As other large cryptocurrencies continue to experience up to a 10% decline over the past week, decentralised finance payment network Terra’s reserve currency Luna dropped 35% over the past 7-day period.
This is a 57% crash from the all-time high recorded just a month ago on Dec 27, when the coin reached US$99.92 apiece, according to data platform CoinGecko.
Luna is one of the best performing cryptocurrencies in 2021. The coin soared from just 65 US cents apiece to US$84.69 apiece by the end of the year.
Chart: CoinGecko
While other coins are continuing to see red, bitcoin and Ether have gone up 1.9% and 0.4% over the past week. Other large altcoins such as Binance Coin, Cardano and Solana have declined 3.6%, 9%, 8.6% over the same period.
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Although the use of cryptocurrency as part of criminal schemes is increasing, the overall number and value of cryptocurrency transactions related to criminal activities still represent only a limited share of the criminal economy when compared to cash and other forms of transactions, a report by Europol released Jan 26 found.
“A range of constraints are related to the use of cryptocurrencies, with high volatility likely a major factor in criminals’ reluctance to use cryptocurrencies for long-term investments,” the report said.
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Photo: Fireblocks
Singapore-based crypto firm Fireblocks has raised US$550 million in Series E funding, bringing the company’s valuation to over US$8 billion. This makes it the highest-valued digital asset infrastructure provider to date.
Fireblocks claims to have transferred US$2 trillion in digital assets, supporting more than 20 blockchains and 1,000 cryptocurrencies. It powers digital asset use cases across trading, gaming, non-fungible tokens, digital securities and payments.
Cover photo: Bloomberg
