Good morning Coinheads.

Bitcoin dipped to a low of US$25,425 on Thursday after the TerraUSD algorithmic stablecoin unraveled.

But those cats are back after a weekend at the club; it’s now trading above US$30,000 as indefatigable party people continue to digest the TerraUSD fallout.

Let’s begin.


Crypto asset market cap crashed circa US$350 billion last week

Bitcoin staged a wee recovery to pester the US$30,000 mark, extending a period of relative market calm after the collapse of a critical stablecoin roiled digital assets all over last week.

The largest cryptocurrency advanced 3.4% on Sunday to US$30,350 while Ether, the second-biggest token, rose 5%. Coins like Avalanche and Cardano posted even larger gains.

Bitcoin dipped to a low of US$25,425 on Thursday after the TerraUSD algorithmic stablecoin unraveled, throwing the ecosystem into total whack. At its paranoid height, the market panic engulfed the US$76 billion stablecoin Tether, a key cog in crypto assets that snatched away  from its dollar lock-in level.


Binance CEO lauds ‘new found resiliency’ in markets

“We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a new found resiliency in the market that did not exist during the last market downswing,” Changpeng Zhao, chief executive officer of crypto exchange Binance Holdings, tweeted on the weekend.

The CEO of the world’s leading cryptocurrency exchange also said that he expects more transparency from Luna’s team following last week’s UST-LUNA fiasco.


Trust in decentralised mkt a wee bit shaken after hundred billion dollar drain from defi economy

The fallout from Terra’s fall  continues to poke various holes in the fabric of the decentralised finance (defi) ecosystem.

It’s a new paradigm following Terra’s aftermath, as the total value locked (TVL) in defi has plummeted from late last week’s US$231 billion to Sunday’s US$112.3 billion.

That was a total 51.4% contraction in 42 days.

Out of that  Ethereum dominates the TVL in defi with 63.6% of the aggregate in defi or US$71.1 billion.

The second-largest TVL in defi is tethered to Binance Smart Chain (BSC) with 7.7% of the US$112.3 billion or US$8.6 billion held on BSC.

But wait, there’s more movement ahead, after last week saw the retreat of Curve’s defi dominance, as Makerdao is now the largest defi protocol in terms of TVL size with 9.4% at US$10.56 billion TVL while Curve now holds US$8.75 billion.


Speedinvest closing funding round of hundreds of million euros

Speedinvest GmbH is set to launch its fourth fund as the seed investor looks to defy an environment of jittery technology markets.

The firm, among the early investors in the crypto unicorn Bitpanda, is on track to close its latest funding round – to be worth several hundred million euros – in the next few months.

The boss of the Vienna-based firm says the seed fund can weather the stormy markets, with co-founder and chief executive officer Oliver Holle backing the move, while the total target size of the fund wasn’t given.