• The stablecoin TerraUSD (UST) depeg has led to the most important deathspiral in only a week with over $40 billion of value between UST and LUNA destroyed.
  • UST crash has impacted the whole crypto market with $1 Trillion in market cap meltdown.
  • Luna Foundation Guard tried to maintain the 1:1 peg and questions have been raised about bitcoin reserves management.
  • Web3 investments and consolidations remains very active despite short term turmoils.
  • Yellen quote UST breakdown while calling for stablecoin rules.
  • Coinbase warns users could lose their crypto holdings if the company goes bankrupt.
  • More banks globally are offering digital assets trading.

Business

Luna Cryptocurrency Collapse: How UST Broke and Why It Matters
Over $15 billion in cryptocurrency value was wiped after the TerraUSD stablecoin collapsed.
CNETDaniel Van Boom
Coinbase warns users could lose their crypto holdings if the company goes bankrupt
Coinbase said in its first-quarter earnings report that cryptocurrency assets could become company property in the unlikely event of bankruptcy.
InsiderKatie Canales
Nubank, Brazil’s Largest Digital Bank, Launches Bitcoin and Ether Trading
The trading and custody service is being provided by blockchain infrastructure company Paxos.
CoinDeskAndrés Engler
Nomura Starts Trading Crypto Derivatives, Joining Rivals Goldman, JPMorgan
Nomura carried out bitcoin futures and options trades with derivatives exchange CME Group and crypto market maker Cumberland DRW.
CoinDeskIan Allison
Robinhood Shares Rally 20% After FTX Founder Sam Bankman-Fried Acquires 7.6% Stake | Bitcoinist.com
One of the most prominent names in cryptocurrencies is placing a wager on individual investors. Sam Bankman-Fried, chief executive officer of cryptocurrency
Bitcoinist.comJet Encila
Goldman Sachs and Barclays invest in UK crypto trading platform Elwood
Wall Street banking giant Goldman Sachs joined Barclays, one of Britain’s biggest banks, in a $70 million Series A funding round for Elwood Technologies.
CointelegraphJesse Coghlan
Chainalysis doubles valuation to $8.6 billion in latest fundraising round: The Information
The New York-based crypto data firm has raised $170 million in a Series F round, according to The Information.
Coin News
Cryptocurrency Exchange Kucoin Raises $150 Million in Pre-Series B Funding Round, Reaches $10 Billion Valuation – Bitcoin News
Kucoin, a Seychelles-based cryptocurrency exchange, has announced it has raised $150 million in a pre-Series B funding round.
Bitcoin NewsNews
David Marcus unveils new startup focused on Bitcoin and Lightning backed by a16z and Paradigm
David Marcus, the former head of Meta’s crypto and digital finance operations, has unveiled his latest endeavor: a company aimed at expanding the use cases of bitcoin.Dubbed Lightspark,
UAE-Based Airline ‘Emirates’ Says It Is Planning to Accept Bitcoin for Payments
Dubai-headquartered Emirates, which is one of the two flag carries of the United Arab Emirates (UAE), is reportedly planning to embrace Bitcoin, NFTs, and the metaverse.
CryptoGlobeSiamak Masnavi
Meta Confirms Instagram Will Start Testing NFTs This Week
Mark Zuckerberg has confirmed Meta’s long-rumored NFT plans
u.todayAlex Dovbnya

Markets

Crypto Chart 66
BitcoinLast time we said : ‘I believe we probably have a few more weeks drifting lower to compete this larger correction.’Bitcoin Short Term Chart Given the divergence in the MACD I believe a low will be in place soon and would rather buy on an hourly close above 35k to
The AssetsMatthew Clark

Regulations

US Treasury Secretary Janet Yellen pushes for stablecoin regulation by end of year – TechCrunch
Stablecoins have been a hot topic both on and off Capitol Hill. Earlier today, U.S. Treasury Secretary Janet Yellen pushed for regulation during an annual testimony in front of the Senate Banking Committee, at a time where Terra’s algorithmic stablecoin UST struggles to retain its peg. “New product…
TechCrunchJacquelyn Melinek
Department of Justice Indicts Crypto CEO for Alleged $62M Fraud Scheme - Decrypt
Investments for mining crypto and “trading bots” ultimately ended up in the private wallet of Mining Capital Coin’s CEO, alleges the DoJ.
DecryptAlys Key
Germany Won’t Tax Bitcoin, Ethereum Sold After One Year of Possession - Decrypt
Cryptocurrencies can be sold tax free after one year of possession, according to Germany’s finance ministry.
DecryptAndrew Asmakov

Opinions

Bill Miller Remains Long-Term Bitcoin Bull
American investor Bill Miller won’t rule out a steeper Bitcoin correction after a drop to as low as $25,000
u.todayAlex Dovbnya
Terra Flops
Also creditor fights and Musk Twitter
BloombergMatt Levine

Readings / Podcasts

UST Luna Meltdown: What Happened?
A post-mortem on crypto’s biggest collapse
BanklessBen Giove
The LUNA and UST Crash Explained in 5 Charts
One of the earliest signs that things were going wrong for Terra came when UST deposits on Anchor started dropping Saturday.
CoinDeskSam Kessler and Sage D. Young