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Terra Has Lost 20% In A Day! Investors’ Panic Has Resulted In Massive Sell-Off

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Terra Has Lost 20% In A Day! Investors’ Panic Has Resulted In Massive Sell-Off

Terra’s price had dropped 20% over the past three days and was likely to continue this descent.

Terra price had sliced through a key support area, flipping it into resistance. As LUNA traded around the familiar territory, there was a chance that market participants might drag the altcoin further down in hope of collecting liquidity. The recent news on the Luna Foundation Guard (LFG) aimed at safeguarding the firm’s stablecoins from volatility did little to rekindle hopes of a spike in LUNA price.

Terra Labs, the company behind the Terra blockchain announced the launch of the Luna Foundation Guard (LFG), a non-profit organization proposed to support the Terra ecosystem and safeguard the stability and adoption of its most popular stablecoin-UST.

 

The price of LUNA stumbles due to controversy connecting it to Wonderland TIME

The price of LUNA the native cryptocurrency of the Terra blockchain has experienced a panic selloff that saw it drop over 20% on the day, before staging a rebound. LUNA fell to an intra-day low of US$30.18.

The cause of the sharp drop originates from recent revelations in the crypto market that has LUNA holders worried. The co-founder of Wonderland (TIME), a DeFi lending protocol that is loosely connected to the Abracadabra Protocol, was found to have a history that is not so stellar. Michael Patryn who is the person in question was exposed to have been one of the co-founders of QuadrigaCX, a Canadian crypto exchange that went bust in 2019 siphoning off over US$133 million of investors’ money. Patryn also previously spent 18 months in US prison after pleading guilty to offenses that included credit fraud, bank card fraud, and computer fraud amongst other crimes.

 

More pain for Terra ahead?

Interestingly enough, the ascending trendline constitutes a rising wedge pattern in conjugation with another upward trending line above. Rising wedges are bearish reversal setups, so their occurrence on Terra’s weekly chart suggests more downside is probable.

 

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Cryptocurrency

Will Fan Tokens Replace Memecoins Like Shiba Inu And Dogecoin?

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Will Fan Tokens Replace Memecoins Like Shiba Inu And Dogecoin?

Fan tokens are cryptocurrencies that aren’t necessarily backed by underlying value principles of Bitcoin or Ethereum.

Fan tokens are crypto assets that are issued by clubs, organizations, or teams for their fans. Ownership of these tokens allows you to get into the inner circle of fans. Holders get access to a variety of exclusive voting access on different polls that dictate team decisions. These polls relate to decisions for match locations, tour bus designs, promotions, rewards, and merchandise designs. Owing more tokens gives you more voting power, thereby, giving fans the ability to influence their favorite team. But here the question is, if fan tokens will replace memecoins like Shiba Inu and Dogecoin?

In football, several of the world’s biggest clubs including Barcelona, Atletico Madrid, Manchester City, Paris Saint-Germain, Juventus, Inter, Arsenal, AS Roma, Galatasaray, Flamengo, and Corinthians have launched Fan Tokens. Sevilla and River Plate are among the other clubs who will join the 60 other teams, using Fan Tokens. 

Unlike NFTs, fan tokens are completely “fungible” or interchangeable. This means that, just like fiat or cash, the tokens can be exchanged for sports club merchandise, VIP experiences, and more. Additionally, they play an important role in tightening the club community with another team-branded piece of fandom.

The value of a token can be determined by its purpose and popularity, but as most tokens have a fixed or limited supply, their value is often related to supply and demand. But this is not always the case — with Ethereum for example, there is a fundamental intent to continue minting new tokens, covering transaction fees and executing smart contracts. However, speculation on the value of a token is (supposed to be) secondary to its actual use.

The Chiliz token is the first and most prominent fan token that has prompted an explosion of new tokens like the Manchester City Fan Token, AC Milan Fan Token, the Juventus Fan Token, and many more. These currencies have a brand new use case for crypto as innovation across the blockchain space reaches new highs.

 

How to Identify a Fan Token

Fan tokens generally are used as a part of fan clubs and sports clubs. They differ from other cryptos like Ethereum or Chainlink because they don’t solve the same financial or technical problems. In other words, they are more of a fun, rewards-based token.

