The past few days have been akin to an emotional rollercoaster in the crypto market, however with more downs than ups sadly.
This article sums up the most important news of the past days in the crypto market, allowing you to remain on top of your crypto game!
A challenging last 72 hours for ex-top 10 crypto project Terra (LUNA).
Indeed, the project’s main native stablecoin, Terra USD (UST), repeatedly lost its US dollar parity and still has not recovered it at the time of writing, now trading around $0.40 apiece instead of the supposed $1.00.
This event undermined investors’ confidence in the project, despite its status as a major blue-chip in the crypto world, its promising prospects, and its multi-billion market cap.
This led the price of its native cryptocurrency, LUNA, to collapse a historical 97%, falling from around $87.00 seven days ago to under one dollar. Since then, the price of LUNA has seen a meagre rally, climbing back just over $2.50, but there is still a long way to go before going back to its previous levels.
After this major setback, it will be undoubtedly an arduous task for the Terra team to win investors’ confidence back.
Launched in 2019 by South Korean fintech Terraform Labs, Terra is a promising project which focused on the development of a decentralised ecosystem based on stablecoins, a particular type of cryptocurrency whose price tracks the price of real-world fiat currencies, hence their denomination as “stable”.
This project was one of the top performers in 2021, generating a return of more than 15,000%. Terra even joined the club of so-called “Ethereum killers”, which also includes the BNB Chain (BNB), Cardano (ADA), Solana (SOL), Avalanche (AVAX), and other similar projects which have the potential to rival, or even replace Ethereum (ETH) as the leading blockchain in the future. Notably, the Terra network was able to process up to 1,000 transactions per second.
Following the ongoing situation, it is fair to assume that Terra’s status as an Ethereum killer will probably be revised, as the future of this project remains uncertain for now.
With all that said, LUNA remains in the top 50 largest cryptocurrencies, even after a 90%-plus drop in its price, indicating just how massive this project is.
While it remains wise to wait for the current situation to stabilise a bit, the current situation might provide investors with a historical opportunity to invest in LUNA at a massive discount.
The collapse of Terra did not go unnoticed in the crypto space, and definitely made some waves (no pun intended).
With its multi-billion dollar market cap, the fall of Terra took with it Bitcoin (BTC), which fell under the $30k symbolic mark, Ethereum, and pretty much the entire crypto market.
And that’s understandable – as an investor, after seeing a blue-chip cryptocurrency such as LUNA crumbling over 90% in a matter of hours, it can be easy to lose confidence in the overall crypto market and give in to the panic by dumping any cryptocurrency blindly.
As such, all Terra-based protocols, among which promising liquidity protocol Anchor Protocol (ANC), have also suffered massive double-digit losses, erasing months or even years of gains and putting the existence of the Terra ecosystem in doubt for the future.
This episode is certainly a historical one in the crypto space, stay tuned on the evolution of the situation!
BoostX is a recent cryptocurrencylaunchpad that has been quietly but surely making a name for itself over recent weeks.
Despite BoostX’s recent history, it already features an interesting portfolio of emerging projects which have been using its launchpad technology to conduct their own initial coin offerings ICO) or initial DEX offerings (IDO).
Some of these emerging projects are Seesaw Protocol (SSW), Firepin (FRPN), Explora Chain (EXPL), Quitriam Finance (QTM), which are all completing presages for their respective native tokens through the BoostX platform.
BoostX notably facilitates go-to-markets on all major blockchains, particularly Ethereum, Solana, Avalanche, Polygon (MATIC), or Terra.
For the time being, BoostX is focused solely on launchpad services, a decision made in order to avoid diverting resources away from BoostX’s core business, particularly when considering the project’s infancy.
With the ongoing extreme market volatility, BoostX may certainly benefit from broadening its offering in order to remain competitive and survive the merciless world of cryptocurrencies. However, it remains an overall interesting project worth a look for anyone wishing to launch their own crypto or token!
Three deaf K-pop artists from South Korea formed a group called Big Ocean and use AI to help them sing and perform. They debuted in 2024, gained fans worldwide, and show that hearing loss doesn’t stop people from making music.
WeatherlyHackers stole 500,000 ETH (about $1.4 billion) from Bybit using malware and laundered most of it through mixers, bridges, and decentralised platforms. Nearly 70% of the funds are still traceable, but a third has disappeared, with few signs of recovery so far.
AnaisA casual question on X about how politeness in AI interactions impacts electricity use revealed that OpenAI's politeness costs could run into tens of millions of dollars. Despite these costs, OpenAI remains focused on improving model efficiency and expects substantial revenue growth in the coming years.
AnaisPaul Atkins has been sworn in as the new Chair of the SEC, promising clearer rules for crypto and market oversight. He supports innovation and is expected to speed up decisions on crypto ETFs and regulations.
AnaisSouth Koreans are holding $73.4 billion in crypto, a significant increase driven by political shifts and growing market interest. The country’s crypto holdings surged after Trump’s election, with regulatory changes and stablecoin concerns shaping future developments.
WeatherlyUnicoin has refused to settle with the SEC and plans to fight fraud charges in court. The SEC claims the company broke securities laws, while Unicoin says the case is politically motivated.
AnaisThe US government says Google is using its AI assistant Gemini to keep control over online search and may need to sell Chrome or Android. A court hearing is underway, and the DOJ wants strong action to stop Google from blocking fair competition.
AnaisMeta is using AI in the US to detect teens who lie about their age and move them into safer Teen Accounts on Instagram, Facebook, and Messenger. The system adds stronger privacy settings and now asks parents to help confirm their child’s age.
WeatherlyRipple’s xrpl.js package was hit by a supply chain attack, risking private key theft from DeFi wallets. The XRP Ledger is unaffected, and a secure update has been issued. While no major losses are reported, the breach highlights a rising threat: are hackers now targeting open-source blockchain tools?
CatherineTrump Media & Technology Group has teamed up with Crypto.com and Yorkville America Digital to launch “America-First” ETFs via Truth.Fi, pending SEC approval. The funds will feature US securities and digital assets, backed by up to $250 million in capital from Trump Media.
Kikyo
