Connect with us

Cryptocurrency

El Salvador Spends Another $15M in Latest Bitcoin Investment

Published

on


El Salvador Spends Another $15M in Latest Bitcoin Investment

President of El Salvador Nayib Bukele revealed that his government has bought a further 500 BTC. Following his country’s acquisition of 500 BTC at the price of $30.744k per coin, President Bukele proudly tweeted “El Salvador just bought the dip!” The sum of the country’s latest purchase came to $15.3 million, meaning that the small Central American country now possesses a whopping $72.5 million worth of bitcoin in its vault.

Buying the Dip for Long-Term Gain

Recent economic developments have seen Bitcoin (BTC) hit lows not seen since July 2021. over the last 24 hours, the price of BTC briefly dipped below $30,000, but has since recovered to trade at $31,925 at the time of writing. However, this still represents a 5% loss of its value in the last 24 hours, illustrating the current downtrend that many popular Altcoins are suffering as well. Despite BTC recouping some of its losses, the leading cryptocurrency is still down 17% in the last week. On the other hand, it seems that Nayib Bukele is elated with his purchase, and even stated that he could have made a million dollars in the last 11 hours, but he doesn’t believe it’s a good idea to sell bitcoins at this crucial juncture.

El Salvador’s President is in Love with the Crypto

El Salvador has made a number of BTC buying sprees, with the previous purchase coming in January 2022, when Nayib Bukele acquired 410 bitcoins at a trading price of $36,585. As the first country in the world to adopt Bitcoin as legal tender, El Salvador has received multiple from the International Monetary Fund. The IMF believes that El Salvador’s early adoption of the leading crypto is playing with fire due to the extra risks it poses to consumer protection, transparency, and the financial stability of the country.

Up to now, the extravagant president’s experiment to integrate Bitcoin into El Salvador’s everyday life hasn’t been too successful. The revival of the Chivo Wallet generated some momentum, but interest in BTC and the app itself sharply declined once citizens used the initial $30 bonus and many of the app’s users remarked that Chivo was simply too difficult to use for everyday life.

Continue reading on DailyCoin

Cryptocurrency

Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

Published

on


Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

Andrea Salinas has won the Democratic primary election for the newly created Oregon 6th District seat in the United States House of Representatives. Practically since it started, the election race was the object of intensive media attention, which most often centered around Salinas’ opponent Carrick Flynn, whose campaign was generously funded by the Protect Our Future political action committee (PAC) backed by billionaire FTX CEO Sam Bankman-Fried. The PAC paid for a flood of advertising supporting Flynn.

Salinas won the seat with 38% of the vote, while Flynn came in second at 19%, with the remaining votes split among seven other candidates.

Continue Reading on Coin Telegraph

Continue Reading

Cryptocurrency

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

Published

on


Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world.

Amid the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Continue Reading on Coin Telegraph

Continue Reading

Cryptocurrency

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

Published

on


Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider.

While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic.

USDT/USD last week from May. 8–14th. Source: CoinMarketCap
FRAX, MIM, FEI and LUSD price from May. 9 – 15th. Source: CoinMarketCap

Asset-backed stablecoins were in favor during downturn, except for USDT

USDT, USDC and DAI hourly price. Source: CoinGecko API
Curve DAI/USDC/USDT 3Pool proportion. Source: @elenahoo Dune Analytics
Curve DAI/USDC/USDT/sUSD 4Pool proportion. Source: @elenahoo Dune Analytics

Are algorithmic stablecoins finished?

Curve FRAX/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics
Curve MIM/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics

Continue Reading on Coin Telegraph

Continue Reading

News

Stock Markets23 mins ago

U.S. lodges third labor complaint in Mexico, on behalf of Panasonic workers

© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced...

Cryptocurrency23 mins ago

Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

Candidate supported by Bankman-Fried-linked PAC loses Oregon primary Andrea Salinas has won the Democratic primary election for the newly created...

Stock Markets23 mins ago

Cisco shares slump as China lockdowns, Ukraine crisis hit outlook

© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...

Stock Markets23 mins ago

Biden invokes Defense Production Act to increase infant formula supply

© Reuters. FILE PHOTO: Empty shelves show a shortage of baby formula at CVS in San Antonio, Texas, U.S. May...

Economy52 mins ago

Brazil’s govt will maintain GDP outlook for 2022 and 2023 -sources

© Reuters. FILE PHOTO: Consumers shop at a weekly street market in Rio de Janeiro, Brazil, September 2, 2021. REUTERS/Ricardo...

