Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.
After a choppy Thursday, Bitcoin has once again surged over 3.5% moving past $30,000. Yesterday, we reported how it could be a classic case of a bull trap. Today’s bounce back above $30,000 levels could just be a dead cat bounce.
On May 9th, 2022, Terra (LUNA) made international headlines after its stable coin, UST lost its peg for the second time in two days. The fear that followed resulted in the Terra ecosystem collapsing on May 10th. Terra has lost 99 percent of its value in just 48 hours.
Yield generation app Stablegains is facing a lawsuit after losing around $44 million worth of user funds in the Terra collapse when it previously said it allocated funds “across a number of stablecoins”.
After the recent collapse, the Terra ecosystems has been working on a revival plan. A majority of the Terra community members have voted in favor of a hardfork.
Microstrategy’s CEO has predicted that bitcoin is “going to go into the millions” despite the recent cryptocurrency market sell-off. Noting that the cryptocurrency is the future of money, he said: “We are in it for the long term.”
As the basis line (green) of the Bollinger Bands (BB) constricted the revival attempts for nearly seven weeks, Zcash [ZEC] bears pulled the altcoin down to yearly lows last week. The basis line has crippled the buyers’ ability to sustain a close near the upper band of the BB.
“There are five layers of decentralization in cryptocurrency: the developer layer, the coin or token layer, the infrastructure layer, the blockchain layer and the external layer. I’ll start by saying that there’s no crypto project that scores perfectly on all five criteria but the top spot seems to belong to Bitcoin.