Crypto weekly roundup, 16th – 22nd May!

Oliver Moon von Team UMushroom

24 May 2022

This week has been a much needed steady week for Crypto following a month of heavy declines. Below is a quick summary of market conditions, and important news to keep you up to date!

The combined crypto market cap was a lot more stable this week after a month of steep declines, with a weekly change of around -4.1% (graph below courtesy of CoinMarketCap).
For the top 10 coins by market cap, there were again losses made throughout the week. BNB was the only top 10 coin to make significant gains (table below courtesy of CoinMarketCap).

The G7 countries are pushing for crypto regulation after the TERRA/ LUNA crash, which erased $45billion of market value
- Two weeks ago, the supposedly stable coin, TERRA dropped by 80% from its $1 peg
- This caused LUNA to plummet to almost 0 and lots of people to lose lots of money
- G7 Finance Ministers are calling for regulation to help prevent things like this from happening
- BIS (Bank for international settlement) says that regulating ledgers and not providers is the way to go.
New York regulatory uncertainty surrounding sustainable energy use bills slowing NY crypto expansion
- Potential for bill to be passed that would ban all non-renewable crypto mining
  - Passed lower house
  - Yet to be addressed in states upper house
- Sets clear negative stance on crypto even if not passed
- Foundry have reduced expansion plans in the state due to potential sustainable energy bills
- Other mining companies appear to be following suit
Do Kwon’s revitalisation plan for TERRA finalised.
- Vote ongoing, looks like it will pass
- Revisions were made mid vote however, which has led some to question its validity
- Would lead to a hard fork and TERRA 2.0
The president of El Salvador held a conference with over 40 countries to discuss financial inclusion for bitcoin