Crypto Market Update May 28, 2022
On May 28, 2022, the global crypto market started by plummeting 4.79%, touching a total market cap of 1.18T. The total crypto market volume is $94.37B, making a 2.88% increase over the last 24 hours. The total volume in DeFi is currently $7.08B, 7.50% of the total crypto market 24-hour volume. The volume of all stable coins is now $81.73B, which is 86.61% of the total crypto market’s 24-hour volume. Bitcoin’s price is currently $28,388.91. Bitcoin’s dominance is currently 45.90%, increasing 0.30% over the day.
If you haven’t heard, Terra 2.0 is All Set for Mainnet
Terra 2.0 testnet is live, and the new blockchain will be launched on Saturday, followed by an airdrop of new LUNA crypto to users as part of a plan to revive the ecosystem. Following the completion of a vote among network validators with a 65%, a snapshot of the new blockchain, now known as “Terra 2.0,” was taken earlier this week.
- Holders of LUNA and TerraUSD (UST), a stablecoin tethered to the US dollar, are eligible to acquire vested new LUNA tokens based on their previous holdings. In theory, this would allow existing holders to recoup some of their lost investment value while also encouraging the use of the new blockchain.
- It’s unclear whether Terra’s original developers will stay to rebuild while companies such as Polygon and Kadena are luring programmers with multimillion-dollar ecosystem funds.
Liquidations & Lows
According to statistics, Bitcoin (BTC) and Ether (ETH) lost key support levels in the last 24 hours as the broader crypto market weakened, resulting in roughly $520 million in liquidations. Ether-tracked futures dropped $236 million, roughly twice as much as bitcoin futures, which lost $125 million.
- On ordinary trading days, ether sees lesser liquidations than bitcoin. Therefore, the losses were unusual.
- According to statistics from analytics firm Glassnode, a fundamental explanation for the reduction could be a lack of demand for Ethereum’s block space. Prices for “gas,” or network costs, have been falling since December and have just hit multi-year lows.
Latin American crypto exchange Bitso laid off 80 employees on Thursday. The exchange had more than 700 employees before the layoffs and still lists more than 60 open positions on its jobs page.
- In its statement, the company mentioned the need to rethink the skills it needs from employees to move faster in the crypto industry as reasons for the cutbacks. It did not mention any difficulties in raising capital.
Stepn, a Solana-based “move-to-earn” game, stated Thursday that it would effectively ban gameplay in China starting in mid-July, sending its GMT token soaring as markets digested the news.
- On July 15, Stepn will discontinue offering GPS services to users whose IP address or GPS location indicates that they are in China. Players who hold the membership-like shoe non-fungible token (NFT) will be unable to earn tokens for their steps if GPS services are not available.
- In a tweet, Stepn stated that it “has always given significant priority to compliance obligations and always strictly complies with the appropriate requirements of local regulatory agencies.”
USDT On Polygon
According to the company, Tether has released its USDT token on Polygon, an Ethereum scaling platform bringing the world’s largest stablecoin on more than 11 blockchains.
- USDT will support Polygon’s decentralized finance (DeFi) ecosystem by providing a stable currency for investors to generate yield and move in and out of the network. USDT is pegged 1:1 to the dollar and has over a $73 billion market valuation.
JPMorgan Joins Elliptic’s $60 Million Series C
Elliptic collaborates with companies and government organizations to investigate blockchains for criminal activity. It assists companies like Coinbase with internal anti-money laundering compliance. Santander, Revolut, Genesis, and Stellar are among the other clients.
Former OnlyFans Executives are Preparing to Launch the NFT Trading Card App for Influencers
As it will be known, Zoop will launch on Polygon in an attempt to cash in on the expanding creator economy. It will allow fans to collect non-fungible token (NFT) trading cards featuring their favorite influencers and celebrities when it launches this summer. This, according to the corporation, will develop a “closer relationship between fan and influencer.”
A $100 Million Fund Formed by ex-Binance Executives Emerges from the Shadows
According to a statement released on Thursday, the fund, dubbed Old Fashion Research, was created in late 2021 by Ling Zhang, former Binance VP of M&A, and Wayne Fu, former Binance head of corporate development. Zhang oversaw Binance’s acquisitions and investments in companies, including FTX, Multicoin Capital, and CertiK.
OpenSea Redesigns Elements of its NFT Store
OpenSea’s profile and collections pages have been redesigned. The site has been redesigned to make it more user-friendly. The profile pages now resemble Twitter and Etsy, while the collection page is more modern and less focused on metrics. Although NFT sales are falling, OpenSea was used by nearly 124,000 individuals in the last week. The post includes screenshots of the new revisions.
Tether Launches a Mexican Peso-Pegged Stablecoin in Latin America
On Thursday, Tether added a token tied to the Mexican peso. MXNT will be available on the Ethereum, Tron, and Polygon blockchains at first. 40% of Mexican businesses want to use blockchain and cryptocurrency in some capacity. In 2021 Mexico was the world’s third-largest recipient of remittances. It received $51.6 billion from foreign nationals. Coinbase, Bitso, and Circle, among other major cryptocurrency exchanges, have all opened services in the country.
Hotels Using NFTs to Create a StubHub for Lodging Reservations
Hotels and resorts are turning room rights for sale into non-fungible tokens (NFTs) that visitors can buy or sell. The NFTs enable owners to receive payment for their rooms and guests to sell their bookings on the open market if they decide not to travel. Some establishments allow customers to exchange tokens for stays at other establishments. The sector is still in its infancy, and there are still issues to be resolved, such as determining how to validate the identity of guests who purchase tokens from other guests.
Brave Adds Solana Support and Ramp Wallet Functionality
The Solana blockchain is now supported in the latest version of the Brave browser. Through the non-custodial platform Ramp, users can now buy, sell, and hold SOL and SPL in the Brave Wallet. Instead of using an exchange, Ramp allows users to buy cryptocurrency directly from their Brave Wallet. Brave’s Basic Attention Token (BAT), which can now be wrapped and used as an SPL token on Solana, is getting further features. In the future, BAT holders will be able to use the token to buy and sell NFTs on Magic Eden.
Project Liberty to Run on Polkadot
Project Liberty is a social-media disruptor built on blockchain. On a Polkadot parachain, it attempts to deploy the Decentralized Social Networking Protocol, an open-source, publicly owned infrastructure. Polkadot is very appropriate for social networking because of its qualities. It enables messaging scale, latency, and low-cost volatility. Later this year, Project Liberty intends to introduce a token.
WeWork Raises $70M for Carbon Credit Crypto Project
Adam Neumann, the co-founder of WeWork who departed amid criticism, has founded a cryptocurrency startup. Using a token backed by a bundle of certified carbon offset credits given by nature-based enterprises, Flowcarbon intends to bring the voluntary carbon market to the blockchain. The token can be sold, borrowed and lent with, or redeemed for real-world credit to reduce users’ environmental effect. The Celo blockchain will be used to launch Flowcarbon. Registration for the pre-sale is now available.
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