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Three Arrows Capital defaults on Voyager loan

Bitcoin - Δευ, 06/27/2022 - 21:50
Three Arrows Capital defaults on Voyager loan

Voyager Digital had not received the $670 million loan it had made to Three Arrows Capital by today’s deadline. Voyager has said that it will pursue recovery of the loan, but with Three Arrows Capital facing potential insolvency, Voyager could also come under threat.

Before it became commonly known that the crypto hedge fund Three Arrows Capital was in difficulties, Voyager, a digital asset brokerage, had already lent the distressed fund 15,250 bitcoins, together with $350 million in USDC stablecoins.

The deadlines to pay both amounts were June 24 for $25 million in USDC, and June 27 for the entirety of both bitcoin and USDC loans. Both deadlines have passed with neither amount having been paid.

On today’s news of the non-repayment, Voyager’s shares plunged more than 20% to reach a price of $0.45. The shares of the company have continued to bleed ever since the crypto market top in November of last year, going from nearly $21 down to $0.45, a 98% fall.

Voyager has let it be known that it will be pursuing 3AC for recovery of its funds, and to that end it is talking to advisors on the subject of the “legal remedies available”.

Sam Bankman-Fried’s Alameda Research has provided credit lines to Voyager in order to help with its current liquidity demands. Voyager has said that it has already accessed $75 million, and that it would potentially ask for more so that it can honour customer withdrawals etc.

According to Bloomberg, Voyager’s chief executive Stephen Ehrlich stated:

“We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,”

It might appear that the whole crypto sector is waiting for the 3AC, Celsius, Voyager, Blockfi situations to play out. Some of them have links with various of the others, and some of them were negatively affected by the Luna/UST collapse.

It’s looking likely that 3AC may go down, and if it does then the contagion could spread to other crypto companies besides the ones already mentioned. All will be holding their breath for the coming days and weeks.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Anonymous Mon, 06/27/2022 - 18:50

“Bitcoin Is The Only One I’m Willing To Say Is A Commodity”, SEC Chair Says On Crypto Regulation

Bitcoin - Δευ, 06/27/2022 - 21:48
“Bitcoin Is The Only One I’m Willing To Say Is A Commodity”, SEC Chair Says On Crypto Regulation

The U.S. Securities and Exchange Commission (SEC) Chairman Gar Gensler hinted at what could be the future of Bitcoin and crypto regulation in this country. In an interview with CNBC’s Market Alert, Gensler once again spoke about the “volatile” and “speculative” nature of the digital asset class. Related Reading | How This Ethereum Lending Platform Was […]

Anonymous Mon, 06/27/2022 - 18:48

Anonymous Vowed to Expose Do Kwon’s Suspicious Actions From the Terra Collapse

Bitcoin - Δευ, 06/27/2022 - 21:32
Anonymous Vowed to Expose Do Kwon’s Suspicious Actions From the Terra Collapse

Anonymous said they will look into Do Kwon's entire history in the crypto world and expose his dark secrets as he is the one to be blamed for Terra's collapse.

Anonymous Mon, 06/27/2022 - 18:32

Announcing Cosmos’s HackATOM Seoul

Bitcoin - Δευ, 06/27/2022 - 21:30
Announcing Cosmos’s HackATOM Seoul HackAtom Seoul, Organized by Interchain in collaboration with the talented KryptoSeoul team, will be our first in-person Hackathon since 2019 and the first Cosmos-branded event in the Asian co Anonymous Mon, 06/27/2022 - 18:30

Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin - Δευ, 06/27/2022 - 21:16
Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin and altcoins are facing profit-booking after the recent relief rally, but charts suggest that a revisit to recent swing lows could be in store.

Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started.

Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource "Game of Trades" highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand.


Daily cryptocurrency market performance. Source: Coin360

Another sign that traders are purchasing comes from Glassnode comments suggesting that the 30-day average change in the supply kept on exchanges plummeted by 153,849 Bitcoin on June 26, the largest ever in history.

Could bulls continue their purchases on dips and form a higher low? Let’s study the charts of the top-10 cryptocurrencies to find out.


BTC/USDT

Bitcoin turned down from $22,000 on June 26, indicating that the sentiment remains negative and traders are selling on minor rallies. The bears will try to pull the price to the psychological level of $20,000.


BTC/USDT daily chart. Source: TradingView

If the price rebounds off $20,000, it will suggest that bulls are accumulating on dips. That could keep the pair range-bound between $20,000 and $22,000 for a few days.

