Crypto Espresso: Do Kwon is already bringing back the Terra in today’s quick shot of the latest crypto news – Stockhead

Crypto Espresso: Do Kwon is already bringing back the Terra in today’s quick shot of the latest crypto news – Stockhead

Blockchain Crypto Market Technology
May 17, 2022 by Coinvasity
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Via GettyCoinhead 15 hours ago | Christian Edwards Link copied to clipboardMorning Coinheads.Is the ‘crypto winter’ already over?Why does Do Kwon want back in?And how can the the founder of Terra still be a fan of Terra’s blockchain?Let’s begin. BTC has shed a further 3% after making a show of looking like a more stable kind
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Morning Coinheads.
Is the ‘crypto winter’ already over?
Why does Do Kwon want back in?
And how can the the founder of Terra still be a fan of Terra’s blockchain?
Let’s begin.
 
BTC has shed a further 3% after making a show of looking like a more stable kind of coin. An hour ago it was changing hands above US$30,100.
El Salvador’s BTC dip-buying “moonboi” president Nayib Bukele earlier announced that 32 central banks and 12 financial authorities are meeting in the Central American country to discuss Bitcoin.
Stockhead’s bad boy of Coinage, Rob Badman, is all over it here.
 
Now that it’s been broken into a million tiny pieces Do has whipped up another proposal to reinflate the potential of his poisoned chalice by getting rid of the failed TerraUSD stablecoin and rejigging/piggybacking/transplanting the project into a new  – and possibly network.
2/ It has been inspiring to partake in the dynamic discourse regarding the best next steps for Terra. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward.https://t.co/E13VI8bkLh
A thread on our reasoning:
— Do Kwon 🌕 (@stablekwon) May 16, 2022

Kwon wants to copy the blockchain’s code to create a new network, called Terra, and to distribute new tokens to former Terra supporters like key app developers, those whose computers order transactions on the network, and those who still hold TerraUSD, Kwon wrote in a post on a research forum.
 
…asks, eToro’s market analyst and crypto expert Simon Peters.
Simon says, yes, the high speed decline of cryptoassets over the past two weeks appears to have come to a stop for now.
Bitcoin saw a major sell-off last week, having started above US$33,800 before reaching as low as US$26,350 on the eToro platform on Thursday.
The coin has recovered some ground over the weekend however and is now trading between US$29,000 and US$30,000.
Ether likewise saw its value plummet from around US$2,500 to below US$1,800 before rebounding to now trade around US$2,000.
The falls cap a week many have now described as the beginning of a “crypto winter”. But with the so-called death spiral now halted, investors will be keen to see if tokens can maintain their price levels for the next few days at least.
The last time the market faced adversity like this was the collapse of 2018. But the make-up of the market is very different today than four years ago, he says.
Peters adds that institutional investors now make up a much bigger proportion of the market, which has already had an observable impact upon not just prices, but the way the market moves.
 
Look, I don’t want to send you to Bloomberg but the money bags of Michael have Emily Nicolle crypto-blogging all about the WTF part of algorithmic stablecoins imploding. It’s pretty good.
She writes, speculation that the collapse of one of the biggest experiments in decentralised finance could bring about the death of crypto appears to have been overblown. If Terra’s implosion had happened after a few more months of growth, the resultant market impact might have created a DeFi version of 2008 — instead, high-profile algorithmic stablecoins may end up being the main casualty.
She says stablecoins are right in an existential crisis.
 
Hot on the heels of Kanish Chugh et al here in Sydney, Grayscale Investments has announced the launch of an exchange-traded fund (ETF) over in Europe.
The company’s Future of Finance UCITS ETF will list on the London Stock Exchange (LSE), Borsa Italiana, and slightly funky Deutsche Börse Xetra in Berlin.
The world’s largest digital asset manager announced Monday the launch of its first European exchange-traded fund (ETF) called Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the company said.
The announcement details:
GFOF UCITS ETF tracks the investment performance of the Bloomberg Grayscale Future of Finance Index and seeks to offer investors exposure to companies at the intersection of finance, technology, and digital assets.
The GFOF UCITS ETF is Grayscale’s second ETF.
The first, announced in February, is listed in the US in partnership with Bloomberg. It also tracks the investment performance of the Bloomberg Grayscale Future of Finance Index. UCITS ETFs are products domiciled in European markets that are subject to the Undertakings for the Collective Investment in Transferable Securities regulation.
Also don’t forget to read The Badman’s daily crypto-take over at Mooners and Shakers – it’s funnier, with more valuable information and forlorn cricket references.
 
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