Cryptocurrency52 mins ago

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan In times of high stress...

Economic Indicators52 mins ago

JPMorgan cuts U.S. GDP estimates for 2022 and 2023

© Reuters. FILE PHOTO: Stacked containers are shown as ships unload their cargo at the Port of Los Angeles in...

Stock Markets52 mins ago

Plotkin’s Melvin Capital to Wind Down – Report

© Reuters Plotkin’s Melvin Capital to Wind Down – Report Gabe Plotkin’s Melvin Capital Management, a hedge fund that lost...

Stock Markets53 mins ago

Chevron, Schlumberger withdraw request for California carbon-capture permit

2/2 © Reuters. FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest...

Economy53 mins ago

Factbox-U.S. companies offering abortion travel benefits

© Reuters. Signage is seen at an Amazon facility in Staten Island, New York City, U.S., April 24, 2022. REUTERS/Andrew...

Sports & General53 mins ago

New York state opens probe of social media platforms used by Buffalo shooting suspect

2/2 © Reuters. FILE PHOTO: Members of the Buffalo Police department work at the scene of a shooting at a...

Stock Markets1 hour ago

Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

© Reuters. Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance Synopsys (NASDAQ:SNPS) shares were trading more than 4% higher...

Stock Markets1 hour ago

Under Armour CEO Frisk Steps Down After 5 Tumultuous Years

© Reuters. Under Armour CEO Frisk Steps Down After 5 Tumultuous Years Under Armour, Inc. (NYSE:UA), announced that Patrik Frisk...

Coronavirus1 hour ago

Democrats warn abortion, voting rights at stake in Pennsylvania governor’s race

© Reuters. FILE PHOTO: Pennsylvania State Senator Doug Mastriano speaks at a protest against the state’s extended stay-at-home order to...

Cryptocurrency1 hour ago

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine? The past week has not been an easy...

World1 hour ago

Massachusetts identifies first 2022 U.S. case of monkeypox infection

2/2 © Reuters. An electron microscopic (EM) image shows mature, oval-shaped monkeypox virus particles as well as crescents and spherical...

Stock Markets1 hour ago

U.S. lodges labor complaint against Panasonic in Mexico

© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced...

Cryptocurrency2 hours ago

Meta trademark filing hints at plans for crypto payments platform

Meta trademark filing hints at plans for crypto payments platform Social media giant Facebook (NASDAQ:FB)’s parent company, Meta, may be...

Stock Markets2 hours ago

Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook

Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook Cisco Systems (NASDAQ:CSCO) shares dropped around 17% after-hours Wednesday...

Stock Markets2 hours ago

Cisco shares plunge after China lockdowns, Ukraine crisis hits outlook

© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...

Stock Markets2 hours ago

NASA set for Boeing’s Starliner uncrewed space capsule test

© Reuters. FILE PHOTO: The Atlas V rocket carrying Boeing’s CST-100 Starliner capsule is seen after the launch to the...

Stock Markets2 hours ago

Under Armour CEO Frisk to step down

© Reuters. FILE PHOTO: Under Armour clothing is seen for sale in a store in Manhattan, New York City, U.S.,...

World2 hours ago

Turkey’s Erdogan links Sweden, Finland NATO bid to return of ‘terrorists’

© Reuters. FILE PHOTO: Turkey’s President Tayyip Erdogan holds a news conference during the NATO summit at the Alliance’s headquarters...

Coronavirus2 hours ago

U.S. warns North Korea could greet Biden with nuclear, missile tests

© Reuters. FILE PHOTO: FILE PHOTO: North Korean leader Kim Jong Un walks next to what state media reports is...

Uncategorized2 hours ago

Wall Street ends sharply lower as Target and growth stocks sink

Stock Markets2 hours ago

Tesla cut from S&P 500 ESG Index, and Elon Musk tweets his fury

© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14,...

Stock Markets2 hours ago

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.57%

© Reuters U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.57% Investing.com – U.S. stocks were...

Stock Markets2 hours ago

Cisco cuts results forecast on China lockdowns, Ukraine crisis; shares plunge

© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...

Economy2 hours ago

Stocks pummeled by growth worries, U.S. dollar climbs

2/2 © Reuters. A passerby wearing a protective face mask walks past an electric screen displaying a graph showing Japan’s...

Cryptocurrency2 hours ago

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB On May 17, United States Federal Reserve...

Trending