Latest Market News
Given the recent trend in the cryptocurrency market, it's not surprising that the DeFi token sector is in turmoil. With the recent price capitulation in the market, the total value locked (TVL) in DeFi protocols plummeted from above $75 billion at the start of May to the current $56 billion level.
The collapse of the UST stablecoin and the resulting inflation of the supply of LUNA has been receiving most of the attention in the crypto and blockchain community recently. Despite the uncertainty in the market, let’s take a look at three coins that will be worth following in the next few days.
We had the opportunity to speak with Alex Siman, the CEO of Subsocial. Subsocial uses Substrate, the technology behind Polkadot and Kusama, to create a decentralized social networking protocol. We asked Alex about his thoughts on the future of social networks, as well as the role of cryptocurrency in helping the citizens of Ukraine.
The sell-off in the cryptocurrency market has intensified, leading to further losses among almost all major crypto assets. Over the last 24 hours, the total cryptocurrency market capitalization decreased by 17.5% and hit $1.22 trillion. This is the lowest level since February 2021.
Stablecoins are designed so that they can be pegged with multiple sources, including fiat currencies, other cryptocurrencies, precious metals, and even algorithmic functions. By far the most represented pegged currency is the US Dollar. Stablecoins are classified into two categories — Centralized (Custodial) Stablecoins and Decentralized (Non-custodial) Stablecoins. The latter are divided into Crypto-backed stablecoins and Algorithmic stablecoins.
Over the weekend, the UST algorithmic stablecoin lost its $1 peg, with its price reaching $0.988 at its lowest point. With UST slipping below $1, Luna Foundation Guard stepped in by lending $750 million worth of Bitcoin from its reserves to trading firms to protect the UST peg. LFG also loaned $750 million “to accumulate BTC as market conditions normalize”.
There has been a bearish turn in the market, but that shouldn’t stop us from identifying interesting opportunities in the sector. Let’s take a look at three blockchain and cryptocurrency projects that will be worth following in the next few days.
The mining industry, one of the most essential industries for maintaining the flow of our daily lives, is known to be a crucial provider of raw materials and energy resources for the whole economy, enabling the smooth functioning of society as a result.
Before we get to the cryptocurrency trading guide, it’s crucial to understand what causes cryptocurrency price fluctuations. The changes in the crypto market differ from the stock market ones. The fluctuations are much bigger and for some investors, they become the main source of profit. So let’s try to figure out why cryptocurrency prices change.
Legendary investor Warren Buffett reiterated his negative stance on Bitcoin in a recent appearance at the annual Berkshire Hathaway shareholders meeting. When asked if had had changed his mind on Bitcoin, the Berkshire Hathaway chairman and CEO made it clear that he still isn’t impressed.
