Categories: Business

Amid crypto carnage, Goldman and Barclays fill their bags, May 12-18, 2022 By Cointelegraph

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Crypto Biz: Amid crypto carnage, Goldman and Barclays fill their bags, May 12-18, 2022

Has there ever been a worse time to be in crypto? It depends on how you look at it. Amid Terra’s death spiral, (BTC) recording seven-consecutive weekly red candles, over $1 trillion in lost market cap across the ecosystem and an aggressive Federal Reserve hell-bent on reversing the chaos it created, major banks are quietly increasing their exposure to the sector. You’re going to love this: Goldman Sachs (NYSE:) — once the most passionate Bitcoin detractors — and Barclays (LON:) are doing some strategic buying as they prepare for the future of crypto trading.

Early polling from vote indicates 91% are in favor of ‘rebirth’

The Terra saga took an interesting turn on Wednesday after Terra co-founder Do Kwon managed to convince network validators to accept a proposal that would salvage the blockchain without the algorithmic stablecoin, TerraUSD (UST). More than 91% of community votes were in favor of “rebirthing” the Terra network and doing away with UST entirely. The “old” blockchain would continue to support so-called “residual UST” holders and operate under the name — wait for it — Terra Classic. All is not well for the Terra ecosystem, however. Kwon has been summoned for a parliamentary hearing regarding his failed project, while three members of Terraform Labs’ legal team resigned this week.

Goldman Sachs and Barclays invest in UK crypto trading platform Elwood

Bitcoin investment giant Grayscale debuts ETF in Europe

BitMEX launches spot crypto exchange following $30M penalty

How will you survive the bear market?

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