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New Terra (LUNA) Opens as High as $30 on Bybit, then Crashes by 80% Leading Binance to Take a More Cautious Route

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New Terra (LUNA) Opens as High as $30 on Bybit, then Crashes by 80% Leading Binance to Take a More Cautious Route

Summary:

  • Trading of the new Terra (LUNA) coin is live on some crypto exchanges.
  • The new Terra (LUNA) opened as high as $30 on Bybit before crashing by 80% to its current level, around $6.
  • Terra’s (LUNA) volatility has prompted Binance to place the digital asset in the innovation and list it on May 31st.
  • Earlier today, the new Terra blockchain went live with its Mainnet being aptly named Phoenix 1.

The highly anticipated LUNA coin trading from the new Terra blockchain is now trading on some exchanges and opened as high as $30 on Bybit. However, on the same exchange, the digital asset soon plummeted by roughly 88% to $3.5, then bounced back to settle around $6, which is still an 80% drop from its local high.

The chart below, courtesy of Bybit.com, further provides a visual cue of the ongoing volatility surrounding the new LUNA.

New Terra (LUNA) Opens as High as $30 on Bybit, then Crashes by 80% Leading Binance to Take a More Cautious Route 12
Volatility surrounding the new LUNA coin. Source, Bybit.com.

Binance Opts for a More Cautious Approach in Listing the New Terra (LUNA) Digital Asset

Consequently, the volatility witnessed by the new Terra (LUNA) digital asset has led Binance to announce that it will be listing it in the innovation zone. Additionally, the trading of LUNA/USDT and LUNA/BUSD trading pairs will be delayed till May 31st at 6 am UTC.

The Binance Innovation Zone is ‘a dedicated trading zone where users are able to trade new tokens that may have increased volatility and pose a higher risk than other tokens.’

Before Binance users can trade digital assets in the innovation zone, they are ‘required to visit the web version of the Innovation Zone trading page to carefully read the Binance Terms of Use and complete a questionnaire as part of the Initial Disclaimer.’

Terra 2.0 Launched Earlier Today with its Mainnet of Phoenix 1 Going Live

Also, today, May 28th, the new chain of Terra (LUNA) was launched by the team at 6 am UTC. The team at Terra also announced that the new blockchain would have a Chain_id of ‘Phoenix 1’.

The team announced the launch of the new Terra chain through the following tweet.

1/ Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) has officially been produced at 06:00 AM UTC on May 28th, 2022!

Congratulations to the #LUNAtic community on this expeditious feat of collaboration 🎉

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 28, 2022

Similarly, Do Kwon notified the Terra Community of the new chain stating that ‘Pheonix-1 mainnet is now live and producing blocks – public node services, wallets, and explorers should be going live shortly.’

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Ethereum

Wall Street Analysts Hint MicroStrategy (MSTR) is Worth Buying Despite a 87% Pullback from Feb. 2021 Highs

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Wall Street Analysts Hint MicroStrategy (MSTR) is Worth Buying Despite a 87% Pullback from Feb. 2021 Highs

Summary:

  • MicroStrategy (MSTR) stock value has undergone an 87% correction from its February 2021 highs of $1,350.
  • However, Wall Street analysts still believe it is a buy with a potential to rise to $950 from current levels of $180.

Since Michael Saylor revealed MicroStrategy’s Bitcoin strategy, the value of MSTR stock has been tied to the hip with BTC’s price action.

As it happens, the latter is undergoing a drawdown from its all-time high of $69k set in November 2021 to a local of $17,600 set on the 19th of this month. This translates to a 74.4% pullback in the value of Bitcoin in roughly eight months.

MicroStrategy (MSTR) Value Has Undergone an 87% Pullback from February 2021 Highs.

Similarly, MicroStrategy’s (MSTR) stock value has undergone an 87% pullback from February 2021 highs of $1,350 to its current value of $181. A glance at the daily MicroStrategy chart below reveals that MSTR is still in bear territory, trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages.

Ethereum's Vitalik Criticizes 3AC's Co-founder Alleged Yacht Purchase, Says There are More Honorable Ways to Burn $50M 17

Also, from the chart, it can be observed that the daily MACD hints at a low level of buying of MSTR. Furthermore, the neutrality of the daily MFI and RSI hint at an uncertain future for MicroStrategy stock in the traditional markets for the next few days.

Wall Street Analysts Hint MicroStrategy (MSTR) is a Buy.

However, despite the clear bearish environment facing MSTR, Wall Street analysts still believe that MicroStrategy’s stock is still a buy. According to a recent report by Bloomberg, three out of four brokerages that follow the company recommend buying its shares with an average target price of more than triple its current value.

Mark Palmer, an analyst at BTIG, explained that MicroStrategy provides investors with indirect exposure to Bitcoin, thus giving a $950 share price target for MSTR and a $95k target for Bitcoin by 2023. He said:

MicroStrategy provides equity investors in particular with not only exposure to Bitcoin, which currently they don’t have many efficient ways to access. The company also offers an operating business that generates cash with which to buy more Bitcoin.

The Bloomberg report also reiterated the earlier mentioned correlation between the price of Bitcoin and that of MicroStrategy, given the company’s dedication to holding their BTC stash. Furthermore, MSTR has been hit hard by the ongoing market drawdown, ‘slumping 69% this year’ compared to the ‘Nasdaq’s 29% decline and Bitcoin’s 55% drop.’

