☝️Terra to destroy 1,38 billion tokens to restore the UST stability

🔥Terra will burn 1 388 233 195 UST to restore the pegging of the stablecoin to the dollar, which represents approximately 11% of the tokens in circulation. Before doing so, the project team will vote and then destroy the blocked tokens. The Luna Foundation Guard (LFG), a non-profit organization created to support the Terra ecosystem, has already issued 240 million new LUNA tokens to protect the network from “governance attacks,” the company’s representatives said on Twitter.

https://getblock.net/en/news/terra-to-destroy-138-billion-tokens-to-restore-the-ust-stability/

⛓USDT stablecoin temporarily lost its peg to the dollar

📉On the morning of May 12, the Tether (USDT) stablecoin began losing its peg to the US dollar, with its rate dropping to $0,95. CTO at Tether Limited, the coin issuer, Paolo Ardoino said on Twitter that the company continues to redeem assets for dollars at a one-to-one ratio on its official website. He added that $300 million had been paid through tether.to “without a sweat drop” in the last 24 hours. According to Binance, as of May 12, 2022, 13:35 Moscow time, USDT has started to recover and is trading at $0,98.

https://getblock.net/en/news/usdt-stablecoin-temporarily-lost-its-peg-to-the-dollar

💥 Cryptocurrency price dynamics 13.05.2022💥

All crypto-assets in the top 10 by market capitalization are in the green zone today:
⬆️ Avalanche showed the biggest gain overnight: +42.5%.

🟢 BTC - $ 30 472,39 (+13.2%)
🟢 ETH - $ 2 097,38 (+14.3%)
🟢 BNB - $ 301,35 (+30.9%)
🟢 XRP - $ 0,445562 (+21.7%)
🟢 ADA - $ 0,590565 (+39.1%)
🟢 SOL - $ 51,51 (+29.0%)
🟢 DOGE - $ 0,092891 (+26.8%)
🟢 DOT - $ 10,4 (+31.5%)
🟢 AVAX - $ 34,62 (+42.5%)
🟢 SHIB - $ 0.00001339 (+36.7%)

💰Mining company Riot Blockchain reported record profits for the quarter

⛏Mining company Riot Blockchain mined a total of 1405 bitcoins in the first quarter of 2022 and generated record revenue of $79,8 million. This was announced on Twitter by Riot Blockchain CEO Jason Les.

https://getblock.net/en/news/mining-company-riot-blockchain-reported-record-profits-for-the-quarter

🎮Global Esports Federation organized the Metaverse Council

💭The Global Esports Federation (GEF) has established the Metaverse Council. The new unit will focus on creating its own metaverse project and developing blockchain technologies and will also start releasing NFTs. Paul J. Foster, CEO of the GEF, said that the Council aims at “convening thought leaders and creators around the Web 3.0 space.”

https://getblock.net/en/news/global-esports-federation-organized-the-metaverse-council

Bitcoin is back above $30 000. After the decline to $26 7000, there was a very expected rebound. However, at this point, it is unclear if this is a normal corrective rebound and the coin will continue its downward movement or if it is the beginning of a reversal. Bitcoin needs to gain a foothold above $40 000 for a strong breakout from the downward movement.

The material is not an investment recommendation and is published for information purposes only. Remember: technical analysis does not guarantee successful trading, as it is based on historical data only.

https://getblock.net/en/market-analysis/btc-review-dated-13052022

#BTC #Analytics

⚠️Delisting from Binance and issuing 7 trillion tokens. What happened to LUNA overnight

📉On May 13, the Terra blockchain temporarily suspended its operations in order to develop a new recovery plan. On the night of Thursday to Friday, Binance halted deposits and withdrawals within the network. The exchange also delisted all trading pairs with Terra (LUNA) except LUNA/BUSD. At the same time, Terra’s native token issuance reached 7 trillion. On the evening of May 12, the Terra blockchain was reloaded.

