TEMPO.CO, Jakarta – Issues around the economy and business colored the news on the weekend, Sunday, May 15, 2022. Economic and business news began with the crypto market panic after the price of the Terra Luna coin collapsed.
Another news came from the United States. President Joko Widodo’s visit to SpaceX to meet with Tesla CEO, Elon Musk, is a cause for concern. Apart from his cooperation plan, the moment was highlighted because Elon wore a t-shirt when he was with Jokowi. The low price of Elon’s T-shirts is also a concern.
Here are four latest news on economic and business channels that attract a lot of readers.
1. Panic Selling in the Crypto Market Affected by Terra Luna, What’s the Fate of Bitcoin Cs?
The collapse of the crypto market this week has attracted the attention of the investment world. Even in the cryptocurrency world, the turmoil is said to be stressful for investors.
To quote Bloomberg last Friday, May 13, 2022, the drama in the crypto market began when algorithmic stablecoin TerraUSD fell from its dollar peg when a complex mechanism designed to ensure links suddenly turned against it.
This then sucks various crypto assets and even the largest digital assets into the vortex of panic selling investors. Then there are terms like the ‘death spiral’ coming into the everyday conversation of crypto investors.
Then in the middle of this week, the turmoil briefly dragged down the $80 billion stablecoin Tether. Tether, which is a market giant and a major mover in many deals, has finally gone to the extent of pushing its publishers to reassure investors that all is well.
Products traded on exchanges related to crypto immediately fell. This can be seen from the fall of the problematic Luna coin by up to 99 percent in one day. However, as of this past Friday too, the calm has returned for crypto assets.
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