At the beginning of Week 22 the total cryptocurrency market capitalization stands at $1.28 trillion – another few $100 billion less than last week. We have seen a lot of development and plenty of announcements last week, therefore we are all hoping for some green numbers this week. Do you think that we will finally see trend reversal or is the crypto market headed even lower – towards the $1 trillion valuation?
Do Kwon, the founder of Terraform Labs, the company behind the Terra blockchain, has seen its proposal to “revive” the Terra ecosystem receive more than 65% of the vote. The remaining 21% went for the “Abstain” option, and about 12% for the “No with veto”.
The collapse of the Terra ecosystem has left many investors down huge sums of money. LUNA, which at one point traded as high as $119, is now worth just one-hundredth of a penny. Retail investors were far from being the only ones affected by the downfall of the once second largest DeFi ecosystem and the third largest stablecoin.
The European Commission, the leading executive branch of the European Union (EU), is considering putting severe restrictions on large market cap stablecoins. According to CoinDesk, which first reported the news, the EU officials are in favor of regulating the sector with strict measures.
The sell-off in the cryptocurrency markets sparked by macroeconomic drivers such as rising interest rates and high inflation, as well as yesterday’s Terra collapse, have shaken the peg of the world’s largest stablecoin, Tether’s USDT.
Key takeaways: LUNA has lost over 50% of its value since Monday and dropped close to its one year low The sudden price decrease has broken UST’s dollar peg, with the stablecoin’s price falling to as low as the $0.60 range LFG has deployed 42,500 BTC from the UST Reserve Fund to help stabilize and…
Last week, the crypto markets have continued to follow the downtrend established during Week 18. The reality, however, is that Week 19 was far worser than the week before. While the total cryptocurrency market capitalization dropped by $100 billion between April 28 and May 1, the loss in valuation between May 2 and May 8 was more than $150 billion, which leads us to the point where at the beginning of Week 19 the total crypto market capitalization stands at only $1.63 trillion – the lowest market valuation ever since August 2021. We are all hoping for a bull period to arrive soon, but for those who don’t wish to wait for the whole market to recover, here are the top 3 coins to watch this week. We have identified the potential to end the week with a gain in these 3 coins….
TerraUSD, an algorithmic stablecoin issued on the Terra blockchain, has surpassed Binance USD to become the third-largest stable digital currency in the market. At press time, UST has a market capitalization of $17.8 billion compared to BUSD’s $17.4 billion.
![Crypto Market During [and After] The War: Who Will Win?](https://staging-blog.coincheckup.com/wp-content/uploads/1-Bitcoin-war-ukraine-cover-768x430.jpg)
The Russia-Ukraine conflict has been the biggest geopolitical development of the year. Following the Russian invasion, a series of developments have left global markets rattled. Given that this is the first major, global-scale conflict since the crypto market became mainstream, analysts are eager to see how cryptocurrencies have performed thus far.