LFG Reserves Near-Depleted Following UST Crash – May 16


📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$29,393

Bitcoin price is sitting in the $29,000s to begin the week, as price continues to consolidate following its recent plunge.

Top-20 altcoins have mostly seen small losses over the last 24 hours, as Ethereum falls 3%, BNB drops 1% and XRP slips by 2%.

Top Stories for May 16, 2022 🔥

👉 LFG Reserves Near-Depleted Following UST Crash

The Luna Foundation Guard (LFG) has revealed that it used up almost all of its Bitcoin reserves in an attempt to maintain the TerraUSD (UST) stablecoin’s peg to the dollar.

Just 313 BTC remain in the reserves, down from around 80,000 BTC before the crash. According to LFG, most of the Bitcoin was sold off for UST, however the move failed to restore the peg.

The remainder of funds will be used to compensate the remaining users of UST, beginning with the smallest holders.

👉 Portugal Planning To Implement Crypto Capital Gains Tax

Portugal news outlet ECO has reported that the government is planning to implement new regulations for cryptocurrencies, including a possible capital gains tax.

Until now, Portugal has legally treated cryptocurrency as currency, rather than an asset, resulting in no tax for individuals investing in it. Minister of finance Fernando Medina has suggested that this has been due to gaps in legislation, rather than by design.

👉 ECB Official Says Digital Euro May Come By 2026

Executive European Central Bank board member, Fabio Panetta, claims that a digital euro may come within four years, with testing as early as 2023 in EU countries.

Panetta says that making a digital euro legal tender and making it available for use in peer-to-peer systems could help to promote adoption, as well as ensuring its acceptance in physical and online stores.