Nox Bitcoin To Refund UST At $1 To Their Customers

nox-bitcoin-to-refund-ust-at-$1-to-their-customers

Nox Bitcoin, a cryptocurrency exchange in Brazil, has taken the unprecedented step of using its own funds to refund customers for their TerraUSD coins at the full rate. Following local media’s report on May 20, the Nox Bitcoin exchange has refunded all UST holders at a $1 rate with Tether’s USDT. The report stated that … Read more

Cosmos price rebounds 45% in one week despite Terra’s debacle — what’s next for ATOM?

cosmos-price-rebounds-45%-in-one-week-despite-terra’s-debacle-—-what’s-next-for-atom?

ATOM’s ascending triangle setup opens up the possibility for another major crash by June 2022. Cosmos (ATOM) emerges as the biggest gainer among the top cryptocurrencies this May 20, brushing aside the fears about its association with Terra (LUNA), an algorithmic stablecoin project whose market valuation fell by 99% last week. Cosmos TVL down from … Read more

Here’s why Terra’s snowball effect could send Avalanche (AVAX) price to $15

here’s-why-terra’s-snowball-effect-could-send-avalanche-(avax)-price-to-$15

The collateral damage of Terra’s collapse could continue to impact Avalanche price, especially considering that the Luna Foundation Guard holds 1.97 million AVAX tokens. Avalanche (AVAX) has emerged as one of the worst-performing cryptocurrencies among the top-ranking tokens in the last 24 hours, partially due to fears connected to Terra (LUNA) and it’s a near-dead … Read more

Stablecoin supplies and cash reserves in question amid crypto exodus

stablecoin-supplies-and-cash-reserves-in-question-amid-crypto-exodus

The fallout from Terra’s collapse continues as outflows from Tether (USDT) hit an average of $1.1 billion a day over the past week. Cryptocurrency investors and traders have cashed out $7.7 billion from the stablecoin Tether (USDT) resulting in its market capitalization falling by 7.8% over the past seven days to $76 billion. The amount … Read more

Luna Foundation Sold 80,000 Bitcoin Amid UST Crash

luna-foundation-sold-80,000-bitcoin-amid-ust-crash

The non-profit organization said only 313 BTC are now left on the bitcoin reserves for Terra’s UST stablecoin. Luna Foundation Guard (LFG), the non-profit organization holding Terra’s bitcoin reserves, confirmed on Monday morning that it had sold over 80,000 BTC over the past week to acquire TerraUSD (UST) in an attempt to defend its crumbling … Read more

$1.9T wipeout in crypto risks spilling over to stocks, bonds — stablecoin Tether in focus

$1.9t-wipeout-in-crypto-risks-spilling-over-to-stocks,-bonds-—-stablecoin-tether-in-focus

The dangers posed by stablecoins to the traditional market cannot be dismissed due to Tether’s exposure to the U.S. credit system. The cryptocurrency market has lost $1.9 trillion six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007’s subprime mortgage market crisis — around $1.3 … Read more

What Terra’s Collapse Teaches About ‘Crypto’ and Bitcoin

what-terra’s-collapse-teaches-about-‘crypto’-and-bitcoin

As yet another altcoin nears zero, the event reminds the community why Bitcoin is the only authentic cryptocurrency. Terra is crumbling. The blockchain project home to the popular algorithmic stablecoin TerraUSD (UST), which had recently become the fourth-largest stablecoin by market value but now sits at fifth, is near collapse as UST repeatedly fails to … Read more