A week in review: May 8–14 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Breaking: Terra blockchain officially halted following LUNA price collapse | | | This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar — and continued to crash. | | | At its lowest point during the week, UST fell to around $0.13, according to CoinMarketCap. The meltdown also affected LUNA due to its symbiotic relationship with its sister asset. After reaching a high of $120 in early April, LUNA's value plummeted this week to basically zero. | | | Do Kwon, CEO of Terraform Labs, looked to impliment certain measures to right the sinking ship, as per Cointelegraph's reporting on Thursday. Subsequent reporting showed that the Terra blockchain halted operations briefly after LUNA's hyperinflation significantly reduced the cost of a governance attack on the network. | | #2. Robinhood shares spike 30% after Sam Bankman-Fried buys $650M stake | | | Since March of this year, FTX CEO Sam Bankman-Fried has been buying shares of popular trading app Robinhood, concluding his purchasing this past week. In total, Bankman-Fried picked up $648 million in Robinhood stock, equating to a 7.6% company stake. The FTX CEO's average price per share was $11.52. | | | A United States regulatory filing recently revealed the purchase. Robinhood shares increased more than 30% immediately after the news became public. | | #3. Meta will test digital collectibles on Instagram starting this week | | | Earlier this week, Meta said it intends to experiment with NFTs on Instagram by allowing digital collectibles to be used as profile pictures. The decision came directly from CEO Mark Zuckerberg. | | | Adding NFTs to Instagram serves as a precursor to bringing digital collectibles to Facebook and other Meta entities, Zuckerberg said. Other social media platforms, such as Twitter, have already moved toward offering NFTs as profile pictures. | | #4. Prediction of the week. Bitcoin macro bottom 'not in yet' warns analyst as BTC price holds $30K | | | Bitcoin is coming off a highly volatile week, briefly falling below $27,000 at one point, according to Cointelegraph's BTC price index. Although the asset subsequently rallied above $30,000, BTC may not be out of the woods yet in terms of a larger scale macro bottom. | | | In presenting his case, Twitter user Material Indicators noted: "IMO, the macro bottom is not in yet." | | | Other market evaluations included one from former BitMEX CEO Arthur Hayes, who said in a May 12 blog post: "The crypto capital markets must be allowed time to heal after the bloodletting concludes." He continued with other comments, noting certain price levels he is watching for BTC and ETH. | | #5. FUD of the week. Galaxy Digital reports $112M Q1 loss, citing crypto price volatility | | | Crypto investment firm Galaxy Digital Holdings recently published its results for Q1 2022. The firm posted a net comprehensive loss of approximately $112 million during the quarter, a considerable change of pace from its roughly $858 million profits during Q1 2021. The company's results mirror the significant shift in market sentiment for crypto assets over the past 12 months. | | #6. FUD of the week. Breaking: Binance suspends LUNA and UST trading amid issues on Terra blockchain | | | Amid the turmoil surrounding LUNA and UST, Binance decided to suspend spot trading for the UST/BUSD and LUNA/BUSD trading pairs. UST and LUNA withdrawals were temporarily halted by Binance earlier in the week. Binance Futures has also adjusted certain LUNA-related trading features. | | | |
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