Major South Korean crypto exchanges simultaneously delist Litecoin

Hi there! Welcome to the weekly digest brought to you by the Good Crypto team. We know how important it is to be well-informed about the latest developments in the niche, so we have brought together the past week’s most exciting events. Below you will find the hottest news, the newest exchange listings, and even a meme to cheer you up. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Solana Network Outages

The pessimistic forecast for SOL comes as the Solana blockchain has periodic failures, rendering its network almost useless for hours for its core “dapps,” such as lending technology Solend and decentralized exchange Serum.

On June 1, Solana’s newest software fault occurred, causing the network to be down for 4.5 hours. The blockchain saw its worst outage in January, which lasted nearly 18 hours.

The interruptions risk frightening investors away from Solana’s competitors, and many traders have already moved their funds elsewhere due to the outages.

After watching the recent Terra catastrophe, Miles Deutscher, an independent market analyst, says crypto investors have grown wary. Nonetheless, the analyst believes that Solana’s outages will reduce as the network evolves.

Despite the crypto massacre, Metaverse tokens surge 400% year over year

Metaverse tokens have outperformed every other crypto category in the current bear market, rising roughly 400% year over year.

According to statistics from Kraken Intelligence and CoinGecko’s May 2022 market analysis, Decentraland (MANA) is up 41%, Sandbox (SAND) is up 470%, Axie Infinity (AXS) is up 511%, and STEPN (GMT) is up 746%.

The second-greatest category for year-over-year increases was exchange tokens, which increased by 6%. However, all other types witnessed negative price movement in the same period, ranging from -13% for Bitcoin to -72% for DeFi.

Major South Korean crypto exchanges simultaneously delist Litecoin

Upbit cited the Act on the Reporting and Use of Specific Financial Transaction Information, which restricts anonymous transactions, as the primary reason for halting support for LTC in a public announcement on Wednesday.

The crypto exchange contacted the Litecoin Foundation to learn more about the privacy-focused improvement, and after a thorough investigation, Upbit decided to discontinue service for LTC transactions. Users have 30 days to withdraw their LTC money from the exchange.

According to Upbit’s official report: “We decided to terminate the transaction support for Litecoin (LTC), as it was determined that the optional function that does not expose transaction information included in this network upgrade corresponds to an anonymous transmission technology under the Specific Financial Information Act.”

Five major crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, have delisted LTC from their platforms, according to a report by 8BTC.

Edge debuts 1st ever “private” Bitcoin Mastercard

Edge, the company behind the renowned Edge bitcoin wallet, has launched a new Confidential Mastercard that does not require any KYC or personally identifying information.

“Not a name, not a phone number, not an email address,” Paul Puey, co-founder and CEO of Edge, explains. “Definitely not your actual address, nothing. You can create a virtual card in around 15 seconds inside of Edge.”

While privacy is important, Puey argues that Edge Mastercard’s fundamental value is economic empowerment.

The new card isn’t just for Bitcoin transactions. Users may finance their Edge Mastercard by selling Bitcoin Cash, Dogecoin, Litecoin, and Dash to shop at qualified retailers in the United States, according to Puey.

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Top Crypto Meme of the Week

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