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Representative image Cryptocurrencies traded in the red early today on May 10. The global crypto market cap is $1.41 trillion, a 9.78 percent decrease over the last day. The total crypto market volume over the last 24 hours is $181.93 billion, which makes a 82.97 percent increase. The total volume in DeFi is currently $20.85 billion, 11.46 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $163.00 billion, which is 89.60 percent of the total crypto market 24-hour volume. Bitcoin's price is currently Rs 25.44 lakh, with a dominance of 41.79 percent. This was a 0.34 percent increase over the day, according to data from CoinMarketCap. Bitcoin , the world’s biggest cryptocurrency, has tumbled 28 percent this year so far. As per analysts and watchers, the Russia-Ukraine war and changing economic policies impacted the cryptocurrency market as investors flee to more stable havens. Bitcoin hit an all-time high of $67,549.74 on … [Read more...] about Cryptocurrency Prices Today May 10: Bitcoin slumps further, Polkadot biggest loser

Share to Twitter Share to Linkedin Elon Musk — who owns 9.2% of its stock — tweeted that his Twitter TWTR take private deal is on hold, according to the Wall Street Journal . In pre-market trade, Twitter stock sits 27% below $54.20 a share — the price at which Musk contracted to buy the social network. In the past, Musk and take-private deals have had a less than forthright presence on Twitter — for example, in August 2018, he tweeted that he had funding secured for taking Tesla private at $420 a share. ADVERTISEMENT That led Musk and Tesla to pay $40 million in fines and to require him to review some of his tweets with a lawyer before posting them, according to the SEC . Now Musk is putting last month’s $44 billion deal to take Twitter private on hold. How so? Linking to a May 2 Reuters report about a Twitter securities filing which included its spam count, “Twitter deal temporarily on hold pending details supporting calculation that … [Read more...] about 27% Under $54.20, Musk Could Cut New Twitter Deal At $34.20

Terraform Labs CEO Do Kwon. [SCREEN CAPTURE] Financial authorities are keeping an eye on the cryptocurrency market following the crash of TerraUSD cryptocurrency and its sister token Luna, but admit there's not much they can do immediately. TerraUSD and Luna were developed by Singapore-incorporated Terraform Labs, which was founded in 2018 by two Koreans, Do Kwon and Daniel Shin. The company devised an algorithmic system designed to maintain a dollar peg by incentivizing arbitrage between the TerraUSD and Luna coins. When the system failed on Wednesday, the price of Luna collapsed. The Financial Services Commission and the Financial Supervisory Service plan to enact a law on digital assets next year to protect investors, according to local media reports on Sunday, although the law wouldn't be implemented until 2024. “In regards to the Luna incident, we are monitoring the overall situational changes, but there isn’t a direct measure the government can take at this moment,” a … [Read more...] about After Luna crash, authorities say not much they can do

- A + A LONDON (May 15): Bitcoin staged a modest recovery to trade just below US$30,000, extending a period of relative market calm after the collapse of a closely watched stablecoin roiled digital assets in the past week. The largest cryptocurrency advanced 1.1% to US$29,670 at 10.40am in London. Ether, the second-biggest token, rose 1.9% while coins like Avalanche and Cardano posted larger gains. Bitcoin dipped to a low of US$25,425 on Thursday after the TerraUSD algorithmic stablecoin unravelled, throwing the entire ecoystem that supports it into disarray. At its height, the market panic engulfed the US$76 billion stablecoin Tether, a key cog in crypto assets that briefly dipped from its dollar peg. "We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a new found resiliency in the market that did not exist during the last market downswing," Changpeng Zhao, chief executive officer of crypto exchange … [Read more...] about Bitcoin trades below US$30,000 as markets digest TerraUSD fallout

Share to Twitter Share to Linkedin Fortunes rise and fall in the volatile world of cryptocurrency, but over the last few weeks, they’ve only moved in one direction—down. The total value of all outstanding cryptocurrency tokens is down over 26%, and Bitcoin is down 25% since March 11, when Forbes counted 19 crypto billionaires . Now, just 16 are billionaires, Forbes estimates. For moguls whose net worths are hitched to token prices and publicly traded stocks of crypto firms, it’s been a difficult few weeks. Eleven of the industry’s wealthiest individuals have collectively lost nearly $60 billion, Forbes calculates, as the plunge in crypto erased nearly $400 billion in market value. One person accounted for the vast majority of that loss. Binance CEO Changpeng Zhao (CZ) was the industry’s wealthiest person in March with an eye-popping $65 billion fortune. (Binance previously announced it plans to invest in Forbes through a special purpose … [Read more...] about Crypto’s Richest Lost Nearly $60 Billion In Recent Weeks In Massive Crypto Collapse

