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Court Drops Terra Luna Co-Founder Hyun-Seong’s Warrant

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For some time now, Terraform Labs has been making headlines. According to sources, South Korean authorities summoned the company’s co-founder Daniel Shin, also known as Shin Hyun-Seong, earlier this month for an inquiry into claims that he improperly benefitted from the sale of LUNA [now LUNC] tokens.

According to a South Korean news source, the prosecution wanted to arrest Shin. According to sources, the prosecution has charged Shin with making illegal profits while secretly selling $105 million of LUNA at a market high. He was also charged with violating the Electronic Financial Transaction Act by using customer data from Chai, another company he managed, to promote Luna.

However, Shin had previously stated that in 2020 he terminated ties with Do Kwon and Terraform Labs. He later founded the payment technology company Chai Corporation, where he is currently CEO and founder.

Change Of Events For Terra-Luna Co-Founder

It has just come to light that the court on March 3rd dismissed the arrest order for Shin Hyun-Seong, the former CEO of Chai Corporation and the founder of Terraform Labs, the company responsible for creating the virtual currency known as “Terra Luna.”

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Terra Luna Co-Founders: Daniel Shin (left) and Do Kwon (right)

In the stablecoins meltdown, which shook the world virtual currency market in May of this year, Shin is seen as a crucial player. Even trying to find a replacement hire for former CEO Shin has failed, and with Terraform Labs co-founder Kwon Do-Hyung staying abroad and not coming back to Korea, it can be assumed that the probe will be difficult.

After questioning the suspects (warrant review) and arresting them the previous day, chief judge Hong Jin-Pyo of the Seoul Southern District Court dismissed the arrest warrant at roughly 2:20 am on the same day.

Judge Hong said,

“Considering the attitude toward the investigation, the circumstances, process, and contents of the statement, it is difficult to see that there is a risk of destroying evidence or escaping beyond the scope of exercising the right to legitimate defense.”

Warrants for three early backers and four Terra Luna developers, who were also jointly sought, were all denied for the same reason.

Along With AAVE Robinhood Enables Transactions Of These New Tokens

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According to a recent tweet, the stock brokerage app Robinhood has made transfers for Aave (AAVE), Stellar (XLM), and Tezos (XTZ) possible. These tokens can now be sent and received on Robinhood by users.

This year saw widespread adoption in the crypto-sphere. Popular trading platform Robinhood later added several different cryptocurrencies and increased its market share. During this time, rumors that Robinhood would be purchased by the cryptocurrency exchange FTX started to circulate. The platform set out on a new adventure as those rumors were put to rest.

The native cryptocurrency of Stellar, a blockchain-based payment network, is Stellar Lumens (XLM), while AAVE is the original asset of Aave, a decentralized finance protocol that enables crypto lending and borrowing. The native coin of Tezos, an open-source blockchain that supports peer-to-peer transactions and works as a deployment platform for smart contracts, is called XTZ.

Avalanche (AVAX) transfers were made possible last September when Stellar (XLM) and AVAX were both listed on Robinhood in August. Even though the trading platform initially seemed to take a cautious approach to listing digital assets, its cryptocurrency offering has significantly risen this year.

Robinhood lists AAVE and XTZ

The major stock trading firm added the DeFi cryptocurrency AAVE earlier this week, according to a tweet from the Robinhood account. The token’s placement alongside Tezos (XTZ) was made known by a cryptocurrency listing bot. On the official Robinhood website, both coins are now visible.

Earlier this month, USD Coin (USDC), the second-largest stablecoin by market capitalization, was listed on Robinhood. The overall number of cryptocurrencies supported by Robinhood is 19, including the first stablecoin, USDC, as well as Bitcoin, Ethereum, Litecoin, ADA and Dogecoin.

The company has launched a number of additional coins this year, including Shiba Inu, Polygon, Solana, and Chainlink, bringing the platform’s total number of cryptocurrencies in its portfolio to 19.

However, the SHIB listing on the well-known trading platform Robinhood was unquestionably a huge milestone. The Shiba Inu community wanted its preferred token to be featured also as a result of the rising interest in Dogecoin [DOGE] on the platform. As a result, several tweets and even a petition were created pleading with Robinhood to include the meme coin. Finally, SHIB obtained one of the most sought-after listings on 12 April 2022.

