May 27, 2023
Strengthening Polygon and Terra Luna reviving

In the past week, the crypto-sector showed moderate growth, giving reason for cautious optimism. The current rate of bitcoin is $21,765 and Ether is fluctuating at $1,700. The global cryptocurrency market capitalization is $1.06 trillion. Bitcoin’s dominance is currently 39.49%. The average daily total cryptocurrency market volume is $76.11 billion.

Latest news:

Binance announced the automatic conversion of a number of Stablecoins to BUSD
Binance announced about automatic conversion of USDC, USDP, TUSD to BUSD on September 29 – among other things, the exchange will remove dozens of trading pairs with USDC, USDP and TUSD. The reason – the desire to “improve liquidity and capital efficiency for users. According to Nancen, Binance owns about 5 billion USDT – more than any other cryptocurrency exchange.

Inflows to crypto funds in the last week amounted to $9.2 million
Digital asset investment products saw minor inflows totalling US$9.2m although the predominant inflow was into short investment products.
Bitcoin saw outflows totalling US$11m, representing the 4th consecutive week of outflows, but totals only US$70m.
Short-Bitcoin investment products saw a record US$18m inflows last week bringing total AuM to a record US$158m.
Altcoins saw minor inflows, notably from Solana and Avalanche which each saw inflows totalling US$0.5m.

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Trezor will implement an anonymity service in hardware crypto wallets
Hardware cryptocurrency wallet maker Trezor, with assistance from the Wasabi project, will implement CoinJoin’s mixing service into its devices, Decrypt reports. The feature will be available starting next year.
The CoinJoin service mixes user transactions, breaking the connection between sender and recipient, thereby increasing anonymity. Using a Trezor wallet with an integrated Wasabi Wallet will allow for confidential cryptocurrency transactions in the Trezor Suite app.

Polygon plans to increase its staff by 40% this year
The company has already hired from Amazon, Electronic Arts, YouTube and Coinbase, and now wants to add another 200 people as managers and Web 3 developers.
By the way, the Project MATIC coin is one of the few assets to show growth in a bear market. It is up 138% since June 19.

Coinbase backed a lawsuit against the U.S. Treasury to remove sanctions from Tornado Cash
The exchange announced funding for a lawsuit with the U.S. Treasury Department. “Sanctioning open-source software is like permanently shutting down a highway because burglars used it to flee the scene,” the statement said.

Terra Luna will burn 1.2% of intra-network transactions
That decision was made this week. Thanks to what the community plans to restore LUNC and USTC. This innovation will not affect CEX, as well as other platforms, but Binance has expressed a desire to support the initiative. Since September 20, the exchange will add a 1.2% tax on transactions with LUNC and USTC on the network Terra Classic.

Briefly on other news of the week:

LUNA token surged 127% in one hour and hit a three-month high
The new token for the collapsed Terra project has jumped in value, reaching a value in early June. The coin is trading around $4.54, showing a gain of 196.5% from its all-time low of August 29.

Coinberry sued its customers for $1.3 million
Users of the Canadian crypto exchange in 2020 took advantage of a technical error and withdrew 120 bitcoins from it. Some of the bitcoins were transferred to the Binance exchange, so the largest crypto platform is also involved in the lawsuit.

U.S. Securities and Exchange Commission creates new office to handle cryptocurrency-related filings
The statement said that the recent growth of crypto-assets has created a need “to provide more specialized support.”

This is what the crypto news has been like this past week.
Remember: now is a golden time for you to break into the crypto world and to get all benefits of the new era trend!

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