Short cryptonews for this week 19/52 (2022)

By Pasucaru | pass fire | 14 May 2022


- Bitcoin dipped below $28k and ETH below $1900 before bouncing back from yearly lows. Top 100 Bitcoin Wallets Added 77,618 BTC ($2,420,000,000).

- TERRA (LUNA) bankruptcy : UST is an algorithmic stablecoin, backed not by its LUNA token, but by demand on that token. If investors buy LUNAs and "destroy" them to create USTs, the bond is gradually restored, regardless of its price. But the mechanism did not work so the Terra foundation behind this stablecoin emptied its BTC wallet (10th largest) and appealed to various funds and large companies without success. The number of LUNA created was so large that its price was tending towards zero (-99.99% in less than 5 days).

- Tether's stablecoin (USDT) was also down (down 5% to $0.95), its lowest in 2 years. Important point: USDT is backed by a dollar reserve unlike UST, so there is no algorithmic problem.

- Coinbase borrowed money from Goldman Sachs bank, providing its bitcoins as collateral and publishes its financial results well below expectations, with a net loss of $430M for the first quarter. The exchange is at its low in the stock market. (Theverge) In the event of bankruptcy, Coinbase could keep the cryptocurrencies of its customers.

- The Instagram platform has validated the integration of NFTs and will support the networks of Ethereum, Polygon, Solana and Flow. (Businesstoday)

- Emirates Airlines will start accepting bitcoin as a form of payment

- Shanghai has recognized bitcoin as a legally protected asset. (news.bitcoin.com)

- Germany now tax-taxes crypto gains after one year of ownership, up from the current 10. (Coindesk)

- El Salvador bought 500 BTC at $30,744, and the country's president presented a plan of the future Bitcoin city.

- The number of crypto ATMs worldwide has reached 37,338 - an average of 22 devices are installed every day.

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