ALPEX Global Weekly Newsletter — May Week 3
Hello and welcome to ALPEX Global’s weekly newsletter. In our weekly newsletter, we cover the latest news and developments in the world of cryptocurrencies and blockchain.
ALPEX Global provides a high level of security for its platform of digital assets, which facilitates spot and derivatives trading, OTC, Launchpad, digital forex, and digital stocks. Our vision is to create the most trusted entity in the industry, offering various services such as a trading platform, an educational ALPEX Academy, and an APX Utility token. The ALPEX Global Platform is planning to launch its own token, APX. Tokens will be used to build an ecosystem consisting of a DAO, an academy, a wallet, a mining pool, information, and investments. During the next phase of ALPEX’s development, the focus will be on ecology. As APX integrates vigorously into the crypto industry, it will play a crucial role in connecting the entire ecosystem.
· Resolved the issue where users received an error message when they clicked on the Register Now button on the login page.
· The problem of no error prompt appearing when the wrong mobile phone number was entered and clicked the login button has been solved.
· A fix was applied to the problem that when you enter a verification code on the password recovery page, you are prompted to obtain that verification code first.
· We resolved the problem that when the email registration page was empty, there would not be a prompt asking you to enter the email verification code if you click Register Now.
· Coinbase Global’s disappointing first-quarter earnings report — in which the U.S.’s largest cryptocurrency exchange posted a quarterly profit of $430 million and a 19% drop in monthly users, contains an update on the risks associated with using Coinbase, which is likely to come as a shock to its millions of users.
Furthermore, according to Coinbase, users may also lose all cryptocurrency stored in their accounts if Coinbase goes bankrupt. The company said in its earnings report on Tuesday that, on behalf of its customers, it holds $256 billion in both fiat currencies and cryptocurrencies. Even so, the exchange stated that in the event it ever declared bankruptcy, “the crypto assets we hold for our customers may be subject to bankruptcy proceedings.”
· A new application called “Digital Collectibles” is tested by Instagram and uses non-fungible tokens (NFTs). Collectibles such as art, images, videos, music, and trading cards are included. A stated objective is to “bring NFTs to a broader audience.” It appears that “Similar functionality” is also coming to Facebook.
· A Belgian museum tokenized a million-euro artwork so that it could be owned fractionally. Royal Museum of Fine Arts Antwerp (KMSKA) in Belgium is collaborating with two blockchain companies in an effort to tokenize Carnaval de Binche, a million-euro oil painting by Belgian artist James Ensor, so that anyone can share ownership of it. Rubey and Tokeny have partnered with the museum to tokenize the masterpiece on the Polygon (MATIC) blockchain, which uses Tokeny’s ERC-3643-based security token, a standard for permissioned tokens.
Terra’s ecosystem devolved last week when UST lost its peg and LUNA essentially ceased to exist. As a result, the entire market is down approximately $500 billion. This was the most eventful week in many months, but, unfortunately, the loss of $500 billion from the total cryptocurrency market capitalization.
The value of LUNA is zero. In addition, exchanges have delisted most trading pairs associated with both cryptocurrencies, wiping away billions from the market. In the past, Luna Foundation Guard purchased up to $1.5 billion in Bitcoins for its reserves, an amount that has now been exhausted. This event pulled the entire market down. As a consequence, $500 billion was erased from the market capitalization. Bitcoin’s price fell below $26,000 on some exchanges, which hasn’t happened since December 2020.
*Disclaimer* Investment in cryptos carries various risks and is not suitable for all investors. Be sure to do your research thoroughly before making any decisions to invest.
Blackrock, the world’s largest asset manager and hedge fund giant Citadel Securities, have denied any involvement in the decline in terrausd (UST) and terra (LUNA). Additionally, the cryptocurrency exchange Gemini has denied making a bitcoin loan that led to the collapse of Terra.
There have been rumors that Blackrock, Citadel Securities, and Gemini were involved in the collapse of Terra (LUNA) after terrausd (UST) lost its peg to the U.S. dollar this week. The three companies have denied the allegations.
This concludes our weekly newsletter. Thank you for taking the time to read our weekly newsletter. Please stay tuned for more exciting and important update next week — as we will provide you with even more insightful content.
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