Daily Market Wrap
Crypto market cap: 0.88 trillion, down 2.98%
BTC price stands at USD 19,941, down 3.04%
ETH price stands at USD 1,092, down 5.22%
Top gainer: Polygon (MATIC), up 4.96%
Top loser: Uniswap (UNI), down 8.80%
News of the Day
Why it matters:
A court hearing is scheduled for Tuesday morning in New York; creditors are seeking to freeze Three Arrows’ assets
Lawyers said that the crypto hedge fund’s founders, identified as Su Zhu and Kyle, have not been cooperative in the proceedings and that their current location remains unknown
Su Zhu and Kyle were present on an initial Zoom call, but they turned off their video camera and would not respond to questions — only the founders’ legal representatives answered questions
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 which was pegged to the US dollar.
Why it matters:
More than 48 projects have begun migrating to Polygon two months after the Terra ecosystem collapsed
“Terra projects have begun migration. Over 48 projects and counting… including OnePlanet_NFT, an exclusive 0xPolygon marketplace, and DerbyStars_HQ,” Polygon Studios CEO, Ryan Wyatt, tweeted on Monday
“For any project that wants to come from Terra to Polygon, we will be happy to provide them both financial assistance as well as technical assistance,” a spokesperson from the Polygon ecosystem team said
Daily Sector Tracker
Daily News Roundup
Elon Musk Posts Meme Mocking Twitter’s Threaten to Sue https://fxn.ws/3ardzGY
CoinFLEX Is Seeking To Recover $84 Million From a Single Customer By Taking Legal Action https://bit.ly/3uEf3EM
Celsius Hires New Legal Team Amid Debt Repayments https://bit.ly/3AFrAvj
Bloomberg MLIV Pulse Says Bitcoin May Tumble to $10,000 https://bit.ly/3yzyTlT
Chinese Central Bank May Apply Smart Contract Technology to Digital Yuan https://bit.ly/3asXdOd
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