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UST Woes Draw Spotlight in Janet Yellen's Senate Hearing on Financial Risks
During testimony before the Senate Banking and Urban Affairs Committee on Tuesday, U.S. Treasury Secretary Janet Yellen said the depegging of UST reveals the risks to financial stability and the need for a regulatory framework on stablecoins. CoinDesk's Nikhilesh De discusses Yellen's comments and the outlook for stablecoin regulation.
Deribit Exec on Crypto Market Volatility, Bitcoin Bottom, Panama Bill
Luuk Strijers, chief commercial officer of crypto options and futures exchange Deribit, discusses navigating crypto market volatility, Coinbase’s first-quarter earnings report, and possible bottoms for BTC and altcoins. Plus, insights into Panama moving forward with a crypto regulation bill.
Bitwise Exec on UST Turmoil
As algorithmic stablecoin TerraUSD (UST) resumes its downward spiral, Bitwise Asset Management Director of Research David Lawant discusses his analysis and outlook of the Terra Luna ecosystem. “The system is inherently unstable,” Lawant said. “This type of situation was extremely likely to happen at some point in time.” Plus, the need for regulation.
Inflation Rose to 8.3% in April, Easing Slightly but Higher Than Expected
The consumer price index (CPI) rose to 8.3% in April, remaining near 40-year highs, but down slightly from 8.5% in March. Core inflation rose 0.6% from March, double the rate from the prior month. ADM Investor Services International's Marc Ostwald discusses what the latest numbers reveal about the outlook for crypto and the wider economy. Plus, China's role in the global markets.
Yellen’s Stablecoin Warning; China’s E-CNY Plans Looking Shaky
Janet Yellen cites Terra’s UST fiasco while warning over stablecoins. Crypto.com COO warns of tough times ahead for markets. Asian Games postponement, Covid-19 lockdowns affect China’s digital yuan rollout. Those stories and other news shaping the cryptocurrency and blockchain world in this episode of “The Daily Forkast.”
Fed Issues Stablecoin Warning Amid TerraUSD Collapse
CoinDesk’s Nikhilesh De discusses a new report issued by the Federal Reserve warning of stablecoin risks as the TerraUSD (UST) coin lost its dollar peg, dropping as low as $0.65 on Monday. Plus, insights on how the UST collapse could pose a risk to the broader crypto ecosystem.
TradeStation Exec on Bitcoin Dip Amid Hawkish Fed Policy
TradeStation Group VP of Market Intelligence David Russell discusses the decline in risk appetite from investors as the Federal Reserve continues to deploy hawkish monetary policy, possibly stimulating bitcoin’s recent price drop.
Terra's UST Stablecoin Falls as Low as 65 Cents Before Rebounding: What Went Wrong?
"Crypto Critics' Corner" Co-host Bennett Tomlin explains what might have gone wrong in the Terra Luna ecosystem leading to the TerraUSD (UST) stablecoin collapse. Tomlin explains the algorithmic stablecoin's dependence on the luna token and addresses the Luna Foundation Guard’s deployment of bitcoin reserves to rectify the price. Plus, a discussion on how centralized crypto exchanges like Binance are reacting to UST losing its peg to the U.S. dollar.
Crypto Following Tech Stocks Down, Why the Correlation?
Unchained Capital CEO Joseph Kelly discusses the crypto markets after BTC briefly dropped below $30,000, highlighting cryptocurrency’s correlation with the stock market and tech assets. Did institutional investors play a role in the crypto sell-off? And why the spillover into altcoin markets?
‘It’s a Confidence Game’: Swan Bitcoin CEO on Stablecoin UST Briefly Losing its Peg
Luna Foundation Guard (LFG) will lend $1.5 billion in BTC and UST to defend the peg of its algorithmic stablecoin to the U.S. dollar. This comes after UST briefly lost its peg to the dollar over the weekend.