Crypto Trends Weekly May 7 – 13

    16 May 2022
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    Breaking crypto news from the last week (May 7 – 13, 2022):

    May 7: Dubai’s Virtual Assets Regulatory Authority (VARA) announced plans to establish its metaverse headquarters in The Sandbox virtual world. Thus, VARA would become the world’s first regulator to enter the metaverse, showcasing the government’s attempts to turn Dubai into a hub for the digital economy.

    The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions on a cryptocurrency mixer Blender.io, which happens to be used by North Korea (DPRK) and other illicit activity.

    May 9: El Salvador President Nayib Bukele declared the country’s largest Bitcoin purchase to date in the middle of a terrifying crypto market fall. He tweeted that El Salvador has just purchased an additional 500 tokens for roughly $15.3 million, while the Salvadoran crypto holdings reached 2,300 BTC.

    May 10: Bitcoin tumbles below $30,000 – its lowest price since July 2021 as tighter monetary policy continues to impact risk-on assets. Bitcoin and Ether lost pivotal support level leading to massive losses for long futures traders.

    Stablecoin TerraUSD (UST) has lost its dollar peg, falling to as low as $0.65 on Monday. Meantime, the price of LUNA, its sister token, has dropped over 44% to $35 in the past 24 hours. The accident comes after the Luna Foundation Guard (LFG) announced that its massive Bitcoin reserves will be used to defend UST’s peg to the dollar.

    May 11: Bentley University in Massachusetts is one of the first educational institutions in the country to accept tuition fee payments made in Bitcoin, Ethereum, and USD Coin. The school is also highlighting the increasing importance of digital assets in the global economy.

    May 12: Emirates Airlines, UAE’s leading airline, said it has plans to add “Bitcoin as a payment service,” the company’s chief operating officer (COO), Adel Ahmed Al-Redha, said. In addition to the company’s disclosed NFT and metaverse plans, the airline is also planning to hire personnel to create applications that monitor client needs.

    May 13: Tether (USDT), the world’s largest stablecoin, regained its peg to the US dollar on Friday after more than $3 billion worth of tokens left the system in a single day. On May 12, the stablecoin sunk as low as 95 cents and struggled to climb back to its intended dollar peg, as the recent collapse of another stablecoin – TerraUSD (UST) – had shaken crypto investors’ confidence in Tether.

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