Do Kwon Shares Plan To Save UST Peg, Australian Bitcoin ETF Goes Live This Week, Continental Diamonds Accepts Bitcoin For Jewelry Purchases 

Do Kwon Shares Plan to Save UST Peg

After 15 hours of silence, Terra founder, Do Kwon, outlined the plan to rebuild the Terra Ecosystem and save the algorithmic UST stablecoin peg on a Twitter thread this Wednesday. TerraUSD (UST) fell to $0.22, while LUNA plummeted to $0.69, a 99% nosedive from its all-time-high of $119.  

“Terra’s focus has always oriented itself around a long-term time horizon, and another setback this May, similar to last year, will not deter the #LUNAtics. Short-term stumbles do not define what you can accomplish. It’s how you respond that matters,” said Kwon.  

The UST de-pegging saga has attracted heavy criticism from the cryptocurrency community and regulators, including Janet Yellen, the United States Secretary of the Treasury.

Australian Bitcoin ETF Goes Live This Week

The Cboe Australia, a regulated stock exchange, announced that the Cosmos Purpose Bitcoin Access ETF will go live on Thursday, May 12th. The ETF was initially scheduled to go live on April 27th but was delayed due to ongoing standard checks. 

ETFs (exchange-traded funds) provide traditional investors with exposure to the cryptocurrency market through regulated products offered by investment firms. It is an alternative way of investing in Bitcoin without holding the cryptocurrency asset. 

It will be the first Bitcoin ETF launched in Australia, a milestone for cryptocurrency adoption. Speculators say that an estimate of $1 billion will flow into the cryptocurrency market.   

Continental Diamonds Accepts Bitcoin for Jewelry Purchases  

Continental Diamond, a Minnesota-based jewelry store, will start accepting Bitcoin for a payment method for jewelry purchases. The company partnered with BitPay, a bitcoin payment service provider, to provide a seamless experience for customers. 

"We've always been more than a jewelry store. We are constantly innovating and creating an oasis you can't wait to come back to," said Jimmy Pesis, Continental Diamond co-owner and president. "Accepting cryptocurrency seemed like a natural next step to adapt to the changing behaviors and preferences of our customers."

Written by Lindi Miti © Crypto University 2022