoin
B3, the Brazilian stock exchange, will begin trading bitcoin futures contracts within the next three to six months
Law firms, schools and many several other business niches are starting accepting BTC in Dubai

📢Opinions📢

Vitalik Buterin believes that any proposed repayment mechanism for the collapsed Terra LUNA project should prioritize small hodlers above whales
After reclaiming a crucial support level, analyst Justin Bennett via Twitter that Bitcoin has likely printed a temporary bottom.
Bitcoin will continue to be the leading currency in the digital asset market and will outrun its competition, according to equity research analyst and investment strategist Lyn Alden.
Bitcoin, according to the billionaire CEO of the FTX exchange, has no future as a payment method
Bitcoin is likely reaching a “deep value” range, according to cryptocurrency researcher Lyn Alden, as some parameters begin to imply a bottom.
Bitcoin on-chain transparency, according to crypto influencer Anthony Pompliano, will be the next key selling factor for investors.

👩‍💻Blockchain👨🏽‍💻

Following the collapse of Terra’s ecosystem, the Polygon, Juno, and Fantom blockchains are attempting to attract Terra-based applications

🖼NFTs🖼

Nothing has happened yet… 🤖

🗺Metaverse🗺

Nothing has happened yet… 🤖

🎮CryptoGaming🕹

Square Enix announced in its Q1 results report that as part of its medium-term business strategy in 2022, it will include NFTs into more game products