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LUNC Price To Rally Amid Massive Binance Burn As Over 1 Trillion LUNC Staked
Terra Luna Classic community looks for a massive LUNC burn in the next week by crypto exchange Binance as part of its LUNC burn mechanism. LUNC saw its total supply drop to 6.78 trillion after the enormous trading volumes and burn recently.
Delegators have also staked significantly with Terra Luna Classic validators, bringing the total LUNC staked to over 1 trillion.
Terra Luna Classic Community Eyes Massive Burn
Terra Luna Classic community awaits Binance LUNC burn mechanism to provide the necessary push to reduce LUNC tokens supply. Massive trading volumes this month sparked speculation of a higher amount of LUNC burn by Binance. The crypto exchange has burned nearly 60.42 billion LUNC, accounting for 48.8% of the total LUNC burned by the community.
The community has burned nearly 124 billion LUNC until now, with 71 billion by sending to burn wallet and 53 billion through on-chain burn.
In the last 7 days, almost 7 billion LUNC burn came from as whales and investors moved LUNC from centralized crypto exchanges. Total fees accrued from these transactions were 8.34 billion LUNC.
Total LUNC staked has skyrocketed to above 1 trillion, providing enough support from validators and the community. The staking ratio has increased to 14.83%. Moreover, the community pool reserve saw the required boost, with 6.22 billion LUNC and 12.37 million USTC. It gives the community enough funds for development activity.
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LUNC and USTC Price Performance
The Terra Luna Classic community has not yet accounted LUNC and USTC burn from Terraform Labs and Luna Foundation Guard wallets. Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned.
The community will also implement Tax2Gas with the potential to increase LUNC burn massively in the coming months. It is expected to be completed by July.
Terra Classic price trading mostly sideways in the last 24 hours, with the price currently trading at $0.00008137. The 24-hour low and high are $0.000081 and $0.000083, respectively. Moreover, trading volume has decreased by 53% in the last 24 hours, indicating a lack of interest among traders.
The burn events are going to bring enough trading volumes and upside price action, with a breakout above $0.000090 confirming further uprise move.
Meanwhile, USTC price also fell over 0.62% as trading volumes dipped by 40% in the last 24 hours. The 24-hour low and high are $0.01758 and 0.01815, respectively.
Also Read: Binance To Delist Shiba Inu, Chainlink, Memecoin, & 4 Other Crypto, Prices To Dip?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Charles Hoskinson, a prominent figure in the blockchain industry and founder of Cardano (ADA), has expressed concerns about the current U.S. administration’s approach to cryptocurrency. He argues that the upcoming elections present a critical opportunity for the cryptocurrency community to use their votes strategically to steer policy.
Charles Hoskinson Blasts Biden’s Crypto Regulatory Approach
Charles Hoskinson has been outspoken about the detrimental effects of President Joe Biden‘s policies on the cryptocurrency sector. He highlights the administration’s support for the Securities and Exchange Commission’s (SEC) aggressive regulatory tactics, which he terms “regulation by enforcement.” Charles Hoskinson says this approach has stifled innovation and contributed to significant job losses within the burgeoning trillion-dollar industry.
Charles Hoskinson advises that US voters must vote wisely if they want a better future. The blockchain debate has spilled over into politics.#Cardano $ADA pic.twitter.com/L17dtazfXZ
— Cardanians (CRDN) (@Cardanians_io) July 1, 2024
Moreover, he is critical of the lack of a Democratic primary, suggesting it could have exposed what he perceives as Biden’s declining competence. Hoskinson’s critique extends to a broader disappointment with the media’s portrayal of the situation, which he feels fails to hold the administration accountable for these perceived missteps.
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Crypto Leaders Seek More Favorable Regulations
Other key players in the blockchain arena, including Messari CEO Ryan Selkis and the Winklevoss twins, support Hoskinson’s viewpoint and are dissatisfied with the current regulatory environment. Similarly, CEOs from major companies like Coinbase and Ripple (XRP) have transformed the crypto lobby into a significant political force, illustrating the industry’s growing readiness to influence policy directly.
Additionally, Anthony Scaramucci, a well-known figure in the investment and crypto sectors, offered only a tepid endorsement of Biden, preferring this to the unpredictability of former President Trump’s administration. These leaders and Hoskinson are pushing for more favorable regulatory conditions for the cryptocurrency industry to thrive.
