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Market

Crypto Market Highlight May 27, 2022

May 27, 2022 - Around 3 mins mins to read
crypto market

Crypto Market Highlights: General News

  • Terra’s protocols and projects move to Polygon. Ryan Wyatt, CEO of Polygon Studios, tweeted that Polygon has a multi-million dollar fund called “Terra Developer Fund” to help Terra projects move to Polygon blockchain. Wyatt announced yesterday that the OnePlanet NFT marketplace would be the first project to move, and OnePlanet will help Polygon move more Terra projects. Specifically, Terra NFT projects can be applied to participate in OnePlanet’s transition to the new blockchain.
  • “Goblintown” is the NFT collection in the spotlight. Goblintown is an NFT collection of 10,000 goblins titled “goblintown” launched last week and has quickly captured the market’s interest. The name of this collection is a term used to talk about the bearish status of cryptocurrencies when prices and interest rates fall. This NFT collection was distributed for free last week, and demand has skyrocketed recently. Currently, this collection of NFTs is being traded on OpenSea with a total trading volume of up to 880 ETH, so Goblintown has become the second most sold collection of NFTs of the week, just behind Otherdeeds.
  • The YFII project development team received the rug-pull accusation after the coin’s price suddenly plummeted 74% in value on May 25. The price then recovered to $768 by the evening of the same day. As recorded on May 25, the YFII price suddenly plummeted, falling from $1,212 to as low as $320, equivalent to nearly 74% of its value. The price then recovered to $768 by the evening of the same day.
crypto market
Source: CoinCu
  • The Terra governance system has voted to approve a proposal to burn all TerraUSD (UST) tokens held in the project’s community pool and UST deployed for past liquidity incentives on Ethereum. This amounts to more than 1.3 billion UST, or roughly 11% of the existing 11.2 billion UST supply. The proposal received 99.3% of the total cast votes in favor of it. This process will take place over two phases. First, it will send about 1 billion UST from Terra’s community pool to a burn module where it will be permanently removed from the supply. Then, the team will manually bridge back 370 million UST to Terra from the Ethereum blockchain and destroy them, as detailed in an explainer post on the Terra governance forum.
  • Ethereum has just fallen to its lowest level compared to Bitcoin since October 2021. At the time of writing, ETH traded at about 0.0629 BTC. The last time there was this low on October 22, 2021. Today’s pullback saw ETH’s dollar value drop 7%, about $86 million liquidated. In fact, in the last 24 hours, ETH contracts have been liquidated the most. The most significant single liquidation order took place on OKEx with a face value of $2.24 million – according to Coinglass.
  • Huobi Global has acquired Latin American crypto exchange Bitex. Chinese crypto exchange Huobi acquired Latin American crypto exchange Bitex to expand its presence in the region, Huobi said Thursday. The exchange plans to integrate Bitex’s exchange platform with its global platform, the company said in a statement. Bitex will continue operating under its current name and management team in Latin America, Bitex CEO Francisco Buero said.

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

crypto market crypto market crypto market crypto market crypto market

Market

Crypto Market Highlight May 27, 2022

crypto market

Crypto Market Highlights: General News

  • Terra’s protocols and projects move to Polygon. Ryan Wyatt, CEO of Polygon Studios, tweeted that Polygon has a multi-million dollar fund called “Terra Developer Fund” to help Terra projects move to Polygon blockchain. Wyatt announced yesterday that the OnePlanet NFT marketplace would be the first project to move, and OnePlanet will help Polygon move more Terra projects. Specifically, Terra NFT projects can be applied to participate in OnePlanet’s transition to the new blockchain.
  • “Goblintown” is the NFT collection in the spotlight. Goblintown is an NFT collection of 10,000 goblins titled “goblintown” launched last week and has quickly captured the market’s interest. The name of this collection is a term used to talk about the bearish status of cryptocurrencies when prices and interest rates fall. This NFT collection was distributed for free last week, and demand has skyrocketed recently. Currently, this collection of NFTs is being traded on OpenSea with a total trading volume of up to 880 ETH, so Goblintown has become the second most sold collection of NFTs of the week, just behind Otherdeeds.
  • The YFII project development team received the rug-pull accusation after the coin’s price suddenly plummeted 74% in value on May 25. The price then recovered to $768 by the evening of the same day. As recorded on May 25, the YFII price suddenly plummeted, falling from $1,212 to as low as $320, equivalent to nearly 74% of its value. The price then recovered to $768 by the evening of the same day.
crypto market
Source: CoinCu
  • The Terra governance system has voted to approve a proposal to burn all TerraUSD (UST) tokens held in the project’s community pool and UST deployed for past liquidity incentives on Ethereum. This amounts to more than 1.3 billion UST, or roughly 11% of the existing 11.2 billion UST supply. The proposal received 99.3% of the total cast votes in favor of it. This process will take place over two phases. First, it will send about 1 billion UST from Terra’s community pool to a burn module where it will be permanently removed from the supply. Then, the team will manually bridge back 370 million UST to Terra from the Ethereum blockchain and destroy them, as detailed in an explainer post on the Terra governance forum.
  • Ethereum has just fallen to its lowest level compared to Bitcoin since October 2021. At the time of writing, ETH traded at about 0.0629 BTC. The last time there was this low on October 22, 2021. Today’s pullback saw ETH’s dollar value drop 7%, about $86 million liquidated. In fact, in the last 24 hours, ETH contracts have been liquidated the most. The most significant single liquidation order took place on OKEx with a face value of $2.24 million – according to Coinglass.
  • Huobi Global has acquired Latin American crypto exchange Bitex. Chinese crypto exchange Huobi acquired Latin American crypto exchange Bitex to expand its presence in the region, Huobi said Thursday. The exchange plans to integrate Bitex’s exchange platform with its global platform, the company said in a statement. Bitex will continue operating under its current name and management team in Latin America, Bitex CEO Francisco Buero said.

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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