Crypto Biz: Luna’s meltdown will live on in infamy, May 5-11, 2022
Terra’s meltdown forced cryptocurrency investors to ask a question they never thought was possible: Will TerraUSD (UST) or Terra (LUNA) reach $1.00 first? The magnitude of this question provides a sobering reminder of just how quickly things can change in crypto. While Terraform Labs co-founder Do Kwon remains defiant, many people in the industry are beginning to distance themselves from the protocol they thought was delivering real-world utility for stablecoins and Bitcoin (BTC).
The threat of contagion from Terra’s apparent collapse could take months or even years to fully quantify, but it looks like the howls of crypto winter are growing louder. Luckily, blockchain projects are bootstrapped with tens of billions of dollars. They will continue to build. Can you wait a little while longer to realize your digital-asset investment thesis?
The fallout from the UST/LUNA fiasco shined a negative spotlight on Celsius Network, a crypto-focused wealth management platform that was allegedly “wiped out” due to the events of the past 72 hours. But, nothing could be further from the truth, Celsius’ leadership team confirmed Wednesday. Rod Bolger, the company’s chief financial officer, told Cointelegraph that “we are not exposed in any significant way to market swings,” including the crypto crash sparked by LUNA. CEO Alex Mashinsky also tried to set the record straight.
Notwithstanding the extreme market volatility, Celsius has not experienced any significant losses and all funds are safe.
If you had managed to read anything other than Terra news this week, you would’ve known that a prominent United Kingdom investment firm raised $350 million for a new crypto and fintech venture capital fund. Fasanara Capital, which manages $3.5
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