Dogecoin and SHIB go live on AMC theatres

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It comes as a surprise to moviegoers and crypto enthusiasts that Dogecoin (DOGE) and Shiba Inu (SHIB) are being accepted for online payments at AMC theatres. This development comes a week earlier than its audience expected. Adam Aron, CEO of AMC Entertainment Holdings Inc. took to his Twitter handle, on 10 March 2022, to make the announcement. He further acknowledged BitPay, the payment gateway institution, for helping the two meme coins to be accepted.

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As reported by TWJ earlier in the week, AMC was intended to introduce functionality for the two altcoins on 19 March 2022. This support was to be added to its website and mobile application, but it comes as a surprise to everyone a week earlier than expected.

The movie theater business conducted Twitter polls to determine if it should proceed with the Dogecoin and Shiba Inu combination. Based on the clear majority of answers from the communities, Dogecoin and Shiba Inu, that were rooting for facilitating payments through the two coins, Adam Aron affirmed that his company had begun working on enabling the functionality of the altcoins.

The theater company had already been allowing its customers to pay for tickets and concessions through Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), since November of 2021.

Dogecoin remains untethered despite AMC’s latest inclusion

The price of the crypto assets seemed to be not affected despite being listed on various platforms. The crypto market has been bearish over the past few days. It also seems like Dogecoin (DOGE) is following the market sentiment even with its latest inclusion in AMC’s payment mode. Furthermore, DOGE has been bearing a drop of 8.91% over the past week. During the time of writing, the meme coin was trading for $0.1166 with no major changes over the last 24-hours. The market cap of the asset was at $15.48 billion. This aided in the coin’s climb up the crypto ladder.

Bitcoin (BTC) and Ethereum (ETH) Loom Towards Bedrock

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Bitcoin (BTC) bobbled down to lesser than $43,000 on Thursday, minutes after the U.S. Federal Reserve’s last meeting which showed a possible rise in March. This weakened investor inquisition in other delicate assets.

The world’s largest cryptocurrency was last priced at $42,700 and had taken a devastating plunge of 5.2% on Wednesday. At the time of writing, the coin had dropped by 6.11% over the last 24 hours, taking down its investments along.

According to reports, the intraday bargain took place after the U.S. Federal Reserve pointed to an achievable hike in March, which was earlier than the anticipated timeline.

While a few analysts are looking for an alternative altcoin that might have enhanced accomplishments compared to BTC over the past week, others believe that BTC is soon going to be stable with a range of between $40,000 and $50,000, which could keep the variability low. although, the token had struck an all-time high of $69,000 in November.

Matt Dibb, COO of Singapore-based crypto fund distributor, Stack Funds, pointing to the declines in the Nasdaq platform in particular said,

“The fall correlated with the ‘risk off’ move across most traditional asset classes.”

In agreement, Bitcoin (BTC) seems to have lost its dominance ratio, which seemed to continue to drop towards 39% on Wednesday. The ratio has been at its lowest point since April 2018, when cryptocurrencies experienced a bearish market.

Ethereum (ETH), just like Bitcoin (BTC), is at the sliding end

Ethereum (ETH), the world’s second-largest crypto coin that constructs the ethereum network, lost 5.2% on 5 January 2021 and touched it’s abyssal-zone since October 2021. Although it did slightly boomerang to $3,447.31, at the time of writing.

Generally, some analysts call the battle for cryptocurrency’s top spot ‘The Flippening’. The term “Flippening” refers to the hypothetical moment of Ethereum (ETH) overtaking Bitcoin (BTC) as the biggest cryptocurrency.

Over the past year, Ethereum (ETH) has gained a stronger stance over Bitcoin (BTC) across abundant measures, including active addresses, google search interest, and transaction counts.

Furthermore, Ethereum (ETH), the second-largest crypto-asset by market cap, appears to be only 50% away from engulfing BTC as the largest cryptocurrency.

Bitcoin may not last long: Cornell professor

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Bitcoin, the most beloved coin of the world, has been experiencing very inconsistent prices in the market. Through it all, it remains the most valued asset in the industry, it ranks as the No.1 cryptocurrency. At the time of writing, Bitcoin was priced at $46,541.09 and experienced a drop of 2.55% in the last 24 hours.

