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Terra Luna Classic Delegates Another 30M LUNC To Hexxagon, What’s Happening?
The Terra Classic Foundation recently made a significant announcement on X (formerly Twitter). The Terra Luna Classic team has delegated an additional 30 million LUNC to Hexxagon. This brings their total delegation on Terra Classic to a substantial 930 million LUNC. The Foundation expressed optimism about the future, celebrating the milestone.
Hexxagon is a key player in the Terra Luna Classic ecosystem. It runs and maintains important platforms like Galaxy Station and Galaxy Finder. These platforms are crucial for the Terra Classic community. Moreover, they offer node hosting and staking services, ensuring the smooth operation of the network.
Background On Hexxagon In Terra Luna Classic Community
Almost a year ago, on July 28, 2023, Terra Luna Classic‘s core developer group, Joint L1 Task Force (L1TF), unveiled a collaboration with Hexxagon. Hexxagon is not just a validator but also a team of skilled developers. The collaboration aimed to enhance security for the community-owned Station, Finder, and web wallet extension.
However, the community had mixed reactions to this partnership. The skepticism stemmed from Hexxagon’s links to the developer group Terra Rebels, which the community distrusts. Despite this, the partnership went ahead with a clear goal: to build a secure, community-owned wallet. This initiative was funded through Proposal 11645, which the community approved.
Hexxagon took on the responsibility of developing key components like the Station, Finder, and wallet web extension. They also manage the maintenance and infrastructure related to these platforms. In addition, the Joint L1 Task Force assists by conducting assessments, reviewing, and checking all pull requests to ensure everything runs smoothly.
A unique aspect of this collaboration is the operational structure. Hexxagon and L1TF operate under the same account, owned by the Joint L1 Task Force. The alliance is known as the Terra Classic Task Force. Professor Edward Kim has authority over the “terraclassic.community” domain, adding another layer of oversight.
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Potential Impact On LUNC Price
The recent delegation of 30 million LUNC to Hexxagon has garnered attention within the Terra Classic community. Most members view this as a positive step towards strengthening the network’s infrastructure. Moreover, they believe that Hexxagon’s involvement will enhance the reliability and security of the Terra Classic ecosystem.
From an economic perspective, this significant delegation could impact the price of LUNC. Increased delegation often signals confidence in the network, which can attract more investors. If Hexxagon successfully enhances the network’s infrastructure, it could lead to increased usage and demand for LUNC.
However, the community’s trust is crucial. If Hexxagon and L1TF can demonstrate transparency and effective management, it might positively influence LUNC price. Conversely, any missteps could lead to volatility and uncertainty due to the network’s infamous history.
At press time, the Terra Classic price was down by 1.83% to $0.00008063 on Tuesday, July 2. Meanwhile, the LUNC market capitalization stood at $441.41 million. Whilst, Terra Classic trading volume slumped 7.59% to $14.24 million.
However, the Terra Luna Classic community has rallied efforts to initiate LUNC token burns. On Monday, Binance, the biggest cryptocurrency exchange in the world, sent 1.7 billion Terra Luna Classic (LUNC) tokens to its burn wallet. This marks the 23rd batch in Binance’s ongoing effort to reduce the LUNC supply.
With this latest transaction, Binance has burned almost 62 billion LUNC in total. Moreover, the Terra Luna Classic community has collectively burned more than 125 billion LUNC tokens so far. Since 2022, Binance has supported the Terra Luna Classic community’s revival efforts through its monthly token burn mechanism.
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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.
The crypto market eagerly awaits the crucial economic indicators and key events that are likely to shape Bitcoin and altcoins trading this week. Notably, the recent weeks have been highly volatile, with Bitcoin price noting a free fall last week. Given the recent governments’ Bitcoin dump and Mt. Gox’s repayment concerns, optimism over both BTC and altcoins seems to have faded.
So, let’s explore the key events that are likely to impact the Bitcoin and altcoins trading next week.
Bitcoin And Altcoins Braces For Key Events This Week
US Inflation Data To Drive Sentiment
The release of crucial U.S. inflation data this week could significantly impact Bitcoin and altcoins trading. On Thursday, July 11, the U.S. Labor Department is expected to release the Consumer Price Index (CPI) and core CPI data. The crypto market would keep a close track of the data as it would likely help set the future stance of the Federal Reserve with their rate-hike plans.
Simultaneously, the U.S. Producer Price Index (PPI) data is expected to be released on Friday, July 12, which would also shed light on the current inflationary pressures in the U.S. Notably, both these CPI and PPI figures are pivotal for the Federal Reserve’s policy rate decisions.
Recently, Fed Chair Jerome Powell indicated that more confidence is needed in inflation trends before easing monetary policy. Considering that Bitcoin and altcoins may face heightened volatility based on these upcoming economic indicators.
