Tag: Terra Luna

Terra Strikes Five-Year Deal With Washington Nationals for $38M

by CryptoPotato

The $38.15 million deal will focus on promoting Terra across various parts of the sports franchise’s home venue and TV network. Implementation of Terra’s UST stablecoin as an accepted currency in venue transactions is yet another area of interest, said the baseball team.

Enhancing the Terra Brand

According to the official press release, the Terra Community Trust (TCT) partnership with the Washington Nationals MLB franchise is a five-year deal. The exclusive collaboration received $38.15 million in funds from the Terra community.

This comes just a week after the organization requested 40 million UST to fund a Terra brand partnership with a sports franchise without revealing its name. Do Kwon, the co-founder of Terraform Labs, the entity behind the Terra blockchain and DAO, asserted that the identity will be revealed after the conclusion of the voting period and when the partnership is approved.

In line with Kwon’s initial proposal, Terra will take on the sponsorship of the ballpark’s home plate VIP lounge, which will be renamed “The Terra Club.” Also, feature intensive crypto branding include in-stadium signage as well as sponsor “a five-part digital series” that will air across the sports franchise’s social media platforms.

“Push The Envelope”

It is being billed as the first-ever deal between a reputed sports franchise and a decentralized autonomous organization (DAO). Commenting on the development, Mark Lerner, managing principal owner of the Nationals, said in a blog post.

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“The Nationals continue to push the envelope. We are excited to partner with Terra to name our most exclusive club and explore bringing powerful new fan experiences to Nationals Park, including the use of UST cryptocurrency to make purchases.”

Terraform exec Kwon also weighed in and stated that the approval of the sponsorship deal will pave the way for the community to engage and educate the public, including the policymakers in Washington, D.C., about decentralized money and the underlying technology that is driving it.

As part of the deal, the Washington Nationals baseball team stated that it will explore the in-stadium payments of the UST stablecoin. In fact, UST could be accepted as a payment method at Nationals Park as early as next season.

CryptoPotato earlier reported Terra’s proposal to deploy $139 million to five different DeFi projects across Ethereum, Solana, and Polygon to boost UST’s use cases.

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21Shares Lists Chainlink, Terra, And Uniswap ETPs on Euronext Paris and Amsterdam

by CryptoPotato

The Swiss fintech company – 21Shares – announced the listing of three exchange-traded products on Euronext Paris and Amsterdam. The ETPs will track the performance of Chainlink, Terra, and Uniswap.

More ETPS From 21Shares

The Switzerland-based investment product issuer has been active on the digital asset scene lately. Last week, it listed Aave, Chainlink, and Uniswap ETPs on the BX Swiss.

According to a document seen by CryptoPotato, the company continued by adding three cryptocurrency exchange-traded products on Euronext Paris and Amsterdam. The underlying assets are Chainlink, Terra, and Uniswap.

21Shares described the first as a “sophisticated oracle network” that allows developers to create efficient blockchains for real-time data and computation. Chainlink could be employed in insurance products, NFTs, decentralized finance, and gaming applications. The ETP will trade under the ticker ALANK NA, ISIN on Euronext Amsterdam, and ALANK FP, ISIN on Euronext Paris.

Terra is among the largest ecosystems in the digital asset universe, having more than $18 billion in total value locked (TVL), 21Shares continued. A top feature is its borrowing protocol – Anchor – allowing investors to general yields on their investments. Terra’s ETP symbols will be LUNA FP ISIN on both Euronext Amsterdam and Paris.

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21Shares described Uniswap as an advanced protocol that delivers liquidity and trading for tokens part of the Ethereum blockchain. Its ecosystem has integrated more than 300 tools and applications, with a trading volume of over $780 billion. Ticker for Euronext Amsterdam: AUNI NA, ISIN and AUNI FP, ISIN for Euronext Paris.

Hany Rashwan – CEO and Co-Founder at the Swiss company – opined that the newest opportunities will allow investors to become part of the “unique, innovative, and fast-growing crypto ecosystem.”

