The UST stablecoin de-peg with the U.S. Dollar has created a storm on Satoshi Street. Earlier today, the UST price dropped to a low of $0.60 de-pegging by a staggering 40% from the Dollar. This has resulted in massive liquidations of UST as well Traa’s native cryptocurrency LUNA.
Early on May 10, cryptocurrencies continue to trade in the deep red, with the global crypto market value at $1.41 trillion, down 9.78 percent. Bitcoin’s losses continued, and it even fell below the $30,000 important milestone.
Today’s Axie Infinity price analysis is bearish as the market has not been able to move beyond a key resistance level at $49.3. The trading price of AXS is currently at $29.7, and the market looks set to continue its downward trend in the near term.
Nine out of 10 central banks globally are exploring central bank digital currencies (CBDCs), according to the latest survey by the Bank of International Settlements (BIS). Furthermore, “the emergence of stablecoins and other cryptocurrencies have accelerated the work on CBDCs.”
Ethereum price has been hovering inside a trading range since the sell-off in January. The recent downswing caused around the FOMC meeting on 4 and 5 May seems to have triggered a massive sell-off that could breach the formed range.
AMC Theatres CEO Adam Aron stated that crypto along with several other digital payment methods recently accounted for 35% of its online payments.
The UK-based Tidal Global (token symbol: TDL) is an effort to show the world that Non-Fungible Tokens are so much more than the hyped JPEGs. On Tidal, users will be able to create data NFT of anything and return data ownership, distribution, privacy, security, and full profit from its usage to themselves.
El Salvador has bought the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president announced that his country has purchased 500 more bitcoins. Since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether.