Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock, and crypto trader receives jail sentence for a ponzi scheme: Hodler’s Digest, May 8-14

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Breaking: Terra blockchain officially halted following LUNA price collapse This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar — and continued to crash.  At its lowest point during the week, UST fell…

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Bitcoin is on target to hit $288K as US money velocity collapses in Q2

There is “too much money to spend,” and this will help Bitcoin (BTC) reach its next phase of huge price increases, analysts believe. In a blog post on Aug. 25, Jeroen Blokland, portfolio manager at asset manager Robeco, noted that U.S. M2 money velocity had hit historic lows. “Too much money to spend” Velocity measures the speed at which money moves around the economy, and 2020 has seen a crash in the metric. “Theoretically, the velocity of money rises when economic activity increases,” Blokland wrote.  “While the sudden economic stop…

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3 Reasons Why Bitcoin Price Could Crash if US Stock Market Collapses

Experts in the financial market and the crypto industry foresee a major stock market correction unfolding in the short term. Given the high correlation of Bitcoin (BTC) with stocks observed in the past three months, there is a strong possibility that Bitcoin could follow suit. The United States stock market has seen extreme volatility after the Dow Jones Industrial Average dropped by around 7% on June 11, led by double-digit drops of airline stocks. A confluence of three factors is seemingly triggering sizable volatility in the stock market: uncertainty around…

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Chinese Economy Collapses in the First Quarter – Is the U.S Next?

Analysts have repeatedly underestimated the economic impacts of the growing Wuhan coronavirus pandemic. The latest data from China show that economic activity in January and February collapsed due to lockdowns and weak consumer demand. China’s economic doom could be an omen for the rest of the world. The stock market’s pain is likely just beginning. The coronavirus pandemic has devestated China’s economy with double-digit declines on a wide range of indicators. The crash was worse than many analysts expected and could set the stage for a multi-quarter slowdown. If China,…

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Coronavirus Quarantine Hotel in China Collapses

A coronavirus quarantine hotel in China collapsed Saturday. 70 people were trapped under the building in Quanzhou, Fujian. 28 have been rescued so far as teams pull victims from the rubble. A hotel in China collapsed around 7pm local time Saturday in Fujian, China while the building was being used as a quarantine location for people infected with coronavirus. Also staying in the building were people who had had recent contact with others suffering from COVID-19. There are currently 80,651 confirmed cases of COVID-19 in China. Meanwhile official Chinese death…

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