Here are a few fan tokens that span both sports and music:

  • KPOP Fan Token
  • Professional Fighters League Fan Token
  • Paris Saint-Germain Fan Token
  • FC Barcelona Fan Token
  • Galatasaray Fan Token

In conclusion, looking at the growing popularity of fan tokens one can say that these cryptocurrencies will definitely give hard time to memecoins like Shiba Inu and Dogecoin.

 

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Can Mushe Token (XMU) Achieve 10× Like Fantom (FTM) And Algorand (ALGO)?

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Can Mushe Token (XMU) Achieve 10× Like Fantom (FTM) And Algorand (ALGO)?

Mushe Token (XMU) is looking to make sure blockchain technology becomes adopted by non-native crypto users

Mushe Token (XMU) is set to complete a 10× return on investment

Getting massive returns on investment is one of the main reasons many people invest in cryptocurrency. As a result of that, crypto enthusiasts are always looking out for cryptos that can offer them 10× investment.

Finding such coins is not easy, it’s either you get invested in trusted ones that have done this before or invest in newbies with massive potential.

Let’s take a look at some coins that have done 10× return on investment, with the potential to do another.

 

Fantom (FTM)

Fantom (FTM) is one crypto that has been trying everything possible to make sure it improves on its offerings. This increase has brought about good returns on investment for users who have been part of it.

Fantom (FTM) takes pride in its amazing transaction speed that is backed up with negligible fees.

The fact that it makes use of a Proof-of-stake consensus mechanism means it can attain huge numbers for speed.

The Proof-of-stake consensus mechanism is very popular among major blockchains that have impressive scalability. Its counterpart, proof-of-work is slower and more expensive.

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Fantom (FTM) can easily complete transactions of over 10,000 transactions per second and it still won’t be congested or delayed. The platform is making plans to start offering speed up to 300,000 transactions per second soon.

This upgrade is could help it achieve that famous 10× in terms of investment returns.

 

Algorand (ALGO)

Algorand (ALGO) is yet another coin that has given its users over 10× returns on investment since it came into power.

Algorand (ALGO) was created to help curb the issues of really slow transactions as well as heavy fees. It’s safe to say that it’s been living you to its name ever since creation.

Algorand (ALGO) has a permissionless protocol that allows it to carry out huge transactions at low fees with impressive speeds.

Mushe Token (XMU)

Mushe Token (XMU) is new crypto that has just entered the market. It’s been created to help complete peer-to-peer interactions. For new crypto, Mushe Token (XMU) has a lot to offer and that has led many crypto enthusiasts to believe that it could see price rises of 10× when it hits the market.

Mushe Token (XMU) is looking to make sure blockchain technology becomes adopted by non-native crypto users, thus making access to crypto offerings easier and smoother.

Mushe Token (XMU) is building a community that’s highly motivated, and ready to achieve all its goals with impressive community governance.

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Mushe Token (XMU) is built on the Ethereum (ETH) and has announced its plan to enter the Stellar (XML) network soon. Its developers have confirmed that they’ve accepted to carry out this switch because of the relatively low transaction cost that is associated with the network. Stellar (XML) is well-known for its unique offerings in the financial industry.

Mushe Token (XMU) is also making plans to build their very own metaverse called the Musheverse. The Musheverse will basically contain everything game and NFT when completed.

Traders who wish to access Stellar (XML) can do so via Mushe Token (XMU) as it will offer them liquidity access inside and outside.

All of these offerings and impressive use case makes it clear to investors and crypto enthusiasts that Mushe Token (XMU) might be able to offer over 10× returns on investment.

To get the best out of it, feel free to join in early.

Pre-sale: https://portal.mushe.world/sign-up

Website: https://www.mushe.world/

Telegram: https://t.me/musheworldXMU

Twitter: https://twitter.com/Mushe_World

Instagram: https://www.instagram.com/mushe_world/

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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.

Government of Cyprus to Submit ‘Attractive’ Crypto Bill

Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.

Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:

I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.

The government representative gave an example with Malta, the regulatory framework of witch attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.

The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.

“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.

The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.

Tags in this story

CBC, Central Bank, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Cyprus, deputy minister, ECB, EU, European Union, Fintech, Government, innovations, legal framework, Regulation, Regulations, rules

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Do you expect Cyprus to introduce crypto regulations before the European Union? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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