Blockchain and Cryptocurrency News Roundup

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  • May 16, 2022
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16th May 2022

Here’s a short summary of some of the biggest headlines in Crypto: World’s 1st Fine-Dining NFT Concept Auction to Conduct in May, Bitcoin Hits a 16-Month Low of $26K as Effects of the Terra Crash Spill Over, and finally, Terra Resumes after Halting Blockchain Production to Prevent Governance Attacks. 

World’s 1st Fine-Dining NFT Concept Auction to Conduct in May

The world’s first fine-dining non-fungible token (NFT) concept has announced its NFT dining auction schedules.

Two auctions will take place on May 14 and 21 respectively. The concept of the company’s NFT  was created in collaboration with Michelin-starred restaurants Ando and MONO – two of Hong Kong’s top restaurants.

Jamie Lewis, CEO of Ioconic and Co-founder at Gourmeta, said in a statement: “We look forward to the two events in May, and are excited to have a group of forward-looking experts from both the blockchain and F&B spaces on board, and explore the infinite potential inherent in tokenising and digitizing people’s dining experiences.”

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Bitcoin Hits a 16-Month Low of $26K as Effects of the Terra Crash Spill Over

Bitcoin (BTC) nosedived to lows of $26,595, a scenario not seen since Dec 30, 2020, when the leading cryptocurrency dropped below the $27,000 zone.

Even though Bitcoin had regained momentum to hit $27,769 during intraday trading, the top crypto continues to limp based on factors like Fed’s interest rate hike and the Terra crash.

TerraUSD (UST) and Luna (LUNA) are two tokens mainly supported by the Terra network, a blockchain project developed by South Korean-based Terra Labs.

LUNA sent shockwaves to the crypto market because it collapsed to nearly zero in just a day.

LUNA was previously one of the largest cryptocurrencies based on more than $40 billion in market capitalization. It had shed off 97% of its value in the last 24 hours, according to CoinMarketCap.

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Terra Resumes after Halting Blockchain Production to Prevent Governance Attacks

Terraform Labs, the company which supports the Terra ecosystem, briefly halted the Terra blockchain for two hours on Thursday after a dramatic slump in LUNA and UST, before restarting at around 1:45 p.m. local time.

The company said the suspension of the network was to implement a patch preventing users from staking on its network.

The Terra blockchain network stopped generating new blocks after its block height was 7603700, meaning holders could not move their Terra assets until the blockchain was unfrozen.

At the time of writing, the Terra stablecoin TerraUSD (UST) was off the $1 level it was supposed to hold, trading at $0.1288, losing its peg to the U.S. dollar.

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