Bitcoin (BTC) fluctuations were in full swing this week – from a high of $ 36,000, BTC briefly fell below $ 27,000 before recovering the $ 30,000 level and eventually losing. BTC is trading close to $ 29,000 today.
This week’s story, however, belongs to TerraUSD (UST) and Terra (LUNA). Both were among the top 10 cryptocurrencies at the beginning of the week. The disconnection of UST led to a surge in LUNA as it fell by more than 99 percent in price and fell outside the top 200 list.
Devastating events began when Terra’s LUNA and its algorithmic stablecoin Terra USD collapsed on May 10 and UST lost a $ 1 connection. The system, which is designed to maintain a connection to the US dollar with an algorithm, ultimately failed and caused a systematic devaluation of the UST. To counteract this, the LUNA symbol began to strike at an unusually fast speed, increasing its supply exponentially. UST is below $ 0.2 today.
Terra founder Do Kwon has issued short-term road maps to try to revive the ecosystem.
At the same time, the portfolios of most cryptocurrencies that entered the ecosystem after 2021 are in the red. They would have to tear this phase out in the next 2-3 months before they could witness a recovery in cryptocurrencies. News from the world of cryptography, however, continues to promise. We list a few below.
Australia’s first ETFs go live
Following the initial delay, Australia’s first three funds with cryptocurrency exchanges (ETFs), hosted on the CBOE exchange, have taken off. This would bring Bitcoin and Ethereum products to the stock market. An ETF is a product that can put investors at risk on assets they could not invest in directly. ETFs operate by tracking the price of the underlying asset as an item to be traded on the stock markets.
Among the three funds is Cosmos Purpose Bitcoin Access ETF (CBTC) from Cosmos Asset Management and monitors Purpose Bitcoin ETF (BTCC-B.TO) on the Toronto Stock Exchange. The other two were launched by Australian ETFS Management (AUS) Ltd. And Swiss 21Shares AG instant trades Bitcoin (EBTC) and Ether (EETH).
Sony 3D NFT to enhance local reality screen features
Sony, the Japanese electronics master, is working with Theta Labs, the creators of the Theta blockchain to create a distributed streaming network or video transmission network with its own original cryptographic property, theta network (THETA).
Sony will soon release 10 ‘Tiki Guy’ NFT and its two-dimensional versions as well. The NFT devices will be synchronized with the Sony Spatial Reality Display (SRD), a tablet that uses augmented reality and 3D enhancement. SRD will incorporate NFT and metaverse terms into the device’s offering.
NASA calls on developers to work on Martian metaverse
The US space agency NASA is working to create a central environment on Mars to assist with training. The agency had recently issued a challenge to attract developers. Interested developers could assist NASA in building virtual reality (XR) “assets and scenarios” for use by the agency in off-vehicle research on the surface of Mars.
The project aims to create an existing metavers called MarsXR. This metaverse has already mapped 400 square kilometers of Mars’ landscape with realistic day / night cycles. Designers should work on their submission challenges using Epic Games’ Unreal Engine 5. The Martian simulation is expected to help NASA reduce costs by using a virtual reality unit called Apache to train future astronauts in a variety of experiences.
RCD football team to adopt cryptocurrencies
Reial Club Deportivo (RCD) Espanyol, will accept Bitcoin and other cryptocurrencies for the purchase of tickets, merchandise and food and drink. With this, RCD will be the first team in La Liga (Spanish Football League) to officially accept the crypto for business. The RCD presents itself as a “pioneer in a field that is not the future but already exists” with this measure.
Top winners this week:
(only one winner per week)
Manufacturer (EQS): 8 percent
The most popular losers this week:
1. TerraUSD (UST): -80 percent
Phantom (FTM)): -57 percent
3. Lido DAO (LDO): -52 percent
(Note: Analysis contains only the top 100 cryptocurrencies. Source: Coinmarketcap)
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