Crypto Market Overview May 10th | Dex-Trade
Crypto Market Crash: Binance Suspends LUNA and UST Withdrawals
It seems that the cascading sell-offs of cryptocurrencies and the parallel drop in the capitalization of the digital asset market have entered an uncontrollable phase. An obvious marker of this may be the break in the peg of the UST algorithmic stablecoin from Terra to the US dollar: the coin, which should be kept around $1, fell in price to $0.68, which has never happened before with any stablecoin. In this regard, the largest cryptocurrency exchange Binance has temporarily suspended the withdrawal of user funds in UST and in LUNA, the native coin of Terra. Moreover, LUNA experienced a crushing fall to $24, although yesterday it was trading at $65. The current price bottom was repeated for the first time since last August, when the coin corrected after a significant increase. “On May 10, 2022, withdrawals for LUNA and UST tokens on the Terra (LUNA) network were halted due to a large number of pending withdrawal actions. This is due to poor network performance and congestion.” — Binance blog reported. By the way, representatives of the exchange said that they will open the withdrawal of these tokens again when they consider that the network is stable and the number of funds pending withdrawal will decrease. At the same time, they will not notify users of possible future changes in the work with Terra tokens and apologize for any problems caused by this again. As for the token, the problem arose with it on Sunday, when hundreds of millions UST were sold on Anchor, Terra's own lending platform, as well as Curve and Binance, after which they began to talk about a “coordinated attack” on the stablecoin. Because of this, Terra has already lost about $14 billion of corporate investments and the outflow, apparently, has not yet been stopped.
El Salvador Earned $1 Million in BTC in 11 Hours
The President of El Salvador, Nib Bukele, tweeted about the sale of Bitcoins from the latest batch of purchases, which were carried out at a price of $30,000 in the amount of 500 coins, thanks to which the country was able to increase its budget by $1 million. But while Bukele was hyping on the successful deal, Twitter users were quick to remind him that the total losses of the country that bought BTC with budget money had already amounted to about $20 million, since the average price of each coin purchased at different Bitcoin rates is about $45,000. Analysts report that El Salvador will profit from the sale of all budget coins only after crypto gold rises by about 40% from the current price. Recall that the country started buying BTC back in September last year, when BTC was trading at $50,000, after which the price of the coin grew until November. By the way, since that time, the introduction of Bitcoin into the country's financial system has not been particularly successful: the citizens of El Salvador do not want to use the Chivo state crypto wallet, and local businesses are reluctant to accept crypto from customers, since only 20% of representatives of registered entrepreneurs use a Bitcoin account.
Madonna Launches Her Own NFT Collection in Partnership With Beeple
The legendary Madonna has announced a collaboration with the famous NFT artist Beeple, who is currently the highest paid NFT artist in the world. No news has been heard from Beeple for the past few months, but the anticipation of his fans is easily explained by the creation of collection with Madonna, which will also include nude works of the artist. The release of the collection was announced on May 11. It will be called "Mother of Nature"and the paintings will feature several "elements" emerging from the Madonna's vagina. The purpose of the collection is to shed light on the history of motherhood and the integral aspects of life. Trading will take place on the Superare crypto platform. The uniqueness of the presented works reflects the specificity of the styles of both Madonna and Beeple, which is clearly read on the basis of singer's nudity and animation, by which it’s easy to recognize the artist's handwriting. At the same time, Madonna says that the goal of the project is not just outrageous, but also reflects the hope for a better future and the desire for technology.