**Cryptocurrency News:**
• Bitcoin slumped below $27,000 Thursday for the first time in over 16 months, as cryptocurrency markets extended losses amid fears over rising inflation and the collapse of a controversial stablecoin project.
• During the last few days, the crypto economy has been tumultuous as billions have fled the market in search of safety. The issues with LUNA sparked a significant sell-off as Terra’s native digital asset dropped 97% in value against the U.S. dollar in 24 hours. Terrausd has slipped 67% lower than the $1 parity and was trading at a low of $0.299 per unit.
• Grayscale Investments LLC recently met with the Securities and Exchange Commission to better make its case for turning the Grayscale Bitcoin Trust into a spot bitcoin ETF.
• The Securities and Exchange Commission is likely already investigating what happened to UST over the past week, two former SEC lawyers tell The Block.
• CoinDesk reported Wednesday that Do Kwon, co-founder, and chief executive of the development firm behind the Terra blockchain, was closely involved with an earlier stablecoin effort that failed to gain traction.
• Terraform Labs CEO Do Kwon has set out his plan of action to help the stablecoin TerraUSD return to its dollar peg.
• Pressure from the Kremlin and sanctions from the West have forced Russian news outlet Meduza to increasingly rely on cryptocurrency donations to fund its independent journalism. As the restrictions imposed over Moscow’s invasion of Ukraine have prevented its Russian readers from contributing in fiat currency, the Riga-based website now accepts several digital coins.

** CoinMarketCap Top 10 Trending Cryptos:**
1. UST
4. ANC
7. BTC
9. RSR
10. GMT

More articles