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Crypto Flipsider News – LUNA Falls 100% as Supply Exceeds 6.5T Coins and Binance Delists LUNA; Bitcoin Above $30k as Dominance Hits 6-Month High; Robinhood Spikes 20%, Ark Invest Buys $3M Coinbase Shares


Crypto Flipsider News – LUNA Falls 100% as Supply Exceeds 6.5T Coins and Binance Delists LUNA; Bitcoin Above $30k as Dominance Hits 6-Month High; Robinhood Spikes 20%, Ark Invest Buys $3M Coinbase Shares

The Digest contains the following:

  • LUNA falls 100% because of excess supply exceeding 6.5 trillion. Binance removes LUNA from its list due to blockchain shutdown.
  • Market dominance rises to a six-month peak, as it reaches $30k
  • Robinhood (NASDAQ:) spikes 20% as FTX chief buys 7.6% stake – Ark Invest buys $3 million in Coinbase (NASDAQ:) shares.
  • “Crypto Mom” says stablecoin regulations need to make room for failure, and Janet Yellen calls for regulation.

LUNA down 100% when supply exceeds 6.5 Trillion. Binance delists LUNA amid Blockchain Shutdown

The sharp drop in price that began Monday May 9th saw the UST stablecoin lose its peg. This caused (LUNA to crash) by 100%. LUNA was trading as high at $65.14 as Monday. It is now trading at a pitiful $0.0000382929.

Terra (LUNA) 7-day price chart Source: CoinMarketCap

Rumours of manipulation in the Terra (LUNA market crash) have been fuelled by the fact that the circulating supply for LUNA now exceeds 6.5 trillion coins. Terrascope data shows that 345.9 Million LUNA were currently in circulation Monday. However, this number has increased exponentially as the coin continues to lose ground.

History of LUNA supplies. Terrascope

Terraform Labs continued suffering as network issues caused by Terra Blockchain created more misery. Terra Validators turned off the blockchain for good on Thursday after restoring it at 13:45 ET.

As the tumultuous week draws to a close for Terra, the world’s largest crypto exchange, Binance, announced the delisting of LUNA from its platform. Binance now has a complete list of LUNA futures and margin pairs.


  • Fitch Ratings is an American credit rating agency. de-pegging Terra is crashing will “accelerate calls for regulation.”

Bitcoin Price Recovery: Bitcoin Hits $30k. Market dominance reaches six-month high

Bitcoin is beginning to show signs of recovery after the TerraUSD (UST) and LUNA crisis caused the world’s largest cryptocurrency to plunge to below $27k—its lowest price point in 16 months.

Bitcoin prices have risen 9.5% over the past 24 hour, bringing it from $27600 to $30,921.

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

Bitcoin’s rally, tapped by the broader crypto market, has seen the global crypto market recover 10% in the last 24 hours.

This is the global 7-day crypto market cap. Source: CoinMarketCap

Altcoins rallied with Bitcoin but its market dominance is increasing due to last week’s sharp decline across all markets, Altcoins being the worst affected.

This is the Bitcoin dominance chart. Source: CoinMarketCap

The Bitcoin Dominance Index rose to 45 percent on May 12, its highest point since November 2021. Bitcoin now dominates 44.5 percent of crypto market. The closest rival, 19.2%, is a competitor.


  • Despite Bitcoin’s recent recovery, Rich Dad Poor Dad’s Robert Kiyosaki has said he plans to buy Bitcoin when it bottoms at around $17K.

Why you should care

This rally may signal that the bear market is over, as it was intensified following the LUNA fall.

Robinhood Spikes 20% as FTX Chief Buys 7.6% Stake – Ark Investment Buys $3 Million in Coinbase Shares

Robinhood’s shares rose 20% following the disclosure by Sam Bankman Fried (billionaire founder of crypto trading platform FTX) of a stake of 7.6% worth $648million.

Bankman-Fried called his Robinhood purchase an “attractive investment.” He later clarified that he has no “intention of taking any action toward changing or influencing the control of Robinhood.”

In a similar move, Cathie Wood’s Ark Invest has bought $3 million worth of Coinbase (COIN) stock. After the stock exchange posted a loss of $430million for Q1 2022, Coinbase’s share price dropped 26% to $53.72.

On Wednesday, three funds under Cathie Wood’s Ark Investment Management bought a combined total of 546,579 Coinbase (COIN). According to Cathie Wood, the share prices of tech firms like Coinbase are currently in “Deep Value territory”.


  • RobinhoodThree weeks ago, the company experienced a 18% decline in its revenue during Q1 2022. It decided to layoff 9% of their workforce.

Why you should care

While shares of cryptocurrency firms are losing value due to the poor form of digital assets, investors still expect a recovery with crypto’s rise.

“Crypto Mom” Says Stablecoin Regulations Need to Make Room for Failure, and Janet Yellen Calls for Regulation

Commissioner Hester Peirce, affectionately known as “crypto mom”, has opined that the new stablecoin regulations being developed by the Securities and Exchange Commission need to make room for failure.

Pierce made the comments during an online panel debate hosted by the London-based ‘Official Monetary and Financial Institutions Forum (OMFIF)’, when asked about the future of stablecoins in the wake of TerraUSD’s (UST) collapse.


  • Janet Yellen (Treasury Secretary) has called for regulation of stablecoins prior to the close of the year. Yellen also remarked that she does not believe that the rapid growth of crypto poses a real threat to the country’s financial stability.
  • In order to check the risks, which Yellen says are “in connection with bank runs,” the treasury secretary has called for ‘Responsible crypto innovation.

Why you should care

The nature of the regulations being adopted could either contribute to the growth and adoption of crypto, or stifle the industry’s growth.

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