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The analysts said they saw no apparent “lead effect” from bitcoin (BTC) to S&P 500 index futures. The recent weakness in bitcoin and equities appears “contemporaneous,” according to the report. Still, given the existing poor sentiment in equities, the fall in crypto markets doesn’t help, it said. Original Source
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Most speculative and leveraged areas of crypto markets now in focus, the bank’s analysts said. Source
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Bitcoin was recently trading above $31,000, up nearly 6% over the past 24 hours and more than 16% from the $26,600 depths it sank to mid-Friday. "Bitcoin did indeed face downward pressure that saw it losing the $30K support, but it did not fall below the 25K level," Joe DiPasquale,
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On the bright side, somehow bitcoin didn’t completely collapse. Over 80,000 BTC from that almost $4 billion treasury was potentially sold (we can’t yet confirm if the bitcoin was actually sold, but it was sent to exchanges) during the mad dash to get UST back to $1. That caused a
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The admission comes after the stunning demise of the Terra blockchain’s flagship project. Source
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Still, other cryptocurrencies fared far worse, a sign of the risk-off environment that has investors veering away quickly from any asset with a whiff of risk. Ether, was trading at about $1,960, off about 5% after dipping under $1,800 earlier in the day, the first time since last July it
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Luna's Collapse Shows DeFi's Dire Need for Technical, Regulatory Controls Original Source
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Validators for the Terra blockchain have decided to officially halt network activity on Thursday in a move designed to prevent governance attacks following the severe devaluation of the network’s LUNA token. Terraform Labs' official Twitter handle confirmed that the blockchain network was halted at a block height of 7,603,700. The move
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The world’s largest asset manager, Blackrock, and hedge fund giant Citadel Securities have denied claims that they had a role in the fall of terrausd (UST) and terra (LUNA). In addition, crypto exchange Gemini has denied making a bitcoin loan that resulted in the terra collapse. Blackrock, Citadel Securities, Gemini Deny
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Timeline of the Collapse: -In the early morning of May 8, to prepare for the 4Crv Pool, Luna Foundation Guard (LFG), a Singapore-based non-profit that maintains the Terra network, removed $150 million worth of UST from the UST-3Crv Pool. At this time, the TVL of the pool was around $700 million.
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