Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Will Terra recover? Expert analysis, price prediction, and where to buy Terra

Terra Luna Image on a cell phone screen

The price of Terra’s token LUNA was as $100 per 1 LUNA in April, but it crashed to near zero last week. TerraUSD (UST), Terra’s algorithmic stablecoin, lost its peg to the US dollar. 

This occurred against the backdrop of a significant crypto market decline, which sent Bitcoin’s price down by over 20%.

Now that Terra has lost 99% of its value, is there any hope for recovery? Its founders are making an effort to get it back up and running, which you’ll read about below. 

If you are attracted to unique features and want to learn how and where to buy Terra, this guide is for you. 

Top places to buy Terra now

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What is Terra?

Terra Luna is a crypto project created by Terraform Labs, a tech company based in Singapore. Its purpose was to generate crypto adoption by building a set of algorithmic decentralised stablecoins required to carry out DeFi transactions. 

Terra reanimation action plan 

Terra’s founder Do Kwon has a plan to reanimate the coin. The first part of the plan involves a huge burn of the stablecoin TerraUSD (UST-USD) to bring it back to $1.

They plan to burn more than 371 million UST on the Ethereum Mainnet and any UST left in the Terra community pool. 

The second part is to stake 240 million LUNA tokens to stop whales from seizing control and to stabilize network governance. 

In addition, developers halted the Terra blockchain and suspended all pending transactions. This was to keep people from buying up LUNA at its extremely low price.

Should I buy Terra today?

Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never make any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose. 

Terra price prediction

Many investors have become pessimistic about Terra’s prospects. According to the Motley Fool, it’s best to steer clear of the project despite the token’s low price.

Digital Coin Price and Coin Price Forecast see little hope for LUNA, forecasting an end-of-year price of below 1 cent resp. 6 cents.

However, other experts beg to differ. Investing Cube believes it is possible for LUNA to recover. If the stablecoin goes back to $1 again, LUNA will start gaining. 

Wallet Investor has not adjusted its bullish prediction for LUNA from before the crash. They predict 1 LUNA will trade for $151 in May 2023. Finally, Gov Capital anticipates LUNA to be worth $108 a year from now. 

Terra on social media

The post Will Terra recover? Expert analysis, price prediction, and where to buy Terra appeared first on Coin Journal.

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Binance resumes spot trading for LUNA and UST

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a resumption to spot trading for Terra (LUNA) and TerraUSD (UST) pairs.

The crypto exchange suspended trading in the LUNA/BUSD and UST /BUSD  in the wake of Terra’s meltdown. But in a sign that the market could yet see a rebound in the UST stablecoin, and currently ‘buried’ LUNA, Binance is allowing trading. 

The exchange wrote in a notice to its users that the decision follows the Terra blockchain validators’ move to “resume block production, disable on-chain swaps, and close IBC channels.”

“Binance will resume spot trading for the following trading pairs at 2:00 pm UTC, May 13, 2022. LUNA/BUSD and UST/BUSD.”

Users can also deposit and withdraw the cryptocurrencies, although customers are being asked to undertake due diligence before they proceed.

“Deposits and withdrawals for $LUNA and $UST will also open at the same time. Please ensure that you have done your own research into the fundamentals of $LUNA and $UST before trading,” Binance noted.

Binance has however removed the two tokens from its Convert and Earn platforms.

UST remains de-pegged from the dollar since losing parity on 9 May and is currently 79% off.

The post Binance resumes spot trading for LUNA and UST appeared first on Coin Journal.

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Shiba Inu jumps 27% after getting listed on Rain, a top Middle East crypto exchange

Rain, a leading crypto exchange based in Bahrain Middle East, has listed Shiba Inu to expand its trading volume and adoption after two months of consideration.

Rain was the first crypto exchange platform to be fully licensed after the Central Bank of Bahrain’s approval. Back in March, Rain had asked the community on their official Twitter account if they should list the second-largest meme token.

Recently, the platform announced that it is supporting Shiba Inu. However, earlier this year Shiba Inu had been listed on other crypto exchange platforms like Robinhood trading app and Parex decentralized exchange.

BlueWhale0073 purchases a whooping 455 billion SHIB tokens

According to WhaleStats, a crypto service that tracks and shares data on the largest wallets on chains like BNB, Polygon, Ethereum, and other chains, a tweet said that a sizeable amount of SHIB tokens have been purchased by a prominent Whale on the Ethereum chain.

BlueWhale0073 wallet owner has purchased 455,957,607,129 SHIB tokens which costed him $4,933,461. However, the whale started to sell the majority of his SHIB tokens on the Binance exchange after the token staged a rally of more than 25%.

