EUR/USD 1.17756
-0.098%
Gold 4797.67
-0.476%
Oil 86.128
0.663%
USD/JPY 158.970
0.094%
GBP/USD 1.35176
-0.116%
GBP/JPY 214.894
-0.006%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On April 21, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first quarter of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology and Director of the Information and Communications Development Department, said that in the next step, the Ministry of Industry and Information Technology will focus on creating an upgraded version of 5G+Industrial Internet, strengthen factor guarantees, accelerate the introduction of implementation opinions on promoting the high-quality development of industrial internet, coordinate the construction of network identification, platform data security and other projects, and strive to improve the development of the five major systems of policy, infrastructure, technology, application and ecosystem.On April 21, Al Jazeera reported that former U.S. Deputy Assistant Secretary for Arabian Peninsula Affairs Daniel Benaim stated in an interview: "The stepping stone to this war, the opportunity when the U.S. could have declared victory directly, may have appeared long ago, but we didnt seize it. We are now embroiled in an extremely complex military engagement and an extremely complex diplomatic game with Iran. Every objective set by the U.S. when launching the war against Iran has fallen far short of expectations. We talked about containing Irans nuclear program authoritatively for a long time. Certainly, some of these objectives could have been achieved without resorting to war."On April 21, Tao Qing, spokesperson for the Ministry of Industry and Information Technology and Director of the Bureau of Operation Monitoring and Coordination, stated that the next step will be to implement the decisions and plans of the CPC Central Committee and the State Council, focusing on three key tasks: First, top-level design. Accelerate the formulation of the "15th Five-Year Plan" for intelligent connected new energy vehicles, and study and issue guiding opinions on accelerating the innovative development of intelligent equipment. Second, stable operation. Implement the new round of work plans for stabilizing growth in industries such as machinery, automobiles, and power equipment, continuously promote equipment upgrades and vehicle trade-ins, and regulate industrial competition order with a persistent and meticulous approach. Third, focused efforts on key breakthroughs. Continue to implement the high-quality development action plan for key industrial chains in the equipment manufacturing industry, and strengthen the research and development of landmark products and the promotion and application of research results.On April 21, the National Bureau of Statistics released unemployment data by age group for March 2026. In March, the national urban surveyed unemployment rate was 5.4%. The unemployment rate for the urban workforce aged 16-24 (excluding students) was 16.9%, the unemployment rate for the urban workforce aged 25-29 (excluding students) was 7.7%, and the unemployment rate for the urban workforce aged 30-59 (excluding students) was 4.3%.On April 21, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first quarter of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology and Director of the Information and Communications Development Department, stated that the Ministry of Industry and Information Technology will further strengthen the construction of information and communications infrastructure, consolidate and enhance the competitive advantages and leading position of the information and communications industry, and continuously solidify the digital foundation for high-quality economic and social development. The Ministry will focus on three key areas: First, leveraging its advantages, promoting deep coverage of 5G gigabit optical networks, continuously advancing the "signal upgrade" special action, and constantly improving network coverage and supply capacity; second, promoting upgrades, accelerating the large-scale commercial use of 5G, promoting the evolution of dual-gigabit networks to dual-10-gigabit networks, and accelerating the development of mobile IoT and the intelligent interconnection of everything; and third, strengthening collaboration, systematically deploying research and development of cutting-edge technologies such as 6G next-generation Internet, and promoting collaborative innovation between the information and communications industry and vertical industries.

Crypto Collapse Intensifies as Stablecoin Tether Slides Below Dollar Peg

Jimmy Khan

May 13, 2022 09:56

微信截图_20220513095239.png


The collapse of TerraUSD, one of the world's biggest stablecoins, sent ripples through cryptocurrency markets on Thursday, driving Tether below its dollar peg and bringing bitcoin to 16-month lows.


