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The following is an excerpt from the daily CryptoCodex email newsletter. <\/em>Sign up now for free here<\/em><\/strong><\/a><\/p>\n Cryptocurrency prices are surging this morning despite a warning that low volume during the U.S. Memorial Day holiday could cause things to “get weird.” Sean Farrell, head of digital-asset strategy at Fundstrat, wrote in a note seen by Bloomberg<\/em><\/a> that a lull “could lead to large price swings, and potentially further volatility to the downside in the immediate term.”<\/p>\n The price of bitcoin, ethereum, cardano and other major cryptocurrencies has suddenly soared. <\/p>\n <\/fbs-accordion>CryptoCodex<\/small> The rally, put down to<\/a> investor enthusiasm for riskier assets being stoked by China\u2019s easing of Covid curbs, has seen the bitcoin<\/strong> price jump 5% over the last 24 hours, putting it back above $30,000. Ethereum<\/strong> has followed bitcoin higher, also up 5%, while challenger cardano<\/strong> is leading the top ten, up 10%.<\/p>\n Further down the charts, tron<\/strong> is the only major cryptocurrency in the green for May, having surged 30%. Blockworks<\/em> has a good rundown<\/a> of the ethereum rival’s recent fortunes. Elsewhere, Tesla billionaire Elon Musk gave his favorite cryptocurrency dogecoin<\/strong> a boost over the weekend after he announced<\/a> his rocket company SpaceX would follow Tesla in allowing fans to buy SpaceX merchandise with the meme-based cryptocurrency.<\/p>\n Good to know:<\/strong> Nobody learned anything from the crypto crash<\/a><\/p>\n You only long twice:<\/strong> The reborn terra blockchain and its native token luna have struggled this weekend after Saturday’s relaunch with the luna price cratering 70% immediately after going live, data from Coingecko<\/a> shows.<\/p>\n Catch up quick: <\/strong>Terra\u2019s blockchain ecosystem, including the two top ten cryptocurrencies terraUSD (UST), a so-called algorithmic stablecoin designed to be pegged one-to-one with the U.S. dollar and its support coin luna, went into meltdown at the beginning on May, sending shockwaves through the wider crypto market. Despite attempts by terra backers, led by Terraform Labs, to shore up the coins, their prices fell to near zero, wiping out many investors. Terraform Labs chief executive Do Kwon then put forward a so-called revival plan in which new holders of both UST, luna and other ecosystem coins would receive new, rebranded luna tokens.<\/p>\n But but but…<\/strong> The terra collapse is not the industry\u2019s Bear Stearns moment (referring to the fall of a major Wall Street bank that ultimately signaled the 2008 financial crisis), it was reported<\/a> by CNBC<\/em> after reporters gauged industry sentiment during last week’s DC Blockchain Summit.<\/p>\n Do Kwon or die:<\/strong> Terra’s outspoken creator Do Kwon has returned in force to Twitter<\/a> after a period of relative silence since the terra meltdown, giving advice, offering support and again going after naysayers.<\/p>\n Disturbing:<\/strong> Luna 2.0’s plummet appears to suggest a lack of faith in Do Kwon\u2019s revamp, Cointelegraph<\/em><\/a> reports, citing a flood of Twitter posts that show investors, sometimes called lunatics, are looking only to recover as much of their funds as possible before quitting the project altogether.<\/p>\n Go slow:<\/strong> Luna’s collapse shows the need for crypto projects to go slow, according to cardano founder Charles Hoskinson, who told Coindesk<\/em><\/a>: “If you move too quickly \u2026 everybody loses their money.”<\/p>\n Meanwhile…<\/strong> details from the collapse of the UST and luna crash are continuing to emerge. Researchers now think trades of a small number of players, including lender Celsius Network, contributed to sudden luna sell-off and UST’s depegging, it was reported<\/a> by Bloomberg<\/em>, refuting the earlier narrative that one large attacker or hacker was responsible.<\/p>\n The rich got richer: <\/strong>Not everyone lost out on luna, it seems, with venture capital company Pantera Capital telling<\/a> CNBC “<\/em>their $1.7 million investment turned into $170 million, while Hack VC and CMCC Global exited their luna position in December and March, respectively.”<\/p>\nPrices are … climbing <\/strong>\ud83e\udd2f<\/h2>\n
\n <\/figcaption><\/figure>\nLessons for lunatics \ud83d\udcda<\/strong><\/h2>\n