Category: Cryptocurrency News

Tether said the new loans were made at the request of some of its long-standing partners, and it plans to cut it down to zero by 2024.

Terra Luna Classic (LUNC) has been on the radar of crypto enthusiasts and investors, but its recent price performance has left many scratching their heads. Since mid-August, the altcoin has been caught in a pronounced downtrend, drawing the attention of traders worldwide.  This intriguing price movement is marked by the presence of two distinct descending trend lines, which have consistently acted as dynamic barriers of support and resistance. The continuous interplay between Terra Classic’s price and these trend lines has given birth to a descending channel pattern. This pattern, shaped by the seesawing between support and resistance, holds the potential to offer insights into the altcoin’s trajectory in the days to come. Related Reading: Polygon (MATIC) Comeback Challenges – What’s Holding It Back? Terra Classic At A Crossroads The current LUNC price, as per CoinGecko, hovers at $0.00005745 with a modest 24-hour gain of 0.3%. However, over the past seven days, it has seen a slight decrease of 0.4%. The price chart has been marked by short-bodied daily candles adorned with extended wicks, indicative of market indecision.  Yet, history suggests that within falling channel patterns, such as the one LUNC is currently in, a bullish breakout often occurs. This hints at the possibility of LUNC breaking through the upper trend line and potentially experiencing a 6.3% surge. LUNC currently trading at $0.000057. Chart: TradingView.com Analyzing The Potential For A Bullish Rally Experts in the crypto space suggest that such a bullish move could amplify the demand pressure for Terra Luna Classic, potentially propelling the coin to rally by as much as 25%. This would put the next major resistance level at $0.000075 squarely in the altcoin’s sights, offering hope for those holding LUNC tokens. However, it’s worth noting that the crypto market is currently under the shadow of uncertainty. Renowned crypto analyst Nicholas Merten recently sounded a cautionary note in a YouTube strategy session.  Merten predicted a prolonged bearish trend for Bitcoin (BTC) and altcoins, expressing concern that this downturn could lead to widespread liquidations and the removal of excess money from the system, potentially contributing to economic challenges. Related Reading: Chainlink: Analyst’s Vision Of A 20% Rally And How It Could Happen Terra Luna Classic’s price behavior, ensnared within the confines of a descending channel pattern, is a topic of keen interest among crypto enthusiasts. While historical patterns hint at the possibility of a bullish breakout, the broader market climate remains uncertain.  As investors brace for potential turbulence, all eyes are on Terra Classic to see if it can break free from the gravitational pull of its descending trend lines and defy the prevailing market sentiment. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Sport Découverte

A community member highlighted the drastic shift in mainstream media narrative, sharing a previous article promoting the BAYC NFT collection.

Alchemy Pay has joined the ranks of crypto firms like Coinbase and Jack Dorsey’s Block in securing a Money Transmitter License in Arkansas.

Crypto analyst Nicholas Merten has given an insight into the future trajectory of the Bitcoin price, suggesting that the flagship cryptocurrency may experience turbulent times ahead.  The Calm Before The Storm For Bitcoin In a recent episode of his YouTube channel DataDash, Merton mentioned that Bitcoin, other altcoins, and the broader asset market were on the brink of a major move as several macro factors were coming together. He further went ahead to discuss how these different “dominos”  could “potentially cause a lot of pain in the economy.” Related Reading: Bearish Signal? Bitcoin Whale Wakes Up From 6-Year Slumber And Transfers $56 Million The first macro factor he mentioned was equities. According to him, the direction of equities and the broader assets are going to have a “direct impact” on Bitcoin. He showed a direct relation between the equity market and the crypto market as coins began to pick up at the beginning of the year, right around when the former was on a high. However, he pointed out that the equity market has been relatively quiet as the narratives that are meant to push it higher haven’t done the job. As such, he believes that if stocks like Apple’s, Microsoft’s, and Fang’s (basically the stocks of major tech companies) don’t start picking up, then there could be a “really big problem” (most likely in reference to the crypto market). Re-Inflation On The Rise Another factor that he emphasized was the inflation data. Merton seemed to suggest that the Fed wasn’t doing enough to curb inflation and bring it down to the target of 2%. According to him, the Fed could have taken a more stringent approach by raising the rates by 75 basis points or even 100.  The inflation rate is known to have a significant impact on the crypto market, as a higher rate means that investors may have little or nothing to spend in the crypto market. Merton noted that it is evident that the Fed isn’t doing enough as the prices of several goods and services (including energy) seem to be re-inflating.  He made a comparison to the ‘70s when inflation was also at an all-time high and stated that if this time is nearly similar to then or if there is a trend, then it could be a “huge problem.” Related Reading: Is $10,000 Possible For XRP Price? Crypto Analysts Weigh In Some may argue that the ‘70s were extreme times, especially with the oil embargo, which makes it different from this period. However, Merton noted that there isn’t much difference as we have the situation with BRICS, which suggests that the world is de-globalizing and nations are less trusting of one another.  This would invariably affect trade deals and foreign relations, something which Merton believes would have “inflationary pressures,” and the Fed is well aware of this. He stated that the major reason we are experiencing this re-inflation is because supply and demand aren’t balanced.  According to him, there is excess money in the system due to the “excess printing of money” which people got rich off and the stimulus checks during the COVID era. As such, there is so much purchasing power without there being enough supply to meet these demands. BTC price drops below $27,000 once again | Source: BTCUSD on Tradingview.com Featured image from iStock, chart from Tradingview.com

The city administration behind the project aims to make Busan a blockchain city and has launched a $75 million development plan to realize the goal.

The “CBDC Anti-Surveillance State Act,” aimed at preventing the Federal Reserve from issuing a central bank digital currency, has passed the House Financial Services Committee.