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Binance CEO Changpeng Zhao shared some crypto recommendations following the collapse of TerraForm Labs LUNA and UST Coins resulting in the loss of $40 billion and affecting the whole crypto market.   
The crash incident of LUNA/UST is a tragedy that has resulted in financial loss to many people, Changpeng Zhao commented in a blog post on May 20, 2022. CZ emphasized that Binance is always looking to protect clients from losses and conceded that crypto exchanges are limited to a community-proposed solution with numerous flaws.
Related Reading | Terra – A ‘Pyramid Scheme’ – Threatens The Crypto Ecosystem, Billionaire Says
Binance CEO Speaks About LUNA
He further stated that Binance offered to let TerraForm Labs concentrate on repaying retail investors on a priority basis. First, however, CZ highlighted that crypto space must grasp lessons from the crash of Terra. 
Changpeng Zhao stated,
Theoretically speaking, when you peg to one asset using a different asset as collateral, there will always be a chance for under collateralization or de-pegging. Even if it is over collateralized by 10x, the collateral asset can crash more than 10x. Nothing is 100% stable (relative to something else) in this world
“I think the most stupid decision a project can make is thinking that minting more of an asset will increase its total value,” CZ explained. He went on to say that the minting of more LUNA only made the situation worse because this solution diluted the value for existing token holders.
Bitcoin is trading at $29,411 with slight growth of 0.80% | Source: BTC/USD price chart from Tradingview.com
As per Zhao, apart from increased minting implementation, a fierce incentives policy is another cause of the LUNA crash. He also quoted the example of the Anchor Protocol, which promoted in-organic growth by dedicating 20% APY. Although incentives are an easy way to charm customers, the user bases are the main reason for the long-term stability of a project, CZ said.
The Binance CEO argued that while Terra has an ecosystem with some use cases, the network’s growth did not keep up with the rate it offered new users incentives. He referred to the progression of Terra as hollow and ultimately exploded like a bubble. 
Terra exhibited a weak stance against de-pegging UST, and the company did not act immediately enough to use its reserves to reinstate the peg. If TerraForm Labs had used its reserves when the de-peg was at 5%, it would have avoided an entire incident, said the Binance CEO. 
Related Reading | Terra Loses More Form: Do Kwon Faces Tax Evasion Charges; Law Firm Sues To Seize Properties
As per CZ, the Terra team did not adopt a proactive approach to utilize the available $3 billion reserves for recovering UST’s peg, and the stablecoin collapsed by 99%. He concluded the lesson that crypto projects must be receptive to the operations and communicate to their customers every time, particularly during crises.   
Featured image from Pixabay and Chart from Tradingview.com
 


Binance CEO Changpeng Zhao shared some crypto recommendations following the collapse of TerraForm Labs LUNA and UST Coins resulting in the loss of $40 billion and affecting the whole crypto market.    The crash incident of LUNA/UST is a tragedy that has resulted in financial loss to many people, ...

bitcoinist.com

Binance CEO Shares Lessons From The Crash Of LUNA, UST Coin

The bear market has been quite harsh to all major altcoins including Ethereum. Over the past 24 hours ago, the coin dipped by 4%. In the last week however, Ethereum tried to stage a recovery. The bears continued to drag prices down despite that.
Buyers of Ethereum have tried to remain calm throughout most of the downswing. The consistent push by the bears have caused the altcoin to experience less to almost no recovery. The technical of the coin  also pointed towards further fall in price before Ethereum starts to rise on the chart again.
In the recent developmental front, the altcoin has announced for its possible merge to happen in the month of August this year. It is to be seen if the altcoin’s price reacts positively to this news. A likeliness of a trend reversal cannot be ruled out as the chart below depicts it.
Ethereum Price Analysis: One Day Chart
 Ethereum was trading at $1934 on the one day chart | Source: ETHUSD on TradingView
Ethereum was exchanging hands at $1900 at the time of writing. Continued fall below the current price level would cause the coin to trade at $1700. If buyers continue to remain scanty the coin could note a further 30% downfall and trade near $1200.
On the flipside the coin can trade above the $2000 mark slightly and then attempt to trade above the $2200 mark. The volume of Ethereum traded was still seen in red because bearish pressure had not declined in the market.
Technical Analysis
 Ethereum continues to be underbought on the one day chart | Source: ETHUSD on TradingView
A chance of a possible downswing cannot be ruled out because the one day chart depicted at death cross. A death cross occurs when the short term moving average is below the long term moving average. On the SMA, 20-SMA was seen below the 50-SMA indicating weakness of ETH’s price in the market.
ETH’s price was below the 20-SMA line because sellers were driving the price momentum in the market. The Relative Strength Index was also weak in accordance with other techincals. RSI was below the zero-line, just above the 20-mark. This reading meant sellers preceded the number of buyers heavily at the time of writing.
 Ethereum depicted negative price momentum on the one day chart | Source: ETHUSD on TradingView
Moving Average Convergence Divergence depicts the price momentum of the market. MACD flashed red histograms beneath the zero-line which indicated a continued bearish price action for the coin.
Awesome Oscillator also demonstrated green histograms below the half-line, in accordance with the MACD. AO flashing histograms below the half-line indicated a sell signal for Ethereum.
Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover
Possibility Of A Price Reversal?

