Bitcoin has resumed its decline since the beginning of the new week. Meanwhile, the founder of the Terra ecosystem has unveiled a new plan to rehabilitate the failed project. Bitcoin fell 3.6% on Monday, ending the day near $29,900. BTC resumed its decline after some recovery in recent days amid the negative dynamics of the Nasdaq. Cryptocurrency index of fear and greed by Tuesday fell by 6 points to 8 and remains in a state of “extreme fear”. The index has been at its lowest level since August 2019, when BTC was in the $10,000 region. According to CryptoQuant, institutional investors continue to buy BTC through market makers despite the fall of the crypto market. Aleksey Mashinsky, CEO of the Celsius Network cryptocurrency lending platform, believes that the tightening of the Fed’s policy in the fight against inflation will have a beneficial effect on the cryptocurrency market. FTX CEO Sam Bankman-Fried believes that Bitcoin has no future as a payment network due to its low scalability and negative impact on the environment. Payments require an alternative blockchain based on Proof-of-Stake (PoS). International Monetary Fund (IMF) Managing Director Kristalina Georgieva has called for a new public infrastructure for payment systems, including digital currencies. A conference was held in El Salvador with representatives of 44 countries, within which it was planned to discuss the use of bitcoin for payments. ECB spokesman Fabio Panetta said that the launch of the digital euro could take place as early as 2026, and its testing will begin in 2023. The first digital financial assets (DFA) in Russia can be issued before the end of this year, says Anatoly Aksakov, head of the State Duma committee on the financial market. The founder of the Terra ecosystem, Do Kwon, intends to present to the Terraform Labs team on May 18 a new system for managing the Terra fork, decoupling it from the TerraUSD (UST) stablecoin. The new “chain” will be completely independent – it will not be tied to the UST token, as it was before. At the same time, the Terra blockchain will continue to exist and will work, as before, with reference to the UST stablecoin, but it will be called differently – Terra Classic (LUNC). Kwon wants to hard fork as quickly as possible. If everything goes according to plan, the new LUNA blockchain will be launched on May 27th. Source: FXPro

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