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The luna cryptocurrency has been resurrected after its $40 billion collapse. It’s already crashing

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2 years ago

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The luna cryptocurrency has been resurrected after its billion collapse. It’s already crashing

Cryptocurrency markets have seen a steep sell-off after the collapse of controversial blockchain mission Terra.

Dan Kitwood | Getty Pictures

A brand new model of the collapsed luna cryptocurrency is already reside on main exchanges — and it is gotten off to a nasty begin.

Final week, supporters of the Terra blockchain mission voted to revive luna however not terraUSD, a so-called “stablecoin” that plunged beneath its supposed peg to the greenback, inflicting panic within the crypto market.

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TerraUSD, or UST, is what’s often called an algorithmic stablecoin. It relied on code and a sister token, luna, to take care of a $1 worth. However as digital foreign money costs fell, buyers fled the stablecoin, sending UST tumbling — and taking luna down with it.

At its top, the previous luna — now often called “luna basic” — had a circulating provide of over $40 billion.

Now, luna has a brand new iteration, which buyers are calling Terra 2.0. It’s already buying and selling on exchanges together with Bybit, Kucoin and Huobi. Binance, the world’s largest crypto change, says it can listing luna on Tuesday.

Its launch has not gone effectively.

After reaching a peak of $19.53 on Saturday, luna dropped as little as $4.39 simply hours later, in line with CoinGecko information. It has since settled at a value of round $5.90.

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Analysts are deeply skeptical in regards to the possibilities of Terra’s revived blockchain being a hit. It should compete with a number of different so-called “Layer 1” networks — the infrastructure that underpins cryptocurrencies like ethereum, solana and cardano.

Terra is distributing luna tokens by means of what’s known as an “airdrop.” Most will go to those that held luna basic and UST earlier than their collapse, in an effort to compensate buyers.

However many buyers burned by the debacle are unlikely to belief Terra a second time, consultants say. Vijay Ayyar, head of worldwide at crypto change Luno, stated there’s been a “huge loss in confidence” within the mission.

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Crypto

Bitcoin 'On Brink Of Breaking $100,000,' Dogecoin Up, Ethereum Down: Crypto Community Holds Its Breath As BTC Guns For Milestone

Published

6 hours ago

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November 22, 2024

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Bitcoin 'On Brink Of Breaking 0,000,' Dogecoin Up, Ethereum Down: Crypto Community Holds Its Breath As BTC Guns For Milestone

Cryptocurrency markets are trading higher, with Bitcoin hovering around $100,000 and Jim Cramer suggesting it is “a winner.”

Cryptocurrency Price    Gains +/-
Bitcoin BTC/USD  $99,254.71 +0.88%
Ethereum ETH/USD  $3,281.28 -2.1%
Solana SOL/USD  $253.09 -0.8%
Dogecoin DOGE/USD  $0.3987 +3.7%
Shiba Inu SHIB/USD  $0.00002463 +0.3%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume increasing by 47.5% and daily active addresses growing by 27.2%. Transactions greater than $100,000 are up from 13,321 to 18,859 in a single day. Exchanges netflows are down by 4.5%.
  • Coinglass data reports 113,608 traders were liquidated in the past 24 hours for $340.73 million. Open interest continues to stand at peak levels, $64 billion.
  • Polymarket data shows there is a 60% chance of Bitcoin touching $100,000 today and an 89% probability of it happening this month.

Notable Developments:

Top Gainers:

Cryptocurrency Price    Gains +/-
Stellar XLM/USD $0.3194 +28.2%
XRP XRP/USD $1.42 +20.6%
Cardano ADA/USD $0.9647 +19.9%

Trader Notes: Bitcoin nearing $100,000 sparked mixed sentiments among traders.

Altcoin Sherpa quipped “See you guys at $60,000” when Bitcoin failed to break through the psychological barrier.

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Crypto trader Seth highlights a “thick and sticky sell wall” as the obstacle.

Dogecoin founder Billy Markus stated, “maybe bitcoin will become a $99,000 stablecoin.”

Quinten Francois remains optimistic, stating the Bitcoin bull market has “just started.”

Daan Crypto Trades explained that traders are preemptively shifting from altcoins to Bitcoin as it edges closer to the $100,000 milestone.

He predicts a breakout, followed by consolidation could lead to altcoin rebounds. Until then, Bitcoin is expected to continue absorbing liquidity.

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Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Crypto

Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?

Published

13 hours ago

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November 22, 2024

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Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?

Dogecoin DOGE/USD and Shiba Inu SHIB/USD are trading around 3% higher in a single day boosted by the optimism in the cryptocurrency market.

Cryptocurrency Price              Market Cap 24-Hour Trend 7-Day Trend
Dogecoin  $0.3923 $57.6 Billion  +2.8%  +5.3%
Shiba Inu  $0.00002496 $14.7 Billion  +4.2%  +3.1%

Trader Notes: Analysts see bullish potential for the top two meme coins.

Crypto chart analyst Ali Martinez predicts a potential rally for Shiba Inu, suggesting SHIB could hit $0.00049 if it mirrors DOGE’s pattern.

Trader Javon Marks highlights SHIB’s daily chart with a possible bull pattern confirmation. A breakout target of $0.000081—216% above current levels—could see SHIB surge more than 200%.

For Dogecoin, Altcoin Sherpa notes the recent correction as not bearish, seeing opportunities for buyers with another leg up expected soon.

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Crypto Amsterdam observes DOGE hovering in a mid-range phase, suggesting $1 could be on the horizon.

Meanwhile, trader Kevin forecasts a DOGE breakout by Saturday.

Statistics:  IntoTheBlock Data shows:

  • Large transaction volume increasing for DOGE (+41.1%) and SHIB (+44.9%).
  • Daily active addresses rising by 34.9% for DOGE and 10.7% for SHIB.
  • SHIB transactions above $100,000 up from 332 to 399 in one day.

Shibarium Activity: Daily transactions climbed from 4.66 million on Nov. 20 to 4.75 million on Nov. 21.

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Image: Shutterstock

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Bitcoin nears $100,000 as investors bet on crypto-friendly Trump policies

Published

23 hours ago

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November 21, 2024

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Bitcoin nears 0,000 as investors bet on crypto-friendly Trump policies

World’s popular digital currency rises as high as $99,073 on expectations Trump will ease legal and regulatory hurdles.

Bitcoin is nearing the $100,000 mark as crypto enthusiasts bet that United States President-elect Donald Trump will usher in a more welcoming regulatory environment for digital assets.

The world’s most popular digital currency rose as high as $99,073 on Thursday, extending its surge since Trump’s re-election on November 5.

The commodity has risen more than 60 percent since election day as investors anticipate Trump’s incoming administration to ease regulatory and legal hurdles to its use.

Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and has pledged to make the US “the crypto capital of the planet” and accumulate a national bitcoin reserve.

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Trump and his three sons in September also announced the launch of their own crypto business, World Liberty Financial, which investors have taken as a promising sign of the president-elect’s belief in the sector.

In another bullish signal for the sector on Thursday, United States Securities and Exchange Commission (SEC) chair, Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector, confirmed that he would step down in January.

Trump had pledged to fire Gensler on “day one” of his administration, though the president does not have the authority to remove the SEC chair before the end of his or her term.

While viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.

After climbing to a record high of $69,000 in late 2021, Bitcoin plunged to less than $16,000 over the following year.

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The commodity burst past its previous peak in March after gaining more than 300 percent since November 2022.

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