Category: Cryptocurrency News

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FatManTerra Recently has been keeping an eye on this exploit, remember few days ago a hacker who exploited this same bug drained over $88 Million few days and also got airdrop of 2.1 Million LUNA 2.0 (Currently at $8) by buying UST at $0.10. I don't know if it's the same hacker or not looks…
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The recovery plan for Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) embarked on a bumpy route after the LUNA 2.0 cryptocurrency suffered a substantial market fall hours after its launch. TerraForm Labs successfully delivered new LUNA coins to market participants holding LUNA Classic (LUNAC) and TerraUSD (UST). According to data from cryptocurrency exchange Bybit, LUNA began trading at $0.5 and quickly rose to a high of $30 before dropping by more than 88% to $3.5.   Related Reading | Cryptocurrency Spams Grow By Over 4000% In The Last Few Years LUNA 2.0 Price Surged 5,900% On Saturday, May 28, the LUNA price surged 5,900% to a new all-time high of $30. Unfortunately, this spectacular rise was short-lived. The price soon reversed and dropped 88%, resulting in a swing low of $3.50. LUNA 2.0’s price increased quickly after it hit $3.5, reaching $10.22 before staying at $6 for the last two days. As this coiling up continues, there is a good chance that Terra bulls may come together and cause a big rally. People are bullish on LUNA because assets usually go back to their average after a big move. LUNA’s price went down 88% recently. But it will probably go back up just as quickly because the decline was so sharp. Although, some members of the Terra community speculated that LUNA 2.0 would cost between $30 and $50 when it was released. Therefore, investors are outraged by the current price movement. Due to Terra’s LUNA and UST death spiral, they continue to suffer losses. Due to Saturday’s airdrop, the LUNA 2.0 price is consolidating below the middle of the newly formed trading range. As a result, investors should be patient before opening new trading positions and wait for a directional bias to develop. Do Kwon Blamed For Market Crash Do Kwon has been the center of attention since the fall, with some in the crypto community blaming him for the market crash. He faces accusations that he engaged in fraud leading up to Mirror Protocol, too! LUNA continued to lose money after the collapse, with its market capitalization slipping below $1 billion. But surprisingly, the crash sparked interest in LUNA, with Google search popularity ratings skyrocketing. Related Reading | Undervalued Metaverse Project Mars4 Is Preparing for New Releases The collapsed token became popular because some people were very optimistic and put in more money. This made the token’s price go up quickly. But according to market analysts, the interest in the token was due to the hope that it would be like other meme coins, like Dogecoin. According to Do Kwon’s original plan for a new blockchain, the aftermath of the UST peg failure was an opportunity to come up afresh from the ashes.    Featured image from Flickr, and the price chart from Tradingview

Bitcoin has been trading in the green over the past 24 hours as traditional markets see an overall recovery. The number one crypto by market cap experienced an increase in selling pressure over the past month as macro-economic conditions favored a decline in risk-on assets. Related Reading | Bitcoin On-Chain Data Signals A Long Squeeze Brewing In Futures Market At the time of writing, Bitcoin trades at $31,200 with a 7% profit in the last 24-hours. Data from Material Indicators (MI) suggest support for Bitcoin below its current levels at lower timeframes. This could support bulls attempt to reclaim previous highs. In higher timeframes, MI has also begun recording an increase in the number of asks (selling orders) above Bitcoin’s current levels. There are over $40 million in asks orders around $31,000, which could operate as major resistance for any move driven by the bulls. Similarly, MI shows a slight uptick in selling pressure from large investors. As seen below, as Bitcoin moved into the mid $30,000, whales (in brown on the chart) began slightly unloading some of their BTC on the market. Via Twitter, analysts at Material Indicators claim BTC’s price is getting ready for a big move. This usually follows a long period of consolidation which, at the same time, follows an important move to the upside or downside. After weeks of moving sideways between $28,000 and $30,000, BTC’s price seems ready to choose a short-term direction. MI claimed the following warning traders about taking a long position when the price is reaching resistance levels: BTC is poised for a bigger move. Before you ape in, remember how #crypto likes to squeeze shorts and trap longs. You can mitigate risk by waiting to confirm breakout or fakeout. BTC’s price big move could come as soon as tomorrow, May 31st, as bulls and bears prepare to attack/defend the monthly close. $28,500 to $28,900 should operate as an important support in case of further downside. Bitcoin Levels To Watch As It Rallies As mentioned, Bitcoin must remain above $31,000 for at least one daily close before this level turns from resistance to support. Bulls should watch out for a potential dead cat bounce, a fake upside trend, which analyst Ali Martinez seems to believe is likely based on the TD Sequential indicator. Related Reading | Why TRON Has Seen a 45% Hike in Total Value Locked (TVL) Martinez said the following via his Twitter account: The TD has predicted the direction of #Bitcoin trend since May 20. It now presents a green 9 candle (sell signal) on $BTC 6hr chart. Similar price action could result in a drop to $29.5K or $28.6K. BTC must close above $31.2K to invalidate the bearish thesis and surge to $35K.

In response to surging inflation, Argentina has become an increasingly crypto-friendly country in terms of adoption.

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ETH price bounced off a major support level, and while $2,000 could be a short-term target, most analysts say it’s just a “relief rally.”

The past months and weeks actually have not been a battlefield for Crypto but for people debating in what kind of a market we are in right now. Literally people talked about that more than the very obvious situation right now. This is, looking at all TA and on-chain data, one of the best buying…
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