Daily News (May 17)

24-Hour Crypto Prices:

BTC – $30,025.30 -1.6% πŸ“‰

ETH – $2,039.33 -2.2% πŸ“‰

BNB – $300.91 -0.9% πŸ“‰

Top Crypto Gainers:

XEC – $0.00004884 +10.7% πŸ“ˆ

MIOTA – $0.3944 +6.8% πŸ“ˆ

MKR – $1,599.33 +5.8% πŸ“ˆ

Top Crypto Losers:

LUNA – $0.00018076 -27.6% πŸ“‰

UST – $0.104771 -27.0% πŸ“‰

AR – $16.00 -13.8% πŸ“‰


Terraform Labs co-founder Do Kwon announces a new proposal to fork the Terra blockchain. The new governance proposal will fork the existing chain without algorithmic stablecoins called Terra (LUNA) and the old chain will be called Terra Classic (LUNC). New LUNA will be airdropped to LUNC stakers, UST holders and essential app developers. The Terraform Labs wallet will not participate in the airdrop, ensuring that Terra becomes a community-owned chain. If the proposal is passed, the new LUNA blockchain will go live on May 27.


FTX founder Sam Bankman-Fried criticised the efficiency of Bitcoin in a Financial Times interview. During the interview, Bankman-Fried discussed environmental concerns associated with the network’s Proof-of-Work consensus method and claimed it could not scale enough to meet demand. He argued that the solution for reaching millions of transactions a second is with a Proof-of-Stake network. After reading the interview, users took to social media to share their grievances with his comments about Bitcoin.

One user explained that the Lightning Network is meant to be the payment network built on Bitcoin, β€œEither SBF or FT lying here. What happens to L2 (Lightning Network)? The Bitcoin Lightning Network handles up to 1,000,000 transactions per second!”


Portugal plans new crypto regulations for capital gains tax. The minister of finance, Fernando Medina, announced on Friday that cryptocurrencies will be subject to taxation in the near future. The Portuguese tax authorities are currently reviewing other countries to recommend new regulations. 


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