‘Big Price Swings’ – Crypto-brackets for a $ 9 trillion earthquake when Bitcoin, Ethereum, BNB, XRP, Solana and Cardano hover

The following is an excerpt from CryptoCodex’s daily email newsletter. Sign up now for free here

Prices are … increase 🤯

Cryptocurrency prices are rising this morning despite a warning that low volume during the US Memorial Day holiday could make things “weird”. Sean Farrell, head of digital asset strategy at Fundstrat, wrote in a note seen by Bloomberg that a break “could lead to large price fluctuations and potentially further downward volatility in the immediate term.”

The rally, attributed to investor enthusiasm for riskier assets driven by China’s easing of Covid restrictions, saw bitcoins the price increased 5% over the last 24 hours, bringing it back over $ 30,000. Ethereum followed bitcoin higher, also up 5% while the challenger gimbal leads the top 10, an increase of 10%.

Further down the charts, tron is the only major cryptocurrency in green for May, after jumping 30%. blockages has a good look at rival Ethereum’s recent fortunes. Elsewhere, Tesla billionaire Elon Musk gave away his favorite cryptocurrency dogcoin a boost over the weekend after it announced that its rocket company SpaceX would follow Tesla in allowing fans to buy SpaceX items with the meme-based cryptocurrency.

Good to know: No one learned anything from the cryptocurrency crash

Lessons for crazy people 📚

You are only twice as long: The reborn terra blockchain and its original luna token struggled over the weekend after Saturday’s relaunch, with the price of luna plummeting by 70% immediately after it went live, according to data from Coingecko.

Quickly catch up: Terra’s blockchain ecosystem, including the two top ten cryptocurrencies terraUSD (UST), a so-called algorithmic stackcoin designed to be linked one-to-one with the US dollar and its supporting currency luna, collapsed in early May and sent shock waves through broader crypto market. Despite attempts by Terra supporters, led by Terraform Labs, to support the coins, their prices have fallen to almost zero, which has wiped out many investors. Terraform Labs CEO Do Kwon then proposed a so-called relaunch plan where new UST coin holders, Luna and other ecosystems would receive new transformed Luna tokens.

Men men men… Terra’s collapse is not the industry’s Bear Stearns moment (citing the downfall of a major Wall Street bank that ultimately signaled the financial crisis in 2008), it was reported by CNBC after journalists measured the industry’s mood at last week’s DC Blockchain Summit.

Make Kwon or Die: The outspoken Terra creator Do Kwon has returned with full force on Twitter after a period of relative silence since Terra’s collapse, where he has given advice, provided support and pursued no-say again.

Worrying: The downfall of Luna 2.0 seems to indicate a lack of confidence in the Do Kwon renewal, Cointelegraph reports citing a stream of Twitter posts showing that investors, sometimes called insane, only seek to get as much of their funds back as possible before leaving the project altogether.

Walk slowly: Luna’s collapse shows that crypto projects need to be slowed down, says cardano founder Charles Hoskinson, who said Coindesk: “If you move too fast … you lose all their money.”

In the meantime… details of the UST collapse and the Luna crash continue to emerge. Researchers now believe that trading with a small number of players, including lender Celsius Network, has contributed to Luna’s sudden divestment and UST’s anchoring, it has been reported by Bloombergrefute the previous narrative that a major attacker or hacker was responsible.

The rich got richer: Not everyone has lost Luna, it seems, with venture capital firm Pantera Capital telling CNBC “their $ 1.7 million investment turned into $ 170 million, while Hack VC and CMCC Global left their luna positions in December and March, respectively.

Now read this: She first documented alt-right. Now she’s coming for the crypto.

Drone on 🕹️

🎙️Estonia-based cryptocurrency exchange WhiteBit has bought the Eurovision winner’s crystal microphone from the Ukrainian rap group Kalush Orchestra at auction.

🚁 WhiteBit bought the trophy for $ 900,000 at an Instagram auction over the weekend to raise money for Ukraine’s fight against a Russian invasion and was to be used on drones, he said. -It was reported by Bloomberg.

💰 Since the Russian invasion began, the Ukrainian government has used social media to solicit cryptocurrency donations, with the Aid for Ukraine fund raising about $ 50 million worth of cryptocurrency in mid-May, according to a CNBC report.

Now read this: How to hype crypto-influencers without revealing their financial ties

The week ahead 📆

Look for these cryptocurrencies and crypto-related events this week.

🧾 On Wednesday, June 1, the Federal Reserve is expected to begin trimming its $ 9 trillion inflated balance sheet in a well-telegraphed move that traders hope will not have too much of an impact on the market.

Aler Speeches to see this week include Chief Economist Philip Lane of the European Central Bank, who speaks on Wednesday, New York Federal Reserve Chairman John Williams and St. Louis, James Bullard, who also speaks at separate events.

– The ECB’s chief economist predicts interest rate hikes in July and September

🎩 Friday is the UK Bank of England’s deadline for the country’s banks to present cryptocurrencies after the central bank began outlining the UK’s first regulatory framework for cryptocurrencies in March.

– The government outlines the plan to make the UK a global technology hub for cryptocurrencies

💼 To end the week, recent U.S. non-agricultural wages for May are expected to show that the U.S. has added 300,000 more jobs after an increase of 428,000 in April. Unemployment is also expected to fall slightly to a low level in half a century.

Good to know: Farmers fear crypto boss Sam Bankman-Fried will cost them sleep

Leave a Comment