Crypto Market Highlights: General News
- USDD lost its peg and Justin Sun promised to use $2 billion to make the incident better. On Monday, the Tron network‘s stablecoin, USDD, lost its peg to the US dollar, plunging as low as 91 cents, as crypto markets plummeted as investors were increasingly anxious about stubbornly rising inflation. The funding rate on the Binance exchange for betting against, or “shorting,” the Tron blockchain’s native TRX coin was decline 500% on Monday, a staggering pace that shows many investors are yearning to get into the trade. TronDAO would “deploy $2 billion to fight them,” according to Sun.
- Shiba Inu’s major developer suggested Shibarium release. According to Shytoshi Kusama, one of the project’s primary developers, Shibarium, the long-awaited Layer 2 solution in the Shiba Inu ecosystem, may be coming shortly. Shytoshi revealed the information on the Welly’s Discord server. There, the developer verified that the Layer 2 solution will be available shortly, as well as clarifying that talks about moving into a more active pre-release phase have already started. Even in the midst of the shroud of uncertainty surrounding Shibarium and the developers’ silence, this revelation still makes Shiba Inu community happy.
- Dogecoin co-founder Jackson Palmer said that cryptocurrencies are the driving force behind the scams. “Because this (cryptocurrency) is beyond government control, because of these irreversible transactions, it really means a lot for scammers to step in and do everything hassle-free,” Palmer said. He left Dogecoin team shortly after coming up with the idea and grew increasingly frustrated with the community. The software developer admits he’s glad he didn’t get rich from DOGE.
- Crypto.com staff cuts 260 employees, blockFi reduces employees by 20%. CEO Kris Marszalek of Crypto.com Mr. Marszalek’s reason is to “ensure long-term growth” while realizing the roadmap and optimizing profits. This is a very surprising announcement when Crypto.com in 2021 is one of the exchanges that “spend the most” on advertising activities. Crypto.com and BlockFi also join the ranks of crypto exchanges that suddenly cut staff to prepare for the “crypto winter”, such as Coinbase, Gemini, BitMEX, Rain Financial, etc. DeFi platforms are bringing proposing to sell off assets to have more money to prepare for the upcoming difficult days.
- El Salvador’s president under fire for a $18 million loss when Bitcoin fell below $23,000. El Salvador’s Finance Minister Alejandro Zelaya downplayed the impact of Bitcoin’s crash on the country’s financial health. Since El Salvador made Bitcoin legal tender, the price has dropped by 56%. However, in a news conference following Bitcoin’s precipitous drop, Zelaya stated that the scenario poses no financial risk to El Salvador: “When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile.”
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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