Tether has been seeing massive liquidation since it momentarily lost its dollar peg last week. The crypto meltdown triggered by the de-pegging of Terra’s UST, another stablecoin, appears to have had a substantial impact on market mood.
A new report suggests that no. 2 memecoin Shiba Inu (SHIB) is headed for sharp losses this year, with a majority of market participants indicating “sell”.
Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being the masterminds behind the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to have handled transactions with a total value of over $147 million.
A report commissioned by South Korea’s federal government recommends the domestic crypto industry adopt a licensing system for exchanges and token issuers as a way of protecting investors.
MiamiCoin ($MIA), a project that offers cities a source of revenue through the minting of new cryptocurrency tokens, has seen the value of its token plunge by 95% since its launch. The token, supported by Miami Mayor Francis Suarez, who calls himself the “most bitcoin-friendly mayor on the planet,” may however see adoption rise in the future.
Ahead of Ethereum’s highly anticipated switch to proof-of-stake (PoS), cyber security firm Cloudflare is set to launch and fully stake Ethereum validator nodes over the next few months.
The recent collapse of the Terra ecosystem has drawn the attention of regulators worldwide! Finance ministers of the G7 nations are meeting ahead this week and shall be discussing crypto assets on a priority basis.
Last year, China imposed an absolute ban on attributes related to the largest cryptocurrency, Bitcoin. In June 2021, China told banks to stop facilitating transactions and issued bans on mining. China’s share of global Bitcoin mining has fallen to effectively zero as per research presented by the Cambridge Bitcoin Electricity Consumption Index (CBECI).