Altcoins

Crypto News, May 16: Do Kwon’s Revival Plan Doesn’t Impress, LFG Wallet Out of BTC

2m
Created 2yr ago, last updated 2yr ago

Do Kwon published a revival plan for Terra, but Changpeng Zhao and Vitalik Buterin were not impressed by it. Terra also revealed its current BTC holdings, and SBF commented on Bitcoin.

Crypto News, May 16: Do Kwon’s Revival Plan Doesn’t Impress, LFG Wallet Out of BTC

Table of Contents

Today's Headlines

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts

Do Kwon Publishes "Revival Plan" for LUNA 🤔

Terra’s CEO Do Kwon re-emerged over the weekend with a new proposal to revive the Terra ecosystem. Kwon suggested forking the blockchain to preserve the community and continue building Terra’s vision of a decentralized economy without UST. He also proposed a new token allocation. Vitalik Buterin and Chanpeng Zhao indirectly criticized Kwon and pointed out that a plan to save Terra should put retail holders first.

Bitcoin Still Falls, But There May Be Hope 🤞🏻

Bitcoin recorded its first seventh straight red weekly candle ever. The losing streak comes off the back of Terra’s collapse and rising interest rates. Bulls will try to defend the $30,000 mark, while bears are looking to drag Bitcoin down to its $25,000 wick of last week. Some analysts give bulls hope, citing evidence that whales are accumulating in this zone.

Bitcoin Not Good for Payments, Says Sam Bankman-Fried 🚨

Sam Bankman-Fried said in an interview with the Financial Times that Bitcoin is not well-suited for payments. Still, it may have a future as an asset and a commodity. Analysts pointed out that SBF is overlooking the potential of Bitcoin’s Lightning Network and some suggested that the FTX CEO has become overly critical towards the blockchain space in recent weeks.

Luna Foundation Guard 80,000 Bitcoin Lighter After Failing to Defend UST Peg 🤯

The LFG wallet holds only 313 BTC after it failed to defend the UST peg. Terra disclosed its reserves in a statement issued on Monday, further indicating that another $50 million of stablecoin had been liquidated in the process. Terra is down roughly $3 billion on its Bitcoin trade and holds an enormous amount of LUNA at virtually zero.

What Happened in the Metaverse Space This Week 🕹

This week CoinMarketCap Academy and Nansen dive into the latest happenings in the metaverse space. There was a spike in interest metaverse dating — according to exclusive Reddit user data. Also, NASA have parterned with Epic Games to work on a 'martian metaverse' while the first divorce law office in the metaverse opens in the legal district on Decentraland.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
33 people liked this article