https://getblock.net/en/news/delisting-from-binance-and-issuing-7-trillion-tokens-what-happened-to-luna-overnight

🔍Investors valued analytics firm Chainalysis at $8,6 billion

💵Analytics company Chainalysis has raised investments of $170 million in a Series F round led by the Sovereign Fund of Singapore (GIC). The company was valued at a total of $8,6 billion in all rounds. This was reported by The Information’s website, citing its own sources.

https://getblock.net/en/news/investors-valued-analytics-firm-chainalysis-at-86-billion/

📊International crypto regulatory body may be established in 2023

📋Over the next year, global market regulators will create a joint body to better coordinate cryptocurrency rules. This was reported by Reuters, citing Ashley Alder, Chair of the International Organization of Securities Commissions (IOSCO). According to him, the digital currency boom is one of the three main areas that authorities are now focusing on, along with COVID-19 and climate change.

https://getblock.net/en/news/international-crypto-regulatory-body-may-be-established-in-2023

☝️More than 2500 ETH transactions worth over $1 million were made overnight

📈On May 11, large investors made a total of 2 596 Ethereum transactions, each valued at $1 million or more. This was the highest figure since January 21, 2022, analytics firm Santiment reports.

https://getblock.net/en/news/more-than-2500-eth-transactions-worth-over-1-million-were-made-overnight

☝US Treasury Chief: current size of the crypto market is not dangerous for financial stability

🇺🇸US Treasury Secretary Janet Yellen believes that the cryptocurrency market has not yet grown to such a scale that it poses a “systemic risk.” The market capitalization of $2 trillion is not enough to affect financial stability, Yellen stressed during a congressional hearing, Decrypt reports. However, she did not specify at what point cryptocurrencies will pose a real threat to the economy.

https://getblock.net/en/news/us-treasury-chief-current-size-of-the-crypto-market-is-not-dangerous-for-financial-stability/

🔥Tether stabilized its peg to the dollar due to the burning of 3 billion USDT

💵Tether (USDT) stablecoin has regained its peg to the US dollar due to burning tokens. Developers destroyed 3 billion USDT in one day using a special account called Tether Treasury. This was announced by CTO at Tether Limited, the coin issuer, Paolo Ardoino on Twitter, citing data from Whale Alert. As of May 13, 2022, at 12:30 Moscow time, USDT is trading at $0,998 (according to Binance).

https://getblock.net/en/news/tether-stabilized-its-peg-to-the-dollar-due-to-the-burning-of-3-billion-usdt

🇩🇪Germany to abolish tax on the sale of BTC and ETH stored for over a year

📝The German Ministry of Finance has made changes to its cryptocurrency policy. Authorities reported that the sale of purchased bitcoins and Ethereum will not be taxed if individuals hold these assets for more than one year. This policy will apply even if the cryptocurrencies have been used for staking and lending. Previously, digital assets used in such activities had to be held for ten years to become tax-free.

https://getblock.net/en/news/germany-to-abolish-tax-on-the-sale-of-btc-and-eth-stored-for-over-a-year/

💸Bill Miller sold some of his bitcoins

💭Miller Value Partners Chairman Bill Miller told CNBC in an interview that he sold some of his bitcoins. According to the investor, he did so to “meet margin calls.” Miller noted that the price of bitcoin could continue to decline and fall by half again.

https://getblock.net/en/news/bill-miller-sold-some-of-his-bitcoins

↩️Terra community proposed rolling back the network before the collapse of the UST stablecoin rate

💻Terra’s official Twitter account reposted a post by a user nicknamed stablechen, stating that the community has decided to roll back the network prior to the beginning of the collapse of the TerraUSD (UST) stablecoin rate. The community also suggests removing Terraform Labs, returning the UST collateral, and developing a new mechanism for the LUNA token.

https://getblock.net/en/news/terra-community-proposed-rolling-back-the-network-before-the-collapse-of-the-ust-stablecoin-rate