Ethereum formed a falling wedge pattern on the one day chart. A falling wedge pattern in associated with a change in current price action or a trend reversal. At the moment Ethereum was on a bearish price momentum.
As falling wedge pattern was formed chance of the coin rebounding cannot be ignored. In case of a northbound movement, first resistance was at $2093 and then at $2200 respectively. For the bearish stance to be invalidated, Ethereum needs to trade above the $2900 mark.
Related Reading | Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support
Featured image from UnSplash, Charts from TradingView.com


The bear market has been quite harsh to all major altcoins including Ethereum. Over the past 24 hours ago, the coin dipped by 4%. In the last week however, Ethereum tried to stage a recovery. The bears continued to drag prices down despite that. Buyers of Ethereum have tried to remain calm throug...

newsbtc.com

Ethereum Could Tank Further; Here’s What The Charts Say

Dogecoin has been on the decline ever since it hit its all-time high back in May of 2021. This was at the height of the bull market when billionaire Elon Musk was at his peak of shilling the meme coin. Since then though, the digital asset has not fared as well. It has hit one of the worse declines that have seen it lose almost 90% of its all-time high. Interestingly, its investors are not faring as bad as one would think considering such a decline.
53% Remain In Profit
For some, investing in a meme coin such as Dogecoin can be likened to gambling. This is why a lot of holders have been advised to take their profits. Nevertheless, there are millions who continue to hold and believe in the meme coin. For a large portion of these investors, it is still paying off almost a year after the all-time high as their holdings still see them in profits.
Related Reading | Survey Shows 40% Of Americans Want Metaverse Gym Memberships
A total of 53% of all investors are still in profit according to data from IntoTheBlock. This means that even though Dogecoin is down 88.23% from its all-time high, it is still one of the most profitable ventures for investors, mainly those who had gotten in earlier. This figure puts it ahead of the leading cryptocurrency Bitcoin, whose investors are only 51% in profit, and slightly below Ethereum, which still sees 59% of all investors in profit.

DOGE market cap trending at $11.5 billion | Source: Market Cap Doge on TradingView.com
An important distinction is a fact that those in profit are those that have usually held their tokens for more than one year. This puts them at a buying price much lower than the current price. For shorter-term holders, they are either currently in the neutral territory (1%), or in loss (46%).
Optics For Dogecoin
Dogecoin price has now fallen below 10 cents after holding above this level for the longest time. This puts it among some of the highest losers among the largest coins in the last year. As a meme coin, it usually relies on hype for any significant movement and since that has been scarce, the digital asset has had a hard time holding its value.
Related Reading | Shiba Inu Holdings Of Ethereum Whales Decline Almost 50%
This recent downtrend has put it below the 50-day moving average. It paints an all-around bearish picture for both the short and long-term given that its ability to stay above this point would have been an indicator that a recovery was in play. Instead, it looks like the digital asset is headed for more losses before the market enters the next bull cycle.
Dogecoin is trading at $0.087 at the time of this writing. It remains the largest meme coin with a market cap of $11.5 billion.
Featured image from MarketWatch, chart from TradingView.com
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Dogecoin has been on the decline ever since it hit its all-time high back in May of 2021. This was at the height of the bull market when billionaire Elon Musk was at his peak of shilling the meme coin. Since then though, the digital asset has not fared as well. It has hit one [&#8230;]

