Related: Is It Time To Buy The Dip?
A dramatic meltdown in bitcoin and other cryptocurrency appears to have slowed, with investors left counting their losses after one of the most dramatic plunges in recent times.
The whole market is still significantly down over the last week. Ethereum, for example, has been particularly hard hit and lost 24 per cent in its last seven days.
There are signs that the dramatic fall could be turning around, however. Bitcoin is up 14 per cent over the last day – and back through the important psychological milestone of $ 30,000 – and the market is up 13.5 per cent.
Fear shook the market this week after the Terra (LUNA) cryptocurrency fell by more than 99 per cent overnight, and the wider crash has pushed another stablecoin, Tether, below its dollar peg.
You can follow all the latest news, analysis and expert price predictions for bitcoin, as well as other leading cryptocurrencies like Ethereum (ETH), Solana (SOL) and Cardano (ADA), right here.
Bitcoin, altcoin prices surge as market meltdown slows down
The overall crypto market has surged by around 10 per cent in the last day following its dramatic crash on Thursday.
Bitcoin has surged in price by about 9 per cent in the last 24 hours, inching closer to $ 30,500.
The leading cryptocurrency is still down by 15 per cent compared to its value a week ago.
Ethereum has also grown by about 9 per cent in the last day.
Cardano, dogecoin, polkadot, and avalanche have each risen by over 20 per cent in the last 24 hours as Thursday’s crypto market meltdown appears to be slowing down.
The crypto market is currently valued at $ 1.3 tn, which is still close to half its value last November.
Vishwam Sankaran13 May 2022 10:48
Cardano, Polkadot surgeon by over 30 per cent, leading in recovery
Cardano has surged by over 30 per cent in the last 24 hours as Thursday’s crypto market meltdown appears to be slowing down.
In the last 12 hours, cardano (ada) has grown in value by over 25 per cent and is currently valued at $ 0.5764.
However, it is still down by 25 per cent compared to its value a week ago.
Polkadot has also grown by over 30 per cent in the last day.
Other top cryptocurrencies including avalanche and solana have also surged by about 20 per cent in the last 24 hours, gaining some of their value lost during Thursday’s slide.
Vishwam Sankaran13 May 2022 11:06
Emirates will reportedly add bitcoin as payment method
UAE airliner Emirates has announced it will embrace blockchain, metaverse, and cryptocurrency as part of its new strategy to connect with customers.
Emirates Chief Operating Officer Adel Ahmed Al-Redha reportedly said the company is planning to employ bitcoin as a payment service and is adding NFT collectibles to the company’s websites, according to Arab News.
The Dubai-headquartered airline said it would also hire new staff for metaverse and NFTs. The company said it also sees the use of blockchain technology in tracing records of aircraft.
“NFTs and metaverse are two different applications and approaches. With the metaverse, you will be able to transform your entire process – whether it is in operation, training, sales on the website, or complete experience – into a metaverse type application, but more importantly making it interactive, “Mr Al-Rehda said. General Chat Chat Lounge
Vishwam Sankaran13 May 2022 10:33
Terra Luna’s creator is still quiet on recovery plan
In the midst of Terra Luna’s collapse – since when it has fallen even more – its creator Do Kwon posted a thread in which he urged investors to stay strong and keep the belief that the cryptocurrency would return. After laying out the technical reasons he believed the cryptocurrency would bounce back, he ended up with a firm commitment:
“Terra’s return to form will be a sight to behold,” he wrote. “We’re here to stay. And we’re gonna keep making noise. “
He has not posted since, and the price of the cryptocurrency is looking worse than ever.
Andrew Griffin13 May 2022 09:34
Coinbase says the outage behind the underlying issue is resolved
After users reported difficulty withdrawing funds amid fears of a widespread crypto market crash, Coinbase tweeted it was “implementing a fix.”
“We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on the issue. We’ll provide an update here soon, “the company tweeted.
Several users said they were unable to withdraw funds with some reporting on Reddit they were unable to access the app or the website.
The outage hit Coinbase at a particularly uneasy time when users try to withdraw urgently.
The company has since said the “underlying issue that is likely to be resolved and full service has been restored.”
Vishwam Sankaran13 May 2022 09:03
US Treasury Secretary calls for new regulations amid crypto meltdown
US Treasury Secretary Janet Yellen called for additional federal regulations amid crypto market crash following the dramatic fall in the value of Terra (LUNA) cryptocurrency.
“We’ve had a real-life demonstration of the risks,” she said of stable coins, during a House committee hearing on Thursday.
Stable coins are cryptocurrencies pegged to a specific value, such as the US dollar, or gold, and are expected to be theoretically stable to cash.
With the collapse of Terra, or UST, which collapsed, losing almost all its value on Thursday, Ms Yellen said “the role of the government should ensure responsible innovation – innovation that works for all Americans, protects our national security interests and our planet. , and contributes to our economic competitiveness and growth. “
Vishwam Sankaran13 May 2022 08:44
Terra validators halt blockchain to plan next step
Terra validators have temporarily halted their network to plan next steps after UST and LUNA prices crashed.
“The Terra blockchain has officially halted at block 7607789. The Terra Validators have halted the network to come up with a plan to rebuild it. More updates to come, “tweeted Terra’s official Twitter account.
LUNA was valued at about $ 0.008 when the network was halted, and UST was priced at $ 0.19.
Vishwam Sankaran13 May 2022 08:20
Terra Luna misses out
The crypto market may be making an attempt to recover this morning. But that doesn’t apply to Terra Luna, the so-called stablecoin that was at the center of the meltdown.
That ‘s supposed to be pegged to the dollar, so that it is always worth $ 1. This morning, it is worth $ 0.00005583.
And what’s more, it is not really moving from that price – in part because the instability means that underpinning the technology it has been broken, and exchanges have stopped being traded.
Andrew Griffin13 May 2022 08:02
Stablecoins: What are Terra and Tether, and how did they help cause new crypto meltdown?
So-called stablecoins have led the cryptocurrency market to melt down in a moment of significant instability, writes Andrew GriffinGeneral Chat Chat Lounge
The cryptocurrencies are intended to be a particularly reliable way of investing in digital money, and are being marketed as a way around significant volatility in other, better known names such as bitcoin.
For some, that volatility is a fun or valuable thing about cryptocurrencies, as people look to make money by trading them. But it also means they are a dangerous store value, and are impractical to use in actual transactions.
Jon Sharman13 May 2022 07:50
Bitcoin crash costs El Salvador enough for next bond payment
ICYMI: Bloomberg reports that the cash-strapped Bitcoin holdings are down to around $ 40m, with it owing $ 38.25m on its foreign debt on June 15, maturing notes in 2035.
The country became the first to make it legal tender last September and the government spent about $ 105m on Bitcoin, before its 40 per cent fall in value, reports the news organization.
Jon Sharman13 May 2022 07:31