Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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UST debacle pulls Terra (LUNA) from $80 to $0.024 in a week: here’s where to buy LUNA

Following the Terra’s TerraUSD (UST) stablecoin misfortunes after it de-pegged from the US Dollar, the price of LUNA, which is Terra’s native token, has crashed from above $80 to about $0.023. The fiasco surrounding the UST has sent shock waves across the entire crypto market and specifically the algorithmic stablecoins.

Following the UST de-pegging, the co-founder of Terraform Labs, Do Kwon, announced a “recovery plan” in a series of tweets, saying the company would seek additional outside funding and “rebuild” TerraUSD so that it is collateralized.

Today, in the evening, the Terra blockchain was officially halted at a block height of 7603700 to prevent governance attacks following severe LUNA token inflation and a significantly reduced cost of attack.

To help investors and traders who want to take advantage of the current Terra (LUNA) dip by purchasing it at its current low price, Coinjournal has created a brief article to help with identifying the best places to buy it.

To find out more, please continue reading.

Best places to buy Terra (LUNA)

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 LUNA with eToro today

Bitpanda

BitPanda is a Bitcoin broker based in Austria. It offers a wide range of payment methods and has good prices.

Buy LUNA with Bitpanda today

What is LUNA?

LUNA is the native cryptocurrency of the Terra blockchain.

The Terra blockchain uses fiat-pegged stablecoins to power a stable global payment system. In a nutshell, Terra leverages the stability of Fiat currencies and the decentralized nature of Bitcoin (BTC) to offer fast affordable settlements using stablecoins.

Besides its recently released native stablecoin, TerraUSD (UST), a number of other stablecoins pegged on the US Dollar, the South Korean Won, the Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies have been developed and deployed using Terra blockchain

Besides LUNA being used as a stabilizer of the various stablecoins developed via Terra, LUNA holders can also vote on Terra governance proposals.

Should I buy the LUNA coin today?

If you are looking for a cryptocurrency that has taken a massive dive over the past few days, then LUNA could be a good choice.

Despite the coin offering a great opportunity if it recovers, it is still not clear how far the price of LUNA will go. The coin has been dropping by almost 100% every day in the past four days.

LUNA price prediction

There are fears that the price of LUNA could slide below $0.01 before attempting a comeback, which would require a lot of work from the team behind the project as they actualize the proposed “recovery plan.”

Terra social media coverage 

 

 

 

 

 

 

The post UST debacle pulls Terra (LUNA) from $80 to $0.024 in a week: here’s where to buy LUNA appeared first on Coin Journal.

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Fantasy NFT trading platform Sorare Partners With Major League Baseball

Sorare, a fantasy football game that allows players to trade, sell, buy, and manage their virtual team with digital player cards, has announced that it has partnered with Major League Baseball (MLB). 

Sorare platform is one of the largest fantasy NFT platforms and it was valued at $4.3 billion last year.

MLB will allow its players to work together with Sorare to launch the first MLB NFT game (free-to-earn) that is expected to be released this summer.

NFT Baseball game to offer more exclusive features

As the official MLB partner, the Sorare platform will enable its fans to share and celebrate their passion through gaming. This will be the first gaming venture that Sorare has ever had beyond football.

Sorare co-founder and chief executive officer, Nicolas Julia, said:

‘’MLB has been at the forefront of interactive games for decades, while baseball has some of the oldest and most established forms of sports memorabilia. Today, as digital engagement and technology evolves for a new generation, our partnership will help a new and broader fanbase to connect with America’s pastime…The connection between Americans and baseball is enduring. And baseball has always been on the cutting edge of new technologies and innovations, so we’re proud that MLB and the MLBPA have chosen Sorare to deliver an NFT MLB Game to fans globally.”

The MLB game will allow their fans to create the best NFT teams that represent Major League players and connect with clubs, athletes, and leagues in a live Baseball game experience.

Besides, Sorare has been making progressive moves from the beginning developing some experiences that go beyond the collection of NFTs. Sorare has also been developing these experiences by combining the digital assets with free-to-play games so that the fans can be able to manage their favorite players as well as win weekly rewards and unlock utility for NFTs.

Involving the fans

With the new Baseball NFT game, there is a great opportunity for the league to attract new fans across the world as well as introduce the existing baseball fans to the other group of 1.8 million registered Sorare users across 185 countries.

Commissioner of Baseball, Robert D. Manfred Jr, said:

“The connections we build with our fans are vital and Sorare understands the importance of that bond.” 

The post Fantasy NFT trading platform Sorare Partners With Major League Baseball appeared first on Coin Journal.

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Terra blockchain restarts after a brief halt

Validators had halted the blockchain to prevent governance attacks as LUNA price moved towards zero.

Terra validators on Thursday moved to halt the blockchain as they looked to prevent any possible governance attacks, the Terra Twitter account noted.