The first sign of strength will be a break and close above the 20-day exponential moving average (EMA) ($22,890). That could open the doors for a possible rally to the 50% Fibonacci retracement level at $24,693.

This level could again act as a resistance, but if bulls overcome the barrier, the BTC/USDT pair could rally to the 50-day simple moving average (SMA)($27,150). The bulls will have to push the price above this level to indicate that the pair may have bottomed out.

ETH/USDT

Ether (ETH) reached the 20-day EMA ($1,300) on June 26 but the bulls could not push the price above the resistance. This suggests that the bears are not willing to surrender their advantage easily.


ETH/USDT daily chart. Source: TradingView

If the price turns down from the current level, the bears will try to pull the ETH/USDT pair to $1,050. This is an important level to watch out for because a break below it could suggest that bears are in control.

Conversely, if the price turns up from the current level or rises from $1,050, the bulls will try to propel the pair above the 20-day EMA. If they manage to do that, the pair could rally to the breakdown level of $1,700. A break and close above this resistance could indicate the start of a new uptrend.

BNB/USDT

BNB has been clinging to the 20-day EMA ($241) since June 24. This suggests that the bears are defending the level but the bulls have not yet given up as they anticipate a move higher.


BNB/USDT daily chart. Source: TradingView

If buyers thrust the price above the 20-day EMA, the BNB/USDT pair could rally to the 50-day SMA ($277). This level may again act as a stiff hurdle but if crossed, the pair could attempt a rally toward $350.

Conversely, if the price turns down from the current level, the pair could drop to $211. This is an important level to keep an eye on because a rebound off it will suggest that bulls are attempting to form a higher low. But if the level cracks, the pair could retest the vital support at $183.

XRP/USDT

Ripple (XRP) broke and closed above the overhead resistance at $0.35 on June 24 but the bulls could not clear the barrier at the 50-day SMA ($0.38). This suggests that the bears are defending the level aggressively.


XRP/USDT daily chart. Source: TradingView

A minor positive is that the bulls have not allowed the price to dip back below the 20-day EMA ($0.35). This suggests buying on dips. If the price rebounds off the current level, the bulls will again attempt to push the price above the 50-day SMA.

If they can pull it off, it will suggest that the downtrend could be weakening. The XRP/USDT pair could then rise to $0.45.

Another possibility is that bears pull the price back below $0.35. If that happens, the pair could slide to $0.32 and then to $0.28.

ADA/USDT

The buyers pushed Cardano (ADA) above the 20-day EMA ($0.50) on June 26 but the long wick on the candlestick shows that bears aggressively sold at higher levels.


ADA/USDT daily chart. Source: TradingView

A minor positive is that the bulls have not given up ground and are again attempting to clear the overhead hurdle at the moving averages. If they succeed, the ADA/USDT pair could rise toward $0.70 where the bears may again put up a strong defense.

If the price turns down sharply from this level, it will suggest that the pair may remain range-bound between $0.40 and $0.70 for some more time.

This positive view could be negated in the short term if the price turns down from the current level and breaks below $0.44. That could pull the pair to $0.40.

SOL/USDT

Solana (SOL) has been stuck between the moving averages since June 24. This suggests that bears are selling on rallies to the 50-day SMA ($43) and bulls are buying on dips to the 20-day EMA ($38).


SOL/USDT daily chart. Source: TradingView

The moving averages are close to a bullish crossover and the relative strength index (RSI) is near the midpoint, suggesting that bulls are attempting a comeback. If buyers propel the price above the 50-day SMA, the SOL/USDT pair could rise to $60.

This level may again act as a stiff resistance but if bulls clear this hurdle, the momentum could pick up. On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that bears have overpowered the bulls. The pair could then slide to $33.

DOGE/USDT

Dogecoin (DOGE) broke and closed above the 20-day EMA ($0.07) on June 25. The buyers extended the recovery on June 26 and pushed the price to the 50-day SMA ($0.08) but the long wick on the candlestick suggests that bears are defending the level with vigor.


DOGE/USDT daily chart. Source: TradingView

The buyers are again trying to push the price above the 50-day SMA. If they manage to do that, the DOT/USDT pair could rally to $0.09 and then to the psychological level at $0.10. This level could again act as a resistance but if bulls overcome this barrier, the momentum is likely to pick up.

Alternately, if the price fails to sustain above the 50-day SMA, it will suggest that bears continue to sell on rallies. The bears will then try to pull the price back below the 20-day EMA.

