Has there ever been a worse time to be in crypto? Depends on how you look at it. Amid Terra’s death spiral, Bitcoin (BTC) posting seven consecutive weekly red candles, over $1 trillion of market cap loss across the ecosystem, and an aggressive Federal Reserve hell-bent on reversing the chaos it created. , major banks are quietly increasing their exposure to the sector. You’ll love this: Goldman Sachs — once Bitcoin’s most passionate detractor — and Barclays are making some strategic purchases as they prepare for the future of cryptocurrency trading.
The first polls of the Terra vote indicate that 91% are in favor of the ‘renaissance’
The Terra saga took an interesting turn on Wednesday after Terra co-founder Do Kwon managed to convince network validators to accept a proposal that would save the blockchain without the algorithmic stablecoin, TerraUSD (UST). Over 91% of the community votes were in favor of “resurrecting” the Terra network and completely removing the UST. The “old” blockchain would continue to support so-called “UST residual holders” and would operate under the—he hopes—name of Terra Classic. However, not everything is good for the Terra ecosystem. Kwon has been summoned for a parliamentary hearing regarding his failed project, while three members of Terraform Labs’ legal team resigned this week.
1/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.
Vote here: https://t.co/ZlGxNCUTMa https://t.co/plj0guJwao
— Do Kwon (@stablekwon) May 18, 2022
1/ Terra Governance Proposal #1623 to rename the existing Terra Classic network, LUNA Classic ($LUNC), and reborn a new Terra & LUNA ($LUNA) blockchain is now live.
Goldman Sachs and Barclays Invest in UK Cryptocurrency Trading Platform Elwood
Goldman Sachs and Barclays have made headlines this week after revealing a strategic investment in UK-based cryptocurrency trading platform Elwood. Because it is important? Aside from the fact that I like to attack Goldman whenever I can for its anti-Bitcoin propaganda in the past, the investment further cements the fact that major banks see crypto as a new asset class with strong institutional appeal. . That’s basically what Goldman’s global head of digital assets said. You can read about Elwood’s $500 million funding round below.
Bitcoin Investment Giant Grayscale Debuts ETF in Europe
Grayscale has finally launched an exchange-traded fund (ETF). Granted, it’s not what we all expected, but it’s still a remarkable achievement. Grayscale Future of Finance UCITS ETF is the digital asset manager’s first European ETF and will track the performance of the Bloomberg Grayscale Future of Finance Index. The fund does not invest directly in cryptocurrencies, but rather offers exposure to companies that are directly involved in the digital asset ecosystem, especially miners and trading applications.
An exciting milestone: Announcing our first European ETF, Grayscale Future of Finance UCITS ETF — listing on London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.
https://t.co/kwmWSxvOiV— Grayscale (@Grayscale) May 16, 2022
An exciting milestone: The announcement of our first European ETF, Grayscale Future of Finance UCITS ETF, listed on the London Stock Exchange (LSE), Borsa Italiana and Deutsche Börse Xetra
BitMEX Launches Cryptocurrency Spot Exchange Following $30M Penalty
Crypto derivatives exchange BitMEX — home to the now famous settlement waterfalls — is going beyond just offering derivatives by launching a spot trading platform. BitMEX Spot Exchange offers investors the ability to trade seven cryptocurrency pairs, including Bitcoin, Ether (ETH), Chainlink (LINK), and Tether (USDT)—without the chance of getting absolutely busted in the process. BitMEX was recently spared $30 million in civil penalties after the company’s co-founders, including Arthur Hayes, pleaded guilty to violating the Bank Secrecy Act.
How will you survive the bear market?
I’ll be honest: the cryptocurrency implosion in recent months is unlike anything I’ve ever seen. Many investors are suffering a lot right now. Trust me, I’ve been through it. I’m not going to sugarcoat your losses or fill this page with clichés, but as famed value investor Benjamin Graham once observed, “Abnormally good or abnormally bad conditions don’t last forever.”. This week’s edition of The Market Report dissects the current bear market and gives you some survival tips to come out the other side stronger than ever.
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