As you must know, the cryptocurrency market is yet to recover from the last massive sell-off. At press time, the overall crypto market cap is 1.20 trillion dollars, a far cry from the all-time high of 3 trillion dollars. Notwithstanding, there are still various developments in the space as founders, developers, analysts, and investors try to navigate the highly volatile macro environment. Moreover, it is important to say that most cryptocurrency holders and traders value the copy trading platforms highly. Jet-Bot cryptocurrency exchange is a great place to start. It allows users to copy the trading strategies of experienced traders. It was launched in 2019 and now it helps people to earn money easily. You can begin your copy trading journey on Jet-Bot with a single click and earn profits like a pro.
Before we dive into the topic, here are the top headlines of the week:
- Luna 2.0 crashes by 70% less than 6 hours after reaching its all-time high.
- After losing 2.4 million dollars in a Terra implosion, a frustrated investor gets arrested for knocking on Do Kwon’s door.
- Russia is getting closer to issuing digital rubles to evade sanctions.
- Elon Musk says SpaceX will soon accept Dogecoin for merchandise. Starlink’s subscription could follow.
- JPMorgan replaces real estate with cryptocurrencies as its preferred alternative asset.
Now let’s dive right into. The blockchain platform Terra launched its limit of 2.0 tokens. On Saturday, May 28th, and UST Classic holders received an airdrop of the rebranded tokens, but that is where the smooth sailing ends. According to reports, the crypto asset recorded its first value of $14.31 per token at 5 a.m. eastern time barely 20 minutes later and hit an all-time high of almost $19. However, by 11 a.m., the tokens had fallen by more than 70%, from $18.87 to $4.20, and had only made a minor recovery. Prices are nowhere near their all-time high. The tokens had increased by more than 14% as of press time and were now trading at $6.04.
Meanwhile, the classic investor decided to seek answers directly from Do Kwon, the founder of the blockchain platform behind the two crypto assets that imploded earlier in the month. The investor of Korean social media personalities said he lost around 2.4 million dollars after the wipeout and was concerned about the founders’ silence. Chancers, as he is popularly known, found out Do Kwon’s sole address and rang the bell while live streaming the incident to around 100 social media users. The founder’s wife answered the door and alerted the police about the incident. Chancers left before the police arrived but later turned himself in. He now faces a fine and a criminal record that could make his life difficult. Chancers said to reporters:
‘It’s so hard. I lost a lot of money and now I’m being investigated by the police. I originally served as a civil servant in Korea. But if I am convicted of this case, I may not be able to return to the civil service again.’
He also said he only wanted to talk to Do Kwon and didn’t mean to trespass on its property. But Terra USD is out of the way, the fiat peg token DAI has become the largest decentralized stablecoin maker. The decentralized autonomous organization that maintains and regulates the cryptocurrency has also regained its position as the top DeFi protocol in terms of total value. As of press time, locked the eye is the fourth largest stable coin after Tether, USDC and binance USD, which are all centralized stable coins. As of press time, DAI is the 15th largest cryptocurrency with a market cap of 6.64 billion dollars.
In other news, Russia is getting closer to issuing a central bank digital currency, which regulators hope will allow the country to evade the sanctions levied against it for invading Ukraine. According to reports, the central bank of Russia has accelerated the development of the digital ruble. The Apex Bank now plans to conduct pilot transactions with the new ruble early next year instead of 2024 as it earlier announced. In the meantime, Russian authorities are considering the use of digital currencies for international payments. A high-ranking official from the finance ministry recently announced that if digital assets are recognized as property in Russia, they can be used in barter deals with other countries.
Billionaire investor and CEO of SpaceX and Tesla, Elon Musk, has announced that his spacecraft engineering company will soon be accepting Dogecoin for the purchase of merchandise. Musk announced on Twitter on Friday:
The Space X boss also said consumers would one day be able to use the mean coin when paying for starling subscriptions. According to a note to investors, JPMorgan has replaced real estate with cryptocurrencies as its preferred alternative asset. The global investment bank predicted that bitcoin would skyrocket to $38,000 in the near future. The strategists of the firm also predicted that the asset could jump to $150,000 in the long term.
Our final headline is a non-fungible token collection that is taking the industry by storm. The Goblintown NFT collection is a free NFT collection of 9999 goblins. This week, the collection recorded over 22 million dollars in sales. Goblintown, which debuted on May 23, 2022, also saw a nearly 500% increase in floor value, rising from 0.5 ETH on the launch date to 2.79 ETH just five days later.
What are your thoughts about these developments in the digital asset space?
[This article is a transcription of a video made by Savvy Finance]
Original video: https://youtu.be/WM6nTbWtx_I ]