Quiet week after the storm in the cryptocurrency market. The price of bitcoin is in a clear consolidation zone after the sharp fall at the beginning of the month. At the same time, its overall market dominance index is gradually increasing, which means altcoins currently struggling to survive.
Continues with what has been the main theme of the last two weekly letters, the implosion of stablecoin UST and its original token LUNA. Continuation and conclusion of the saga? Not surprisingly, the price remained at the low point for both assets ($ 0.00018 for a LUNA and $ 0.07 for a UST at the time of writing). Even less surprisingly, the plan to “revive” the network was accepted by a large majority. It was obvious while the actors who were invited to vote already have nothing to lose. Suddenly, a “snapshot” of the Terra channel was to take place this Friday, before the launch of “Terra 2.0”, a so-called rebirth of the Terra ecosystem after the implosion of the original network.
Investors who had more than 10,000 LUNA before the UST implosion will receive the new tokens on a regular basis to avoid an immediate sale. Over 30% of their tokens will be unlocked initially, and the remaining 70% will be unlocked and released over two years. New tokens will be awarded after six months to these holders. Wallets containing more than one million LUNA or UST prior to removal of UST must wait more than one year before receiving tokens, with a four-year vesting period thereafter, according to the plan. The idea of taking a “snapshot” from before the crisis is to relaunch the network with a viable offer from LUNA. “The offer to Genesis is significantly lower than everyone expects, closer to 116.7 million and drops to 182 million after one year, ”reads the plan.
End the story next week as we see how much the market will appreciate these new tokens created by the wind. Certainly, no insult to the eternal optimists, this is an obvious case where it is impossible to put the toothpaste back in the tube.
Important and encouraging news in the integration of cryptocurrency payments in everyday life. Payment giant Stripe has announced that customers will once again be able to convert their incoming payments or balances to bitcoin, four years after the service was suspended. This time, Stripe’s Bitcoin transactions will be powered by an app created in collaboration with OpenNode. The crypto startup, which has just raised $ 20 million in the Serie A round, is building on that Lightning networka blockchain scaling solution that processes out-of-chain transactions, making operations in the main chain faster and cheaper.
In 2018, when bitcoin services were first removed, the company cited rising fees and delayed transactions as evidence that bitcoin had “become better suited to be an asset than a medium of exchange.” We could only agree. At the time, Stripe identified Lighting network as a promising technology that could one day improve Bitcoin’s status as a convenient digital currency for customers. Here we are today.
The Ethereum ecosystem is ready for a huge test phase. The Ropsten test network merger is scheduled to take place on 8 June. Ropsten is one of many test networks created by the Ethereum Foundation in 2017. This specific test network is considered the best replica of the Ethereum mainnet because it follows a similar structure. This allows developers to perform realistic deployment tests before making updates to the actual mainnet. The Ropsten test network merger will see the proof-of-work network (PoW) combined with a new proof-of-stake (PoS) consensus layer test network scheduled for May 30. It will simulate what will happen when the actual merger between Ethereum and the Beacon chain finally takes place and it becomes a PoS network.
The migration itself is currently scheduled for August.
GameStop continues to make financial news with the enthusiasm of individuals for the action, which has created an unexpected counterpart for institutional investors in short positions. The video game retailer launched its depot-based, browser-based Ethereum wallet similar to MetaMask on Monday. The latter will allow users to store, send and receive cryptocurrencies and non-fungible tokens (NFTs) in various crypto applications. It will support NFT exchanges through the upcoming launch of GameStop’s NFT Marketplace in Q2 2022. The wallet utilizes ZK rollup technology from Loopring, a Layer 2 scaling protocol from Ethereum.
People who trade cryptocurrencies in the United States were twice as likely to go unbanked as those who do not use them at all, according to a new study from the Federal Reserve. The Fed found that 13% of Americans who use cryptocurrency for payments do not have a bank account, compared to 6% of people who do not use cryptocurrency at all. At the same time, 27% of people who use cryptocurrencies for their payments say they do not have a credit card, compared to 17% of people who do not have or use cryptocurrencies.
Finally, note that it was twelve years ago this week that Laszlo Hanzecz bought 2 pizzas with 10,000 bitcoins. This is the first recorded transaction ever with a decentralized digital currency in exchange for physical items. Although the deal today is worth $ 295 million for two pizzas, Hanzecz said he has no regrets. After the first transaction, Hanyecz did it again several times, and that summer spent a total of 100,000 bitcoins on pizzas, which are now worth $ 2.9 billion.
A reminder that despite the current low, it is an absolutely breathtaking road that bitcoin has traveled in just a few short years.
Compared to a closing figure of $ 31,300 on May 16, bitcoin closed Monday at around $ 30,287. This is the eighth week in a row of declines, a record in the history of the mother crypt. Ahead of last week’s record for the seventh week in a row of red candles, the previous mark for consecutive loss weeks was six during bitcoin’s bear market in 2014. August 25 to October 6.
However, not everything is gray. Action in the last few days has shown some resilience, with bitcoin still finding its way to buyers under $ 30,000. If the Nasdaq’s steep decline continues to pull BTC lower, it looks like it will return more easily. This week, the correlation has so far also been weaker.
The consolidation channel is particularly clear. The fund will remain in a defensive position as long as we are there – which has served it particularly well in recent weeks.
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Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instructions..
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