LUNA Breaks Below $1 As UST Remains De-Pegged – May 11

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$29,973

Bitcoin price is testing $30,000 support once again Wednesday, as contagion from the Terra drama sweeps across the crypto market.

Top-20 altcoins have seen massive losses across the board, as Ethereum drops 8%, BNB tumbles 14% and TerraUSD falls 28%.

Top Stories for May 11, 2022 🔥

👉 LUNA Breaks Below $1 As UST Remains De-Pegged

Terra’s native LUNA token has fallen as low as $0.69 overnight – a 97% drop in a day, as the blockchain’s TerraUSD (UST) stablecoin continues to deviate from its peg to the US dollar.

The massive de-pegging of UST has resulted in a “death spiral” in the price of LUNA, due to users rushing to redeem their UST tokens for newly-minted LUNA in order to exit their positions.

👉 Germany Issues Country’s Very First Tax Guidance For Crypto

Germany’s finance ministry has issued its very first guidance on income tax from cryptocurrency, including details on mining, staking, lending, hard forks and airdrops.

The guidance clarifies that individuals can sell Bitcoin and Ether tax-free after one year, with the one-year rule also applying to crypto that has been lent or staked. Income tax  will also not apply when redeeming utility tokens.

👉 Coinbase’s Brian Armstrong Remains Bullish Depsite $430M Q1 Loss

Coinbase CEO Brian Armstrong has stated that he still remains highly positive for the publicly-traded exchange, despite the company’s first quarterly loss of $430 million.

The exchange’s revenue dropped by 27% in the first quarter from 2021 figures, with monthly transacting users also falling by around 19%. Armstrong explained that Coinbase is still seeing so many new customers that he remains optimistic.