You can read the Digest here:

• registers biggest plunge since january, Altcoins extend losses.

• BTC worth $1.5 billion bought by the company, making it now the second largest corporate Bitcoin holder.

• The Central Bank of the Argentine Republic prohibits crypto-lenders.

• BlueSky releases the first code of its decentralized offshoot, Twitter (NYSE :).

• Cardano’s TVL to hit $19 billion if staked ADA is added – Charles Hoskinson.

Bitcoin Registers Biggest Plunge Since January, Altcoins Extend Losses

After the Fed’s announcement on May 5th, Bitcoin has moved in tandem with the stock market, registering marginal gains. But the rally was temporary as Bitcoin saw its worst single-day fall since January.

Bitcoin’s value has fallen 10% since the Dow correction, which was its worst day of trading since 2020. Bitcoin dropped below $35717 before recovering to its current $35,848 price as of writing.

Here is the Bitcoin price chart (BTC) for one day. Source: CoinMarketCap

The Bitcoin market is trading at the lowest level since February 24, 2018. This has been reinforced by the wider crypto market. Altcoin’s largest,, dropped by 9.9% from $2,927 down to $2,688.

This is the 1 Day Price Chart for Ethereum (ETH). Source: CoinMarketCap

The top 10 worst losers were (SOL and (ADA), which lost 12.2% and 10.3% respectively. The global cryptocurrency market cap fell from $1.8 trillion to $1.643 trillion due to the crash.

This is the 1 Day Price Chart for Solana (SOL). Source: CoinMarketCap

Cardano’s 1 Day Price Chart (ADA). Source: CoinMarketCap

Flipsider:

• TRON (TRX), despite the market crash, emerged as the top performing crypto over the past 7 days with gains of 18%.

Here is the 7-day price chart of TRON (TRX) Source: CoinMarketCap

Terra buys BTC worth $1.5 Billion, now the second-largest corporate Bitcoin holder

Luna Foundation Guard (LFG), which continues its determination to create a Bitcoin reserve of $10 billion for U.S. Terra (UST stablecoin) by the third quarter 2022, has bought an additional 37.863 BTC. This purchase is approximately $1.5 million.

The LFG’s latest bitcoin purchase consisted of two over-the-counter deals made this week. One was a swap for 1 billion USD with Genesis, a crypto prime broker. Three Arrows Capital bought a 500 million bitcoin from the second.

The LFG has now acquired 80,394 bitcoins. This amount is approximately $3.5 million at press time. LFG now holds Bitcoins at the second highest corporate level, surpassing Tesla (NASDAQ).

With a market capitalization of $18.7billion, the crypto market dropped the growing reserves behind U.S. Terra.

Market cap ranked the 10 top cryptos. Source: Coinmarketcap

Flipsider:

• Terra’s LUNA token is down by more than 7% as the crypto market plunged over the last 24 hours.

Why you should care

Kwon believes that keeping foreign reserves as digital native currencies will make a great recipe.

The Central Bank of the Argentine Republic bans lenders from offering crypto

In the same week Argentina’s largest and second-largest private banks, Banco Galicia and Brubank, announced that they would allow customers to make crypto purchases, however the Central Bank of Argentina has banned lenders from offering crypto services.

Banco Galicia (Brubank) will be forced to rescind their recent digital asset launches due to the ban that was issued on May 5th. On Friday, May 6, the banks will stop offering crypto assets.

Following the approval of an $45B loan facility by the International Monetary Fund for Argentina, which included the condition that Argentina discourages the use cryptocurrency, the BCRA made this announcement.

Flipsider:

• According to a recent survey, 60% of respondents from Argentina wanted crypto more accessible.

Why you should care

Argentines have rapidly adopted cryptocurrencies, with the country’s inflation running above 50% annually.

Bluesky, a decentralized offshoot from Twitter, releases its first code

Twitter’s decentralized social media project, Bluesky, has released its early code for a decentralized social network protocol. The system, ‘Authenticated Data Experiment (or ADX)’, is available on GitHub for developers to test.

Jay Graber, Bluesky CEO, said that ADX would be the first step in a semi-public process of development. He explained that the team will release “work before it’s complete, but also giving ourselves time to workshop new directions at early stages.”

ADX isn’t a single, standalone social network design, unlike traditional social media projects. When fully developed, it will allow users to transfer social media posts and engagement between networks, without eroding the networks’ own moderation options

Graber encouraged developers to “feel free to play around” with the code. However, he warns that they shouldn’t try building their next big social media app on ADX because “things are missing, and things are going to change.”

Flipsider:

• Bluesky has confirmed that it will support content moderation, and hosting providers will still be legally required to “remove illegal content according to their local laws.”

What You Need to Care About

Jack Dorsey was the ex-Twitter CEO who announced Bluesky late in 2019. After receiving funding of $13million from Twitter, Bluesky was declared independent in February.

Cardano’s TVL to Hit $19Billion if Staked ADA Is Added – Charles Hoskinson

Cardano generated a lot hype and enthusiasm when it introduced its smart contract functionality in September 2021. Cardano’s full deployment has been delayed, which hindered its growth in the decentralized financial industry.

In a tweet explaining why Cardano’s TVL (Total Value Locked) was so small, Cardano’s Founder Charles Hoskinson claims that it does not take into account staked coins, because users are not required to lock ADA tokens to stake them.

According to Hoskinson, if staked Cardano (ADA) was added to the mix, the blockchain’s TVL would hit $19 billion. Cardano’s TVL is $203.5 million, according to the DeFi TVL aggregator, DefiLlama.

Although Cardano’s TVL pales in comparison to those of Ethereum, Terra, Binance, and , Hoskinson is confident that it will surge next month once the ‘Hydra’ hard fork is implemented.

Flipsider:

• 0xngmi is a software engineer with DefiLlama has refuted Hoskinson’s commentsThis is confirming that native staking does not exist on this platform.

Care is a must

Cardano will see massive improvements from the Hydra hardfork. It could also be an incentive for more developers to join Cardano.

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