Crypto Market Highlights May 14, 2022

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Crypto Market Highlights: General News

  • LUNA/USD was trading at $0.027 on Bitfinex at the time of writing, up from $0.034 earlier in the day – 593% higher than the week’s all-time lows of $0.0049. Meanwhile, BTC/USD remained below $30,000, which has now become resistance, according to data from CoinCu. The pair had gotten close to $31,000 before retracing, and the end of the regular market trading week was accompanied by further warnings that a new macro low was on the way.
  • Kava Network’s decentralized stablecoin USDX has just dropped from the $1 price zone. USDX fell to the $0.47 zone on Wednesday and is currently hovering around the $0.75 zone. The reason for this de-peg is still unknown. Unlike algorithmic stablecoins like UST, Kava’s USDX can be minted against a collateralized loan.
  • The GMT token is one of the top performers as per the arrangement in the daily chart. Rising a massive 61% against the USDT in the past 24 hours, STEPN is also outperforming ETH and BTC in the same period. The GMT crypto appears to be bottoming up after dumping 80% from May 2022 peaks. Buyers are confident following today’s gains. As per the formation in the daily chart, $1 is a psychological round number. It could anchor the leg up in the short term.
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  • Do Kwon, co-founder and CEO of Terraform Labs, broke his social media silence with a series of tweets about Terra’s LUNA token and accompanying stablecoin, UST. He claims that UST will not return, and that the Terra blockchain will need to disperse tokens in order to continue forward. The statements came just hours after Kwon proposed, via a Terra discussion site, to essentially restart the network by distributing 1 billion tokens to affected holders and users.
  • According to data released on May 13 by Santiment, Cardano whales were the most active they’d been since January, when the ADA price hit a low of $0.40 on May 12.“Cardano’s whales showed a flurry of transactions yesterday as prices were bottoming out to $0.40, between 8 am and 12 pm UTC. These spikes have very commonly indicated price direction changes for $ADA, and we’re monitoring further whale activity closely,” the company writes.
  • The Vietnam Blockchain Association was recently granted a license to operate, making it the first recognized legal entity to bring together technology enthusiasts for study and implementation. Vietnam’s blockchain will be used throughout the country. The association has its own charter, headquarters, seal, and property as a professional social organization. Founded on the voluntary spirit of individuals and organizations with common interests, industries and operational purposes, the association will protect the legitimate rights and interests of the association, its members and the blockchain community.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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