Daily Market Wrap
Crypto market cap: 1.30 trillion, up 0.95%
BTC price stands at USD 30,139, up 0.66%
ETH price stands at USD 2,064, up 1.43%
Top gainer: Kyber Network Crystal v2 (KNC), up 38.37%
Top loser: XDC Network (XDC), down 2.85%
News of the Day
Why it matters:
South Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have reportedly launched “emergency” inspections into local crypto exchanges linked to the recent collapse of LUNA and TerraUSD (UST) tokens
Even Though Korean financial authorities have been watching the crypto market closely after the collapse, they admit that there’s not much they can do when it comes to investor protection
On Tuesday, a politician from South Korea’s ruling People Power Party, Yun Chang-Hyun, calls for Do Kwon to attend the hearing on TerraUSD’s collapse
He also urges crypto exchanges to take account of their behaviour during the collapse
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. Starting on May 9, Terra (Luna) collapsed, losing more than 99 percent of its value due to its link to terraUSD (UST), a stablecoin that was pegged to the US dollar.
Why it matters:
Do Kwon, the founder of Terraform Labs, has proposed a new “Revival Plan” for LUNA in a recent tweet thread on Monday
The old Terra chain will be forked into a new chain without the algorithmic stablecoin. The old chain will be tagged as Terra Classic (token Luna Classic — LUNC), and the new chain will be called Terra
New LUNA will be airdropped to Luna classic stakers, Luna classic holders, residual UST holders, and the essential decentralised app developers of Terra Classic
However, the Terra Builders Community is not yet in support of Do Kwon’s Proposal and made a counter proposal to Do Kwon’s proposal instead
Daily sector tracker
Daily News Roundup
China Contributes to a Significant Chunk of the World’s Bitcoin Mining Operations Despite Last Year's Ban https://bit.ly/3MpsX4m
Crypto Funds See the Year’s Highest Inflows Regardless of the Collapse of LUNA and TerraUSD (UST) https://bit.ly/39qcuym
Jump-Backed Wormhole Bridge Has Launched Support for the Algorand Blockchain https://bit.ly/3MrSV7q
Animoca Brands Closes the Oversubscribed Phantom Galaxies Planet Private Sale https://bit.ly/3wuPiHe
Crypto Analyst PlanB Says tThat a New Bull Run For Bitcoin is on the Way https://bit.ly/39ZPOFn
About Aspen Digital
Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.
For more information, please visit https://www.aspendigital.co/
Sign Up on Aspen Digital
We have launched the beta version of our platform. If you would like to know more, please sign up here.