Per the platform, the network was “officially halted at a block height of 7603700” with validatoes electing to take the step “following severe $LUNA inflation and a significantly reduced cost of attack.”

“The Terra blockchain has resumed block production. Delegations are disabled now that the chain is live with the new code merge. Validators, please check the Discord announcements for the latest patch notes,” Terraform Labs tweeted not long after the halt.

As it was, Terra’s depreciation had made it possibly very easy for malicious actors to attack the network.

The LUNA token price has tanked to $0.01, losing virtually 100% of its value in the past few days, with the ‘death’ of the coin coming amid a combination of a broader crypto crash and the collapse of the UST stablecoin after it lost its dollar peg.

TerraUSD (UST) is currently around $0.34 and is finding it hard to repeg even as Terraform Labs and the Luna Foundation Guard work to rescue the coin.

The post Terra blockchain restarts after a brief halt appeared first on Coin Journal.

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Dogecoin drops 15% after Anon Whales shift 250 million DOGE

Dogecoin (DOGE), the largest meme crypto, has dropped by more than 15% in the last 24 hours after Anon whales shifted 250 million DOGE with half of the amount going to Robinhood.

At the time of writing, DOGE was trading at $0.07903, down 15.51% after retracing from a daily high of $0.09932.

Half of the amount transferred to Robinhood

According to a tweet by @DogeWhaleAlert, an account that tracks big Dogecoin transfers, two transactions were carried out each exceeding 100 million, that is, 110,614,220, and 139,261,848 meme coins each worth $8,497,274 and $11,625,997 respectively. 

The second transaction of 139,261,848 Dogecoins was transferred to Robinhood, a popular US-based trading app that enables customers to invest in stocks and cryptos like Bitcoin, DOGE, Ethereum, Bitcoin Cash, Shiba Inu, Solana, and other popular coins.

Earlier this year, the service also started allowing customers to use local crypto wallets to deposit, store and withdraw digital currencies.

Yesterday, U.Today reported that Robinhood held 40,998,170,618 DOGE (worth $4,390,002,113) for its clients, which is approximately 30.90% of the DOGE circulating supply.

Recent DOGE activities

Following Terra UST dollar peg loss and the downtrend of Bitcoin, Dogecoin has also been trading sideways.

Currently, DOGE is 89.29% down from the all-time it had set last year, May 8, when it rallied to $0.7376 after Elon Musk, Tesla CEO and owner of SpaceX, called himself “The Dogefather” on Twitter and then debuted on Saturday Night Live (SNL).

However, Musk’s appearance on American TV resulted in a massive DOGE selloff but after three days dropped to $0.45.

The Tesla boss has been a major fan of DOGE and he has been mentioning the token a couple of times on his Twitter posts causing the token price to rally. However, as time went by his tweets’ effect started dimming and sometimes caused a short-term rally in the token price.

In January this year, Tesla Company started accepting Dogecoin payments for the selected merchandise in its online shops. But Musk commented on the move by saying that this was just an experiment and that he will see how it will go.

The post Dogecoin drops 15% after Anon Whales shift 250 million DOGE appeared first on Coin Journal.

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Sam Bankman-Fried explains why UST crash was ‘predictable’

Sam Bankman-Fried, entrepreneur, founder and CEO of FTX crypto exchange, tweeted that the crash of Terra’s UST and LUNA was ‘predictable’, generating a Twitter thread that has since gone viral. He said:  

A good point someone brought up recently: ‘Stablecoin’ is used to mean multiple different things. Just as the outside view skeptics predicted, during a large market move a stablecoin blew out.  Just not the stablecoin they predicted. Which was predictable, if you knew the details. This isn’t a comment about good vs bad–it’s about how important it is to know the details! 

SBF’s take on algorithmic stablecoins before the crash

In a Bloomberg interview with Joe Weisenthal, co-host of the Odd Lots podcast, SBF was asked about his take on the rise of algorithmic, partially-backed stablecoins. Weisenthal inquired:

One of the most interesting phenomenon happening right now is the rise of Luna and UST. Luna has this Treasury Reserve consisting of a lot of Bitcoin, which seems a little dicey, but some people say any idea of an algorithmically-backed stablecoin is a perpetual motion machine – it’s only a matter of time before it fails. Do you believe there can be a truly decentralized stablecoin? What do you make of these projects?

SBF: 

I do have some sympathy to the perpetual motion machine crowd here. They can serve some useful purposes, but if you do zoom out, right, and you say, this is a stablecoin, backed by volatile assets, what’s gonna happen in a big market move. Right? Like, you know how this plays out.

The screenshot of this exchange, posted on Twitter, attracted all kinds of comments. Here is one seemingly reasonable suggestion:  

Has someone thought of minting a decentralized stablecoin backed by a basket of tokens tied to commodities and securities? If it were done right, it might be less volatile than a stablecoin backed by Bitcoin.

The post Sam Bankman-Fried explains why UST crash was ‘predictable’ appeared first on Coin Journal.