Related: Dogecoin price could rally 20% in July with this bullish reversal pattern

DOT/USDT

The bears have been aggressively defending the 20-day EMA ($8.11) in Polkadot (DOT) since June 24 but a positive sign is that bulls have not given up much ground. A tight consolidation near a resistance usually resolves to the upside.


DOT/USDT daily chart. Source: TradingView

If buyers drive the price above the 20-day EMA, the DOT/USDT pair could rise to the 50-day SMA ($9.13). This level may again act as a hurdle but the likelihood of a break above it is high. If that happens, the pair could rally to $10.75.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are active at higher levels. The sellers will then try to pull the pair below $7.30 and challenge the crucial support at $6.36.

SHIB/USDT

Shiba Inu (SHIB) broke above the 50-day SMA ($0.000011) on June 25 but the bulls could not continue the recovery. The bears sold near $0.000012 on June 26 and are trying to pull the price back below the 50-day SMA.


SHIB/USDT daily chart. Source: TradingView

The 20-day EMA ($0.000010) has started to turn up gradually and the RSI is in the positive territory. This suggests that buyers have a slight edge. If the price rebounds off the current level or the 20-day EMA, the bulls will again attempt to resume the up-move.

If the price rises above $0.000012, the SHIB/USDT pair could rally to the overhead resistance at $0.000014. This positive view could be negated in the short term if the price turns down and plummets below the 20-day EMA.

AVAX/USDT

Avalanche (AVAX) has been stuck in a tight range between the 20-day EMA ($20) and the overhead resistance at $21.35 since June 25. This suggests indecision among the bulls and the bears.


AVAX/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI is just below the midpoint, which suggests an equilibrium between buyers and sellers. If bulls push the price above $21.35, the AVAX/USDT pair could rally to the 50-day SMA ($25). This level may act as a minor hurdle but if crossed, the pair may rise to $30.

This positive view could invalidate in the short term if the price turns down from the current level or the 50-day SMA and plummets below the 20-day EMA. That could open the doors for a possible decline to $16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Anonymous Mon, 06/27/2022 - 18:16

Tether CTO says portfolio is ‘stronger than ever’

Bitcoin - Δευ, 06/27/2022 - 21:02
Tether CTO says portfolio is ‘stronger than ever’

Tether CTO Paolo Ardoino has reiterated the stablecoin issuer’s stance that its operations, products and portfolio is indeed as strong as ever. Ardoino’s comments, shared in a long Twitter thread on Monday, come amid what has been reported as a “coordinated attack” on Tether’s USDT by hedge funds after LUNA/UST’s collapse. He says ‘attackers’ have […]

The post Tether CTO says portfolio is ‘stronger than ever’ appeared first on Invezz.

Anonymous Mon, 06/27/2022 - 18:02

Reports Claim Russia Defaulted on Foreign Debt for the First Time in a Century, Kremlin Disagrees and Says It Paid

Bitcoin - Δευ, 06/27/2022 - 20:30
Reports Claim Russia Defaulted on Foreign Debt for the First Time in a Century, Kremlin Disagrees and Says It Paid

According to reports, the Russian Federation has defaulted on its foreign debt for the first time since 1918. Bondholders told the press that they had not received payments from the transcontinental country. However, Russia’s finance ministry denies the allegations and says the country made the payments via the Euroclear monetary system. Russia Is Accused of […]

Anonymous Mon, 06/27/2022 - 17:30

Gensler proposes working together with other financial regulators under "one rule book"

Bitcoin - Δευ, 06/27/2022 - 20:30
Gensler proposes working together with other financial regulators under "one rule book"

The SEC has been in discussions with other financial regulators, including the Commodity Futures Trading Commission (CFTC), to work to provide greater regulation of the cryptocurrency space.

According to the Financial Times, the Securities and Exchange Commission chair, Gary Gensler, is in the early stages of a formal deal whereby cryptocurrency regulation is created and enforced by a co-ordinated approach that involves multiple agencies.

Gensler brought up one strategy that would see the markets regulated with a “one rule book”. He noted,“If this industry is going to take any path forward, it will build some better trust in these markets”

He added:

“I’m talking about one rule book on the exchange that protects all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token” to protect investors against fraud, front-running, manipulation as well as providing transparency over order books.”

