Cryptocurrency
Pro traders adopt a hands-off approach as Bitcoin price explores new lows
Pro traders adopt a hands-off approach as Bitcoin price explores new lows
Bitcoin’s (BTC) current 20% drop over the past four days has put the price at its lowest level in nine months and while these movements might seem extraordinary, quite a number of large listed companies and commodities faced a similar correction. For example, natural gas futures corrected 15.5% in four days and nickel futures traded down 8% on May 9.
Other casualties of the correction include multiple $10 billion and higher market capitalization companies that are listed at U.S. stock exchanges. Bill.com (BILL) traded down 30%, while Cloudflare (NYSE:NET) presented a 25.4% price correction. Dish Network (NASDAQ:DISH) also faced a 25.1% drop and Ubiquiti’s (UI) price declined by 20.4%.
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.
Cryptocurrency
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 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.
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.
Asset-backed stablecoins were in favor during downturn, except for USDT
Are algorithmic stablecoins finished?
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