Although the amount of SHIB and other small tokens like HEX, UNI the Whale currently holds is small (approximately worth $17,976, only 0.25% of his portfolio), he has other major holdings like LINK, MATIC, and USDC, the largest asset he owns. 

At the time of writing, SHIB is trading at $0.00001328, 27.36% up after a slight retracement from a daily high of $0.00001384.

The post Shiba Inu jumps 27% after getting listed on Rain, a top Middle East crypto exchange appeared first on Coin Journal.

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Crypto not having a Lehman moment and whale buying will come, Nexo co-founder says

The TerraUSD (UST) stablecoin meltdown has caused panic among stablecoin and general crypto market investors. While the  Terra Luna Foundation has already announced a “recovery plan”, it still hasn’t impacted the UST and LUNA prices since they are still on the decline just like the general crypto market.

Do Kwon and backers of TerraUSD had previously approached Nexo asking it to support the UST stablecoin but Nexo declined. When asked why they declined during an interview with Bloomberg, the co-founder of Nexo, Antoni Trenchev said:

“There is only so much I can say about details of a rescue plan which are still ongoing and I don’t want to get intervene in any way. Wish them the best of luck. We made a decision at the board level that we didn’t think prudent to be involved in at this stage. If they come up around with another proposal that we think makes better sense we might reconsider but for the time being, we are staying on the sidelines.”

The probability of the crypto market recovering

Although the collapse of TerraUSD will most likely affect the algorithmic stablecoins and not the asset-backed stablecoins like Tether, it is being described by some as possibly the “Lehman moment” for crypto. Some crypto billionaires like S.C., Michael Novogratz, and Sam Men Freed, have lost 70%, 80%, and 90% of their wealth in the last few weeks. But when Trenchev was asked by Bloomberg’s Matt Miller whether he thinks it is a concern for the crypto industry at large, Trenchev said:

“I don’t think it is a Lehman moment. You know obviously not the prettiest episodes but we get one to two of those per year. You remember last year we had the China ban and the previous year where we had the Covid we had up to 50% declines. So this time I think what is different is that you have a limited number of sellers. What I am seeing on the Nexo platform and what we have goes up to 4 million retail users and a very sizeable institutional clientele and I don’t see them selling anyway the way they did in 2020 or 2021. I think the pressure that BTC is seeing right now it is the unwinding of the huge BTC reserves that the Terra Foundation had accumulated and this is what is putting pressure on the market. I am curious to see if $25,000 will hold. If not it might very well revisit $20,000, the previous all-time highs of 2017-2018, will run but I think by demitting at the very latest, large-scale buying will come in.”

When pressed to elaborate on when he thought the large scale buying will happen, Trenchev said:

“I think around 20… first when the swelling of this foundation starts which you know from our estimates should be near. So $25,000 per Bitcoin or $20,000 worst-case scenarios should be the turning around point.”

The post Crypto not having a Lehman moment and whale buying will come, Nexo co-founder says appeared first on Coin Journal.

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Highlights May 13: Crypto market recovers, STEPN’s GMT leads the way

The crypto market as a whole is recovering with most top 100 coins in the green at the time of writing after an extended bearish trend, which saw several cryptos reach 2-year lows. 7 of the top 10 cryptos registered double-digit gains over the past 24 hours. 

This is definitely good news for investors after the broader crypto market lost as much as 16% of overall capitalization yesterday. 

Top cryptos

Bitcoin (BTC), ether (ETH), and Terra’s LUNA were among the major assets where investors faced losses. Earlier in the week, bitcoin fell amid inflation concerns and contagion risks from the freefall of TerraUSD (UST).

The flagship crypto dropped to as low as $24,000 yesterday morning before a slight recovery overnight. It is currently trading above $30,000 and has gained around 9% in the last 24 hours. 

Ethereum also gained around 9% in this period and was trading for just over $2,000 at the time of writing.  

The biggest top 10 gainer is Cardano, up 29%. However, its losses for the week sit at around 27%, similar to most of the other major cryptos. Outside the top 10, Polkadot led the way with 27%. 

Top movers

The vast majority of cryptos in the top 100 registered double-digit gains. Notable standouts include ApeCoin with 50%, Decentraland with 44%, Maker with 38%, Helium with 35%, Fantom with 43%, eCash with 48% and Gala, which added 58% to its value. 

STEPN’s GMT token led the way with an increase of 74%. Most stablecoins in the top 100 registered slight losses. 

UST is down 75% today. LUNA dropped out of the top 100. Although Terra halted its blockchain, leading media sources report that LUNA and UST remained available to trade on FTX, Gate.io, and a few minor exchanges as of late morning Asia time.

Trending

The biggest winner today is Sweet SOL (SSOL), which describes itself as a multilayer, hyper-deflationary token that allows passive income. SSOL has added 2,707% to its value today.  

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