Bitcoin (BTC) starts a new week under $30,000 as the battle to save the market from fresh lows grinds on. After hitting its highest since the Terra (LUNA) crash last week, the largest cryptocurrency nonetheless continues to fail to reclaim $30,000 as support. What could be in store this week? The potential for major upheaval from macro players, notably the United States Federal Reserve, is shapeshifting this week ahead of the World Economic Forum. At the same time, internal crypto market pressure remains as the implications of LUNA’s collapse continue to play out. Cointelegraph takes a look at five potential …

United Kingdom’s Department of Treasury, or Her Majesty's Treasury, has reportedly decided to go ahead with legalizing stablecoins as a form of payment. While welcomed by the crypto community, the decision comes as a shocker due to its proximity to the recent fall of the popular algorithmic stablecoin, TerraUSD (UST). A local report from The Telegraph highlighted the Treasury’s intent to regulate stablecoins across Britain, which was revealed during the Queen’s Speech. During the speech, Prince Charles announced the introductions of new legislation across various sectors, including measures to drive economic growth to improve living standards in the region, adding: …

As the dust settles from the Terra ecosystem crash and the community decides what the next steps should be, the CEO of a validator runner in South Korea thinks the old Terra chain should be shut down permanently. Jiyun Kim, CEO of blockchain solutions company DSRV, wrote an opinion post on his own behalf, detailing how the Terra team tip-toed around the idea of halting block production while Terra (LUNA) prices crashed and its TerraUSD (UST) stablecoin was depegged. He now urges validators in the Terra ecosystem to reject a hard fork in favor of a brand new community-driven blockchain. …

Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means to revive the once-thriving Terra (LUNA) and TerraUSD (UST) ecosystems. Following up on the same, CZ revealed his perspective on the appropriate course of action for falling projects across the crypto community. “This won’t work,” said CZ while dismissing the validators’ idea of a hard forking to TERRA2, which would involve providing a new version of LUNA to all holders based on a snapshot of the holdings before the market collapsed. CZ suggested: “Reducing supply should be done …

The cryptocurrency market has lost $1.9 trillion six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007 subprime mortgage market crisis — around $1.3 trillion, which has prompted fears that creaking crypto market risk will spill over across traditional markets, hurting stocks and bonds alike. Stablecoins not very stable A massive move lower from $69,000 in November 2021 to around $24,300 in May 2022 in Bitcoin’s (BTC) price has caused a selloff frenzy across the crypto market. Unfortunately, the bearish sentiment has not even spared stablecoins, so-called crypto equivalents of …

It took just seven days for the Terra (LUNA) ecosystem to spiral down as prices came crashing from $85 on May 5 to nearly $0 on Thursday. As the market slowly gained clarity on what transpired, the trading volume of LUNA saw a steep recovery of over 200% over the weekend. As a result of TerraUSD (UST) de-pegging, which crashed the LUNA market, LUNA investors mirrored the price dip as CoinGecko recorded the decline of trading volumes to $178.6 million on Friday — a number that was last seen in February 2021. Terraform Labs CEO and co-founder Do Kwon sought …

Crypto.com was one of the few crypto exchanges to keep Terra (LUNA) trades open as Terra’s death spiral saw an unrecoverable price crash of LUNA and stablecoin TerraUSD (UST). However, a technical glitch on Crypto.com’s mobile application allowed users to get away with a 30-40x profit on LUNA trades momentarily. On Friday, Crypto.com abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA due to some error. Just when Crypto Twitter started raising concerns about trade reversals on the exchange, Kris Marszalek, CEO of Crypto.com, revealed details about a glitch that allowed users …

Bitcoin (BTC) failed to reclaim $30,000 into May 14 as traders looked forward to a relatively stable weekend. Bitfinex longs gather strength Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered below the $30,000 mark, now rapidly becoming resistance. The pair had reached just shy of $31,000 before retracing, while the end of the traditional market trading week had been accompanied by fresh warnings of a new macro low still to come. #Bitcoin - Looks like we might get the inverse H & S before going into the weekend. Hoping to see this 4h candle hold and …

Bitcoin (BTC) rebounded sharply after dropping near its realized price of $24,000 on May 12, suggesting some bulls went against the herd and bought the dip. According to on-chain analytics platform CryptoQuant, the exchange balances declined by more than 24,335 Bitcoin on May 11 and 12, indicating that bulls may have started bottom fishing. However, macro investor Raoul Pal is not confident that a bottom has been made. In an exclusive interview with Cointelegraph, Pal said that if equity markets witness a capitulation phase, crypto markets are also likely to plunge before forming a bottom. He anticipates the current bear …

Cryptocurrency exchange Crypto.com has halted the trading of Terra (LUNA) tokens after it determined that user transactions were quoted at an “incorrect price,” prompting severe backlash from the community. In a Friday news release, Crypto.com said that LUNA trades have been halted due to a pricing error between 12:40 and 13:39 UTC on May 12. “[U]sers who traded LUNA were quoted an incorrect price,” the exchange said. “Our systems quickly detected the error and trading was halted. Trading remains halted until further notice.” Market participants took this to mean that the exchange had basically reversed profitable LUNA transactions by traders …

Cardano (ADA) pared a big portion of the weekly losses incurred during this week's crypto market rout. ADA's price reached an intraday high of $0.60 on May 13, a day after rebounding from its week-to-date low of $0.38 — a 58% rally. The huge upside retracement appeared in the wake of similar price action in the crypto market with top cryptos Bitcoin (BTC) and Ether (ETH) rebounding by 23% and 25.75% since yesterday's lows. But the sharp ADA recovery does not promise an extended upward continuation, at least according to the three factors discussed below. Stock market crash far from …

The crypto market experienced another day of pain on May 12 as the fallout from Terra (LUNA) and TerraUSD (UST) failure continue to ripple across the ecosystem. While the coverage for UST and its impact on Bitcoin (BTC) have been extensively covered over the past few days, the pullback has also had a significant impact on the price of Ether (ETH) as traders hastily exited the market. Data from Cointelegraph Markets Pro and TradingView shows that the past seven days of selling dropped Ether to $1,701, a price not seen since July 2021. Here’s a look at what several analysts …