MakerDAO's governance token rose by 30%, surpassing Curve, SushiSwap, and Lido, as cryptocurrency made a slight rebound Friday morning. More: - The sudden interest in the token made MKR the second-largest DeFi pass on Friday morning.
- The market cap increased by 2%, rising from $6.34B to $6.47B.
- Interest in MakerDAO has increased amid Terra's continued collapse this week.
- LUNA has also gone down to $0.0000353, decreasing by 99.9%. TerraUSD, "UST," has dropped to $0.19, a decrease of 69% in 24 hours.
- Binance CEO Changpeng Zhao expressed disappointment after seeing how Terraform Labs handled the collapse of LUNA and UST.
- Trading of LUNA and UST was halted several times yesterday. Binance reached out to help restore the network but received very little response from the other end.
- Zhang wrote in a tweet: "We requested their team to restore the network, burn the extra minted LUNA, and recover UST peg....So far, we have not gotten any positive response or much response at all."
- He compared Terraform's response to Axie Infinity when its project was hacked in March 2021 for $622M. The team at Axie Infinity "took accountability, had a plan, and was communicating with us proactively and we helped," he explained.
Decrypt 
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El Salvador president Nayib Bukele bought an additional 500 bitcoin, taking advantage of its lower price as he remains a believer and supporter. Bitcoin became a legal tender in El Salvador back in Sept. 2021; Bukele purchased $103M worth of bitcoin at that time, which is now worth $74M, a 28% loss. More: - Bukele bought yesterday at the $31,000 price mark, as the massive sell-off period continues.
- The President plans to issue a $1B blockchain bond to fund a future bitcoin city on the country's coast.
- The "bitcoin city" will have an international airport and will be a tax-free jurisdiction.
- Crypto will be mined using geothermal energy from a nearby volcano.
Bloomberg
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MicroStrategy (ticker: MSTR), a business intelligence software company, saw its shares rise by 1.9% to $171, and Block (ticker: SQ), a payments app, saw some relief in stock price, rising by 2.9% to $73.20 on Thursday. Many analysts worry that the gains may not last if bitcoin does not recover from its recent collapse. More: - The stock price for both companies is linked to the value of bitcoin, which has been down by 7.5%, sitting close to $29,000.
- Microstrategy's stock declined by 67%, and Block is down by 53% this year. Meanwhile, Bitcoin took a 37% hit year to date.
- Although MicroStrategy is a business software solutions provider, its main asset remains bitcoin.
- The company holds more than 129,000 bitcoin tokens on its balance sheet as of March 2022.
- MicroStrategy acquired bitcoin by issuing debt to finance purchases and has warned its investors of a potential margin call if bitcoin drops below $21,000.
- The company wrote in its first-quarter filing: "If we are unable to generate sufficient cash flow to service our debt and make necessary capital expenditures, we may be required to sell bitcoin."
- As of March 31, the company held $5.9B worth of bitcoin, which has dropped to $3.76B at the current market price.
Barrons
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The crypto market rose 8%, with Bitcoin, Ethereum, and gaming tokens seeing sizable gains. Solana, Avalanche, and Cardano jumped by 20% in the last 24 hours. More: - Gaming and metaverse tokens increased by 40%, seeing the largest gains in a day.
- GALA is up 50%, sitting at a price of $0.10, recovering from some of its lost value. GMT, the move-to-earn token of running game STEPN, jumped by 30% to $1.66, and Enjin Coin recovered at 26%.
- Decentraland's MANA rose 41% to $1.11 over 24 hours. During the same time, The Sandbox token, SAND, increased by 19%, now at $1.44.
- The gains might be temporary relief as some analysts are expecting losses ahead.
Decrypt
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Sam Bankman-Fried, CEO of the cryptocurrency exchange FTX, believes that the crypto markets have mostly stabilized and won't go to zero. If stocks recover, then so will crypto, but if the stock market keeps crashing, then so will bitcoin. More: - Bankman-Fried believes that crypto will not crash to zero; saying crypto will lose all value is like expecting the same of stocks. He adds: "Crypto markets have mostly stabilized, [in relation to] whatever happens in traditional markets."
- There is a correlation between the price of bitcoin and the stock market; the events over the past week indicate that bitcoin has been behaving similarly to stocks.
- The current 30-day average of the bitcoin Nasdaq scores matches a one-on-one correlation since Jan. 1.
- The feds increased interest rates by half a percentage point last week, and bitcoin came tumbling down along with the equities.
Yahoo Finance
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ApeCoin (APE) rose 45% to $7.30 yesterday after dropping 80% to the $5 mark this week. The token has partially recovered from the sell-off period over the past week. More: - APE sits above the $5.82 mark, and its daily relative strength index reading is above the "oversold" level.
- Some believe that the price could reach $9.63 in the near term, but this is based on pure speculation.
- The cost of APE crashed due to the volatility in the crypto market led by the chaos of the UST stablecoin.
Cointelegraph
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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