LUNC rallies by 50% after Binance implements Terra Classic burn mechanism on trading fees

LUNC is up by more than 50% in the last 24 hours after Binance implemented a tax burn mechanism on Terra Classic trading fees.

LUNC, the native coin of the Terra Classic ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap.

It has added more than 50% to its value in the last 24 hours and is now trading at $0.0003004 per coin.

The rally comes as the broader cryptocurrency market recovers from its poor start to the week. The crypto market has added more than 3% to its value in the last 24 hours, with the total market cap now around $960 billion.

Bitcoin is eyeing the $20k level for the first time in more than a week after surging by nearly 5% so far today. 

Ether, the second-largest cryptocurrency by market cap, is also up by more than 4% today and is trading at $1,364 per coin.

LUNC’s rally comes after Binance, the world’s largest crypto exchange, implemented a tax burn mechanism on Terra Classic trading fees. 

Binance said it would implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The specific amount of LUNC to be burned, its equivalent value in USDT and on-chain transaction ID will be updated each week.

Key levels to watch

The LUNC/USD 4-hour chart has turned bullish as Terra Classic has been performing well over the last 24 hours.

LUNC/USD Chart By TradingView

The MACD line is within the positive territory, indicating that LUNC has become bullish. The 14-day RSI of 62 shows that LUNC could soon enter the overbought region if the rally continues.

If the bulls remain in charge, LUNC could move past the first major resistance level at $0.00033188 before the end of the day. 

In the event of an extended rally, LUNC could surge past the second major resistance level at $0.0004011 over the next few hours. 

Where to buy now

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

The post LUNC rallies by 50% after Binance implements Terra Classic burn mechanism on trading fees appeared first on CoinJournal.

New York, California among US states to bring enforcement actions against Nexo

Regulators across multiple US states have announced enforcement actions against crypto lender Nexo, with cease-and-desist orders from some over Nexo’s interest-bearing crypto product.

On Monday afternoon, at least eight states had variously filed actions against the leading crypto lender. A CNBC report noted that New York, California, Oklahoma, Maryland, Kentucky, South Carolina, Vermont and Washington had all brought actions.

New York Attorney General Letitia James sued the crypto company for failing to register and for lying to investors.

Between at least June 2020 to the present, the Defendants, operating through their publicly accessible website and mobile smartphone app, which allow users to purchase, sell, deposit, trade, borrow against, and earn interest on virtual currency, violated New York’s Martin Act and Executive Law by acting as unregistered securities brokers or dealers and/or commodities broker-dealers,” the New York Attorney General’s complaint reads.

The other state regulators are also accusing Nexo of offering its yield account to customers within their jurisdictions without the requisite registrations needed for securities. The crypto platform’s failure to provide disclosures is an accusation across the enforcement actions.

In its press release, California’s Department of Financial Protection & Innovation (DFPI) said:

The California Department of Financial Protection and Innovation (DFPI) announced today it has joined seven state securities regulators to bring actions against the Nexo Group (Nexo) in connection with its Earn Interest Product accounts.”

The post New York, California among US states to bring enforcement actions against Nexo appeared first on CoinJournal.

These four cryptocurrencies could see a price spike before the end of September

The cryptocurrency has started another week with low volumes. Bitcoin is still stuck around the $19k, and most altcoins are yet to make any moves. The good news is that with such low volumes, a small spike in buying volumes could see most cryptos turn green in the short term. 

With this in mind, it makes sense to start scouting for altcoins with the potential for a price spike. Below are some of the cryptocurrencies that could do well before September ends. 

Cosmos (ATOM)

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy ATOM with eToro today

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy ATOM with Skilling today

Cosmos (ATOM) has been holding up for the better part of September, even as the rest of the market turned heavily bearish. If it keeps making gains while the rest of the market stagnates, investors could FOMO in and drive ATOM to new heights in the short term. 

Besides ATOM’s price action indicating a potential rally, there is much to look forward to for ATOM in the coming days. For instance, Cosmos is in the process of launching Interchain Security (ICS), and it’s a big deal. 

That’s because it allows Cosmos validators to secure and generate blocks for other chains. This will give even more value to the Cosmos token and further add to the intrinsic value of the Cosmos ecosystem. This factor could see ATOM easily emerge as top-performing crypto in the coming days and potentially make its debut in the top 10.

Polkadot (DOT)

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy DOT with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy DOT with Capital.com today

Polkadot (DOT) is one of the top cryptocurrencies with big news, and it’s responding pretty well. The big news around Polkadot is that Tether is launching on Polkadot. While the price is yet to make any significant moves, DOT seems to be forming a potential breakout pattern on the weekly charts. If the broader market gains upside momentum, especially with Bitcoin breaking through $20k, then Polkadot could easily start October 2022 in double or even triple-digit gains. 

Compound (COMP)

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy COMP with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy COMP with Capital.com today

Compound (COMP) has been gaining upside momentum for the past week. While there is no major news around Compound (COMP), the increasing price momentum will likely draw in speculators scrambling for any gains in a highly depressed market. 

Such FOMO buying could be reinforced by the fact that Compound is not just a random altcoin. It is one of the older and better-known DeFi cryptocurrencies in the market today. This makes it a pretty logical bet for anyone that believes the future of cryptocurrencies is in DeFi. Compound’s low supply further adds to its potential to rally, especially if it gets enough momentum from speculative investors. 

Terra Classic (LUNC)

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

Terra Classic (LUNC) has recently dropped hard after Interpol raised a red alert on founder Do Kwon. However, Terra Classic seems to have overcome this shock and is up in double digits. If this reinspires momentum around Terra Classic, it could easily end the week among the best-performing cryptocurrencies and one with good prospects throughout October.

The post These four cryptocurrencies could see a price spike before the end of September appeared first on CoinJournal.