Terra Founder Proposes Revival Plan But LUNA 2.0 Shall Be An Uphill Task, Here’s Why
The European Union introduced another round of economic sanctions on Russia and Belarus as the conflict with Ukraine escalated.The European Union extended prohibitions on deposits to crypto wallets, to prevent possible sanction dodging through crypto.
Terra’s astronomic crash has largely dented market sentiment this week, and likely fed broader crypto weakness.But the project’s status as a Layer-1 blockchain meant that several tokens, apart from LUNA and UST were caught in the crossfire. The network was suspended twice this week, which added to the disruption.
Crypto markets crashed by over $500 billion this week, one of the space’s worst weeks in history.Barring stablecoins, all of the top-50 cryptocurrencies are set to end the week in negative territory. Terra’s massive crash has also changed the landscape of the largest cryptos.
Few hours after the Terra Blockchain came back up, Terra’s Founder, Dokwon proposed a revival plan to resolve Terra’s ownership. Terra’s founder stated that protecting Terra’s ecosystem was the first step to resettling its ownership.
Circle, the payments technology company behind the digital stablecoin USDC, has revealed, in a blog post, that it has redeemed 6.7 billion USDC and further minted 8.4 billion USDC during the past week, with 99.3 billion USDC and 61.1 billion USDC minted and redeemed respectively during all of 2021.
In a move that has likely aged like milk, Terra founder Do Kwon had in March collectively bet around $11 million with two crypto traders on the price of LUNA.Kwon wagered that LUNA would trade above $88 by March 2023- exactly a year from the placing of the bet.
XRP price gains after two-day of falls as the broader market trend remain weak. Further, the recent price action indicates the sellers are not ready to step back any time sooner. However, the XRP price recovered from the February 2021 lows with strong buying momentum. Next, the probability of any further upside moment would depend on how the price reacts toward the critical resistance hurdle.