The past week saw Bitcoin's (BTC) price declining by four percent; however, Altcoins fell harder than BTC, which led to a soaring Bitcoin dominance in the market, according to CryptoPotato. Meanwhile, Terra 2.0 was launched yesterday, and DeFi Market reported big losses following Terra's slow demise.

Bitcoins Soared, Terra 2.0 Launched

CryptoPotato noted that BTC's market share increased by nearly 2.5%, which is currently at 46%. BTC's current price is also at $29,000 after declining to $28K in the past week. The cryptocurrency market has been in the red for the past eight weeks, and overall its total loss is $70 billion in terms of overall market capitalization.

The loss was also attributed to the crash of the altcoins following Ethereum's 12% loss in a week, ADA declining by 12.2%, and Solana's drastic 19% loss of its dollar value.

Meanwhile, Terra 2.0 was successfully launched yesterday, and LUNA is finally live and trading after the meltdown it experienced last week. The cryptocurrency sailed off on a tumultuous start, but its price is already fluctuating greatly.

LUNA on Bybit started at $0.5, but it eventually saw a large increase making it $30 in just a matter of minutes. But after that, it eventually decreased by $4 before it stabilized at its current trading of $6.

DeFi Market Logs $83 B in Losses

Decentralized finance (DeFi), the term used to refer to the entire cryptocurrency ecosystem that bypasses banks, recorded $83 billion in losses after the tumultuous downfall of TerraUSD (UST) and its dollar-pegged sister coin Luna.

Statista also showed that Ethereum's overall locked DeFi market value alone declined over $25 billion in just a single week. The DeFi market once sat at $195 billion in early May, but it is now at $112 billion based on current data.

Europe's Central Bank Warns Risks of Unregulated Cryptocurrency

Europe's central bank is aiming to regulate crypto after finding out that the blockchain market is showing signs of financial stability risk.

The European Central Banks' (ECB) published report said that investors are still increasing in the cryptocurrency market despite the risks and harms noted by blockchain and financial experts.

ECB warned that even though digital coins might offer quicker financial gains compared to traditional asset classes, they still pose more financial stability risks than conventional financial assets.

Hence, the central bank has suggested tighter regulation efforts, especially after the meltdown of TerraUSD this month.

China's State-Backed Blockchain Set for International Debut

China's state-backed blockchain company is set for its major international debut through its Spartan Network, which will be available overseas in August.

The blockchain-based Service Network (BSN), will serve as a "one-stop-shop" to enable blockchain applications in the cloud, a costly and time-consuming process that BSN aims to make easier.

BSN is backed by the State Information Center (SIC), which is under China's National Development Reform Commission (NDRC), and China Mobile, a state-owned telecommunications company, will also be backing the project.

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Written by Joaquin Victor Tacla