Crypto Market Highlights: General News
- After the launch of the Terra 2.0 proposal, the price of some tokens in the Terra ecosystem increased significantly. Terra 2.0 is Terra’s new blockchain. This new chain does not replace the current Terra, but works in parallel. Currently, Terra 2.0 is still being voted on on Terra Station and has not been officially released. Although the official results will not be announced until May 25, 2022, it currently shows that 62% of the votes agree. But time is still long, and there are nearly 80 Validators undecided. So it’s still not certain that the Terra 2.0 proposal is approved.
- Mike Novogratz, CEO of Galaxy Digital and a Bitcoin bull, is warning crypto traders that altcoins might yet face significant devaluations. “Alts are down over 80% from the highs. In 2017, it was over 95%. That is down another 70%. My point is picking bottoms is dangerous and if you do, scale in slowly,” he stated.
- Elon Musk, the CEO of Tesla and SpaceX, made his views clear in a couple of tweets earlier today: he prefers crypto to fiat currencies. Someone then asked what Musk thought of people who were “angry at him because of crypto,” as he has in the past expressed occasional crypto skepticism, including toward proof of work concepts. Elon Musk tweeted: “The true battle is between fiat & crypto. On balance, I support the latter.”
- Samuel Bankman-Fried, founder of crypto derivatives exchange FTX, gave $16 million to super PACs in April, making him one of the top donors to such outside political groups. The group has spent $19 million to influence election primaries so far, all in Democratic House races. Its biggest donation was $10.5 million to support Carrick Flynn in Oregon’s 6th congressional district.
- Julius Baer Group, one of Switzerland’s oldest banking services firms, is now offering crypto services to its wealthy clients. Julius Baer intends to position itself as the crossroads of “digital assets and the fiat world,” according to a statement on the bank’s new strategy. The bank has already launched experimental programs that will provide rich clients with guidance, trading, and investments in cryptoassets.
- According to the co-founder of CoinGecko, the crypto bear market may be just getting started. Crypto is in the midst of a macro-driven bear market, according to Bobby Ong, who also serves as CoinGecko’s chief operations officer, with Russia’s invasion of Ukraine and supply chain concerns causing ongoing inflation. He notes that the U.S. Federal Reserve has “no choice” but to raise interest rates to quell inflation and that growth stocks are being pummeled as a result.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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