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First 6-week losing streak since 2014 — 5 things to know in Bitcoin this week

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First 6-week losing streak since 2014 — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts the second week of May 2022 by bringing up bearish ghosts from its past — how much worse could the picture get for hodlers?

After falling to nearly $33,000, the largest cryptocurrency is giving market participants, new and old, a run for their money, and the fear is palpable.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
BTC/USD monthly returns chart (screenshot). Source: Coinglass
BTC/USD order book data (Binance). Source: Material Indicators
BTC/USD 1-week candle chart (Bitstamp) with 100, 200 WMA. Source: TradingView
Bitcoin net unrealized profit/loss chart. Source: Glassnode
Crypto Fear & Greed Index (screenshot). Source: Alternative.me
Fear & Greed Index (screenshot). Source: CNN

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Cryptocurrency

MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security

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MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security

Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple stablecoins lost their peg and the demise of one of the top decentralized finance (DeFi) platforms sparked an event that resulted in $900 billion vanishing from the total crypto market capitalization.

In the midst of the widespread fallout, MakerDAO (MKR) managed to turn crisis into opportunity and the collapse of TerraUSD (UST) has brought renewed attention to DAI, the longest-running decentralized stablecoin.

MKR/USDT 1-day chart. Source: TradingView
Top-5 protocols by total value locked. Source: Defi Llama

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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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