Avalanche nears key breakdown level that could sink AVAX price by another 65%

avalanche-nears-key-breakdown-level-that-could-sink-avax-price-by-another-65%

Strongly bearish fundamentals act as tailwind to Avalanche’s technically bearish setup. Avalanche (AVAX) gained 0.5% to reach over $31 on May 23 but AVAX price remains trapped inside a trading range that appears like a “bear pennant” structure. Avalanche could get buried technicals  Bear pennants are bearish continuation patterns, i.e., they resolve after the price … Read more

Do Kwon shares LUNA burn address but warns ‘LUNAtics’ against using it

do-kwon-shares-luna-burn-address-but-warns-‘lunatics’-against-using-it

Upon a persistent request from the Terra community, Kwon went against his initial plan and publicly shared a burn address for LUNA on May 21. The recent Terra revival plan announced by Do Kwon, the co-founder and CEO of Terraform Labs, received mixed reactions as many questioned the effectiveness of a hard fork in reviving … Read more

Near Protocol picks up slack, onboards Tracer following Terra’s downfall

near-protocol-picks-up-slack,-onboards-tracer-following-terra’s-downfall

As explained by Near Foundation’s Nicky Chalabi, projects like Tracer seek alignment with the core values of the ecosystem that can support the company’s roadmap in time to come. For many layer 1 crypto projects, returning to normalcy from Terra’s death spiral meant a complete migration to a different ecosystem. But, how does one make … Read more

Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

cosmos-(atom)-skyrockets-12%-following-bitcoin-and-ethereum-recovery

The crypto market is showing signs of recovery, and it seems Cosmos has also been pulled in the same direction with an increase of 12% in the last 24 hours. Cosmos (ATOM), the 27th biggest cryptocurrency, has a total market cap of $3.2 billion. ATOM, the token that fuels the Cosmos blockchain network, has been … Read more

BitMEX Mastermind Arthur Hayes Pleads Guilty, Avoids Jail Time

bitmex-mastermind-arthur-hayes-pleads-guilty,-avoids-jail-time

The picture is getting clearer for BitMEX co-founder Arthur Hayes. The judge called what he did “a willful violation of the Bank Secrecy Act,” but he still got two years probation. Hayes will serve the first six months of that sentence in home confinement, but that’s it. The banker and entrepreneur will not set foot … Read more

3 red flags that signal a crypto project may be misleading investors

3-red-flags-that-signal-a-crypto-project-may-be-misleading-investors

The challenges faced by Terra, Wonderland and a handful of other DeFi projects exposed the need for investors to do more research and avoid cult personalities. Satoshi Nakamoto left a large pair of shoes to fill after releasing the code for Bitcoin (BTC) to the world, helping the network get established, then vanishing without so … Read more

Investors Continue To Trade LUNA Despite Massive Crash

investors-continue-to-trade-luna-despite-massive-crash

Investors continue to trade the LUNA token despite its enormous fall, seeing the coin lose 99% of its value from $62 on May 9 down to less than a cent by May 14. However, on May 20, LUNA remains the most trending cryptocurrency searched on CoinMarketCap. With a market cap of $918 million, LUNA is … Read more

Finance Redefined: Lifeline for Terra projects, proposed Terra hard fork and more

finance-redefined:-lifeline-for-terra-projects,-proposed-terra-hard-fork-and-more

Binance comes to the rescue of Terra projects, Chainalysis introduces new tools to track stolen crypto funds, Do Kwon’s new proposal for a Terra hard fork and more in this week’s DeFi newsletter. The past week in the decentralized finance (DeFi) ecosystem was dominated by Terra’s collapse and its aftermath on various ecosystems it was … Read more

Crypto Biz: Amid crypto carnage, Goldman and Barclays fill their bags, May 12-18, 2022

crypto-biz:-amid-crypto-carnage,-goldman-and-barclays-fill-their-bags,-may-12-18,-2022

Some of the world’s biggest banks are increasing their exposure to the digital asset market despite the recent market volatility. Is this a sign of things to come? Has there ever been a worse time to be in crypto? It depends on how you look at it. Amid Terra’s death spiral, Bitcoin (BTC) recording seven-consecutive … Read more

UST aftermath: Is there any future for algorithmic stablecoins?

ust-aftermath:-is-there-any-future-for-algorithmic-stablecoins?

The quest continues for the perfect “stand in” for the U.S. dollar. But, UST’s crash suggests that algo stables may be “inherently fragile.” TerraUSD (UST) is an algorithmic stablecoin that is pegged at $1.00. But, on the evening of May 19, it was trading for $0.083. This isn’t supposed to happen, of course, but last … Read more