Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST). The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this sell-off, UST briefly lost its United States dollar peg, falling to as low as $0.98. Excessive LUNA supply LUNA serves as a collateral asset to maintain UST’s dollar peg, according to Terra’s elastic monetary policy. Therefore, when the value of UST is above $1.00, the Terra protocol incentivizes users to burn …

Anchor Protocol (ANC) returned to its bullish form this May after plunging by over 70% in the previous two months. Pullback risks ahead ANC’s price rebounded by a little over 42.50% between May 1 and May 6, reaching $2.26, its highest level in three weeks. Nonetheless, the token experienced a selloff on May 6 and May 7 after ramming into what appears to be a resistance confluence. That consists of a 50-day exponential moving average (50-day EMA; the red wave) and 0.786 Fib line of the Fibonacci retracement graph, drawn from the $1.32-swing low to the $5.82-swing high, as shown …

Ethereum's native token Ether (ETH) tumbled to its worst levels in almost two months against the U.S. dollar on May 6 as the rout in financial markets rippled across the cryptocurrency sector. Nonetheless, ETH did fare better than Bitcoin (BTC) with the ETH/BTC pair hitting a three-week high. The Merge impact Many analysts credited Ethereum's merge to proof-of-stake from proof-of-work as one of the key reasons behind the capital rotation from Ether to Bitcoin markets, including Toast.ETH, a pseudonymous analyst who underscored Ether's ongoing supply reduction as another reason why ETH may be currently outperforming BTC. Interestingly, Ethereum has grown …

Looking beyond the new breed of cryptocurrency millionaires, there is an asset class that can unlock the ticket to economic freedom by solving many of the current shortcomings of the traditional financial system. At a basic level, economic freedom starts with the right for people to control their own property both in the country they reside in and across the globe. The world has recently become aware of the lack of freedom in this matter, with examples including the well-known trading app Robinhood ceasing the trading of GameStop stocks temporarily, effectively locking investors out of this market and highlighting a …

Polkadot (DOT) price ticked higher in the past 24 hours on anticipations that its new cross-chain communications protocol would solve a long-standing problem in the blockchain sector. DOT price gains 12% on XCM launch Bulls pushed DOT's price to $16.44 on May 5 from $14.72 a day before, gaining a little over 12% as they assessed the launch of XCM, a messaging system that allows parachains — individual blockchains that operate in parallel inside the Polkadot ecosystem — to communicate with each other. As Cointelegraph reported, future updates in the XCM protocol would see parachains exchanging messages without relying on …

Bitcoin (BTC) topped out at around $46,000 on April 4 before freefalling back to $38,000, causing much frustration among crypto traders who have been so used to the market’s unreal returns in the past two years after the March 2020 crash. February and March showed signs of recovery, especially after the steep declines in December and January. But, the question is, why has the bullish momentum suddenly come to a halt? Continued S&P 500 correlation The correlation between crypto and equities, particularly Bitcoin and the S&P 500, continues to exist and is expected to last until mid-May when Jerome Powell …

Algorand (ALGO) prices rallied higher on May 3 after becoming FIFA's official blockchain solution provider. Nonetheless, the ALGO/USD pair continues to face selloff risks. High-profile partnership ALGO's price jumped 20% to $0.74, its highest level since April 22. Its move upside came as a part of a broader rebound that started April 30, gaining 37.5% in just three days of trading. As visible in the chart above, a large portion of the ALGO's upside move took cues from FIFA's announcement. Late on May 2, the official football governing body revealed that it had teamed up with Algorand to develop its …

Cardano (ADA) price has been rebounding after falling to its worst levels since February 2021. Meanwhile, a technical fractal suggests that ADA's upside retracement could continue in the coming weeks. Can ADA price extend the recovery? ADA's price has started bouncing after testing the same support area that preceded a 65% bull run in March 2022. Specifically, ADA/USD witnessed a bullish rejection as its price fell below $0.75 on Feb. 24, a move that followed a short period of sideways consolidation. It later broke out of the flat price range, rising to $1.24 on March 26, indicating a strong buying …

The last time Bitcoin (BTC) traded above $50,000 was Dec. 27, 2021. Since then, four months have passed, but traders seem somewhat optimistic that inflation has hit the necessary threshold to trigger cryptocurrency adoption. In theory, the 8.5% inflation in the United States means that every five years, the prices increase by 50%. This essentially turns $100 into $66 by slashing 33% of the dollar’s purchasing power. The U.S. Federal Reserve FOMC meeting is expected to rule on the interest rates on May 4, but more importantly, the FED is expected to announce a program to offload part of its …

Ripple (XRP) opened in May with a decent price rebound after falling 28% in April, its worst monthly performance since June 2021. Furthermore, the XRP/USD pair shows prospects of continuing its recovery trend in the coming weeks. Support confluence raises XRP bullish prospects XRP's price rose by nearly 6.25% in the first two days of May, going as high as $0.63 (data from Binance). The buying sentiment surged around $0.58, a level that acted as strong support in January 2022 and enabled XRP to rise by more than 50% thereafter. Interestingly, the $0.58-support coincides with XRP's 200-week exponential moving average …

ApeCoin (APE) caught its bulls off-guard with APE price losing nearly 40% in just three days. No dutch auction APE’s price reached its second-highest level, hitting $27.57 on April 28, up more than 2,650% from its mid-March debut. Nonetheless, traders started unwinding their positions after Yuga Labs, the Bored Ape Yacht Club (BAYC) nonfungible token (NFT) collection’s creator, released the details of the mint of its Otherside Metaverse lands, dubbed “Otherdeed.” Yuga Labs revealed that the NFT mint would cost a flat 305 APE, or $5,250 at the time of writing, in contrast to expectations that the company would sell …

After some crypto sleuths made allegations of insider trading by individuals potentially connected to Coinbase, CEO Brian Armstrong said the crypto exchange would change some of its token listing practices. In a Thursday blog post, Armstrong did not confirm whether any Coinbase employees had received disciplinary action or been referred for criminal charges in response to allegedly receiving insider information used to profit off certain token listings. According to the CEO, Coinbase planned to change its listing process over the next few quarters “to try and prevent on-chain data giving signal to watchful traders,” to allow users to rate and …