- Bitcoin and cryptoassets have rebounded off the lows, despite US equities tumbling. Simultaneously, Bitcoin’s 7-day rolling average correlation to the S&P500 has plummeted to 0.73 from 0.98.
- According to data from glassnode, Bitcoin’s accumulation trend score has climbed to 99% which suggests that strong buy side demand has returned after capitulation. Buy side demand is led by both small holders (<1 BTC), and whales (10K+ BTC).
- The Luna Foundation revealed that it depleted $3B in Bitcoin reserves in an attempt to preserve the UST peg. Despite their efforts, the stablecoin has completely collapsed and now trades 90% below peg. Following the event, DEI’s stablecoin has collapsed and now trades 50% below peg. Check out more on the topic here.
- Simultaneously, Terra’s native token ($LUNA) tumbled to $0.00017 from $83 two weeks ago. As a result, Terra founder Do Kwon unveiled a plan to revive the token through the “LUNA Go Forward Proposal” which would airdrop Terra 2.0 tokens to core network participants. Read more about the proposal here.
- Ernst & Young has partnered with Polygon to deploy an OpsChain Supply Chain Manager on Nightfall, a Layer 2 rollup blockchain. The chain aims to help companies manage supply chains and utilizes ZK-proofs to enable private, faster, and cheaper transactions.
- Crypto adoption continues to spread as Emirates Airline will “employ bitcoin as a payment service” amid a push to embrace blockchain and metaverse projects.
- President Nayib Bukele shared that watchdogs from 44 countries will meet in El Salvador to discuss “financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits.” El Salvador was the first nation to adopt Bitcoin as legal tender and the conversation is believed to be a study of the integration.
May 25, 2023
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