An economics professor at Cornell University and author of ‘The Future of Money: How the Digital Revolution is Transforming Currencies and Finance’ says that Bitcoin’s use of blockchain technology is not very efficient and that the asset itself may not last long.

The real legacy of Bitcoin is not the cryptocurrency itself, but blockchain technology

Eswar Prasad, senior professor of international trade policy at Cornell University, told CNBC in a recent interview that Bitcoin hasn’t used blockchain technology in a very efficient way. He also states that there are many other steady coins, that have used blockchain far more decisively.

According to Prasad, the world’s largest cryptocurrency hasn’t been serving well as a medium of exchange and it is not going to have any elemental value except for what investors feel,

“Cryptos have become purely speculative assets”

Furthermore, he adds that this cryptocurrency has a validation mechanism that ostensibly destroys the environment and it doesn’t calibrate very well. It is true that the said coin’s carbon footprint is extremely massive and that it is bigger than the whole of New Zealand. Cambridge University researchers say that this cryptocurrency consumes more energy than the entire annual energy consumption of the Netherlands.

Over the years, the crypto market has seen the rise of gobs of other altcoins that have been stable in terms of price and consume a subjacent amount of energy in comparison to BTC.

Professor Prasad stated that the promise of Decentralized Finance(DeFi) using blockchain technology is real. He believes that blockchain technology, the primitive automation of cryptocurrencies, will be radically revamped magnificently in the ways of transactions in our daily lives. Blockchain technology is the future, it has already brought about changes in our central financial ways leaving everyone to wonder what it holds in the future.

Shiba Inu [SHIBA] Pushes Its Price Boundaries As Token Continues Green Charge

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After a week of multiple positive gains, the cryptocurrency market hit a price flux forcing investors to watch the trail. The altcoin ecosystem was inspired by Bitcoin’s run-up above the $50k mark with capital coming into the market. The meme-inspired Shiba Inu [SHIB] pushed new boundaries for itself as it climbed on both the daily and weekly timeframes.

At the time of writing, SHIB was trading for $0.000029 with a total market cap of $11.75 billion. The increased capital pump elevated the cryptocurrency into the top 20 cryptocurrency clubs. As more users bought into the world of Shiba Inu, the daily trading volume also shot up to $4.6 billion. As active players shilled the cryptocurrency, it became a major talking point on social media.

Shiba Inu 1 hour:

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Shiba Inu [SHIBA] Pushes Its Price Boundaries As Token Continues Green Charge 5

After a successful week that propelled Shiba on the charts, the indicators all leaned towards the bull. Shiba’s immediate support rose to $0.000026 while new users constantly pushed for higher prices.

Relative Strength Index: Shiba’s RSI stayed near the overbought zone, a sign of the active ecosystem. The indicator showed that the number of users HODLing SHIB was more than the ones selling it.

Chaikin Money Flow: Staying bullish as well, the CMF rose strongly against the zero line. Since the bullish sentiment is strong, the graph is expected to rise some more towards the upper boundaries.

Parabolic SAR: All the markers for the past 48 hours stayed below the price candles, showing strong bullish momentum. Shiba Inu holders would want the consecutive green candle formation to go on for extended timeframes.

Shiba Inu 1 day:

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Shiba Inu [SHIBA] Pushes Its Price Boundaries As Token Continues Green Charge 6

Shiba’s long-term performance was just growing, helped along by strong October tides. Long-term support increased to $0.0000069 after the cryptocurrency’s most active month since inception.

Chaikin Money Flow: In the long run, Shiba moved parallel to the zero line. A deeper dive further pointed to the increasing interest from the larger cryptocurrency ecosystem.

Parabolic SAR: The markers from the last month have all stayed below the price candles as the momentum became bullish.

Relative Strength Index: The RSI in the long term showed similar characteristics to that of the CMF. This further meant that the buying pressure was a strong contributor to higher prices.

Bitcoin and Alts go green; did ‘buy the dip’ do its charm?

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The crypto community’s mantra to ‘Buy the dip’ might have actually worked. Bitcoin and several top crypto assets have had a bullish start to the day after last week’s free fall.

