Luna’s meltdown will live on in Infamy from May 5-11, 2022

Terra’s collapse forced cryptocurrency investors to ask a question they never thought possible: will TerraUSD (UST) or Terra (LUNA) hit $1.00 first? The magnitude of this question is a sobering reminder of how quickly things can change in crypto. While Terraform Labs co-founder Do Kwon remains defiant, many people in the industry are beginning to distance themselves from the protocol they thought would deliver real-world utility for stablecoins and Bitcoin (BTC).

It could be months or even years before the contagion from Terra’s apparent collapse is fully quantified, but it looks like the howl of crypto winter is getting louder. Luckily, blockchain projects are bootstrapped with tens of billions of dollars. They will keep building. Can you wait a little longer to implement your digital asset investment thesis?

Celsius Network executives denied rumors of significant losses amid market volatility

The fallout from the UST/LUNA fiasco cast a negative light on Celsius Network, a crypto-focused wealth management platform, which was reportedly “wiped out” due to events over the past 72 hours. But nothing could be further from the truth, Celsius’ executive team confirmed on Wednesday. Rod Bolger, the company’s chief financial officer, told Cointelegraph that “we are not exposed to significant market volatility,” including the LUNA-triggered crypto crash. CEO Alex Mashinsky also tried to set the record straight.

FCA-regulated Fasanara Capital raises $350 million in crypto and fintech VC funds

If you had managed to read anything other than Terra News this week, you would have known that a prominent British investment firm has raised $350 million for a new crypto and fintech venture capital fund. Fasanara Capital, which has $3.5 billion in assets under management, has identified Web3 and crypto as a big investment opportunity – so much so that it plans to make startups larger equity commitments than traditional venture firms. Venture firms don’t care about crypto market cycles. They just want to amass as much equity in the industry as possible.

Latin America’s largest digital bank will allocate 1% to BTC and offer crypto investment services

A digital bank in Brazil with exposure to more than 50 million customers invests 1% of its net worth in BTC, making it easier for people to buy, sell and store digital assets. Nubank, the largest neobank in Latin America, announced this week that it has partnered with Paxos to fulfill its crypto ambitions. Cointelegraph has been reporting for years that Latin America is a burgeoning crypto hub. If you’re nervous about the market, read what Nubank’s executive team has to say about crypto’s potential in the region.

Michael Saylor reassures investors after market slumps hurt MSTR, BTC

As Bitcoin fell below $30,000 — and MicroStrategy’s average BTC cost basis — CEO Michael Saylor reassured investors that his crypto-heavy business intelligence company was in no danger of suffering margin calls. Saylor said it would take Bitcoin price to break below $3,600 before the company would need to post any more collateral. Crypto Twitter has already accused Saylor of secretly selling part of his BTC stash. That’s not true, and neither is the rumor that MicroStrategy is going bankrupt over its bitcoin reserves.

Could you use more LUNA analysis? watch this video

The market reporting panel met outside of normal hours this week, as I sat down with fellow analysts Jordan Finneseth, Marcel Pechman, and Benton Yuan to discuss Terra Luna. We talked about what exactly went wrong with the Terra ecosystem, how UST lost its bond, and what it could mean for your portfolio over the next 12 months. You can watch the full replay below.

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered straight to your inbox every Thursday.