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.

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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.