The collective cryptocurrency markets had shed nearly 60% of the total market-cap in the past week alone. This was triggered majorly by Bitcoin and Ethereum – giving up significant gains from their all-time highs.

The tables have [potentially] turned. At the time of writing, the global crypto market cap rose by 6% to $1.53 trillion.

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Bitcoin and Alts go green; did 'buy the dip' do its charm? 9

Binance Coin [BNB] Steals the Show

Bitcoin’s [BTC] dominance might have tumbled slightly, the king coin, however, rose to $37,784 after appreciating by more than 6% over the past 24-hours.

This pushed several altcoins to significantly negate the weekly losses. Binance Coin [BNB] was the best performer in the latest relief rally at the beginning of the week. The token was exchanging hands at $311.8 after rising by nearly 21% during the same time frame.

Ethereum [ETH], on the other hand, noted an almost 12% surge during the same time which pushed its price to $2,362.05. Among other top performers on the cryptocurrency ladder was Cardano [ADA], which recently replaced BNB, soared by more than 16% over the past day, and was currently being traded at $1.50.

Bitcoin Shenanigans: “Buy the Dip”

Among the popular figures in the space, Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” had recently said that the crashing of Bitcoin’s price offered a great buying opportunity, especially for those who couldn’t have afforded it when the token was trading close to its ATH.

Tron foundation’s Justin Sun also echoed a similar statement when he said that the bull market was not over and went on to add that he had bought the dip.

Crypto-analytic platform, Santiment had noted well before the upsurge that the market could, in fact, see a bounce. Its tweets regarding the same read,

“After a series of #buythedip rallies by the #Ethereum crowd, traders are running out of steam. Our data indicates #cryptotwitter is the most negative toward $ETH it’s been in five weeks. Typically crowd capitulation is the true sign a bounce can happen”

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Bitcoin and Alts go green; did 'buy the dip' do its charm? 10

Is Ethereum a Better Asset Allocation for Performance Right Now?

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After weeks of dull price movement, Ethereum was finally handed over the baton. At a time when Bitcoin and other altcoins were struggling, Ethereum has gained some serious pace. The second-largest cryptocurrency was trading close to its recently established ATH near $2,600.

According to Raoul Pal, former Goldman Sachs executive, Ethereum is rapidly becoming the currency of the digital world while BTC is the “pristine collateral and base layer”. Talking about the world’s largest altcoin’s rise to prominence, Pal noted,

“When you price anything up in DeFi, NFT, community tokens, or even metaverse worlds, everything is basically priced in ETH, including designers time, etc. The ETH space is growing at 100% YoY (vs 50% YOY for BTC) and it is attracting a massive proportion of the developer talent and applications too”

While asserting that he is, in fact, a massive BTC bull, Pal stated that he believes ETH is the better asset allocation for performance right now.

Bitcoin’s Price Stagnates While Ethereum Pops

Here are some fresh stats: Bitcoin’s market cap dominance has hit levels not seen since summer 2018 and was currently found at 50.2%. Ethereum’s dominance, on the other hand, has risen to 14.2%.

Moreover, BTC/USD registered YTD gains of nearly 90%. During the same window, ETH/USD was up by almost 240%.

Historically, whenever Ethereum has outperformed Bitcoin, it catalyzed altcoins’ uptrend. Its price hit a new ATH of $2,547 a few days ago and many experts in the community speculate that the crypto might resume an altcoin rally soon. However, it is important to note that altcoins are yet to step into the spotlight as many of them have failed to recover from the recent crash.

There are eyes at ETH/BTC pair as well. Analysts believe in massive upside potential as they anticipate a potential breakout that could lead to a broader parabolic rally, especially for the altcoins. A prominent cryptocurrency trader called ‘Bluntz‘ noted that the trading pair looks “insane” after market capitulation. His tweet read,

“Eth double bottom on 4h, and eth/btc looks absolutely insane again. Wow, that was the greatest capitulation event i can remember for a long time. even I capitulated most of my lev trades.”

Bitcoin’s Dominance Slides to 14-Month Low as Altcoins Renew Strength

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Bitcoin, the largest digital asset by market cap, has lost significant dominance over the last year. More recently, it failed to retain its value over $12,000. Following the latest downside correction, the King coin dropped back to $11,740.

