A handful of small-time but remarkably discerning retail cryptocurrency investors predicted that terra and luna would crash, scoffing at terra, a stablecoin whose price equivalence to the dollar is underpinned by algorithms and game theory rather than cash or collaterals, and at the notion that it would maintain its peg.
Binance announced on Thursday that it will be delisting its Tether-margined Terra futures contracts following a more than 99% drop in price, intending to delist the pair if the price goes under 0.005 USDT. The announcement follows the exchange changing the leverage and margin tiers for LUNA-tied contracts, with the maximum leverage set at eight times for positions under 50,000.
The U.S. Senate confirmed Jerome Powell as the chair of the board of governors of the Federal Reserve System until 2026. He was one of four Fed nominees awaiting a full Senate vote following weeks of delays due, in part to partisan obstructionism, as he held a position from February 2018 until February 2022.
MicroStrategy's massive bet on bitcoin is in the red after the cryptocurrency's price fell below the software company's average purchase price of $30,700. The current bitcoin price is around $28,200, which translates to a paper loss of $330 million, although MicroStr Strategy hasn't realized the loss by selling any bitcoin.
Rivian posted its Q1 2022 results and shareholder letter after market close showing $95 million in revenue and a loss of $1.593 billion for the quarter ($1.77 per share), ending the quarter with nearly $17 billion in cash, largely from its massive IPO late last year.
Rivian announced it had produced 2,553 vehicles in Q1 of this year and delivered 1,227 of them. The company built 1,015 trucks in 2021, which means a total of 3,568 vehicles produced as of the end of Q1.
Germany's federal finance ministry issued the country’s first guidance on the income tax treatment of cryptocurrencies, as well as other blockchain-based tokens, covering various aspects of crypto-related issues. Most important, the sale of acquired cryptocurrencies like Bitcoin or ETH is now tax-free for individuals after one year of owning the assets.
Tesla has asked Panasonic to speed up development of its 4680 battery cell. The new tab-less battery cell is going to power its next-gen electric vehicles. The Japanese manufacturer is reportedly still looking for a location for a US factory to produce the cells.
Hyundai confirms plans for a new electric car factory in the US, but it’s not clear where yet. The Korean automaker has started production of electric vehicles in the U.S. starting with the Genesis GV70 EV at its factory in Alabama, but Hyundai also announced $7.4 billion investments in the the US.
Russia shouldn't be underestimated, says Rob Joyce, director of cyber-security at the National Security Agency. Russia has been more aggressive than first thought in its cyber-attack on Ukraine, he says. Russia deployed eight or nine different viruses to wipe computer systems, he adds.
The knock-on effect of Terra's collapse of Terra and TerraUSD have spread across the cryptocurrency market as projects with any kind of association with the DeFi ecosystem have seen their prices hammered as the forced selling of Bitcoin holdings backing a portion of UST also influenced BTC's drop to $29,000.
Facebook parent company Meta Platforms and chip maker AMD are partnering for a mobile internet infrastructure program. The program, called Evenstar, will bring base station costs down to make broadband more accessible around the world. The Evenstar program will be launched by Meta in early 2020.
Google has confirmed the existence of its much-leaked Pixel Watch. The company showed off pictures of the device at its I/O conference today. The watch will run Google's Wear OS 3, which includes offline Maps and fitness tracking. It will launch in the fall with the Google Pixel 7 and 7 Pro.