Crypto Policies Key in Upcoming Elections
In response to these ongoing challenges, Charles Hoskinson urges the crypto community to become single-issue voters focusing on cryptocurrency policy in the upcoming elections. This strategy aims to shift the political landscape to support the technological and economic advancements that blockchain technology can offer better.
Earlier criticisms from Charles Hoskinson include a strong rebuke of a memo circulated among Democrat Committee members, poised to influence a significant hearing on digital asset regulation. This instance, among others, fuels his campaign to encourage critical consideration of crypto policies among U.S. voters.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana (SOL) has gained traction as crypto assets start the week with slight gains. A look at the market shows crypto prices attempt a breakout after previous losses. At press time, the total market cap grew to $2.31 trillion, a 2.33% increase in the last 24 hours sparking a wider bullish projection.
Assets like Solana outpaced the market in the last attempted rebound as price fluctuations continued. Today, SOL price maintains a lead in weekly gains among the top 10 assets rallying on the heels of previous inflows after two ETF applications. While bulls eye the $150 mark, bears opine that poor sentiments and volatility might make the mark unsustainable.
Solana To Climb?
Solana’s price has moved above other assets in the top 10 cryptos by market cap except for Cardano (ADA). SOL trades at $148.15, a 3.78% increase in the last 24 hours behind only ADA with a 5% rebound. The asset’s growth takes its market cap above $68.5 billion while daily trading volumes jumped a massive 45.8% to $1.89 billion.
The weekly growth of Solana points to a renewed upswing as it notched over 16% gains while monthly figures are still in the red zone. Based on recent on-chain data, market analysts have projected an upward trajectory for the asset.
At the moment, SOL is behind previously hit resistance levels after taking a tumble with the wider market. As a result, a reduced uptick was recorded in Solana meme coins and decentralized finance numbers, bearish traders argue.
Bulls Look To Spot ETF
The recent filing of spot Solana ETFs remains a major driving factor for the asset’s price. This year, ETFs have rallied the crypto market following huge institutional investments in the sector. Spot Bitcoin ETF approval in January changed the dynamics after the asset soared to an all-time high above $73,000. Ethereum products are also expected this summer which also ignited bullish activity. Solana holders point to institutional inflows as a pathway to sustained growth.
Also Read: Dogecoin Price To Attempt $2 With Memecoin Supercycle Says Analyst
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Coinbase Prime has landed a $32.5 million contract with the U.S. Marshals Service (USMS). The partnership mandates Coinbase Prime to custody and manage large-cap digital assets. This collaboration marks a critical step in utilizing blockchain technology for government asset management and reflects a strengthening trust in digital currencies’ viability and security.
Coinbase Prime Secures Major Government Contract
Coinbase Prime will offer advanced trading services and custody solutions, managing the considerable volume of digital assets seized under the US government’s forfeiture programs. The selection of Coinbase for this role followed a thorough competitive evaluation, showcasing its capability to operate securely on a large scale. The agency has emphasized the need for professional, lawful management and disposal of cryptocurrency assets, which must align with the stringent policies of the Department of Justice and USMS.
Moreover, the contract aims to enhance the efficiency of the processes involved in handling digital assets. By consolidating custody and management operations, the USMS intends to improve the administration and liquidation of these assets. The arrangement also supports the diversification of cryptocurrency types that the government can manage and dispose of, broadening the scope of its digital asset capabilities.
Also Read: Circle Bags MiCA’s E-Money License For USDC and EURC
Coinbase Sues U.S. Agencies Amid Challenges
The agreement with the USMS comes when Coinbase has faced significant scrutiny and legal challenges from U.S. regulators, including the Securities and Exchange Commission (SEC). Last year, the SEC filed a lawsuit against Coinbase for operating without proper registration, a case still progressing through the judicial system. Despite these hurdles, Coinbase continues to assert its presence in the digital asset space, recently suing several federal agencies over alleged discriminatory practices against the cryptocurrency sector.
Despite these controversies, Coinbase Prime has demonstrated robust performance in institutional trading. As of the first quarter of 2024, the platform safeguarded assets worth approximately $330 billion and recorded significant institutional trading volume. This ongoing success and the new partnership with the USMS underline growing institutional confidence in Coinbase’s capabilities and cryptocurrency’s legitimacy as a substantial asset class.
Also Read: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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