Two Korean exchanges have flagged Terra (LUNA) as a “warning asset” on their respective platforms. This and more news is in this handy daily digest so you’re always up to date with the latest developments happening within the crypto world.
Cryptocurrencies and stablecoins
📍Major cryptocurrency exchanges are beginning to halt trading on their platforms. Amid the current fluctuations in the crypto market, cryptocurrency exchanges such as Binance and OKX halted C2C (Consumer to Consumer) trading on their platforms on Wednesday.
📍Korean exchange Upbit has labeled Terra (LUNA) a “warning asset” due to the extreme volatility that this cryptocurrency is experiencing in the market. In the last 48 hours, the value of LUNA has fluctuated between $63 USD and $0,83 USD, with a significant loss of value of more than 90%. Therefore, Upbit designated LUNA as a warning asset, recommending its users to exercise extreme caution if they want to trade with the cryptocurrency.
The cryptocurrency platform Bithumb, also of Korean origin, has labeled LUNA, like Upbit, as a “warning asset.”
UST and the fall of LUNA
📍“Rick Sanchez” was Do Kwon’s name when he participated in Basis Cash. A report published by CoinDesk notes that Terraform Labs founder Do Kwon was behind the creation and development of the algorithmic stablecoin project Basis Cash, which failed in early 2021.
According to the report, Do Kwon kept the name Rick Sanchez when he participated in the project. The pseudonymous founders of Basis Cash, “Rick” and “Morty,” left the project deliberately, the report cites.
📍The lessons that LUNA and UST leave for their crypto investors. The past two days have been incredibly difficult for many in the crypto community, with sad stories of loss already beginning to emerge as the LUNA cryptocurrency has collapsed, losing 90% of its value in the past few days.
On Twitter, several bewildered users have shared their stories, expressing their anguish and helplessness in the face of the cryptocurrency's collapse. However, others are calling for calm, remembering that the industry has always recovered from its worst events, such as the hack of the Mt Gox exchange and The DAO on Ethereum.
MKR approached $2.000 USD
📍The price of MKR jumped 60% on Wednesday and approached $2.000 per unit. MKR, the governance token of the MakerDAO protocol, traded at $1.970 per unit in the morning hours of this Wednesday, benefiting from the increase in the trading volume of the decentralized stablecoin DAI. According to data from the cryptocurrency price monitoring platform CoinMarketCap, the trading volume of this token has increased by 290% in the last 24 hours.
In the case of the DAI stablecoin, trading volume for the stablecoin soared by 129% on Wednesday.
DeFi and NFT markets
📍“Fearless Girl,” the bronze sculpture on display at State Street Global Advisors, will be tokenized on the blockchain as an NFT. The sculpture by artist Kristen Visbal, which has become a symbol of New York, will be launched on the blockchain in a series of digital collectibles next Tuesday, May 24.
The project, titled as the sculpture Fearless Girl, seeks to close the gender investment gap that exists between men and women in the cryptocurrency industry.
Continue reading: Shiba Inu Weathers Market Drop Better Than Other Altcoins
Rules and Regulations
📍In Germany, Bitcoin and Ethereum holders will not be taxed for selling after one year. The German Federal Ministry of Finance has communicated that holders of cryptocurrencies such as Bitcoin and Ethereum, who have had their crypto assets for a year or more, will not pay income taxes in the country for sales transactions.
📍The FSB wants to lead the regulation of cryptocurrencies worldwide. The Financial Stability Board, an international body based in Basel, Switzerland, has said it is capable of regulating cryptocurrencies globally.
FSB President Klaas Knot said during the annual meeting of the International Swaps and Derivatives Association in Madrid that the body can take a leading position in formulating a new regulatory framework covering the crypto industry in order to mitigate potential risks. The FSB is expected to present a report on stablecoins in the fourth quarter of the year.
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