This development follows comments from the CFTC arguing that  they are the only U.S. regulatory body that has experience regulating markets for Bitcoin and crypto. The CFTC commissioner, Summer Mersinger, commented on the matter during the Reuters Commodities Trading USA conference last week:

“You’re seeing the industry coalesce around the CFTC becoming the primary regulator. We’re still a strong regulator but our registrants have a lot of flexibility. They have been very interested in that approach versus the top-down way of some other financial regulators”

While the two agencies, may indeed be forced to come together to regulate and oversee the many thousands of cryptocurrencies on the market,  Cardano founder, Charles Hoskinson has made a proposal that would see software developers handling compliance matters.

Hoskinson was called in to provide testimony to Congress, noting during his testimony that cryptocurrencies have the ability to carry out much of this regulatory work automatically, proposing a ​​“self-certification system” that automatically monitors compliance. 

The regulation of the cryptocurrency markets has been a pressing issue for regulators across the globe, with greater emphasis on regulation during the crypto winter.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Anonymous Mon, 06/27/2022 - 17:30

Mangata Finance valued at $13 million following bootstrapping event

Bitcoin - Δευ, 06/27/2022 - 20:29
Mangata Finance valued at $13 million following bootstrapping event

Mangata Finance, the decentralised exchange (DEX) on Kusama, has been valued at $13 million…

The post Mangata Finance valued at $13 million following bootstrapping event appeared first on CoinJournal.

Anonymous Mon, 06/27/2022 - 17:29

What are the odds of a new Bitcoin ETF approval? Not good, according to Susquehanna’s Bart Smith

Bitcoin - Δευ, 06/27/2022 - 20:17
What are the odds of a new Bitcoin ETF approval? Not good, according to Susquehanna’s Bart Smith

The US Securities and Exchange Commission (SEC) is unlikely to approve a spot Bitcoin exchange traded fund (ETF) anytime soon, says Bart Smith, the global head of digital asset strategy at Susquehanna International Group. According to him, the market has already priced in the odds of that happening, with both Bitwise and Grayscale’s GBTC trading […]

The post What are the odds of a new Bitcoin ETF approval? Not good, according to Susquehanna’s Bart Smith appeared first on Invezz.

Anonymous Mon, 06/27/2022 - 17:17

The Sandbox Is Bringing TIME Square To The Metaverse

Bitcoin - Δευ, 06/27/2022 - 20:08
The Sandbox Is Bringing TIME Square To The Metaverse

TIME Magazine has joined forces with the gaming company The Sandbox to introduce a virtual TIME Square into the metaverse. 

Times Square Reimagined For Metaverse

Blockchain gaming company The Sandbox has announced a partnership with TIMEPieces, TIME Magazine’s NFT arm. The goal of the partnership is to reimagine the iconic New York City landmark of Times Square as a virtual hub for art and commerce in the metaverse. As a part of the collab, TIME has also acquired land in The Sandbox, which will house the new virtual TIME Square landmark, which will also function as a platform for virtual experiences. TIMEPieces holders especially would be able to attend exclusive meetings and events hosted by TIME Studios for educational and recreational purposes. 

This is TIME’s first big foray into the metaverse ever since it agreed to produce metaverse-related content in its partnership with Galaxy Digital.

“Heart Of The Metaverse”: TIME President

TIME President Keith A. Grossman also called the project a “natural bridge” that will bring together the TIME virtual community, historical coverage, global relationships, and real-life events. He spoke at length on the project during The Sandbox event at NFT.NYC.

He stated, 

“Our goal is to create a destination that will be the heart of the metaverse. Since launching TIMEPieces in September 2021, we have focused on developing a community in Web3 that benefited from the incredible 100- year legacy and access TIME has established.” 

Grossman has also issued an open call for architects who could design the TIME Square location as a voxel creation. The intent is to capture the essence of the original Times Square location in NYC and reinterpret it for the metaverse. Inspired by the visual spirit and high energy of the iconic neighborhood, which is often referred to as the “heart of New York,” the upcoming TIME Square virtual location is set to be TIME’s first-ever metaverse destination. 

The Sandbox’s Strong Metaverse Game

The Sandbox’s blockchain platform has helped many leading brands and institutions to enter the metaverse, including financial giants like HSBC and Standard Chartered Bank. In fact, it has even opened a gateway into the metaverse for K-pop music by partnering with Cube Entertainment.  

