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Read in the Digest:
Terra (LUNA) suffered its biggest single-day loss on Monday as the flagship algorithmic TerraUSD (UST) stablecoin plunged to an all-time low of $0.6841.
LUNA, which previously traded as high as $65.14, fell flat, dropping to as low as $24.14 as the UST dollar peg broke. LUNA is now trading at $32 as of this writing, having made a marginal recovery in the last 8 hours.
The 7 day price chart for Terra (LUNA). Source: CoinMarketCap
The unexpected plunge saw Terra (LUNA) drop out of the top 10 cryptos ranked by market cap, as it sank by over $9.5 billion in the space of a few hours.
Over the weekend, UST fell to sub-$0.99 levels, forcing the Luna Foundation Guard (LFG) into action. However, the measures were unable to keep the UST from experiencing further drops.
Further piling on the misery, the world’s largest cryptocurrency exchange, Binance, has suspended all withdrawals of LUNA and UST tokens, citing “network slowness and congestion.” Binance intends to reopen withdrawals once the network is stable.
As a result of the UST being backed by Bitcoin, the broken peg has exacerbated the losses suffered by BTC and the broader crypto market.
The Indian cryptocurrency industry, which has been reeling since the government announced a flat 30% tax on crypto-generated income, could soon experience further struggles.
The Goods and Services Tax (GST) Council of India is now reportedly considering a proposal to impose a 28% tax on all cryptocurrency transactions.
Services provided by crypto exchanges are currently subject to an 18% tax. The included cryptocurrency activities cover the selling and purchasing of crypto tokens on various exchanges, holding assets in centralised or decentralised wallets, and staking on various platforms.
According to the reports, a committee has already been set up to consider the proposal of imposing a 28% GST on all activities and services related to crypto. The proposal may be tabled as early as the very next meeting between the GST Council.
If approved, the legislative decision could cause the Indian crypto community, which is already required to pay gargantuan taxes, to shrink further.
On Monday night, the pseudonymous founder of the popular Azuki non-fungible token (NFT) project, Zagabond, revealed his involvement in past abandoned NFT projects in a blog post.
In the blog post, which was published to share his “Builder’s Journey” leading up to Azuki, Zagabond stated that he had been part of three NFT projects that were abandoned by their founding team, ‘Cryptophunks‘, ‘Tendies‘ and ‘Cryptozunks‘.
According to Zagabond, the failures of these projects acted as “formative times” for him, and he even credited much of Azuki’s success to what he learned from the failures of those projects.
The news was not well received by the Twitter crypto community, with the host of a Twitter Space titled “The Death of Azuki” boldly asserting that “Azuki is dead.”
Source: Azuki
The incident has reignited conversations and calls for founder transparency around NFT projects.
ApeCoin, which swiftly became the most-traded coin by Ethereum whales within a short time after its launch, seems to have caught the fancy of Ethereum investors. APE has since gone on to become the third most-purchased coin by whales.
Since its launch in March, Ethereum’s top 100 richest bagholders have quietly, but steadily increased their stakes in ApeCoin (APE), the native asset of the ApeCoin ecosystem.
According to data from WhaleStats, the top 100 Ethereum Wallets have an average ApeCoin purchase amount of $157,609, and an average quantity of 12,721 APE.
Excluding Ethereum (ETH) and the USD Coin (USDC) stablecoin, ApeCoin ranks as the most purchased crypto by the top 100 Ethereum whales.
The 7 day price chart for ApeCoin (APE). Source: CoinMarketCap
The popularity of the Bored Ape Yacht Club NFT collection, and use of APE in the ‘Otherside’ Metaverse land sale, continues to drive accumulation of ApeCoin.
The Central Bank of Nigeria (CBN) is progressing with plans to improve the country’s central bank digital currency, the eNaira, to include a wider range of goods and services.
According to a report, on May 9th, Bariboloka Koyor, the CBN Controller, spoke at a market in Lagos, the most populated city in Nigeria, as part of a marketing campaign dedicated to “raising awareness” about the eNaira among businesses in the country.
Koyor said that the upgrade will improve the speed and use of the eNaira, and went on to highlight that the app “will permit users to do transactions like paying for DSTV or electric bills or even making flight tickets payments” from next week.
He adds that the eNaira app will incurr zero transaction fees, and will be comparatively faster than other mobile banking apps used in the country. He added that, in future, the only way to receive financial aid from the government will be via eNaira.
According to a report, Nigeria’s ban on crypto has crippled international funding in the fintech industry, which has adversely affected millions
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