Russian Market

2022-05-11 21:03:51 Top 10 largest private companies that own Bitcoin

Luna Foundation Guard, which recently sold all its BTC holdings to support its TerraUSD stablecoin, lost second place.

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2022-05-11 17:50:17 Terra founder shares plan to rescue de-pegged TerraUSD

In a series of tweets, Terraform Labs CEO Do Kwon announced his "rescue plan" for the Terra community. The plan is to mint more LUNA to be sold on the open market. LUNA will also be burned to mint TerraUSD. Kwon said that the only way to absorb the stablecoin supply.

TerraUSD is currently trading at $0.51, well below its 1:1 dollar-pegged value. LUNA is also at a low of $4.

It is possible that issuing more LUNA will cause the token to crash further, given that supply exceeding demand is causing price deflation.

Earlier this week, as TerraUSD peg began to slip, the Luna Foundation Guard sold all of its BTC holdings at a hefty discount in an attempt to support the peg. The move was able to bring the stablecoin’s price closer to $1, but only for a while.

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2022-05-11 16:55:25 Bitcoin dips to near $28K minutes after US inflation turned out to be higher than expected

Bitcoin fell over 6% to as low as $29,100 in minutes as the latest US inflation data delivered mixed sentiment on the economic outlook.

While the CPI data was lower than March’s reading of 8.5%, indicating that inflation is nearing its peak, it shows that prices are going to take much longer than initially thought to cool down.

The high inflation rate also means that the US Federal Reserve and other central banks will consistently raise interest rates this year, which does not bode well for the crypto market.

However, Bitcoin was able to quickly recover its pre-dip level and did not slip below $28,000. The first cryptocurrency is currently trading at around $31,100.

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2022-05-11 16:42:54 Stocks whipsaw on hot US inflation data

US inflation printed at 8.3% in April from a year ago, versus 8.1% expected. Without food and energy prices, the core CPI rose 6.2%. Month over month, inflation increased 0.6%, stirred by the supply-chain crisis and the conflict in Ukraine.

The 2-year Treasury yield shot up 10 basis points to 2.72% on the news, while stocks gave back all gains made in pre-market trading. Fed officials on Monday reinforced the Fed's message that half-point hikes are on the table for June and July. Investors will eye reports of Disney, Rivian and Beyond Meat after the market close.

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2022-05-11 13:20:28 Coinbase reported $430 million Q1 net loss

The largest cryptocurrency exchange in the USA, Coinbase, announced a net loss of $429.7 million in the first quarter of 2022, far greater than the $47 million expected by Wall Street analysts. According to the report, the main reasons are volatility and low crypto-asset prices.

Coinbase’s shareholder letter revealed that the firm generated $1.16 billion in net income during the period. Wall Street’s revenue estimate was just under $1.5 billion.

Revenue derived from transaction fees still made up the lion’s share of the total at 87%. The rest came from subscriptions and services.

Trading volume on the platform fell from $547 billion in Q4 2021 to $309 billion for the first quarter of 2022. Of this total, just 24% were retail traders, with the vast majority being institutional. It reported that institutional trading volume was $235 billion, a decrease of 37% compared to Q4.

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2022-05-11 11:12:53 Terra’s LUNA drops below $5

Terra’s LUNA plunged below the $5 mark, hitting an intraday low of $4.21. The cryptocurrency is now down by almost 90% within a week.

TerraUSD is trading at $0.34, having failed to restore its peg despite Luna Foundation Guard using all of its BTC reserves to back the algorithmic stablecoin.

CoinMarketCap has also added a flag with the need to learn about Terra and be extremely careful before investing. Usually such notifications are put on shitcoins warning people about the high risk.

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2022-05-11 10:05:55 Market Overview

BTC price trades below $31K

The Top-10 are traded in red zone:
SOL -11.7%
ADA -9.7%
BNB -7.1%

Market cap: $1.47T (-6.12%)
BTC dominance: 39.98% (+1.54%)
Fear & Greed Index: 12 (Extreme Fear) Open / Comment

2022-05-10 21:50:06 Nasdaq100 at major support level

The tech-heavy Nasdaq100 indice has fallen significantly, about 25% lower year-to-date, after a significant reversal in risk assets pressured by higher Treasuries yields and a re-pricing of lower growth from lockdowns in China, and the supply-chain crisis worsened by the conflict in Ukraine.

On a technical level, the support level is 12,200 and if it breaches this level, it could likely continue its downtrend lower. However, there are good chances the indice consolidates from here as it has already fallen significantly.

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2022-05-10 21:30:34 Janet Yellen calls for stablecoin legislation amid Terra collapse

Treasury Secretary Janet Yellen said today that stablecoins need to be regulated by the authorities as early as this year.

The Treasury Minister used the example of the TerraUSD stablecoin, which dropped below its dollar peg yesterday to $0.65 and is still trading at around $0.91. Terra’s problems arose because, unlike other stablecoins, UST is an "algorithmic" stablecoin that is not backed by fiat currency in a bank or any equivalent.

"A stablecoin known as TerraUSD experienced a run and declined in value. I think that this simply illustrates that this is a rapidly growing product and there are rapidly growing risks," Yellen said.

"New products and technology may present opportunities to promote innovation and increase efficiencies. However, digital assets may present risks to the financial system and increased and coordinated regulatory attention is necessary," she added.

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2022-05-10 19:19:59 Novogratz’s Galaxy Digital loses $111 million due to fluctuations in crypto market

Galaxy Digital, a crypto investment company led by billionaire Michael Novogratz, posted a loss of $111.7 million in the first quarter of 2022. The loss is a significant decrease from its $858.2 million gain recorded in the previous years.

The net loss, as noted in the firm's quarterly finance report for the period January 2022 to March, was largely due to the continuous fluctuation in the crypto market.

However, mining and investment banking saw a 775% and 433% upsurge respectively. Capital from the firm’s partners tapped $2.6 billion, but dipped by 3%, as net long digital positions were hit with severe losses. Partners capital ended up closing at $2.5 billion in the first quarter – a 50% increase from its $1.7 billion close in 2021.

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