“This is another exciting addition for us as we continue to expand our massive product suite,” he concluded.

The First Issuer of Crypto ETNs on Nasdaq Stockholm

At the end of last year, 21Shares listed physically-backed cryptocurrency exchange-traded notes on Nasdaq Stockholm with Bitcoin (ticker symbol: ABTC) and Ethereum (AETH) as underlying assets. Thus, the entity became the first issuer of such financial products on that stock market.

Rashwan outlined back then that Nasdaq Stockholm is one of the most “tech-forward” global exchanges. “Our partnership is a strong endorsement of 21Shares’ mission to make cryptos more accessible in a simple and regulated manner,” the exec stated.

It is worth noting that in 2015 Nasdaq Stockholm became one of the first bourses to trade exchange-listed products with bitcoin as an underlying asset.

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Crypto Price Analysis Feb-4: Ethereum, Ripple, Solana, Binance Coin, and Luna

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Solana, Binance Coin, and Luna.

img1_cryptopost

Ethereum (ETH)

ETH had a very good week, rallying over 17%. Today, the cryptocurrency broke the critical resistance at $2,800 and the price appears ready to move higher towards the next target at $3,000. This latest move higher comes after ETH retested the key support level at $2,500 yesterday.

This price action puts an end to the correction and brings certain optimism to the market. The key question is if ETH can now move beyond the $3,000 resistance. A break above this level would consolidate the most recent gains and open the door to a more significant recovery.

However, the volume on this latest push is not that impressive. As the price moves higher, the bullish momentum has to intensify, otherwise, the price could be rejected at the key resistance by the sellers. The coming week will be decisive in where ETH moves next.

ETHUSD_2022-02-04_13-09-37
Chart by TradingView

Ripple (XRP)

This past week, XRP suffered from a flat trend with price moving sideways, lacking momentum to break away from its current range. The resistance at $0.65 and the support at $0.58 have kept the cryptocurrency in check, and any attempts by the bulls or bears to break away were stopped.

The most recent try to break below the key support level failed and bulls are back in control of the price but seem unable to push XRP to the important resistance. For this reason, in the past seven days, XRP only increased in price by 1%.

At the time of this post, XRP lacks momentum and volume appears flat. This makes any significant move unlikely in the near term. If BTC and ETH have a major breakout, XRP may attempt to break from this range in the coming week. Otherwise, the flat trend is likely to continue.

XRPUSDT_2022-02-04_13-15-32
Chart by TradingView

Solana (SOL)

SOL had a good week and also broke above the $100 level, which was a key resistance in the past seven days. Now, the price is consolidating just above this level, concluding the week with an impressive 17% increase.

The biggest challenge for SOL right now is if it can move higher towards the next key resistance at $130. The current price action and indicators support a continuation towards this key level, but a break above it appears unlikely at the time of this post.

Looking ahead, SOL is well-positioned to recover its losses from the most recent correction, and the current volume favors the bullish side of the market. So long this positive momentum is maintained, the cryptocurrency appears ready to move higher.

SOLUSDT_2022-02-04_13-22-02
Chart by TradingView

Binance Coin (BNB)

After BNB fell under $400, the price finally found support at the $335 level, which has stopped the cryptocurrency from moving lower – so far. Similar to XRP, the price action in the past seven days was flat, and BNB lost 3% of its dollar value.

Currently, BNB is consolidating and may attempt a rally in the coming week towards the key resistance at $418. Reclaiming this level would be essential if BNB is to move higher in the future. A failure, on the other hand, would mean the consolidation may take much longer.

The indicators favor the bulls at this time, but this bias may be soon put to the test as the price moves towards the key resistance. Either way, considering the latest price action, it is unlikely for BNB to fall much lower, and an uptrend seems more likely in the coming week.

