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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 sustain its $1 peg and LUNA, the blockchain’s native token, nears zero. Terraform Labs, the tech start-up behind the development of Terra, halted the production of new blocks on the network on Thursday “to prevent goverance attacks following severe… Source link

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Earlier this week, the MimbleWimble upgrade was announced for Litecoin and the price had zero bullish reaction to this news. This is actually a common feature of bearish markets, where fear moves the price and good news barely leaves a trace as it comes and goes. The bearish structure of Litecoin has been in place for nearly eight months now, and the bottom… Source link

The crypto market experienced another day of pain on May 12 as the fallout from the Terra’s LUNA and UST failure continues to ripple across the ecosystem. While the coverage for UST and its impact on Bitcoin (BTC) have been extensively covered over the past few days, the pullback has also had a significant impact on the price of Ether (ETH) as traders hastily exited the market. Data from Cointelegraph Markets Pro and TradingView shows that the past seven days of selling dropped Ether to… Source link

Monero (XMR) gets a bearish rating from InvestorsObserver Thursday. The crypto is down 5.83% to $134.11 while the broader crypto market is down 1.51%. Monero has a Bearish sentiment reading. Find out what this means for you and get the rest of the rankings on Monero! Bearish Over the last five days, Monero has earned a Bearish rating on the InvestorsObserver Sentiment Score. The Sentiment Score measures the performance of Monero… Source link

WEST PALM BEACH, Fla. — The cryptocurrency crash is currently separating faithful followers from ambitious investors. Bitcoin — crypto’s most stable coin — has dropped substantially from its highest value of $67,000 in November 2021. Bitcoin plunged to $25,000 Thursday but had rebounded to more than $28,000 by the afternoon. Cryptocurrency’s volatility has been something that financial experts have warned about for many years. RELATED: Crypto mining 101: How are people making money from… Source link

Ether (ETH) is down 38% in three weeks and the current $2,000 level is 59% below the $4,870 all-time high that was reached in November 2021. Additional newsflow that added to the current market wide volatility were the bankruptcy fears that emerged after Coinbase, the largest U.S. exchange reported a $430 million first-quarter 2022 loss.  In the most recent 10-Q filing Coinbase included the following disclosure: “In the event of a bankruptcy, the crypto assets we hold on behalf of our… Source link

Avi Rozen/iStock Editorial via Getty Images I’ll start this off by addressing the elephant in the room. This is not fun. Pure and simple. And I’ve been wrong on every bullish Bitcoin (BTC-USD) article this year. Not only are we witnessing the return of wild volatility to the downside in the cryptocurrency market, but we’re seeing just how dependent on low rates and easing the broader financial system really is. Everything seems to be the same trade at this point. You’re either long dollars… Source link

As governments in the region closely watch El Salvador’s experiment, and a second nation, the Central African Republic, follows suit with Bitcoin adoption, Bukele’s difficulties suggest that efforts to transition whole nations to cryptocurrencies are fraught with pitfalls. “Nothing positive has happened,” said Ezequiel Milla, former mayor of La Union, speaking near the base of a volcano on the country’s east coast that Bukele plans to use for geothermal-powered Bitcoin mining. The… Source link

In yesterday’s article on Bitcoin BTC/USD, I highlighted a support level where the price is trading around that has the potential to end its decline and encourage a reversal back to the upside. The price, as of Thursday, trading below this level, but only just. I tend to look at these levels as zonal areas instead of hard levels. We will get a better idea if this level holds firm by the end of this week, or even the end of May, once we have confirmed closing prices. Fake breakouts are… Source link