🎓South Korea to institutionalize cryptocurrencies by 2024

📝By 2024, South Korea’s administration under new President t Yoon Suk-yeol will develop a new regulatory framework to institutionalize cryptocurrency. According to local media reports, citing a leaked government report, a draft for the “Digital Asset Basic Act” will be introduced as early as 2022. The presidential administration confirmed the validity of the leak but noted that the released documents are not the final versions.

https://getblock.net/en/news/south-korea-to-institutionalize-cryptocurrencies-by-2024/

💥 Cryptocurrency rate dynamics 14.05.2022💥

Almost all crypto assets in the top 10 by market capitalization are in the "red zone" today:
⬆️ Polkadot showed the biggest gain overnight: +4.0%;
⬇️ Cardano showed the biggest decrease: -8.7%.

🔴 BTC - $29,519.05 (-3.4%)
🔴 ETH - $ 2,043.83 (-2.7%)
🔴 BNB - $ 291.80 (-0.2%)
🔴 XRP - $ 0.434610 (-2.7%)
🔴 ADA - $ 0.539745 (-8.7%)
🔴 SOL - $51.91 (-0.3%)
🔴 DOGE - $ 0.090870 (-2.5%)
🟢 DOT - $10.55 (+4.0%)
🔴 AVAX - $32.33 (-7.6%)
🟢 TRX - $0.073963 (+1.8%)

📉Real Vision CEO predicted recession and massive liquidations in the crypto market in the coming month

🗣Raoul Pal, a former employee of the investment bank Goldman Sachs and the founder of Real Vision TV, believes that May will be a tough one for the digital asset market. In his view, cryptocurrencies are facing a “nasty recession” and “liquidation write large.” Pal said that the drop in global market demand is because of the US Federal Reserve System’s (Fed) tighter monetary policy. Although the crypto market is in “full panic mode,” the analyst called cryptocurrencies a “long-term investment.” Pal stressed that he sees the coming recession as a huge “opportunity.”

https://getblock.net/en/news/real-vision-ceo-predicted-recession-and-massive-liquidations-in-the-crypto-market-in-the-coming-month

👊SEC said stricter regulation of stablecoins after the UST collapse

🇺🇸The US Securities and Exchange Commission (SEC) may tighten regulation of stablecoins following the collapse of TerraUSD (UST) and the temporary fall of Tether (USDT). According to Commissioner Hester Peirce, the regulator has the ability to include in its powers the development of rules for digital currencies and the platforms on which they are traded. In doing so, she noted the potential for stablecoins to be used in market-based systems.

https://getblock.net/en/news/sec-said-stricter-regulation-of-stablecoins-after-the-ust-collapse

💰FTX head acquired a $648 million stake in Robinhood

📋Emergent Fidelity Technologies, owned by the head of FTX crypto exchange Sam Bankman-Fried, bought a 7,6% stake in the online broker Robinhood. According to a report filed with the US Securities and Exchange Commission (SEC) on May 12, the total value of the stake was $648,29 million. After that, Robinhood’s stock price rose by more than 30%. As of May 13, 16:15 Moscow time, HOOD’s shares are trading at $8,56.

https://getblock.net/en/news/ftx-head-acquired-a-648-million-stake-in-robinhood

While bitcoin is trying to get out of the pit, other coins, such as CAKE, may be worth considering. The other day, the coin’s community voted to limit the issuance of the token to 750 million CAKE. The proposal was approved by the project team. Previously, the issue of CAKE was unlimited. In this, the coin had almost no reaction to such fundamental news. This may be due to the fact that the market has been closely watching the development of the situation with LUNA and UST in recent days.

According to the chart, in mid-March CAKE came out of the downward movement, in which the cryptocurrency has been since August 2021. After that, the CAKE rate was probably pressured by the bitcoin collapse to $26 700.

The material is not an investment recommendation and is published for information purposes only.

https://getblock.net/en/market-analysis/cake-review-dated-14052022

#CAKE #Analytics