Altcoins down horrendously!

Tether wobbling after the UST collapse Market Activity Total Market Cap $1.22 (-13.09%) 24 Hour Volume 256.64B (+55.50%) Notable Movers[(TRX) $0.07051]( (+8.30%) Notable Movers (DeFi)[(LQTY) $1.38]( (+12.06%) Bitcoin Dominance 44.62%[(+1.84)]( Bitcoin Price[(BTC) 28,376.29 (-10.21%)]( Ethereum Price[(ETH) $1,944.28 (-19.51)]( Cardano Price[(ADA) $0,46 (-26.32%)]( Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] [Terra attempts a rescue mission for UST🔧]( The Terra and TerraUSD tankers seem all but beyond salvation, but the Terra Foundation came out with a thread containing last-minute governance proposals to save UST. Terra will burn all UST from its treasury, burn more than 370 million UST on Ethereum, and stake 240 million LUNA to defend the network. However, it may be too little too late, as UST remains well below $0.60 and LUNA has plummeted under $0.02! [Tether tumbles but does not fall🚨]( Tether got away with a bruise after panicking traders almost emptied the 3Curve-Pool and briefly de-pegged Tether. With markets on a knife’s edge, traders may have remembered old Tether FUD about a lack of collateral and decided to swap their USDT for other stables. That sent USDT down to $0.95, but the peg has been (almost) restored since and USDT is trading around $0.99. [Altcoins not only down bad, but down horrendous😱]( As markets continue to sell off, most altcoins have taken an utter beating over the last week. ETH is down over 40% in the last seven days, as is DOGE. Other layer-ones like AVAX, SOL, and NEAR have suffered drawdowns of over 50% in a week. Virtually every altcoin is now down between 70% and 90% from its top. Traders and analysts anticipate more pain to come as the economy enters a recession. [German HODLers can cash out tax-free after a year🇩🇪]( Germany clarified its tax laws and issued a statement containing some much-needed good news for crypto holders. Crypto in Germany remains exempt from capital gains taxes if you hold it for more than a year. Furthermore, income from staking and lending BTC and ETH is also tax-free after one year and does not trigger a ten-year extension. The ministry of finance said more clarifications are already in the works. [Coinbase CEO says funds are safu🦺]( Coinbase customer funds are safe said CEO Brian Armstrong, rebutting claims that customers may have their crypto frozen if Coinbase goes bankrupt. Armstrong claimed Coinbase is not in danger of bankruptcy and is in fact well-suited to deal with the harsh market conditions. Astute market participants had pointed out that Coinbase may hold customers liable after bankruptcy rumors surfaced following a massive loss on Coinbase’s Q1 report. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [App Store]( [Google Play]( [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( %SENDER-INFO-SINGLELINE%