WEEKLY UPDATE - 14 MAY 2022
What Happened In Crypto This Week
It’s hard to believe this now, but BTC was around $36K this time last week, and everyone was waiting for price to stabilize and eventually rebound. Then everything took a negative turn when TerraUSD (UST), the fourth biggest stablecoin started to unravel. To defend the coin and restore its $1 peg, the project transferred nearly $1.5B in Bitcoin to exchanges, and the impact of such high supply was felt.
BTC slipped below $27K and everyone thought a nosedive towards $18K was imminent. However, the world’s foremost crypto responded strongly, battling back up to $28K – $30K range.
Despite BTC’s heroics, however, we’re still stuck in a bear market. The good thing about the bear markets, though, is the opportunities it offers to newcomers and investors looking for optimal entry points. Fundamental analysis shows that crypto is gaining more widespread approval, with leading countries and Fortune 500 companies investing heavily in digital assets. Similarly, technical analysis suggests that Bitcoin is undervalued at a level we’ve not seen since the 2020 bull run (when BTC price rallied to $68K).
So, this is not the time to put your head down and sulk, it’s time to prepare for battle. Load some money on your exchange account and be ready to maximize the wealth creation opportunities that will show up in the coming weeks. But don’t rush into anything now, be patient and wait for confirmation that the worst is truly behind us. Once the signals go green, it’ll be time to make back losses and secure even more profits.
Maker benefits from Luna’s woes, pumps 13%
Major exchanges delist LUNA
NFTs can now be posted on IG feeds and story
Some days ago, Instagram rolled out a functionality that will let users display their NFTs on the platform. This feature is only available to a select group of users for now, but a bigger release is expected soon. To display NFTs, a blockchain wallet would be connected to IG. And once the digital file is uploaded, anyone can access general details about the NFT and its creator.
Fiat Money V Bitcoin: Why the World Needs Crypto
Emirates Airline set to accept BTC as a payment method
FTX’s CEO buys $650M stake in Robinhood
Elon Musk Twitter deal placed on hold
Aurora launches $90M developer fund for DeFi
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