Luna and its stablecoin tumble the whole crypto market,
Coinbase reports first quarter losses
and Instagram begins testing NFTs.
These stories and more this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com,
and here’s what’s happened this week in crypto.
TerraUSD, a high-profile stablecoin depegged
and was trading as low as 12 cents,
fueling deep panic across the whole crypto market.
Amid the marketwide crash,
Tether — the world’s largest stablecoin,
reliably seen as a safe on-chain placeholder
for crypto investors,
also briefly broke its peg to the US dollar,
trading at one point at 95 cents.
The price of Bitcoin fell as low as $26,000
while Terra’s LUNA token fell the furthest of any altcoin -
shedding 100% of its value in just 24 hours.
Following the collapse of Terra’s LUNA token
after Terra’s algorithmic stablecoin lost its peg to the US dollar,
rumours circulated that Blackrock, Citadel, and Gemini
might have had some part in the fiasco.
The three companies quickly came out to deny the accusation.
Cryptocurrency trading platform Coinbase
reported a $430 million net loss in the first quarter
with declining sales and active users.
Along with Coinbase’s disappointing first-quarter earnings,
the exchange has revealed
that in the event that it were to go bankrupt,
its users may lose all the funds in their accounts.
Instagram began testing NFTs on its platform
with selected creators in the US.
Creators taking part in the test
can now share NFTs that they’ve made
on their Instagram feed or in messages.
Currently, the supported blockchains are Ethereum and Polygon,
with support for Flow and Solana coming soon.
The Financial Accounting Standards Board
has unanimously voted to review accounting rules
for exchange-traded digital assets in the United States.
While it’s still unclear
when exactly the FASB will review its accounting rules,
or provide any new guidance,
this could have major implications
for corporations seeking a regulatory pathway
for better managing cryptocurrencies
on their balance sheets.
Seychelles-based exchange, KuCoin,
has been valued at $10 billion in its latest financing round
as it looks to broaden its web3 ecosystem.
The exchange has already attracted over 18 million users
in over 200 regions,
making it one of crypto’s largest exchanges
supporting worldwide customers.
The world’s most famous diamond producer, De Beers,
has deployed a platform
to keep secure records of their diamonds on blockchain.
According to De Beers, the platform, known as Tracr,
provides an immutable record of a diamond’s provenance,
and empowers jewelry retailers
to have confidence in the origin of the diamonds they purchase.
The Royal Museum of Fine Arts in Belgium
has tokenized a million-euro painting
and is allowing fractional ownership of the masterpiece.
Partial ownership of Carnaval de Binche,
by Belgian artist James Ensor
is available to anyone who invests in a so-called Art Security Token,
and the money raised will be used to purchase the painting.
Sending Cardano just got easier.
If you're using Yoroi Wallet
you can send and receive ADA
without long complicated addresses thanks to Unstoppable Domains.
In collaboration with tofuNFT,
one of the largest multichain NFT marketplaces in Web3
Unstoppable Domains is now releasing
100 Gamer Tag themed .nft domains.
First come, first served
so grab yours quickly with the link below.
That’s what’s happened this week in crypto,
see you next week.
If you've enjoyed this video, leave us a thumbs up,
subscribe to the channel and click the notification bell
so you don't miss a review, news update
or the clearest information about Bitcoin and cryptocurrencies anywhere.