[Link to FM] UST fell to $0.62, El Salvador bought 500 bitcoins again at an average price of $30,744

【Data Intelligence】

The 24-hour liquidation volume of DeFi mortgage loans on the entire network reached 70 million US dollars, a record high in nearly 90 days

According to the news on May 10, according to the data of Okey Cloud Chain Master, in the past 24 hours, the total amount of DeFi mortgage loan liquidation on the entire network totaled 70 million US dollars, a record high in the past 90 days. Among them, the top three projects with liquidation amount are Venus ($27.79 million), Aave ($25.18 million) and Compound ($11.8 million).

Over $920 million was liquidated in the past 24 hours

Watcher.Guru tweeted that more than $920 million has been liquidated from the cryptocurrency market in the past 24 hours.

【 Regulatory News 】

Fed Highlights Stablecoin Run Risks in Financial Stability Report

On May 10th, the Federal Reserve released the latest "Financial Stability Report" on Monday, emphasizing the risk of running on stablecoins. Certain types of money market funds (MMFs) and stablecoins remain prone to runs, and domestic banks have low capital risk, but structural vulnerabilities remain in some money market funds, bond funds and stablecoins, the report wrote. Back in January, Fed researchers published a study on the risks and benefits of stablecoins, reporting that the Financial Stability Oversight Board may step in to oversee stablecoins if Congress does not enact new laws targeting the industry. As previously reported, the algorithmic stablecoin UST decoupled from the U.S. dollar twice in just three days.

Venezuela Bets on De-Dollarization After Foreign Currency and Crypto Tax Implementation

The Venezuelan government is now focused on trying to establish the bolivar as the currency of choice for purchases in the country. That could be a risky bet for a country emerging from hyperinflation but still suffering from high inflation, according to several economists. However, the 3% tax target for spending in foreign currency and cryptocurrencieshas had some impact in this regard. A new tax called the IGTF, which aims to impose a 3% tax on transactions and payments made in U.S. dollars, foreign currencies, and cryptocurrencies in some cases, appears to be designed to help with this. However, now may not be the time for such adjustments, as Venezuela has just emerged from a period of hyperinflation that was also accompanied by a devaluation of fiat currencies that had to be renamed twice.

【Industry Trends】

Singer Madonna teams up with Beeple for virtual world-related artwork

According to news on May 10, American pop singer Madonna (Madonna) and digital artist Beeple collaborated to launch artworks related to the virtual world, which will be launched on the encrypted art platform SuperRare at 6:00 on May 12, Beijing time.

El Salvador buys another 500 bitcoins at an average price of $30,744

On May 10, President Nayib Bukele of El Salvador posted on social media that El Salvador had just bought another 500 bitcoins at an average price of $30,744.

FTX to conduct NFT sneaker auction with Stepn

On May 10th, according to official news, FTX has reached an official cooperation with Stepn. #9999 NFT sneakers will be auctioned on FTX.US and FTX App, and all proceeds will be donated to charity by the FTX Foundation.

MechaFightClub completes USD 40 million in Series A financing, led by a16z and participated by Solana Ventures

On May 10th, the P2E game MechaFightClub (MFC) announced the completion of a US$40 million Series A round of financing, led by a16z and participated by Michael Ovitz, Sonam K Ahuja, LuBall13.eth, Solana Ventures and others. According to previous news, according to the US SEC’s documents on Friday, chain game company Irreverent Labs recently completed a financing of 40 million US dollars, a total of 11 investors participated in the equity and option financing, and will launch the P2E game MechaFightClub.

Polkadot ecological cross-chain DEX Polkadex wins the 16th round of Polkadot slot auction

The Polkadot ecological cross-chain DEX Polkadex won the 16th round of Polkadot slot auction by locking more than 973,000 DOTs.

【Elite Viewpoint】

U.S. Treasury Secretary Yellen: FSOC is working hard to determine the risks of digital assets

On May 10, U.S. Treasury Secretary Yellen said that the U.S. Financial Stability Oversight Council (FSOC) has taken measures to assess the leverage risk of the non-bank financial sector and is working to determine the risk of digital assets.

Galaxy Digital CEO: Crypto Market Rally Won't Happen in Next Two Months

On May 9th, Galaxy Digital CEO Mike Novogratz predicted in the recent earnings conference call that there will be more losses in the encryption market. He doesn't think a recovery will happen in the next two months. The billionaire believes that cryptocurrencies will remain highly correlated with the Nasdaq 100 index. He expressed "very confident" that once the stock market finds "some kind of bottom," Bitcoin will bounce back. It was earlier reported that Galaxy Digital reported a first-quarter loss of $111.7 million due to falling cryptocurrency prices.

【What to watch today】

UST drops to $0.62, has broken anchor badly

According tothe FTX market, UST has fallen to $0.62, which has seriously broken the anchor. LUNA fell to $27, a drop of more than 60% in 24 hours. Previously, the Luna Foundation address once transferred out all bitcoins worth 1.4 billion US dollars, and has now transferred 28,205 bitcoins, worth 840 million US dollars.

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