BNBUSDT_2022-02-04_13-30-14
Chart by TradingView

Luna

Luna’s downtrend has ended this past week, with the price finding support at around $45. Now, the cryptocurrency is hovering below the key resistance at $54 which has prevented the price from moving higher in the past few days. Overall, Luna’s weekly performance was poor, with a 6% decline.

The indicators have not turned bullish yet and Luna appears to consolidate under the key resistance. Nevertheless, the RSI is making higher lows on the daily timeframe and the MACD could do a bullish crossover if this price action is maintained in the next few days.

Looking ahead, Luna is likely to attempt a break above the $54 level and may rally if successful. However, the current volume is weak and a breakout appears unlikely at this time. Luna may need another few days of consolidation before a breakout is attempted.

LUNAUSDT_2022-02-04_13-42-58
Chart by TradingView

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Bitcoin Spiked to 10-Day High: Solana and Terra (LUNA) Explode 17% (Market Watch)

by CryptoPotato

After dipping below $37,000 yesterday, bitcoin went on the offensive and added more than $2,000 in hours to tap a new 10-day high. The alternative coins are also well in the green, with notable gains registered from Ethereum, Solana, Terra, and others.

Bitcoin Taps $39K

The past several days have been highly volatile for the primary cryptocurrency. Just on Thursday, it dipped to $35,500 on two separate occasions before it started to regain some value and touched $38,000 during the weekend.

It even spiked to $38,600 as reported on Sunday, but the bears stepped in and didn’t allow any further gains. Just the opposite, they pushed the asset south, and BTC dumped below $38,000 hours later.

The situation worsened yesterday as bitcoin dropped by another $1,000. However, this is where the bulls came to play. In the following hours, BTC started to regain value rapidly and exceeded $38,000.

Moreover, it initiated another leg up that resulted in briefly touching $39,000, which became the highest price tag in about ten days. As of now, bitcoin has retraced slightly, but its market capitalization has shot up to well above $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Green

The alternative coins bled out yesterday, but most are well in the green now. Ethereum leads the way with a massive 10% increase that has driven the second-largest crypto to just shy of $2,800.

Binance Coin, Cardano, and Dogecoin have recorded more modest price gains of around 4% each. More increases come from Ripple, Avalanche, Shiba Inu, MATIIC, Polkadot, CRO, and others.

The most significant gainers from the larger-cap altcoins are Solana and Terra. Both have jumped by around 17% on a daily scale. As a result, SOL has reclaimed the coveted $100 mark, while LUNA sits above $50.

More daily increases come from LooksRare (19%), Osmosis (15%), Mina Protocol (14%), Cosmos (14%), Aave (13%), Gala (12%), Curve DAO Token (11%), and others.

The crypto market cap is up by around $100 billion in a day and sits close to $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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New Week Starts in Red: BTC Down $1K, LUNA Plunged 10% (Market Watch)

by CryptoPotato

After failing to remain north of $38,000, bitcoin went down again and lost around $1,000 in hours. The alternative coins are in an even worse shape today, with massive price slides from Solana, Ripple, Polkadot, Terra, and others.

Bitcoin Slipped $1K

Ever since last Thursday, when BTC dipped to $35,500 for the second time in two days, the situation with the asset seemed significantly more positive.

It was regaining value gradually and tapped $37,000 a few days later. Moreover, it kept climbing during the weekend and tapped a high of $38,700 (on Bitstamp).

However, it failed to continue the momentum going and started to lose value. This resulted in bitcoin settling around $38,000, as reported yesterday, but the situation worsened in the following hours.

More precisely, bitcoin dumped below $37,000 in a violent candle. As of now, BTC stands just slightly above that line, and its market capitalization is set at $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in a Sea of Red

The alternative coins were particularly impressive during the weekend, especially on Saturday, but the landscape is entirely different now, with red dominating almost all charts.

Ethereum went to a multi-day high above $2,600, but a 3.2% decline since then has pushed the second-largest crypto to just over $2,500. Binance Coin, Cardano, Dogecoin, and Chainlink have marked similar losses since yesterday.