Talking about the latest partnership with TIME, The Sandbox COO and Co-Founder Sebastien Borget said, 

“The Sandbox is often viewed as a ‘virtual Manhattan,’ a vibrant space alive with culture, entertainment, and brands, where anyone can discover, learn, work, meet new people, play, dance, and find amazing new opportunities. By partnering with TIME, we’re adding TIMEPieces as the beating heart and soul of this virtual Manhattan, where a design call for virtual architects will be held in TIME Square, a place in our creative metaverse for brands and creators.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Anonymous Mon, 06/27/2022 - 17:08

Bitcoin sees record outflows as Ethereum bucks trend

Bitcoin - Δευ, 06/27/2022 - 20:00
Bitcoin sees record outflows as Ethereum bucks trend

Crypto investment products witnessed the largest outflows in its history as $423 million was withdrawn from the space in the week of June 20, according to CoinShares’ weekly report.

The post Bitcoin sees record outflows as Ethereum bucks trend appeared first on CryptoSlate.

Anonymous Mon, 06/27/2022 - 17:00

Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

Bitcoin - Δευ, 06/27/2022 - 20:00
Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

Crypto liquidations had ramped up following the market crash. Even with the recovery had come more liquidations as short calls had also taken a hit. However, with the recovery moving over the last week, the market has begun to regain some semblance of balance and so the liquidations have begun to settle. Crypto Market Liquidations Relaxes Although liquidations cannot entirely stop, the liquidations have begun to subside. It had fallen from over $1 billion in liquidations at the height of the market crash and has slowly but surely returned to normal levels. This is obvious in liquidations for the past 24 hours which continue to trend at around $150 million liquidated. Mostly, it has skewed towards long traders given that the market had recorded a dramatic dip in the early hours of Monday morning. Related Reading | Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000 As expected, bitcoin and Ethereum take the lead for the digital asset with the most liquidations in this time period. Bitcoin alone has recorded more than $43 million in liquidations while Ethereum liquidations have come out to more than 24K ETH liquidated, amounting to more than $29 million in liquidations in the past 24 hours.  Total market cap below $1 trillion | Crypto Total Market Cap on TradingView.com More than 74,000 traders have been liquidated in this time though, of which 69.73% were long trades. Okex and Binance exchanges have seen the highest liquidations. However, the largest single liquidation for the last day came from the Bitmex exchange on the XBTUSD with the trade coming out to $2.48 million. Market Takes A Nosedive Just as feared, the crypto market has lost most of the gains that it made last week. The swift decline in price had come following the return of faith in the market, indicating that the recent recovery had been a bull trap. Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO In this decline, Bitcoin had fallen sharply from above $21,000 where it had trended for the better part of the week and had fallen back to the $20,000 territory once more. The dip resulted in more than $500 lost from bitcoin’s value in a matter of minutes. As expected, this has triggered liquidations across various exchanges which brings the total value to $156 million liquidated. Bitcoin liquidations are ramping up on the one-hour chart with $28 million recorded over the same time period, coming out to 1,360 BTC liquidated. Featured image from Business Today, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Anonymous Mon, 06/27/2022 - 17:00

Why The 2022 Crypto Bear Market Is Different And Its Implications

Bitcoin - Δευ, 06/27/2022 - 20:00
Why The 2022 Crypto Bear Market Is Different And Its Implications

The drawdown in the crypto market has seen new trends emerge in the market. With the recent crash, bitcoin has seen some first-of-its-kind movement. The implications for these are vast given that the digital asset’s future movements are being recorded. This has shown that the recent bear market is different from every single one that […]

Anonymous Mon, 06/27/2022 - 17:00

How Pionex’s Trading Bots Can Help Manage Risk

Bitcoin - Δευ, 06/27/2022 - 20:00
How Pionex’s Trading Bots Can Help Manage Risk

Last month was a crypto rollercoaster. Bill Gates said crypto is based on greater fool theory. The market has lost more than $1 trillion dollars since November, and there are still signs of further damage, including Celsius’ pause on withdrawals. The wild west of finance is clearly suffering, and the whiplash pace of recent headlines […]

Anonymous Mon, 06/27/2022 - 17:00

Terra's LUNA2 skyrockets 70% in nine days despite persistent sell-off risks

Bitcoin - Δευ, 06/27/2022 - 19:50
Terra's LUNA2 skyrockets 70% in nine days despite persistent sell-off risks

LUNA2 may have bottomed in June but who just who is buying this controversial token?

The price of Terra (LUNA2) has recovered sharply nine days after falling to its historic lows of $1.62. 

On June 27, LUNA2's rate reached $2.77 per token, thus chalking up a 70% recovery when measured from the said low. Still, the token traded 77.35% lower than its record high of $12.24, set on May 30.

