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Crypto Flipsider News – TerraUSD Loses Its Peg Again as LUNA Crashes 60%; India to Impose 28% GST; Azuki Floor Price Plummets; ApeCoin Becomes a Top Purchased Coin by ETH Whales; Nigeria to Upgrade It

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Crypto Flipsider News – TerraUSD Loses Its Peg Again as LUNA Crashes 60%; India to Impose 28% GST; Azuki Floor Price Plummets; ApeCoin Becomes a Top Purchased Coin by ETH Whales; Nigeria to Upgrade Its CBDC

Read in the Digest:

  • TerraUSD peg falls under $0.7 as LUNA loses 60% – Binance suspends withdrawals.
  • India considers imposing 28% GST on all crypto transactions.
  • Azuki founder credits NFT success to past failures and sees floor price plummet.
  • ApeCoin becomes third most-purchased coin by top-100 ETH whales despite downtrend.
  • Nigeria to upgrade its CBDC, the eNaira, to increase coverage.

TerraUSD Peg Falls Under $0.7 as LUNA Loses 60% – Binance Suspends Withdrawals

Terra (LUNA) suffered its biggest single-day loss on Monday as the flagship algorithmic TerraUSD (UST) stablecoin plunged to an all-time low of $0.6841.

LUNA, which previously traded as high as $65.14, fell flat, dropping to as low as $24.14 as the UST dollar peg broke. LUNA is now trading at $32 as of this writing, having made a marginal recovery in the last 8 hours.

The 7 day price chart for Terra (LUNA). Source: CoinMarketCap

The unexpected plunge saw Terra (LUNA) drop out of the top 10 cryptos ranked by market cap, as it sank by over $9.5 billion in the space of a few hours.

Over the weekend, UST fell to sub-$0.99 levels, forcing the Luna Foundation Guard (LFG) into action. However, the measures were unable to keep the UST from experiencing further drops.

Further piling on the misery, the world’s largest cryptocurrency exchange, Binance, has suspended all withdrawals of LUNA and UST tokens, citing “network slowness and congestion.” Binance intends to reopen withdrawals once the network is stable.

Flipsider:

  • UST has recovered some of its losses, with its USD peg now at $0.92.

Why You Should Care

As a result of the UST being backed by Bitcoin, the broken peg has exacerbated the losses suffered by BTC and the broader crypto market.

India Considers Imposing 28% GST on All Crypto Transactions

The Indian cryptocurrency industry, which has been reeling since the government announced a flat 30% tax on crypto-generated income, could soon experience further struggles.

The Goods and Services Tax (GST) Council of India is now reportedly considering a proposal to impose a 28% tax on all cryptocurrency transactions.

Services provided by crypto exchanges are currently subject to an 18% tax. The included cryptocurrency activities cover the selling and purchasing of crypto tokens on various exchanges, holding assets in centralised or decentralised wallets, and staking on various platforms.

According to the reports, a committee has already been set up to consider the proposal of imposing a 28% GST on all activities and services related to crypto. The proposal may be tabled as early as the very next meeting between the GST Council.

Flipsider:

  • India is working on a framework to facilitate the creation of an official digital currency by the Reserve Bank of India (RBI).

Why You Should Care

If approved, the legislative decision could cause the Indian crypto community, which is already required to pay gargantuan taxes, to shrink further.

Azuki Founder Credits NFT Success to Past Failures and Sees Floor Price Plummet

On Monday night, the pseudonymous founder of the popular Azuki non-fungible token (NFT) project, Zagabond, revealed his involvement in past abandoned NFT projects in a blog post.

In the blog post, which was published to share his “Builder’s Journey” leading up to Azuki, Zagabond stated that he had been part of three NFT projects that were abandoned by their founding team, ‘Cryptophunks‘, ‘Tendies‘ and ‘Cryptozunks‘.

According to Zagabond, the failures of these projects acted as “formative times” for him, and he even credited much of Azuki’s success to what he learned from the failures of those projects.

The news was not well received by the Twitter (NYSE:TWTR) crypto community, with the host of a Twitter Space titled “The Death of Azuki” boldly asserting that “Azuki is dead.”

Flipsider:

  • Following the revelation by Azuki’s founder, the collection’s floor price plummeted by as much as 45%, from close to 19 ETH (or $41,800 USD at today’s prices) to approximately 10.9 ETH. The floor price of Azuki is now at 15.9 ETH.

Source: Azuki

Why You Should Care

The incident has reignited conversations and calls for founder transparency around NFT projects.