Majority Remain In Profit Even As Dogecoin Is Down 88% From ATH

Investors continue to trade the LUNA token despite its enormous fall, seeing the coin lose 99% of its value from $62 on May 9 down to less than a cent by May 14. However, on May 20, LUNA remains the most trending cryptocurrency searched on CoinMarketCap.
With a market cap of $918 million, LUNA is trading at $0.00013 per coin. The coin has gained 1% in the last 24 hours and 75% last week.  
Related Reading | Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up
It’s worth noting that even though the price of this cryptocurrency had fallen dramatically over the past few days and South Korean officials were looking into penalizing its inventor for $78 million in tax avoidance, we see the coin trending higher than ever before.
The South Korean authorities are investigating why the value of Terra’s dollar-pegged stablecoin, UST lost its peg on May 9. The market for this coin quickly melted down within four days. As a result, the stablecoin lost $18 billion. This affected not only the stablecoin UST but also all networks built upon it, duch as LUNA, whose price plummetted from $62 per coin down to a fraction of a penny.
 LUNA is currently trading at $0.00013 with a 1% increase | Source: LUNA/USD price chart from Tradingview.com
Tax Authorities Fined LUNA Founder For Avoiding Taxes
In order to investigate, both South Korean regulatory bodies, the Financial Supervisory Service and the Financial Services Commission called the local cryptocurrency exchanges to submit the transactions data. 
The information requested from the local exchanges includes trade volumes for LUNA and UST as well the number of investors who have suffered losses because their investments declined during this time period.
On the data request, a local exchange operator, Yonhap, said;
It seems that they collected this information in order to minimize damage to investors in the future.
The Korean National Tax Service has found that Terra’s parent firms have avoided paying corporate and income taxes. The company moved LUNA from its software firm, Terraform Labs, to Singapore’s Luna Foundation Guard (LFG) to avoid paying taxes.
Do Kwon was fined $78 million by the tax department for acquiring and selling $3 billion in Bitcoin LFG. In addition, the Terra inventor could face further fines from the tax department.
The NTS requested that Do Kwon and Daniel Shin pay $100 million in taxes in December. However, the two men declined since their company, Terraform Labs, is domiciled in Singapore. The NTS argues that all of Terraform Lab’s operations are controlled from South Korea, but the two men maintain that their business is conducted primarily in Singapore.
Related Reading | Tether Cuts 17% Of Its Commercial Paper Holdings Over Q1 2022
In addition, only a few days before Terra collapsed, Do Kwon attempted to dissolve Terra’s Korean entities. There is speculation among onlookers about how long before the chain crumbled, Do Kwon had been prepared for Terra’s downfall.
The founder of Terra is being sued by 200,000 people in Korea who invested in either LUNA or UST.
                Featured image from Flickr, and chart from Tradingview.com
 


Investors continue to trade the LUNA token despite its enormous fall, seeing the coin lose 99% of its value from $62 on May 9 down to less than a cent by May 14. However, on May 20, LUNA remains the most trending cryptocurrency searched on CoinMarketCap. With a market cap of $918 million, LUNA is...

Investors Continue To Trade LUNA Despite Massive Crash

The second version of a crypto whose predecessor is embroiled in lawsuits finds itself defying the odds on the price charts.
SafeMoon (SFM) is the rebranded follow-up to SafeMoon (SAFEMOON), a so-called meme coin that initially skyrocketed after launching to great fanfare due to celebrity hype in March of 2021 before crashing two months later.

The new version of SafeMoon is targeting the decentralized finance (DeFi) space by building its own exchange, which is currently under construction, as well as offering a branded credit card that is accepting pre-launch sign-ups. The SafeMoon wallet is live and can be downloaded from the App Store or Google Play.
According to the project website, SafeMoon is also interested in creating products for the metaverse, commerce and non-fungible tokens (NFTs).
While v2 of SafeMoon moves ahead, the original incarnation is caught up in three class-action lawsuits.
Bloomberg Law reports that the founders of SafeMoon LLC are accused of defrauding investors for hundreds of millions of dollars via artificial price inflation after it was revealed that network transaction fees were not actually locked in liquidity pools as stated.
The U.S. Securities and Exchange Commission (SEC) is also going after SafeMoon for failing to register the crypto asset as a security. Last May then-incoming SEC head Gary Gensler made a point of calling out many cryptos as securities and expressed his intention to regulate the industry.
SafeMoon launched in March of 2021 with a price of $0.000000044360, then skyrocketed to an all-time high of $0.000010943471 in less than two months, before a cascade of controversies brought it back down to earth. After a November rally to $0.00000635, SAFEMOON resumed its decline and is currently worth a mere $0.000000108860.
SFM, which debuted on December 21st of last year, has recovered nicely after the overall crypto market crash last week, with SafeMoon rising 134% from a May 11th low of $0.000282 to its current trading price of $0.000660.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/Hangouts Vector Pro/Natalia Siiatovskaia
The post DeFi Altcoin Rebounds by More Than 92% From Last Week’s Crypto Crash Despite Class-Action Lawsuit appeared first on The Daily Hodl.


The second version of a crypto whose predecessor is embroiled in lawsuits finds itself defying the odds on the price charts. SafeMoon (SFM) is the rebranded follow-up to SafeMoon (SAFEMOON), a so-called meme coin that initially skyrocketed after launching to great fanfare due to celebrity hype in...

Enjin Coin price	$0.706701
Low - High 24H	$0.668624 - $0.707429
Market cap	$660.62M
Volume 24H	$77.21M
All time high	$4.82 -85.33% November 25th 2021
All time low	$0.01866 3689.16% November 12th 2017
Genesis date	N/A

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