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At the of writing, BTC dominance was a little over 58%. The coin recently breached the dominance support level and was now in the final leg of the structure. This was stated by the crypto analytic firm Santiment’s latest data which further revealed that the next support for a weekly dominance stood at around 56%.

Besides, another support point stood at 54%. Despite the probability of a further drop, Bitcoin could potentially bounce back. Along the same line, Santiment noted

“Bitcoin will reclaim dominance, we just don’t know when. You still can enjoy 2-3x in many alts. It’s much easier to pump alts. But Bitcoin. We see more and more confirmation we could get to 15K.”

But it could be a while before Bitcoin gets some ground and climbs to $15k, something that hasn’t been witnessed in more than two years. The Altcoin pump is here to stay at least until the Bitcoin reaches the level mentioned above.

Meanwhile, the market dominance of the altcoins rose to a stunning $159 billion market cap, a level unseen in more than two years. Bitcoin entered the 5-digit values in the last week of July and brought in spectacular returns for investors. Despite a really good run by the premier cryptocurrency, the altcoins’ market cap jumped significantly high.

This was also noted in the July edition of Binance’s Trading Report which stated that in addition to the spot markets, traders in derivatives space were also bullish on altcoin contracts.

Binance

Altcoins continued to dominate the headlines. Especially in the first two weeks of July, altcoins gained traction as volume increased from 32% to 60%. According to Binance’s report, during this period, altcoin contracts such as LINK, ADA, and VET experienced high volatility and volume.

Additionally, in the derivatives market, it was the altcoins’ contracts that significantly drove most of the open interest growth. This essentially implied that the traders were “positioning long-term directional bets on altcoins”.

Meanwhile, Ethereum and the DeFi craze are two crucial factors that appeared promising to the alt market. August saw the total valued locked in DeFi soar to $6.38 billion.

The growing interest of institutional investors in DeFi is yet another plus point. Industry giants such as TD Ameritrade, CMT Digital as well as Arca Labs, have all invested in DeFi space. The expectations surrounding the much-anticipated launch of Ethereum 2.0 was also another driver of the collective altcoin pump.

Bitcoin: Altcoins are Taking a Lead Over “Stable Bitcoin”, says Binance’s CZ

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During the month of May, Bitcoin had everyone’s attention in the crypto community. Its immense recovery since the collapse in March had significantly improved its financial credentials and the largest digital asset was touted for a big rally over the next few months.

The situation has drastically changed since June as Bitcoin was hardly made any drastic gains. Over time, the asset has depleted a bit but hasn’t really entertained a bear run as well. BTC was stuck in a price range and over the past month, other altcoins have started to take away its attention.

Cardano has surged 195% in 2020, Crypto.com’s CRO token has improved by 220% but the most notable spike witnessed in the top 40 is Aave’s LEND, which has registered a staggering growth of 1882% YTD.

The buzz around altcoins is gaining significant momentum and now major proponents in the space were starting to entertain in influence.

In a recent interview with Bloomberg, Binance CEO, Changpeng Zhao was asked about Bitcoin’s price movements and the current impact of altcoins on the industry.

Zhao, or commonly known as CZ, said he was stumped as well and ‘honestly didn’t  know’ when Bitcoin could cross $10,000 again.

He added that with time , major reasons, such as quantitative easing, may have a factor in and BTC ‘s price may eventually break out, but it’s pretty stable at the moment.

Talking about altcoins, he added,

“Data also shows that it is pretty much an alt-season now, with Binance futures, more than 60 percent of the volume comes from altcoin, which is actually much higher than before.”

He also revealed that of all the altcoins that are listed on Binance in Q2 2020, only three coins registered negative returns in that period.

Twitter hack is not Bitcoin’s fault

A common topic of discussion that has been fairly evident over the past few days in the Twitter hack but CZ suggested it was BTC’s moneyness that made it amiable to the hackers, as it was a better form of currency than fiat.

Speaking about the negative impact, he said he would obviously like positive press to follow the largest digital asset in the world but citing “any publicity is good publicity”, it can be speculated that CZ did not mind the recent conundrum and attention that followed Bitcoin after the Twitter hack.