Cryptocurrencies have been caught up in a sell-off in risk assets that has gained traction this week as data revealed rising US inflation, escalating investor concerns about the economic implications of aggressive central bank tightening.


According to CoinMarketCap statistics, the overall market value of all cryptocurrencies has dropped to $1.2 trillion, less than half of what it was in November.


According to CoinMarketCap price data, Tether, a reserve-backed stablecoin that is meant to be linked 1:1 to the US dollar, fell as low as 95 cents earlier in the worldwide session. It was last available for 99 cents.


Despite the volatility, US Treasury Secretary Janet Yellen said that stablecoins like as Tether and TerraUSD do not now constitute a systemic danger to the financial system.


"I wouldn't describe it at this size as a significant danger to financial stability," she said at a House Financial Services Committee hearing, "but they're developing extremely quickly and they bring the same kinds of hazards we've seen for centuries in connection with bank runs."


Bitcoin, the most valuable cryptocurrency, fell to $25,401.05 on Thursday, its lowest level since December 28, 2020. It was last trading at $28,751, down 0.9 percent.


It has lost more than a quarter of its value in the last eight sessions, or roughly $10,700, and is down 37 percent this year, trading far below the record of $69,000 it reached in November 2021.


According to Refinitiv statistics, Bitcoin's correlation with the Nasdaq composite has lately increased and is currently around its all-time high. So far this month, the Nasdaq composite has down approximately 8%.


Ether, the world's second-largest cryptocurrency, hit a new low of $1,700, its lowest since June 2021.


Unlike earlier financial market sell-offs, when cryptocurrencies were mostly unaffected, the present selling pressure in digital currencies has cast doubt on the larger premise that they are reliable repositories of value in the face of market turbulence.

NOT-SO-STABLECOINS

TerraUSD, a stablecoin, has been impacted by the instability and has broken its peg to the US dollar, plummeting as low as 31 cents on Wednesday. It was selling about 38 cents on Thursday.


"Unfortunately, the consequences of this event extend beyond the financial losses suffered by investors," said Anto Paroian, chief operating officer of crypto asset hedge fund ARK36.


"If not for the whole crypto world, but definitely for the stablecoins market, de-pegging will almost surely result in a significant regulatory risk."


Stablecoins are digital currencies that are linked to conventional assets like the US dollar. TerraUSD, on the other hand, is an algorithmic or "decentralised" stablecoin that was meant to keep its dollar peg by a complicated system that entailed replacing it with a free-floating token.


Following the collapse of Terra's algorithmic stablecoin and the linked Luna token on Thursday, the network's blockchain was paused to avoid assaults. However, the Terra blockade has subsequently been reopened.


Terraform Labs, the business behind the TerraUSD, has a non-profit partner called the Luna Foundation.


On Thursday, even stablecoins backed by conventional assets showed symptoms of stress.


According to CoinMarketCap statistics, Tether fell below its 1:1 dollar peg on Thursday, reaching a low of 95 cents around 0724 GMT.


Tether's chief technical officer, Paolo Ardoino, claimed in a Twitter Spaces conversation that the stablecoin has decreased its exposure to commercial paper in the previous six months and currently has the bulk of its reserves in US Treasury bonds.


Tether is the most valuable stablecoin by market capitalization, accounting for about 87 percent of the whole $169.5 billion stablecoin market, according to CoinMarketCap.


According to Denis Vinokourov, director of research at Corinthian Digital Asset Management, the enormous number of centralised cryptocurrency exchanges and decentralised venues, each with their own liquidity profile and credit risk, was contributing to price distortions throughout the market.

"The fragmented character of the market contributes to spillover effects into other stablecoins," Vinokourov stated.


The effect of TerraUSD's problems on investors is still being assessed by market participants.


The Federal Reserve of the United States cautioned on Tuesday in its biannual Financial Stability Report that stablecoins are susceptible to investor runs because they are backed by assets that might lose value or become illiquid in times of market stress.

Suggestion