β€‹β€‹πŸ—“ Weekly recap: BTC above $30k, LUNA course of events, upcoming crypto regulation πŸ—“

Here is the compilation of the essential crypto events of the week.

βœ… BTC returned to $30k

At the end of last week, the first cryptocurrency experienced the most substantial decline since the summer of 2021: the BTC price dropped to $27,000. Experts primarily attributed this to the collapse of the algorithmic stablecoin UST, which lost its peg, and the fall of LUNA by 99%.

As of May 17, the market has partially stabilized. Bitcoin returned to levels above $30,000, while Ethereum exceeded $2,000. Although the market is still in the red zone by weekly indicators, the majority of the assets have shown growth over the past 24 hours.

πŸ“Š SHIB/USDT +9% in 24h

πŸ“Š LTC/USDT +7% in 24h

πŸ“Š EVER/USDTΒ  +6% in 24h

Analysts still expect the downtrend to continue but count on the long-term market growth. Well-known writer and businessman Robert Kiyosaki, author of Rich Dad Poor Dad, believes that Bitcoin will fall below $20k and test the $17,000 level. He also added that the decline is β€œthe best time to get rich.”

βœ… LUNA team is trying to save their projects

The de-pegging scandal has become one of the biggest in the industry, but the LUNA team continues to look for solutions. A few days ago, Terraform Labs CEO and co-founder Do Kwon presented his plan to save UST, including restarting the network and redistributing coins among holders.

Soon it became public that the Luna Foundation Guard had used up almost its entire reserve of $3 billion – roughly $268 million is left. Nevertheless, this did not particularly affect the UST and LUNA rates: asset prices are $0.1335 and $0.00018. Many exchanges have suspended trading in these cryptocurrencies or delisted them altogether.

βœ… A global crypto regulator is coming

As soon as high-profile events occur in the digital asset market, government organizations step up the regulation rhetoric. The same scenario emerged after the fall of LUNA and UST. Ashley Alder, chairman of the International Organization of Securities Commissions, said that an international body would be created in the future to regulate the cryptocurrency market.

β€œIf you look at the risks we need to address, they are multiple, and there is a wall of worry about this (crypto) in the conversations at an institutional level,” Alder said during the latest online conference.

He named cybersecurity, operational sustainability, and lack of transparency among the main problems.

βœ… Attackers target the DeFi segment more

According to a Chainalysis study, 97% of stolen cryptocurrencies in 2022 fall on DeFi protocols. At the same time, the level of cybercrime and illegal transactions is decreasing. According to estimates, more than $1.6 billion worth of assets has already been stolen in 2022. Most of the funds are held by North Korean hackers.

Follow our social media to stay updated in the crypto world πŸ˜‰