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IMF Says Governments Should Impose Capital Controls on Crypto

Daily Market Wrap

Crypto market cap: 1.92 trillion, up 1.78%

BTC price stands at USD 41,357, up 1.68%

ETH price stands at USD 3,085, up 1.44%

Top gainer: ApeCoin (APE), up 26.23%

Top loser: Decred (DCR), down 4.44%

News of the Day

Why it matters:

  • The International Monetary Fund (IMF) says that the recent war in Ukraine has become the driving force for capital outflow from sanctions

  • Crisis-hit countries like Greece and Argentina could also benefit from their access to cryptocurrency for cash withdrawal and receiving foreign currency

  • The IMF previously warned in October that under-regulated crypto could lead to instability and fraud

Crypto daily spotlight

Brief introduction: Terra is a decentralised stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilise the price of the protocol’s stablecoins.

Why it matters:

  • Terra’s native token LUNA rose 17% as its stablecoin UST moved up the ladder to the third-largest stablecoin

  • Terra’s Anchor Protocol announced a partnership with Polkadot’s Acala network to set up liquidity pools for stablecoins UST and aUSD on Acala

  • The Luna Foundation Guard (LFG) has recently acquired over 30,000 BTC to act as a peg and reserve for its UST stablecoin

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