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Market

Crypto Market Highlights May 9, 2022

May 9, 2022 - Around 4 mins mins to read
crypto market

Crypto Market Highlights: General News

  • LUNA prices fell nearly 50% from its ATH as UST stablecoin reduced its peg. Terraform Labs CEO Do Kwon revealed that 150 million UST had been taken from Curve in preparation for rollout to the DeFi protocol’s 4pool liquidity pool.  He added, “after the imbalances started to happen, we removed 100M UST to lessen the imbalance,” before saying that the company had no reason to depeg the stablecoin.
  • According to a report, over 90% of central banks are engaging in CBDC work. The Bank for International Settlements (BIS) surveyed 81 central banks, finding that over 60% of them are working on proof-of-concept and over 20% are running pilots in 2021. In 2022 alone, the number of banks announcing a CBDC review nearly doubled.
  • Meta’s social media powerhouse is preparing non-fungible token (NFT) integrations for Ethereum, Polygon, Solana, and Flow. The great majority of digital collectibles transactions takes place on those networks, with Ethereum and its Bored Apes topping the pack in terms of market capitalization. A small group of NFT enthusiasts from the United States will participate in the pilot. It’s unclear whether Instagram will support NFTs from all four chains when it launches.
  • Bankless, which claimed 150,000 YouTube followers for its Ethereum-focused newsletter and podcast, said it had been suspended from Youtube without warning or explanation. When you try to access the channel, you get a message that says “This page isn’t available.” Gabriel Haines.eth and the Optimism Collective, both educational web 3 crypto accounts, were also shut down. The Bankless channel’s removal may not be permanent, nor does it necessarily indicate that YouTube discovered anything improper in the channel’s material. 
  • The Turkish branch of Binance has issued a warning to investors in the region about an ongoing fraud involving fake Binance-branded billboards and hoardings. Its newest alert shows a billboard advertising “Binance Tourist Exchange,” which is unrelated to the official crypto exchange. Given the ease with which the people responsible for renting out billboards and posting fraudulent advertisements targeted at crypto investors can be tracked down, the crypto exchange has announced its intention to go on the offensive and take legal action against those “clearly involved in fraudulent activities.”
crypto market
  • According to Similarweb, the following are the top centralized exchanges with the largest traffic in the previous 30 days: Binance, Coinbase, Bybit, FTX, Gate. Notably, despite the sanctions, Russians continue to use Binance as their main cryptocurrency exchange. Binance OKX and Huobi are among the best from Russia. Coinbase, Kucoin, and Cryptocom are among the most popular in the United States. Bybit is the main source of traffic from South Korea.
  • Opera, the company of the renowned multi-platform web browser, has introduced BNB Chain support to its Crypto Browser project. On Android, iOS, and desktop devices, users of Opera’s Crypto Browser now have access to BNB Chain-based DApps. Users may now buy $BNB with money using the built-in Opera crypto wallet, as well as transfer the token between addresses. BNB Chain’s wide DApp list offers access to numerous major decentralized exchanges (DEXs), including PancakeSwap, 1inch, and BiSwap.
  • A well-known cryptocurrency expert believes that decentralized finance (DeFi) has the ability to destroy the existing banking system. “I am huge into DeFi. I’m a tradFi guy now so I can see the potential. I can see what’s actually happening live, the development of DApps (decentralized applications) that literally revolutionize everything from the payment business to the borrowing, lending, financing, derivatives. Everything is going to move to the chain. Everything will be tokenized.” According to the analyst, the total value locked in decentralized finance protocols will increase from little under $30 billion in 2020 to $71.59 billion today.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

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Market

Crypto Market Highlights May 9, 2022

crypto market

Crypto Market Highlights: General News

  • LUNA prices fell nearly 50% from its ATH as UST stablecoin reduced its peg. Terraform Labs CEO Do Kwon revealed that 150 million UST had been taken from Curve in preparation for rollout to the DeFi protocol’s 4pool liquidity pool.  He added, “after the imbalances started to happen, we removed 100M UST to lessen the imbalance,” before saying that the company had no reason to depeg the stablecoin.
  • According to a report, over 90% of central banks are engaging in CBDC work. The Bank for International Settlements (BIS) surveyed 81 central banks, finding that over 60% of them are working on proof-of-concept and over 20% are running pilots in 2021. In 2022 alone, the number of banks announcing a CBDC review nearly doubled.
  • Meta’s social media powerhouse is preparing non-fungible token (NFT) integrations for Ethereum, Polygon, Solana, and Flow. The great majority of digital collectibles transactions takes place on those networks, with Ethereum and its Bored Apes topping the pack in terms of market capitalization. A small group of NFT enthusiasts from the United States will participate in the pilot. It’s unclear whether Instagram will support NFTs from all four chains when it launches.
  • Bankless, which claimed 150,000 YouTube followers for its Ethereum-focused newsletter and podcast, said it had been suspended from Youtube without warning or explanation. When you try to access the channel, you get a message that says “This page isn’t available.” Gabriel Haines.eth and the Optimism Collective, both educational web 3 crypto accounts, were also shut down. The Bankless channel’s removal may not be permanent, nor does it necessarily indicate that YouTube discovered anything improper in the channel’s material. 
  • The Turkish branch of Binance has issued a warning to investors in the region about an ongoing fraud involving fake Binance-branded billboards and hoardings. Its newest alert shows a billboard advertising “Binance Tourist Exchange,” which is unrelated to the official crypto exchange. Given the ease with which the people responsible for renting out billboards and posting fraudulent advertisements targeted at crypto investors can be tracked down, the crypto exchange has announced its intention to go on the offensive and take legal action against those “clearly involved in fraudulent activities.”
crypto market
  • According to Similarweb, the following are the top centralized exchanges with the largest traffic in the previous 30 days: Binance, Coinbase, Bybit, FTX, Gate. Notably, despite the sanctions, Russians continue to use Binance as their main cryptocurrency exchange. Binance OKX and Huobi are among the best from Russia. Coinbase, Kucoin, and Cryptocom are among the most popular in the United States. Bybit is the main source of traffic from South Korea.
  • Opera, the company of the renowned multi-platform web browser, has introduced BNB Chain support to its Crypto Browser project. On Android, iOS, and desktop devices, users of Opera’s Crypto Browser now have access to BNB Chain-based DApps. Users may now buy $BNB with money using the built-in Opera crypto wallet, as well as transfer the token between addresses. BNB Chain’s wide DApp list offers access to numerous major decentralized exchanges (DEXs), including PancakeSwap, 1inch, and BiSwap.
  • A well-known cryptocurrency expert believes that decentralized finance (DeFi) has the ability to destroy the existing banking system. “I am huge into DeFi. I’m a tradFi guy now so I can see the potential. I can see what’s actually happening live, the development of DApps (decentralized applications) that literally revolutionize everything from the payment business to the borrowing, lending, financing, derivatives. Everything is going to move to the chain. Everything will be tokenized.” According to the analyst, the total value locked in decentralized finance protocols will increase from little under $30 billion in 2020 to $71.59 billion today.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

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