Cryptobites with Baanx - Cryptobites Monthly Digest May 2022
We’re excited to bring you another episode of Cryptobites with Baanx this week. Not only that, but it’ll also be our very first Cryptobites Monthly Digest!
What is Cryptobites Monthly Digest?
Put simply, this will be a special episode held on a monthly basis, in which our hosts will discuss the latest hot topics in the world of crypto - from big, juicy headlines and major events to small tidbits and light reads. If it’s about crypto, DeFi or anything in between, we’ll bite right into it!
What’s the scoop?
As you all know, May has been a month of madness for crypto, and we’re not even at the end of it yet! So, let’s take a look at this month’s hot topics:
- The collapse of LUNA
The current state of the crypto market has been difficult for crypto investors all over the world. However, it seems that LUNA investors have been hit the hardest. The token, as part of the Terra ecosystem, faced a drastic decline of 99.7% last week. This devastating drop has led to Indian crypto exchanges, including WazirX, CoinSwitch Kuber and CoinDCX to delist the token from their platforms. We’ll be discussing the reasons behind LUNA’s price plunge, as well as the consequences of this.
- Mental Health in Crypto
Last week was Mental Health Awareness week in the UK. However, we believe that mental health should be talked about no matter the time of year, including in the crypto space. The bearish market has understandably left many investors feeling stressed and anxious over the situation.
While we can’t offer any financial advice, Kieron will be sharing his personal tips for balancing your mental health in an extremely volatile marketplace. Anastasiia also shared her insights on the importance of mental health in crypto on our blog last week.
- Central Bank of Argentina bans crypto
Early this month, two major Argentinian banks - Banco Galicia and Burbank - announced they would start accepting cryptocurrency payments. However, the excitement among Argentinian investors was short-lived, as just two days later, the Central Bank of Argentina banned crypto trading in the banking system. This sudden turn of events has hit headlines all across the crypto space, so we’ll be discussing how this sudden reaction may impact crypto’s mainstream adoption.
- Gucci starts accepting crypto payments in US Stores
But it’s not all doom and gloom! Major luxury brand Gucci announced they would start accepting crypto payments in some of its American stores at the end of the month. Customers will be able to purchase Gucci products with a range of digital assets, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB). Will this influence other brands to follow?
- The Department of Treasury kicks off plans for stablecoin acceptance
In other hopeful news, the United Kingdom’s Department of Treasury, or Her Majesty’s Treasury, has affirmed that it will regulate stablecoins following the collapse of Terra USD and Terra LUNA. A spokesperson for the HM treasury stated that legislation to regulate stablecoins will “create conditions for issuers and service providers to operate and grow in the UK”. We’ll be sharing our thoughts on this decision, and whether this could help prevent further stablecoin crashes in the future.
Join us this Wednesday!
We look forward to kick starting our first monthly special, which will be live Wednesday 18th at 10AM (GMT). We hope to see you there!