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Bitcoin up 5%, fasten your seatbelts everyone💪
Bitcoin bulls have reason to celebrate (at last), as Bitcoin started the week well.
It may be the public holiday in the US that prompts crypto kids to have a “parents are gone” party, or it may be the rally in equities last week that Bitcoin notably did not follow. Either way, crypto markets could (finally) print a green week and a much-needed reversal from the recent down-only trend. Stay tuned and watch the charts.
LUNA 2.0 moon mission off to a stuttering start🌚
LUNA’s Do Kwon may want to enquire with Elon Musk about how to kickstart a failed mission to space because LUNA’s new moon mission is not going so well. The coin plunged 75% after its launch and investors seem poised to dump any future vested LUNA they receive. Terra forked its halted blockchain and is attempting a restart as Terra V2, but it seems as if trust in a bear market is scarce. LUNA will have its work cut out with this one.
Paraguay boarding the crypto train 🚉
Paraguay is on track to maintain its status as the crypto industry’s darling in Latin America.
The country’s Congress approved a draft bill that would regulate trading, mining, and the custody of crypto in Paraguay. The bill will now go back to the Senate and, if approved, can then be signed into law by the President. Even though critics repeated their same old “crypto is for criminals” and “mining is bad” FUD, the country looks to embrace digital assets even further in the near future.
Russia could soon pay for trade with cryptocurrencies 🤨
Although Russia’s financial authorities have repeatedly ruled out making crypto legal tender, a new article in its crypto bill would at least allow paying for foreign trade in crypto. That could de facto replace at least a part of the dollar-denominated trade Russia does with other currencies. However, within the country, Russia looks to stick to its own digital currency. The country’s central bank accelerated the launch of its digital ruble pilot project in April 2023 instead of 2024, as initially planned.
Celsius suspected of dumping UST before the depeg 🧐
Crypto analytics firm Nansen identified the wallet of staking provider Celsius as one of seven wallets kicking off the UST death spiral. In its on-chain analysis of the UST depeg, Nansen concluded that not one attacker was the culprit but seven wallets knowingly or unknowingly set the dynamic in motion by withdrawing UST from Anchor and swapping it for other stablecoins. That refutes speculation that UST was the victim of a single “attacker,” which was a popular take in the immediate aftermath of its collapse.
