‘Stablecoin’ Didn’t Kill Crypto, But It Was a Narrow Breakout

Stablecoins are an essential part of cryptography. Speculation that the collapse of one of the biggest experiments in decentralized finance could spell the death of crypto seems to have been overblown. If Terra’s implosion had occurred after a few more months of growth, the resulting market impact could have created a DeFi version of 2008 … Read more

China has quietly built a blockchain platform. Here’s what we know

China has made blockchain technology a strategic priority. Blockchain-based Service Network, or BSN, is part of its efforts to build capacity in the industry. Yuichiro Chino | time | Getty Images Chinese President Xi Jinping has said his country must “seize the opportunities” presented by blockchain technology. In a speech in 2019, the Chinese leader … Read more

TerraUSD Cryptocurrency Plunges as Investors Bail Out

A sell-off in a cryptocurrency believed to be pegged to $1 accelerated on Wednesday, briefly sending its price below a quarter of that value. TerraUSD traded as low as 23 cents on Wednesday, according to data from CoinDesk. As of 2:43 p.m. ET, it had partially rebounded to around 68 cents in volatile trading. A … Read more

TerraUSD cryptocurrency drops below fixed value, triggering a sell-off

One type of cryptocurrency, a so-called stablecoin, is supposed to maintain its value at $1. But on Monday, the third-largest stablecoin, TerraUSD, fell as low as 94 cents, prompting a flood of investors to sell their holdings. Stablecoins get their name because they are tied to the value of government-issued currencies, such as the dollar. … Read more

$3.5 billion bet on bitcoin becoming a “reserve currency” for crypto is put to the test

Pedestrians walk past a Bitcoin cryptocurrency exhibit on February 15, 2022 in Hong Kong, China. Anthony Kuan | Getty Images A multi-billion dollar bet that bitcoin can act as a “reserve currency” for the crypto-economy is already being tested as controversial stablecoin UST struggles to maintain its peg at $1. UST fell nearly 99 cents … Read more

This Week in Pieces: Markets Slip for Fifth Straight Week, Argentina’s Largest Private Bank Offers Bitcoin Cryptocurrency

This week in parts. Illustration by Mitchell Preffer for Decrypt. For the fifth consecutive weekmajor cryptocurrencies such as Bitcoin and Ethereum have fallen, even as signs of wide-scale adoption continue to emerge: US customers of Gucci will be able to pay with bitcoin in select stores later this summer. Still, prices are a good indicator … Read more