Crypto Today News
Terra Luna Classic price has dropped to $0.00024898
Terra Luna Classic price has dipped over 4% over the last 24 hours and is currently coiling between the support and resistance trendlines. The crypto is in a falling wedge pattern and is awaiting a breakout. According to the RSI (relative strength index), LUNC has entered the oversold range for the first time since September 2022.
After rising early this month, the Terra Luna Classic price has fallen over 15% in the past fortnight and 11% in the past week. However, despite the recent declines, the cryptocurrency remains one of the best performing cryptocurrencies. This has come after Binance announced that it would begin token burns, a measure of supply reduction.
In May, the Terra Classic blockchain imploded, wiping out $60 billion in market value. The crypto’s native token fell into hyperinflation. Community members have worked to recover the network.
Ripple price has slipped after merging to a proof-of-stake network
Ripple’s price has dropped after it recently underwent an upgrade to a proof-of-stake consensus network. The change has caused fees on the network to drop drastically. They are 75% lower than the start of the year. This is a problem as it could potentially lead to a market crash.
There are a number of concerns regarding the Merge. One of them is the potential for a large liquidity drain from the DeFi network. Another potential issue is that the Merge could lead to a spike in airdrop and support scams. The Ethereum platform is notorious for fake tokens.
While ether outperformed its larger rival bitcoin during the Merge, the underlying issuer is also facing a lawsuit from the SEC. The SEC claims that the company sold XRP as unregistered securities. The XRP sale was worth over US$1.38 billion. The lawsuit will be heard in December 2020. The news is not a good sign for Ripple’s price.
Coinbase effect
In recent months, the Coinbase effect has become much more subdued than in the past. While the impact of Coinbase on the value of newly listed coins is still significant, the trend has been less exciting and less exclusive. There are a few reasons why the Coinbase effect has diminished. Let’s take a look at these factors.
First, it is important to understand that Coinbase is receiving a higher volume of revenue from its partnership with Robinhood. Many users of Robinhood are familiar with trading Tesla options, but they may not have heard of other digital assets. That’s why it’s important to educate these users about these new assets and how they work.
Coinbase is a digital asset exchange in the U.S. that makes it easy for anyone to buy and sell cryptocurrencies. However, it does not accept all cryptocurrencies. The company supports less than 60 cryptocurrencies, and some are only available in certain jurisdictions. This means that the decision to list a particular crypto on Coinbase can affect the price of that crypto. This is a phenomenon called the Coinbase effect, and it has caused massive price swings in the crypto world.
Regulation of cryptocurrency
As cryptocurrency adoption grows and trading volumes grow, the regulatory landscape is becoming increasingly complicated. The industry is global, highly technical, and covers many different use cases. Regulators are struggling to keep up. Cryptocurrency is not just a term for bitcoin and ethereum; it also includes non-fungible tokens, decentralized finance, and distributed autonomous organizations.
Regulators need to take a comprehensive view when regulating cryptocurrency. While most of the cryptocurrencies are not securities, they are still subject to the same regulatory framework as traditional assets. A robust regulatory environment will help the sector to thrive. The risks associated with cryptocurrencies are the same as those associated with any other asset, including fraud, money laundering, and price volatility. Moreover, there is no central authority to oversee the digital currencies, so the regulatory regime must be able to address these risks.
The regulation of cryptocurrency will have long-term ramifications for the next iteration of the Internet. The concept of Web3 is based on the principles of blockchain and cryptocurrency, and its regulation will determine how Web3 will work.
