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Crypto.com Announces Support For LUNC 1.2% Tax Burn

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Luna Is Back On Crypto.com
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  • As a means of decreasing supply, the LUNC plans to use the Tax Burn strategy.
  • The approved plan will take effect at the block height of 9,475,200.

Perhaps the worst cryptocurrency crash ever occurred in May 2022, when the Terra-collapse LUNC occurred. Terra’s native token, LUNA, the biggest algorithmic stablecoin in the world, almost reached zero in value in a single week.

Before the disaster, this venture was among the more successful ones, with an all-time high of $119.18 in April. This meteoric ascent, however, set the stage for a spectacular fall. Investors and consumers alike panicked as the death spiral continued.

1.2 % Tax Burn Strategy

The Terra community recently voted in favor of a proposal that would add a 1.2% tax burn to all on-chain transactions in an effort to revitalize LUNC.

As a means of decreasing supply, the LUNC plans to use the Tax Burn strategy. One can count on this strategy to hold up until there are ten billion LUNC in circulation. At that point, the system will shut down, and the total supply will remain at 10 billion.

On September 20, 2022, or at the block height of 9,475,200 in Terra Classic, the approved plan will take effect. However, due to the shifting block periods, the proposed launch time may be delayed or advanced. Upon the completion of the tax burn, Crypto.com will no longer be able to process deposits or withdrawals.

Crypto.com is temporarily blocking deposits and withdrawals until the network upgrade is complete to guarantee the smooth rollout of the tax burn. Once the Exchange determines that the network is stable after the update, it will reopen deposits and withdrawals.

Trading at an 11% weekly loss, LUNC’s price was in the red. As market sentiment becomes gloomy, cryptocurrencies such as Bitcoin and Ethereum are selling at lows around $20,000 and $1,400, respectively, demonstrating the bears’ power in this current LUNC drop.

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Uniswap Could Slide Below Support Zone

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Uniswap
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On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com

Featured image from Brightnode, Chart: TradingView.com

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Binance Registers as Financial Service Provider in New Zealand

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Binance Registers As Financial Service Provider In New Zealand
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