Weekly crypto market update reports (May 28th- Jun 03rd,2022): The market is still in need of motivation to increase prices
Terra is officially revived; the institutional trader makes a bold call for a new “bull market”; LUNA 2.0 airdrop gives Terra a new lease on life; Iagon Cardano-Ethereum token bridge is already launched for USDC transfers; the market cap of TRON is giving a positive signal; Solana network crashes for the 4th time this year. Let’s review with CoinCu the notable events of the cryptocurrency market in the past 7 days.
Market figures for the week
The capitalization of the crypto market remains unchanged from the previous week at about $1.24 trillion. At the time of Bitcoin’s strong rally earlier this week, it was $1.3 trillion, but this increase has not been sustained.
The average trading volume over the past 7 days stands at $80 billion, a slight increase as the prices of the coins recovered.
The Cryptocurrency Fear & Greed Index recorded a slight increase but remained in the “Extreme Fear” zone. The average value of this index is 12, recorded at a peak of 13 on June 1, but at the moment it has returned to 10.
Bitcoin’s volatility has skyrocketed. Bitcoin price has increased by more than 4% in the past 7 days, with the biggest increase on Monday with a record of 7.94% at the closing price.
Interesting news of the week
Terra is officially revived, and mainnet Phoenix-1 is activated
The LUNA revival plan has finally come to fruition as the first block of the new Terra blockchain is underway. As announced by Terraform Labs, new LUNA tokens will be allocated to users’ Terra wallets at the time of the Phoenix-1 launch. Meanwhile, the old LUNC and UST holders (known as USTC) on exchanges will have to wait until the platforms conduct airdrop tokens.
The institutional trader who accurately predicted crypto winter makes a bold call for a new “bull market”
Yves Lamoureux, commonly known as the “Canadian Whale,” confidently predicted a new “consequential bull market.”
According to the pundit, who also runs the U.S. – based macroeconomic research business Lamoureux & Co., the recent capitulation by Bitcoin and other cryptocurrencies is enough to boost prices to all-time highs if everything goes as planned.
LUNA 2.0 airdrop gives Terra a new lease on life
According to Terraform Labs CEO Do Kwon, the new blockchain called Phoenix-1 mainnet started at 6 a.m. UTC on 28/05 and is presently creating blocks. LUNA 2.0 tokens will trade separately from the original LUNA Classic tokens.
Iagon Cardano-Ethereum token bridge is already launched for USDC transfers
The Iagon Token Bridge is already capable of converting tokens created for unwrapping and wrapping IAG tokens on the Ethereum and Cardano blockchains.
Milkomeda now allows investors and users to transfer USDC and ERC-20 Iagon tokens from the Ethereum blockchain to the Cardano blockchain. The customer transfers USDC from Ethereum to Milkomeda and finally to Cardano as a Cardano Native Asset.
The market cap of TRON is giving a positive signal
TRON (TRX) has recently launched its algorithmic stablecoin USDD. The algorithm governing the stablecoin’s dollar peg is an arbitrage trade between USDD and TRX, Tron’s network’s native token.
According to Defillama USDD is the 10th stablecoin by market cap, with a 20% increase over the past week, this figure is up from $90 million recorded during its day of launch on May 5, 2022. TRX is currently the 13th coin by market cap.
The quantity of Cardano assets now surpasses 5 million
Over five million NFTs have been minted on the Cardano network. The quantity of native assets minted on the Cardano blockchain is now 5,019,030, according to pool.pm statistics, with 54,831 different minting policies.
The blockchain has the greatest 24-hour adjusted volume of transactions, according to Messari statistics. An adjusted transaction volume is still an effective approach to isolating just the most crucial transactions.
Binance Labs calls for $500M fund
The cryptocurrency exchange’s incubator and venture capital arm, has raised $500M to support web3 projects. Although the cryptocurrency market may be in volatile waters, there have been more funds deployed into space this year than in 2021, including Binance Labs. The cryptocurrency exchange’s incubator and venture capital arm, has raised $500M to support web3 projects.
Solana network crashes for the 4th time this year
On June 1, the Solana network experienced a problem again, resulting in the entire blockchain being halted and disrupted.
According to Solana’s block explorer pages, this blockchain network has not generated a new block for 6 hours. However, this number is not clear whether the blockchain’s system clock is running behind reality by about 2 hours, which seems to have not been fixed since it happened on May 27 until now.
And there is more news that can’t be missed daily, CoinCu News will quickly update and bring you accurate and timely information on the cryptocurrency market. Let’s look forward to the articles next week.
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