Crypto Biz: Luna’s Collapse Will Continue In Infamy, May 5-11, 2022

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Terra’s collapse has forced cryptocurrency investors to ask a question they never thought possible: Will TerraUSD (UST) or Terra (LUNA) hit $1.00 first? The magnitude of this question is a reminder of how quickly things can change in crypto. While Terraform Labs co-founder Do Kwon remains defiant, many in the industry are beginning to distance themselves from the protocol they thought offered real utility for stablecoins and Bitcoin (BTC).

The threat of contagion from Terra’s apparent collapse could take months, if not years, to be fully quantified, but it looks like the howls of crypto winter are getting louder. Fortunately, blockchain projects are started with tens of billions of dollars. They will continue to build. Can you wait a little longer to complete your digital asset investing thesis?

Celsius Network executives deny rumors of major losses amid volatile market

The fallout from the UST/LUNA fiasco has shone a spotlight on Celsius Network, a crypto-focused wealth management platform that was reportedly “wiped out” due to the events of the past 72 hours. But nothing could be further from the truth, Celsius’ management team confirmed on Wednesday. Rod Bolger, the firm’s chief financial officer, told TUSEN that “we are not significantly exposed to market fluctuations,” including the crypto crash triggered by LUNA. CEO Alex Mashinsky also attempted to set the record straight.

FCA Regulated Fasanara Capital Raises $350M in Crypto and Fintech Venture Funds

If you had managed to read anything other than Terra news this week, you would have known that a major UK investment firm had raised $350 million for a new crypto and fintech venture capital fund. Fasanara Capital, which manages $3.5 billion in assets, has identified Web3 and crypto as a major investment opportunity, so much so that it is considering making larger capital commitments to startups than to companies. traditional venture capital firms. Venture capitalists don’t care about cycles in the crypto market. They just want to accumulate as much equity as possible in the sector.

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Latin America’s largest digital bank to allocate 1% to BTC and offer crypto investment services

A digital bank in Brazil, exposed to more than 50 million customers, invests 1% of its net assets in BTC and facilitates the purchase, sale and storage of digital assets. Nubank, Latin America’s largest neobank, announced this week that it has partnered with Paxos to realize its crypto ambitions. TUSEN has reported for years that Latin America is an emerging crypto hub. If you’re feeling nervous about the market, find out what Nubank’s management team has to say about the potential for crypto in the region.

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Michael Saylor Calms Investors After Market Crash Hurts MSTR, BTC

With Bitcoin dipping below $30,000 — and MicroStrategy’s average BTC cost base — CEO Michael Saylor reassured investors that his crypto-heavy business intelligence firm was in no danger of being called on margin. Saylor said it would take a crash in the Bitcoin price below $3,600 before the company would have to post further collateral. Crypto Twitter has previously accused Saylor of secretly selling off some of its BTC stash. This is not true and neither is the rumor that MicroStrategy is bankrupt because of its Bitcoin reserves.

Can you support more LUNA scans? Watch this video

The Market Report panel met outside of its regular hours this week as I joined fellow analysts Jordan Finneseth, Marcel Pechman and Benton Yuan to talk about Terra Luna. We talked about exactly what was wrong with the Terra ecosystem, how UST lost its footing, and what it could mean for your wallet over the next 12 months. You can watch the full replay below.

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