However, Solana, Ripple, Polkadot, Terra, Avalanche, Shiba Inu, MATIC, and CRO have registered more significant price slides. SOL is down by 6%, XRP by 5.5%, DOT by 7%, AVAX by 8.5%, SHIB by 7%, MATIC by 7%, and CRO by 6.2%. Terra has lost the most again, with a double-digit drop to $45.

More losses are evident from Waves (-11%), Kadena (-11%), Fantom (-10%), Theta Network (-10%), Harmony (-9%), Kusama (-9%), and others.

The crypto market cap has declined by around $60 billion since yesterday and is just shy of $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Crypto Price Analysis Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Luna,

Ethereum (ETH)

This past week, ETH finally found support after a significant crash under the $3,000 level. The support at $2,200 managed to stop the downtrend, and now the price is found in a consolidation mode below the key resistance at $2,550. It was not an easy week for ETH, losing 20% of its dollar value.

The cryptocurrency attempted to rally this past Wednesday, briefly reaching $2,725 before sellers pushed the price back below the key resistance. Since then, ETH has not managed to retest the level and has moved sideways. While this shows some indecision in the price action, at least this most recent move has prevented ETH from dropping lower.

As price consolidates, market participants become more uneasy because there is no way to know if this consolidation precedes a further correction or a recovery. The indicators do not bring any confidence on the buyer side, and the overall market appears weak.

ETHUSD_2022-01-28_11-37-55
Chart by TradingView

Ripple (XRP)

XRP has been moving just above the key support level at $0.58 for most days in the past week after a significant drop last Friday. Overall, XRP fell by 17% compared to seven days ago and has failed to recover most of the recent losses.

The current price action does not inspire confidence, and a retest of the key support appears likely. The resistance is found at $0.65, and the last retest was sharply rejected by the bears. Since then, the price has been on a slow descent towards support.

Looking ahead, XRP lacks buying pressure to attempt a breakout, and if the market remains weak, it may be that sellers will take advantage and push the cryptocurrency lower yet again. The RSI on the daily timeframe has not left the oversold area in over a week now. This signals a strong downtrend as the bias remains bearish for XRP.

XRPUSDT_2022-01-28_11-46-45
Chart by TradingView

Cardano (ADA)

ADA appears on a clear path towards testing the support at $1 after failing to rally beyond the resistance at $1.1. Price has continued to make lower highs, and in the past seven days, ADA lost 19% of its dollar value.

Moreover, ever since the cryptocurrency made its all-time high at $3.1, the trend has been bearish, with lower lows and lower highs. The most recent lower low was made last Saturday. This re-confirms the bearish trend, and continuation is the most likely outcome. Volume has also decreased substantially, which may explain why the price is hesitating on where to go next.

A break below $1 might have a major psychological impact on ADA’s future price action. Therefore, it’s expected to see a significant battle over the coming days as buyers and sellers will fight for dominance around this key level.

ADAUSDT_2022-01-28_11-56-26
Chart by TradingView

Solana (SOL)

SOL mirrors ADA and shows a similar level of uncertainty just above the key support at $79. The price action remains bearish with lower highs and lower lows after a failure to break above the key resistance at $100. A retest of the support appears likely, and SOL closed the past seven days in red, losing 30% of its value.

Sellers continue to dominate the price action, with five red daily candles in the past seven days. Moreover, the daily RSI has been moving flat in the oversold area at around 24 points for over a week. The failure of SOL to rally and move away from such extremes is a warning sign that sellers may not have finished their job yet.

Looking ahead, SOL has a good chance to stop the downtrend at the $79 support level. Then, if buyers return to the market, it can attempt a recovery.

SOLUSDT_2022-01-28_12-11-27
Chart by TradingView

Luna

Luna lost a key support level yesterday, falling under $54, and now the price appears ready to move lower. If buyers cannot stop this selloff, then Luna is likely to fall to the next support level at $42. Overall, it had a very disappointing week, losing 33% of its value over the past seven days.

