ARK: Now Decoupled From Terra, “Bitcoin’s Selling Pressure Should Subside”
The Terra / Luna / UST collapse keeps on generating headlines. This time, we’ll use the data in ARK’s “The Bitcoin Monthly” report to establish its impact on the bitcoin ecosystem. Remember that the non-profit organization LFG, AKA the Luna Foundation Guard, accumulated BTC to defend UST’s peg to the dollar. In a then-delated May interview, Terra’s Do Kwon said that they were trying to get to $1B in BTC so that “besides Satoshi, we will be the largest single holder of Bitcoin in the world.” Related Reading | Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B....
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Massive sell-offs from institutions appear to have been the driving force behind the drop in Bitcoin price since May, according to an analyst from Arcane Research. Since May 10, as much as 236,237 Bitcoin (worth $5.452 billion) has been sold by “large institutions” — mostly as a result of forced selling. A Twitter thread from Arcane Research analyst Vetle Lunde details how and when many institutional Bitcoin holders began selling their stacks. Lunde stated that “it all started with Do Kwon.” The Luna Foundation Guard (LFG), which controlled funds for the Terra project, dumped 80,081 BTC in....
At 12:14 p.m. (ET), the Twitter account operated by the Terra team announced that the Terra blockchain network had been halted. According to the Terra developers’ tweet, Terra validators needed to apply a patch to further disable delegations. ** This post was updated at 3:00 p.m. (ET) to reflect the fact that the Terra blockchain has resumed block production. Terra Blockchain Halts in Order to Prevent Governance Attacks, Team Says Restart Coming Soon At the time of writing, the Terra blockchain has stopped block production since the mid-afternoon Eastern Standard. The team’s....
On Monday, terra (LUNA) rose for its 8th session in nine days, as its value increased by close to 60% over the last week. Anchor (ANC), on the other hand, was lower after climbing by almost 50% in the same period. Biggest Gainer Terra (LUNA) has been one of the standout performers in cryptocurrency markets in recent weeks, despite increased market volatility. Monday’s rally in LUNA/USD saw prices climb to their highest level in over six weeks, hitting the long-term resistance point of $84.70 in the process. This surge comes as the 14-day RSI also hit a hurdle, climbing to its....
According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network. Terra Ecosystem Rebirth to Happen on May 27, Latest Version of Terra Core Has Been Released and Audited On May 27, a new blockchain will launch that’s based on the Terra....
Following three unsuccessful attempts by various firms to register the “Bitcoin” trademark in Russia, the Russian patent agency, Rospatent has granted the request for LLC “Bitcoin” to Russian Blockchain.community founder, Alex Fork. Request No. 552645 to trademark the name “Bitcoin” has been granted in Russia, reported Russian media outlet Plusworld. The....