Share to Twitter Share to Linkedin After a turbulent week, cryptocurrencies are recovering some of the losses aggravated by the collapse of stablecoin TerraUSD UST at a fast pace. As of 9:46 a.m. ET, bitcoin is trading around $30,696, nearly 10% up since yesterday. All other major cryptocurrencies are posting double-digit percentage gains. Ether ETH , cardano and solana are up by 10%, 24% and 23% respectively. Polkadot DOT is leading the gains among the heavyweights. The token has added a staggering 40% over the past day but remains far below last week’s levels. Embattled UST, designed to always be worth $1, is now worth 13 cents. Its “stabilizer” token LUNA LUNA has ultimately collapsed to a market capitalization of $0.43 million. The Terra blockchain, which supports both assets, halted twice on Thursday as the entities responsible for verifying transactions on the blockchain were looking to “come up with a plan to reconstitute” … [Read more...] about Bitcoin Returns To $30,000, Polkadot Leads Surge Among Major Cryptocurrencies

Share to Twitter Share to Linkedin Luna LUNA , the collapsed cryptocurrency that was designed to support the terraUSD (UST UST ) stablecoin, has rocketed higher over the last 24 hours despite falling to near zero this week— a dramatic collapse that shook the wider bitcoin and crypto market . Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market The luna price, which was trading as high as $100 per luna just last month, crashed to near zero this week—causing the algorithmic stablecoin UST to completely lose its peg to the U.S. dollar—amid a $1 trillion crypto crash that sent the bitcoin price down by over 20%. Now, the chief executive of UST and luna developer Terraform Labs, Do Kwon, has pitched a revival plan that could see ownership in the network distributed across UST and luna holders—causing the luna price to surge over 1,000% as traders bet the … [Read more...] about ‘Revival Plan’ Boosts ‘Essentially Zero’ Luna Price By 1,000% Amid Bitcoin, Ethereum And Crypto Crash

Share to Twitter Share to Linkedin Nigeria's Securities Exchange Commission, on Sept. 15, 2020, issued regulatory guidelines for crypto assets. The guidelines also seek to regulate businesses that deal with crypto assets. This is the first time that the West African country's investment regulator is taking a public stance on cryptocurrencies. It had previously only warned investors about the risks associated with unregulated investment vehicles such as bitcoin. A spokesperson of SEC Nigeria, on a phone call, said that the document , which is published on the commission's website, is only a clarification on how the investment regulator views and intends to regulate crypto assets. The spokesperson didn't offer any comment on when the commission expects to have a signed law. Here are the essential points from the document: All Crypto Assets Are Securities, With A Few Exceptions "The position of the Commission is that virtual crypto assets are … [Read more...] about Nigeria Issues Crypto Regulatory Guidelines: Here’s Why It Matters

Share to Twitter Share to Linkedin A large number of recent Ponzi schemes have used decentralized finance (DeFi) infrastructure to defraud their customers. This article explores the DeFi ecosystem and how fraudsters are able to exploit it to steal from crypto newbies. DeFi is a broad term for financial infrastructure and financial services provided on public blockchains via smart contract technology. Ether ETH eum, Binance Chain, Cardano ADA , and Solana SOL are among the most popular smart contract blockchains, allowing developers to create dApps (decentralized applications) on their network. These dApps can be used for a variety of purposes, but the majority of them are financial in nature, giving rise to the term "DeFi." DeFi development has progressed to the point where token creation templates exist, allowing anyone to create a token in a matter of minutes without any programming knowledge or experience. This opens the door to a Pandora's … [Read more...] about How The DeFi Space Has Become A Massive Breeding Ground For Crypto Ponzi Schemes

Elon Musk Elon Musk's decision to accept some foreign investors as part of his $44 billion buyout of Twitter Inc runs the risk of inviting the kind of regulatory scrutiny over U.S. national security that social media peer TikTok faced, legal experts say. Musk disclosed on Thursday that Saudi Arabia's Prince Alwaleed bin Talal, Qatar's sovereign wealth fund and Binance, the world's biggest cryptocurrency exchange founded by Chinese native Changpeng Zhao, were part of a group of investors that will help him fund the acquisition of Twitter. This could give the Committee on Foreign Investment in the United States (CFIUS) an opening to scrutinize the deal for potential national security risks, six regulatory lawyers not involved in the transaction and interviewed by Reuters said. CFIUS is a panel of government agencies and departments that reviews mergers and acquisitions for potential threats to U.S. security. "To the extent that Musk's proposed acquisition of Twitter … [Read more...] about Elon Musk’s new Twitter funding could draw TikTok-like US scrutiny