The former support level at $54 has now turned into resistance, and the indicators are in a free fall. The daily RSI has not yet reached the oversold area, indicating that Luna can continue to fall for quite some time until it reaches this extreme that may attract buyers again.

The MACD histogram and moving averages are also expanding downward, with little evidence this selloff will end soon. Right now, the sellers dominate the chart with six red candles in the past seven days.

LUNAUSDT_2022-01-28_12-22-42
Chart by TradingView

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Bitcoin Volatility Continues: LUNA Dips 13% (Market Watch)

by CryptoPotato

Following another sub $36,000 dip, bitcoin bounced off and tapped $37,500 before it was rejected. Most altcoins are somewhat calm on a daily scale, except for a few notable price drops from Terra, ATOM, and NEAR Protocol.

Bitcoin Calm at $37K

Bitcoin’s price has been on a roller-coaster in the past week or so, ever since it started to dump from above $43,000. This culminated in a drop below $33,000 days ago, which became its lowest price tag since late July 2021.

At that point, though, the asset reacted well and started to reclaim some of its lost ground. This resulted in a rapid price surge to $37,000 before the bulls initiated another leg up, in which the cryptocurrency touched $39,000.

After the Fed’s meeting in regards to its interest rates, though, BTC dumped once again by several thousand dollars to around $35,500. Another similar price decrease transpired in the past 24 hours before bitcoin shot up to $37,500.

The bears halted this leg up and pushed the asset down to its current position at around $36,500. As such, its market capitalization is still below $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LUNA Dumps Double-Digits

Most alternative coins are untypically stable today with minor losses. Ethereum failed at overcoming $2,500, and the subsequent rejection drove it down to just under $2,400.

Cardano, Ripple, Solana, Dogecoin, and Avalanche are with similar daily price drops. In contrast, Binance Coin is up by 4% and stands above $380. Dogecoin, Shiba Inu, and MATIC have also seen minor gains.

Terra, however, is the most significant loser since yesterday. LUNA has dumped by 13% and is close to dropping below $50. More losses come from Convex Finance (-17%), NEAR Protocol (-9%), Gala (-9%), Cosmos (-8%), and Loopring (-8%).

The crypto market cap has declined by around $30 billion since yesterday, meaning that it has remained well below $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Anchor protocol’s reserves head toward depletion due to lack of borrowing demand

by Cointelegraph

Anchor, the flagship savings protocol of the Terra Luna (LUNA) ecosystem, has seen its reserves decline by 35.7% in the past seven days according to Terra.Engineer. Since the beginning of December, the amount of Terra USD Stablecoin (UST) held in the “terra1tmnqgvg567ypvsvk6rwsga3srp7e3lg6u0elp8” smart contract has declined by over 50%, with only $35.7 million remaining.

As a savings protocol, users deposit their UST assets via their wallets and earn up to 20% yields as their principal is lent out to borrowers, who pay interest on the loan amount. Borrowers must deposit collateral to ensure the lender can get their money back in the event of a default. In addition, Anchor stakes the collateral it receives to generate rewards for depositors.

Whenever there is a deficiency between the income generated through borrowers’ interest, collateral staking, and the yield expenses paid out to depositors, Anchor must tap into the aforementioned UST reserves to make up for the difference. Last July, its creator Terraform Labs injected 70 million UST into the reserve protocol, and its value was relatively stable. But in the past 60 days, the total deposit amount has increased from $2.3 billion to $6.1 billion, while the total borrowed amount only increased from $1.2 billion to $1.5 billion.

In bear markets, investors typically flock out of volatile assets in search of stable ones, such as high-yield savings protocols. However, the growing discrepancy between Anchor’s deposits and borrowings has placed severe pressure on its reserves. If the trend were to continue, the reserve would run out in the coming months, and Terraform Labs would need to inject another round of UST for liquidity or sharply lower Anchor’s promised interest rate.