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Solana To Venture Into Smartphones With a Focus on Web3 Mobile Apps

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Solana To Venture Into Smartphones With a Focus on Web3 Mobile Apps

Summary:

  • Solana developers have unveiled a flagship Android smartphone dubbed Saga.
  • The phone will be available for pre-orders immediately and delivery in early 2023.
  • Saga will also feature unique Solana functionality integrated within.
  • Solana developers also debuted Solana Mobile Stack, an open-source SDK for Android enabling Web3 apps on Solana.

Solana developers are venturing into the telecoms industry by launching a flagship Android smartphone dubbed Saga. The smartphone is the first product of Solana’s new subsidiary, Solana Mobile.

According to the official Saga website, the smartphone will feature a 6.67″ OLED display, 512 GB storage, and the latest flagship Snapdragon® 8+ Gen 1 Mobile Platform. The latter’s security features will enable the Solana Mobile Stack’s seed vault and an additional Secure Element built into the device, which keeps private keys, seed phrases, and secrets ‘separated from the application layer yet still capable of interacting with apps running on the device or in a mobile browser.’

$100 for Saga Pre-orders, Applied to the Anticipated Final Cost of $1,000.

Saga will also be explicitly built for Web3 functionality such as decentralized exchanges, NFT marketplaces, and much more. The Saga smartphone will be available immediately for pre-order, with deliveries estimated to be fulfilled in early 2023.

The team at Solana has also provided a refundable $100 pre-order fee which will be applied to the final anticipated cost of $1,000. However, developers will be given priority during the delivery of the smartphone to test the Solana Mobile Stack and Saga.

Ethereum's Vitalik Criticizes 3AC's Co-founder Alleged Yacht Purchase, Says There are More Honorable Ways to Burn $50M 17
Sneak peek of the Saga smartphone. Source, Solana.com.

Smartphones are Pivotal to Web3 Adoption.

Raj Gokal, the co-founder of Solana, explained that mobile devices such as Saga were pivotal to Web3 adoption. He said:

We chose the Saga name because the story of crypto is still being written. This is the next chapter of this narrative and we believe opening up crypto to mobile will lead to greater adoption, better understanding, and more opportunities.

OSOM will carry out Saga’s design and manufacturing. It is a leading Android development company with a vast background in building computing hardware for Google, Apple, Intel, and others.

Jason Keats, co-founder, and CEO of OSOM, further reiterated the importance of mobile devices in boosting Web3 adoption. He explained:

Saga starts from first principles to create a mobile experience for individuals, developers, and ecosystem participants that opens a new era of mobility.

The world needs novel hardware to embrace the future that is web3, and building out an ecosystem that looks to the future without being burdened by past legacy ecosystems is hugely exciting for us.

Solana Also Launches Solana Mobile Stack.

Solana Labs CEO Anatoly Yakovenko made Saga’s unveiling during an event in New York City, where he also provided further details of the earlier mentioned Solana Mobile Stack: an Android framework that allows developers ‘to create rich mobile experiences for wallets and apps on Solana and create a Secure Element for private key management.’

The Solana Mobile Stack (SMS) is an open-source software development kit optimized for Web3 and easy to use. It also has a new set of libraries for wallets and apps, thus providing developers the foundations to create rich dApp experiences on Solana.

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Chairman Powell: Digital Dollar Is Something We Really Need to Explore As a Country

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Chairman Powell: Digital Dollar Is Something We Really Need to Explore As a Country

Summary:

  • Chairman Jerome Powell has stated that the US Federal Reserve plans to recommend a Central Bank Digital Currency (CBDC) to Congress.
  • According to Chairman Powell, a CBDC is a crucial financial innovation that will affect all Americans.

The US Federal Reserve Chairman, Jerome Powell, has said that the central bank is looking into recommending to Congress how to go about launching a Central Bank Digital Currency (CBDC).

Chairman Powell shared his insights into a potential CBDC in the United States during a presentation of the Semiannual Monetary Policy Report, and the State of the Economy to the House Financial Services Committee held earlier today.

In his presentation, Chairman Powell stated that a Central Bank Digital Currency was something the United States needed to explore as a country and should not be a partisan issue. He added:

It’s a very important potential financial innovation that will affect all Americans. Our plan is to work on both the policy side and the technological side in coming years and come to Congress with a recommendation at some point.

A Central Bank Digital Currency Will Help Maintain the US Dollar’s, International Standing.

Chairman Powell’s statement on the United States needing to explore a Central Bank Digital Currency as a country echoes similar remarks he made last week, whereby he emphasized the significance of the US dollar remaining the dominant global currency.

He shared his insights on the importance of a dominant US dollar during a speech at a research conference in Washington DC on  ‘International Roles of the US Dollar.’ He started by stating that the US Dollar had been at the center of the international financial and monetary system since World War II. The US Dollar has since become the world’s reserve currency and the most widely used currency for payments and investments.

In addition, Chairman Powell forecasted that a Central Bank Digital Currency would help maintain the dollar’s international standing. He said:

And in light of the tremendous growth in crypto-assets and stablecoins, the Federal Reserve is examining whether a U.S. central bank digital currency (CBDC) would improve on an already safe and efficient domestic payments system.

As the Fed’s white paper on this topic notes, a U.S. CBDC could also potentially help maintain the dollar’s international standing. As we consider feedback from the paper, we will be thinking not just about the current state of the world, but also how the global financial system might evolve over the next 5 to 10 years.

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