Jump Crypto finally completed the ongoing investigation in the UST de-peg and revealed insights of the crash. Retail investors were left holding massive bags of UST while large depositors and Terraform Labs withdrew liquidity from the UST/3CRV pool on May 7. South Korean authorities have continued their investigation into Do Kwon’s activities. The 30-year-old South Korean was the founder of the algorithmic stablecoin project that imploded and wiped out nearly $40 billion in market value.
Bitcoin price has triggered a 5% upswing overnight, slicing through critical hurdles. Three on-chain metrics suggest that BTC might have bottomed and https://www.bitcoininsider.org/article/190732/luna-20-price-forecast-can-new-cryptocurrency-recover has kick-started another bear market rally. dotbig forex XRP price will see traders mainly focusing on the Powell speech later today at the Brookings Institution.
As a plan to resurrect LUNA from the valuation pit, Terraform Labs announced their plan to launch LUNA 2.0 in the third week of May. dotbig broker A major part of the community was in favor of this decision, which was taken as an immediate response to the LUNA crash. Lending & Single-Asset Vault Provide Single-Asset liquidity to earn income.
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The author has not received compensation for writing this article, other than from FXStreet. This technical formation, however, is bullish and forecasts a 38.95% upswing, obtained by adding the distance between the first swing high and the swing low to the breakout point. https://kellerlogistics.com/ LUNA 2.0 price appears to be edging closer to the upper trend line in an attempt to reach its bullish potential. While experts consider volatility a characteristic of cryptocurrencies, extreme moves, such as those experienced by LUNA 2.0 since its debut, stand out.
In the United States, Federal prosecutors and ex-senior counsel for the Securities & Exchange Commission told CNBC that it may be challenging to press criminal charges on Do Kwon. Proving intent to defraud is a challenge, however, Do Kwon is likely to face civil penalties, fines from regulators and authorities and lawsuits from investors.
They rose to more than 11,851 in November, which was much higher than the 11,615 at the end of October this year. This is notable because cryptocurrencies went through turmoil in November following the collapse of FTX and Alameda Research. Analysts identify rising channel How do brokers rate LUNA 2.0? formation in LUNA 2.0 price chart, predict a continuation of Terra’s uptrend. Do Kwon could face civil penalties, fines from regulators and lawsuits, instead of prison time. LUNA 2.0 price dropped by nearly 40% in less than 24hrs after reaching a high of $11.90 on May 30.
Real Time Luna 2.0 Price – TERRA/EUR
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- In this article, the financial institution outlined the stark differences between regulation of digital assets in Europe and the US and that they should not be legitimized.
- YEREVAN (CoinChapter.com) – A case study from analytical platform Freedom Research asserted that no amount of LUNA 2.0 airdrop could resurrect the former stablecoin crash cushion.
- Along with Binance, other platforms such as Bybit, Crypto.com, KuCoin & eToro either supported the LUNA airdrop or allowed for it to trade on their platform.
- As a result, the entire crypto market panicked- leading to a downward price trend in most popular cryptocurrencies.
- The author makes no representations as to the accuracy, completeness, or suitability of this information.
LUNA 2.0 price started its recovery after the bloodbath as Korean authorities revealed prison time may be unlikely for Do Kwon. The Terraform Labs https://www.bitcoininsider.org/article/190732/luna-20-price-forecast-can-new-cryptocurrency-recover CEO could instead be hit by fines and penalties from regulators and lawsuits from investors, on account of the colossal UST and LUNC crash.
Analysts reveal whether it is a good bet to buy LUNA 2.0 after the airdrop
Terra form labs did liquidate all of their Bitcoin to stabilize the price, but that was an effort in vain. As a result, the entire crypto market panicked- leading to a downward price trend in most popular cryptocurrencies. The Terra community demanded prison time for Do Kwon, after UST’s de-peg and the crash of sister tokens LUNA and TerraUSD. Discord and Reddit forums were filled with outrage from LUNC and UST holders asking for justice and jail time for Do Kwon. dotbig contacts Since its debut on May 28, LUNA price witnessed wild swings across exchange platforms Kraken, OKX and Binance. dotbig ltd Despite the volatility in LUNA 2.0 price, the new Terra token has started its recovery.
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In the hope for recovery the CEO has also announced that the first Terra blockchain will be termed as Terra Classic, while the native coin, Luna will be rebranded as LUNA Classic and displayed as LUNC. The Terra stablecoin uses the algorithmic method investment of pegging, i.e., uses smart contracts instead of assets to back it. However, Luna 2.0 will not be using an algorithmically-backed stablecoin. Another important catalyst for Terra Luna Classic is that the number of addresses has been increasing.
That was a big increase than the 18.3 billion burned in October and 4.2 billion burned in September. Lightspeed Venture Partners, Coinbase Ventures, Three Arrows Capital and Jump Crypto, the major backers of Terraform Labs, bought into LUNA 2.0. Changpeng Zhao , CEO of the world’s largest cryptocurrency exchange and Jesse Powell, CEO of Kraken have also put their weight behind LUNA 2.0. Do Kwon could be hit by penalties like injunctions, disgorgement , or fines based on the amount of the loss. This could imply Kwon pays fines in tens of billions of dollars that were wiped out in the de-peg and the market crash that followed. dotbig.com testimonials Kwon has a complicated history with the US SEC as the Terraform Labs CEO has dodged a few subpoenas and filed a motion opposing the regulatory body.
The collapse of UST was Kwon’s second failed attempt at launching an algorithmic stablecoin, his first attempt resulted in losses in the range of tens of millions of dollars, in Basis Cash. The future of LUNA 2.0 is impossible to predict with complete accuracy, given the collapse of its stablecoin UST. Previously, LUNA was home to some very popular deFi projects, although there aren’t that many now.
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@Bitfinexed, a crypto analyst/ trader who exposed the most significant financial fraud in crypto history, Bitfinex/Tether, believes the Terra crash resulted from a pump-and-dump scheme. dotbig investments The investigator believes the technology behind Terra doesn’t matter; LUNA 2.0 could crash as exchanges use the pump-and-dump strategy again on the token. Another valis contestant for a leading stablecoin is Maker DAO’s stablecoin DAI. Since DAI has been around since 2015 and is inherently over-collateralized, crypto investors perceive it as one of the safest stablecoins. Additionally, the platform based its opinion on other “free money” airdrops in the past. For example, in the case of Uniswap and Ethereum name service airdrops, the traders pulled a bank run after receiving the tokens out of volatility fears. YEREVAN (CoinChapter.com) – A case study from analytical platform Freedom Research asserted that no amount of LUNA 2.0 airdrop could resurrect the former stablecoin crash cushion.