LUNA2's recovery mirrored similar retracement moves elsewhere in the crypto industry with top crypto assets Bitcoin (BTC) and Ether (ETH) rising by approximately 25% and 45% in the same period.


LUNA2/USD four-hour price chart versus BTC/USD. Source: TradingView LUNA2 price rally could trap bulls

The recent bout of buying in the LUNA2 market could trap bulls, given it has come as a part of a broader correction trend.

In detail, LUNA2 appears to be forming a "bear flag" pattern, a bearish continuation setup that appears as the price consolidates upward inside a parallel ascending channel after undergoing a large move downside.

Bear Flags resolve after the price breaks below the channel's lower trendline. As a rule of technical analysis, their breakdown takes the price to the level at a length equal to the size of the previous downside move (called "flagpole"), as shown in the chart below.


LUNA2/USD daily price chart featuring 'bull flag' setup. Source: TradingView

LUNA2, now trading near its Bear Flag's upper trendline (~$2.40), could undergo an imminent pullback toward the pattern's lower trendline near $2. 

If accompanied by an increase in volume, an extended price correction would put LUNA2 at risk of crashing to $1.30, down almost 50% from June 2's price.

LUNA2 is risky

LUNA's depressive technical outlook also takes cues from its controversial history.

Notably, LUNA2 came to existence in late May as a means to compensate investors who had suffered losses during the collapse of Terra's algorithmic stablecoin, now called TerraClassic USD (USTC).

Meanwhile, the almost-worthless old version of LUNA2, named LUNA, started trading as an independent token under the revamped brand called "Terra Classic (LUNAC)."

LUNA2 opened across major exchanges with a 483% spike to $12.24, only to give up all the gains in a massive correction move later. Mati Greenspan, the founder of crypto research firm Quantum Economics, noted that nobody in their right mind would want to invest in LUNA2 after the LUNAC collapse.


LUNA/USD daily price chart. Source: TradingView

That leaves LUNA2 in the hands of hardcore holders who want to recoup their Terra losses entirely and speculators who want to place excessively leveraged bets on its day-to-day volatile price moves.

Related: Bitcoin price dips under $21K while exchanges see record outflow trend

Interestingly, such speculations are also leading LUNAC and USTC's market cap higher.


LUNAC and USTC market cap. Source: CoinMarketCap

The market capitalization of LUNAC, despite being dead in theory, has risen by 75% to $594 million on June 27, after reaching as low as $339 million on June 12. Similarly, USTC's market valuation has rallied from $13 million to $96 million in the same period.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Anonymous Mon, 06/27/2022 - 16:50

Goldman Sachs Reportedly Downgrades Coinbase’s Stocks to ‘Sell’ as COIN Drops 9% Daily

Bitcoin - Δευ, 06/27/2022 - 19:14
Goldman Sachs Reportedly Downgrades Coinbase’s Stocks to ‘Sell’ as COIN Drops 9% Daily

COIN saw an opening price of well under $60 after Goldman Sachs downgraded the shares from "Neutral" to "Sell."

Anonymous Mon, 06/27/2022 - 16:14

Sell XRP/USD as price stalls for a chance to buy lower or buy on a break above

Bitcoin - Δευ, 06/27/2022 - 19:09
Sell XRP/USD as price stalls for a chance to buy lower or buy on a break above

Ripple’s XRP/USD has returned 12% in the past week A promising outcome of Ripple’s…

The post Sell XRP/USD as price stalls for a chance to buy lower or buy on a break above appeared first on CoinJournal.

Anonymous Mon, 06/27/2022 - 16:09

ADA eyes a breakout as developers release the final node for the Vasil hard fork

Bitcoin - Δευ, 06/27/2022 - 19:02
ADA eyes a breakout as developers release the final node for the Vasil hard fork

Cardano developers announce the release of the last node for Vasil hard fork. The…

The post ADA eyes a breakout as developers release the final node for the Vasil hard fork appeared first on CoinJournal.

Anonymous Mon, 06/27/2022 - 16:02

Biggest Movers: DOGE Nears 20-Day High, as TRON Also Surges

Bitcoin - Δευ, 06/27/2022 - 19:00
Biggest Movers: DOGE Nears 20-Day High, as TRON Also Surges

DOGE was trading higher on Monday, as prices rose to their highest level in almost 20 days. TRX was also in the green to start the week, as prices continued to climb, following a recent streak of bullish momentum. Dogecoin (DOGE) DOGE was a notable mover during today’s session, as prices rose to their highest […]

Anonymous Mon, 06/27/2022 - 16:00