Cryptocurrency sees a lot of massive changes every week and even on its day-to-day, and CryptoWatch rounds up everything that happened in the past week for you to know.
One of the most significant happenings is the stable coin crash, particularly with Terra, which saw a substantial change in the market in the recent trend. Additionally, many changes are happening in cryptocurrency and blockchain wallets that people use to store their coins and NFTs in the current market.
Terra's Stablecoin Loses Massive Value, Now Recovers
Last week saw a massive meltdown on the Terra stable coin that supposedly stayed on a specific value, as it is one of the coins that have a stagnant change on its valuation. However, it is not been the case with Terra and the past week. It is a cryptocurrency that suffered from significant drops in the blockchain industry, alongside Bitcoin, Ethereum, and more.
Its executives and top management looked for ways to save the coin, and one of its answers was to liquify its remaining assets to bring up its value in the market and keep the currency. There was a proposal made by the company to "burn" its remaining assets from its $UST blockchain to add to the coin, and it will help bring its valuation up in the current market.
Last week saw a halt in its processes and procedures for the stable coin. Its current value in CoinMarketCap went up more than 50 percent, now sitting at $0.000192.
US Treasury is Looking to Blocklist Wallets
Also, last week, CoinDesk reported that the US Treasury is looking more into investigating different blockchain wallets that several users utilized for illegal transactions. Treasury will track down those that used their wallets in shady and sketchy dealings in the market, and it will blocklist their wallets to prevent further transactions.
Despite cryptocurrency being one of the most untraceable online payment schemes that do not leave a paper trail for regulators to follow, it should still not be used for illegal exchanges present now.
Treasury does not condone these types of payments and operations, hence its decision to work on cases like this for the future of cryptocurrency.
Jack Dorsey's Block is Expanding
Block, formerly Square, is not looking to be stagnant or remain happy with its current operations now. It will expand its blockchain and cryptocurrency wallet system to focus on more purposes. After his Twitter CEO stint, Jack Dorsey is concentrating on his crypto ventures but remains a shareholder in the company that he co-built.
It is currently a payment system and a place where people store the coins that they bought from the market, but it wants more to it than that. Its ecosystem is expanding soon, but Dorsey and Block did not expand much on it, but surely, it will be more to its current offers in the wallet now.
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Written by Isaiah Richard