ApeCoin Becomes Third Most-Purchased Coin by Top-100 ETH Whales Despite Downtrend

ApeCoin, which swiftly became the most-traded coin by Ethereum whales within a short time after its launch, seems to have caught the fancy of Ethereum investors. APE has since gone on to become the third most-purchased coin by whales.

Since its launch in March, Ethereum’s top 100 richest bagholders have quietly, but steadily increased their stakes in ApeCoin (APE), the native asset of the ApeCoin ecosystem.

According to data from WhaleStats, the top 100 Ethereum Wallets have an average ApeCoin purchase amount of $157,609, and an average quantity of 12,721 APE.

Excluding Ethereum (ETH) and the USD Coin (USDC) stablecoin, ApeCoin ranks as the most purchased crypto by the top 100 Ethereum whales.

Flipsider:

  • ApeCoin ranks as one of the biggest losers in the ongoing market sell-off, having seen its value decline 21% over the last 24 hours, and by as much as 43% in the last week.

The 7 day price chart for ApeCoin (APE). Source: CoinMarketCap

Why You Should Care

The popularity of the Bored Ape Yacht Club NFT collection, and use of APE in the ‘Otherside’ Metaverse land sale, continues to drive accumulation of ApeCoin.

Nigeria to Upgrade Its CBDC, the eNaira, to Increase Coverage

The Central Bank of Nigeria (CBN) is progressing with plans to improve the country’s central bank digital currency, the eNaira, to include a wider range of goods and services.

According to a report, on May 9th, Bariboloka Koyor, the CBN Controller, spoke at a market in Lagos, the most populated city in Nigeria, as part of a marketing campaign dedicated to “raising awareness” about the eNaira among businesses in the country.

Koyor said that the upgrade will improve the speed and use of the eNaira, and went on to highlight that the app “will permit users to do transactions like paying for DSTV or electric bills or even making flight tickets payments” from next week.

He adds that the eNaira app will incurr zero transaction fees, and will be comparatively faster than other mobile banking apps used in the country. He added that, in future, the only way to receive financial aid from the government will be via eNaira.

Flipsider:

  • Despite the ban on crypto in the country, Nigeria’s P2P trade volume has continued to increase so far in 2022.

Why You Should Care

According to a report, Nigeria’s ban on crypto has crippled international funding in the fintech industry, which has adversely affected millions

Continue reading on DailyCoin

Cryptocurrency

Do Kwon proposes Terra hard fork to save ecosystem

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Do Kwon proposes Terra hard fork to save ecosystem

On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).

However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27.

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Cryptocurrency

Brazilian Stock Exchange set to launch Bitcoin and Ethereum futures

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Brazilian Stock Exchange set to launch Bitcoin and Ethereum futures

The Brazilian Stock Exchange, B3, is set to launch its first official crypto-related product within the next six months, André Milanez confirmed in a conference call on Monday.

Milanez, who is the group’s chief financial officer, said B3 plans to launch “Bitcoin futures in the next three to six months.” The details of the product are still sketchy as Milanez did not disclose if the exchange will offer Bitcoin futures trading directly or form a partnership to offer the service.

In January, Jochen Mielke de Lima, director of information technology at B3, said that the stock exchange would launch products offering crypto exposure this year, including Bitcoin and Ethereum futures.

Back then, he disclosed that the Brazilian stock exchange had been examining the cryptocurrency market from a technological standpoint since 2016. Particularly, whether negotiations needed to be done against the Brazilian real or the US dollar. If the former was chosen, a crypto-asset index in reais needs to be developed, something that does not yet exist.

In addition to its crypto futures plan, B3 is also looking to offer services to crypto exchanges, acting as a kind of “centralizer” of custody and settlement operations. Lima said:

We have around 30 national crypto exchanges, apart from the international ones that operate here. We could offer a service to facilitate and standardize their operations. I believe it has something to explore in providing custody services and in the settlement process.

Furthermore, B3 has other crypto-based products in its arsenal, including a platform for crypto trading, asset tokenization, and cryptocurrency custody.

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Cryptocurrency

Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

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Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever. This indicates that the momentum remains strongly in favor of the bears.

While the short-term sentiment remains bearish, institutional traders seem to be taking a longer-term approach on cryptocurrencies. Goldman Sachs (NYSE:GS) and Barclays (LON:BARC) joined several other institutional investors in a $70 million Series A funding round by institutional trading platform Elwood Technologies.

Daily cryptocurrency market performance. Source: Coin360

BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
DOT/USDT daily chart. Source: TradingView
AVAX/USDT daily chart. Source: TradingView
SHIB/USDT daily chart. Source: TradingView

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