Crypto Weekly Roundup: CEO Still Trusts BTC, Cloudflare Takes On New Challenge, Terra Starts Revival Plan, And More

The market is still reeling from the dramatic plunge of the UST stablecoin and the Terra ecosystem. In the meantime, different industry leaders have been chiming in with their take on the Bitcoin question after the premier crypto suffered significantly in the crash. Let’s find out more. 

Bitcoin

FTX CEO Sam Bankman-Fried has said that Bitcoin could not become a payments network but had the potential to be a store of value.

The president of the ECB, Christine Lagarde, said that crypto is worth nothing and should be regulated to steer people away from it. Instead, she touts a digital euro as a safer store of value.

Microstrategy CEO Michael Saylor remains just as convinced about Bitcoin as always, calling it the future of money and that it will eventually be valued in the millions.

Former Fed Chairman Ben Bernanke said that Bitcoin and other cryptocurrencies were speculative, volatile, and were mostly used for “underground economy activities.”

Ethereum

With the initial series of Web3 experiments ending, Cloudflare is looking into solving the environmental and scaling challenges that plague modern blockchain technology.

The release of the Ropsten public testnet will now undergo an upgrade to its revised proof-of-stake consensus algorithm in anticipation of its implementation on the Ethereum mainnet.

DeFi

A legal case involving the crypto platform Indexed Finance hack is all set to become the first-ever lawsuit to challenge the “code is law” defense. 

Altcoins

Tether has announced that it has taken a series of steps to improve its stablecoin (USDT) reserve, like investing in US treasury bills as well as non-US government bonds.

The “updated and final” revival plan for the Terra ecosystem has been put in motion as a significant majority of the community voted in favor. 

The crypto market received another jolt when Deus Finance’s DEI stablecoin became the latest stablecoin to lose its 1-1 peg to the US Dollar.

MiamiCoin has reportedly lost almost all its value over the last nine months and could be the next target for the SEC for ‘potential wrong-doing.’ 

Technology

SWIFT has partnered with Capgemini to conduct CBDC-related tests for cross-border payments involving cryptocurrencies. 

Accounting firm EY has partnered with Polygon to launch OpsChain Supply Chain Manager on Nightfall, a Layer 2 Ethereum blockchain that was co-developed by Polygon.

Business

With the recent developments surrounding the Terra ecosystem, Avalanche has revealed that the Luna Foundation Guard has not disclosed any plans for the AVAX tokens that it holds in its treasury. 

In a press release, Crypto.com revealed they would be waiving the 0.5% settlement fee for one month on all transactions for Shopify merchants who sign up for Crypto.com Pay until June 30. 

Regulation

The crypto exchange WazirX revealed that it has received over 1023 requests from law enforcement agents in the October-March 2022 period. 

The RBI has expressed concerns over the SC order revoking the crypto ban; however, it has not taken any action against the order yet. 

The Russian trade minister has claimed that the nation will inevitably legalize crypto payments “sooner or later.” 

The tax-free crypto haven of Portugal might be adopting a completely different approach, as it is looking into imposing a capital gains tax on cryptocurrency. 

NFT

Crypto influencer Snoop Dogg believes that the world of non-fungible tokens is on the path of divergence and that NFTs will soon emerge as a new kind of digital canvas for genuine artists. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.