Bitcoin (BTC) dropped by $1,500 in minutes on May 11 as the latest United States inflation data delivered mixed sentiment on the economic outlook. Bitcoin puts in fresh 10-month lows Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD diving from $31,500 to abruptly pierce the $30,000 support as the Consumer Price Index (CPI) figures went live. At 8.3%, CPI outpaced estimates by 0.2% but still fell 0.2% compared to last month's readout. Reactions naturally began to focus on the idea that peak inflation may have passed. "This is higher than the expectation, but it shows the first decrease in …

Avalanche (AVAX) is paying the price for being one of the collateral assets that maintain Terra's native stablecoin TerraUSD's (UST) peg with the U.S. dollar. Major AVAX dump ahead? AVAX's price dropped about 30% to reach $32.50 on May 11, its lowest level since September 2021. Its massive intraday decline coincided with UST dropping to as low as $0.23, which effectively dented its stablecoin status among traders and investors alike. The depeg incident happened despite Luna Foundation Guard, a Singapore-based nonprofit backed by TerraLabs, emptying its crypto reserves to prop up the UST peg. The firm currently holds 1.97 million …

Do Kwon, CEO of Terraform Labs, has not accepted defeat. After an 18-hour wait in which Terra's LUNA and TerraUSD (UST) endured a face-ripping freefall, Kwon has announced what he hopes will be a rescue plan for the Terra community. LUNA is down 90% from its all-time highs, while the “stablecoin” UST is 75% below the dollar parity. In an attempt to save Terra, Kwon has planned “several remedial measures” to rescue the billions wiped off the total Terraform Labs market cap. 2/ I understand the last 72 hours have been extremely tough on all of you - know that …

Panic appeared to set in on crypto markets overnight on May 11 as Blockchain protocol Terra failed to steady its bleeding crypto assets. Data from Cointelegraph Markets Pro and TradingView showed both the firm’s in-house token, Terra (LUNA) and stablecoin, TerraUSD (UST) seeing fresh heavy losses on the day. A dubious new “all-time high” for Bitcoin After a mass sell-off, which some argued was “coordinated” to destroy the Terra ecosystem, UST lost its peg to the United States dollar. Attempts to shore up the peg when both LUNA and Bitcoin (BTC) reserves failed, and as uncertainty gripped the market, both …

As the crypto community still tries to decipher Terra’s ongoing pegging-depegging fiasco in relation to its stablecoin offering TerraUSD (UST), major crypto exchange Binance temporarily suspended the withdrawals for LUNA and UST on Tuesday. The market value of UST, Terra’s stablecoin offering, recently fell below the expected $1.00 price point as LUNA’s price witnessed a sharp decline owing to a major selloff. At the same time, the BTC/UST trading pair on Binance reached highs of more than $42,000, while other Bitcoin dollar markets struggled to preserve $30,000, as reported by Cointelegraph. Which has caused a massive surge in BTCUST (Not …

Bitcoin (BTC) fell below $30,000 for the first time in ten months on May 10 as turmoil at Blockchain protocol Terra continued. Bitcoin price bounces at $29,700 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD plumbing lows of $29,731 on Bitstamp. The first trip under the $30,000 mark since July 2021, overnight BTC price performance came amid both declining stock markets and fresh trouble for Terra’s United States dollar stablecoin, TerraUSD (UST). As Cointelegraph continues to report, UST saw an attack involving mass-selling this week, which culminated in Terra using its giant 750 million BTC reserves to prop up …

The third-largest stablecoin by market cap, TerraUSD (UST), appears to be in a catastrophic tailspin which has seen it depeg from the dollar and drop to as low as $0.67 on Tuesday. As its price has fallen, so has its market capitalization along with that of LUNA, which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community. As of the time of writing, the UST price is $0.78 with a market cap of $14.1 billion, while LUNA has …

Roughly $1.4 billion worth of Bitcoin (BTC) was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) on Monday, raising questions about its ultimate destination on a day that has seen Bitcoin’s price tumble more than 11%. Data from blockchain explorer Blockchair revealed Monday that 42,530.82827771 BTC was spent from the LFG wallet, though its destination was unknown. It has been speculated that the funds were split into two batches — roughly 12,500 BTC and 30,000 BTC, respectively — with a portion reportedly sent to cryptocurrency exchange OKX. looks like they have split it up the funds 12.5k …

Global equity markets extended their decline on May 9 and the S&P 500 fell to a new 52-week low. Bitcoin (BTC) dropped to a new year-to-date low and most major altcoins extended their decline as they tracked the weakness in the stock markets. Data from blockchain analytics firm Glassnode shows that Bitcoin inflows to centralized exchanges have risen to more than 1.7 million coins, the highest since February. This suggests that whales may be dumping their holdings as they anticipate an extended downtrend. Several analysts expect the crypto markets to enter a capitulation phase which generally marks a bottom. Analyst …

Bitcoin (BTC) set a new record low price for 2022 on May 9 as crypto markets continued selling off prior to the Wall Street opening. BTC price sinks under $36,700 Data from Cointelegraph Markets Pro and TradingView confirmed the firmly bearish achievement for BTC/USD, which hit $32,637 on Bitstamp. With the latest installment of a string of losses in May, the pair continued to trade under $33,000 at the time of writing, with weekly losses now at 15%. “Bitcoin sweeping the lows here, that’s probably next liquidity,” Cointelegraph contributor Michaël van de Poppe told Twitter followers in one of several …

Amid the sharp pullback across Bitcoin (BTC) and the wider crypto market this week, the Luna Foundation Guard (LFG) is set to deploy $1.5 billion worth of capital to “help protect” Terra USD’s (UST) peg to the United States dollar. The Singapore-based nonprofit LFG is part of the Terra ecosystem and is tasked with collateralizing the network’s algorithmic stablecoin UST to keep its USD peg intact while also managing the network’s reserves. While details are sparse at this stage, the LFG outlined on Twitter earlier today that it will first loan out $750 million worth of BTC to over-the-counter (OTC) …

Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST). The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this sell-off, UST briefly lost its United States dollar peg, falling to as low as $0.98. Excessive LUNA supply LUNA serves as a collateral asset to maintain UST’s dollar peg, according to Terra’s elastic monetary policy. Therefore, when the value of UST is above $1.00, the Terra protocol incentivizes users to burn …