DeFi

Long future traders suffered significant losses after bitcoin and ether hit key support levels.

Instagram intends to convert NFTs into a revenue cow with its millions of creators and billions of users.

Following the revelation, the project's floor price has plummeted.

UST's salvation may have worsened a bitcoin sell-off that dropped BTC to its lowest price since July 2021 by drawing into its bitcoin holdings.

Venezuela's government is now concentrating its efforts on establishing the bolivar as the country's preferred currency for purchases. Several experts believe that this is a risky investment in a country that has just emerged from hyperinflation and is still experiencing high inflation. However, the implementation of a 3% tax on foreign currency and cryptocurrency expenses is having some effects in this area.

Concerns about the algorithmic stablecoin terrausd (UST) losing its $1 parity have grown as crypto markets continue to fall in value. On May 7, 2022, UST fell to $0.985 per unit against tether (USDT), sparking widespread concerns that the stablecoin might lose its dollar anchor. Following the dip on Saturday, the Luna Foundation Guard (LFG) announced that it was loan out millions of dollars in bitcoin and UST to keep the peg in place until market conditions normalized.

Compound Treasury, a website that promises a 4% interest for USDC-denominated business accounts, has a shaky B- grade.

The Securities and Exchange Commission (SEC) of the United States has suspended a $62 million worldwide cryptocurrency trading and mining fraud, and the Department of Justice (DOJ) has charged the scheme's CEO and creator. According to the Justice Department, if convicted on all counts, he faces a possible total punishment of 45 years in prison.

According to a Gallop poll released on May 2, the public's trust in America's current economic leaders is eroding. Confidence in US President Joe Biden's ability to manage the US economy has fallen from 57 percent to 40 percent, while belief in Federal Reserve Chair Jerome Powell has fallen from 55 percent to 43 percent. The April 2022 Gallop survey, released during the country's worst inflationary strain in decades, suggests that faith in economic leaders is at its lowest position since 2008.