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Fed Chair Jerome Powell’s Testimony
Investors are gearing up for Fed Chair Jerome Powell’s upcoming testimony, a key event expected to influence Bitcoin and altcoin trading this week. Powell’s insights on monetary policy and economic conditions will be closely monitored, as they are likely to impact market sentiment and trading strategies.
This testimony comes at a crucial time, with digital assets showing heightened sensitivity to macroeconomic cues. Market participants anticipate that Powell’s remarks could drive significant shifts in Bitcoin prices and the broader cryptocurrency market.
For context, Fed Chair Jerome Powell is scheduled to give his testimony to the Senate Banking Committee on July 9. Besides, he would be delivering the same testimony to the House Financial Services Committee on July 10.
Where Bitcoin And Altcoins Are Heading?
If the inflation data comes in cooler than expected, the crypto market might witness a robust surge with increasing investors’ confidence. However, if the data suggests that inflation, which has been cooling off lately, is taking another direction, it could dampen the market sentiment.
Meanwhile, Bitcoin along with the altcoins has noted significant selling pressures lately, due to the German and the U.S. Governments’ Bitcoin dump. In addition, Mt. Gox repayment concerns in Bitcoin and BCH have also fueled uncertainty in the market.
However, despite that, several positive indicators might help boost the market sentiment in July. For instance, Bitcoin and other digital assets tend to show a positive performance in July, historical data shows. Although historical data doesn’t guarantee future performance, it has bolstered market confidence.
Simultaneously, the anticipation over the upcoming U.S. Spot Ethereum ETF approval in mid-July would also trigger a rally in the altcoins sector. Despite that, the inflation figures and other macroeconomic factors are likely to impact Bitcoin and altcoins trading this week.
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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.
In the aftermath of a class-action lawsuit filed against Lido DAO in the United States District Court for the Northern District of California, the Ethereum staking service has recently started voting to appoint an entity to respond to the pending class-action litigation.
The lawsuit, filed on April 3 this year, alleges Lido DAO to have violated security laws as it operates as a “general partnership” that “runs an Ethereum staking business.” Particularly, LDO tokens or related transactions are unlawfully offered or sold to the public, the plaintiff argued. This legal development has sent shockwaves across the industry.
Lido DAO Starts Voting: Here’s Why
On June 27, the U.S. court ruled that the legal process had been served adequately on Lido DAO via public postings by the plaintiffs. The staking service provider was offered 14 days to respond.
A failure to respond within the given time frame could lead to a default judgment by the court, based on the plaintiffs’ claims. This potential outcome poses a significant threat to the project.
In an effort to mitigate these risks, the community has initiated a voting process to appoint an entity to respond to the pending class-action lawsuit. The voting went live on snapshot.org, promptly gaining significant traction across the broader market.
Notably, the proposal suggests authorizing Dolphin CL, LLC to file a motion to dismiss the class-action suit. However, it’s clarified that Dolphin CL will not serve as the general representative or proxy of Lido DAO and will only file a motion on its behalf.
Meanwhile, at press time, the proposal’s odds of passing appear to have gained significant favor. A staggering 51 million voted yes, amounting to 100% of total votes. Not a single vote was against the proposal.
Also, the community spotlighted that not passing the proposal could present further risks to the project, as although not sure, the default judgment could hamper community operations.
In the interim, LDO, the native token of Lido DAO, traded sluggishly, coinciding with legal uncertainty.
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LDO Price Dips
As of writing, the LDO price dipped 4.12% over the past day despite the broader market uptrend. The token traded at $1.55, with its daily lows and peaks being $1.55 and $1.63, respectively.
The weekly chart showed a 20.86% plunge in value, while the monthly chart showed a 30.66% fall. This sluggish price action coincides with the lawsuit, sparking bearish sentiments.
It’s worth noting that cryptocurrencies such as XRP and ETH are prime examples of how regulatory uncertainty negatively impacts price. Crypto market enthusiasts await further developments on the matter.
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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.
Ripple XRP Case Update: After the latest order issued by the court in which it granted in part and denied in part the motion for summary judgment, a district judge referred the lawsuit for settlement and set dates for motions. The judge indirectly sided with the SDNY court’s ruling that XRP programmatic sales are not securities.
Ripple Lawsuit Set for Further Proceedings
The court has announced dates for further motions and hearing on unresolved claims, including a misleading statement
made by Ripple CEO Brad Garlinghouse regarding his “long” position on XRP, according to the latest filing in the court.
Judge Phyllis Hamilton has set a July 8 deadline to file the narrowed motion to seal. The court will issue a separate order on the narrowed motion to seal.
Moreover, the judge gave the parties 28 days until July 26 to file a notice indicating whether they continue to seek the exclusion of four experts’ testimony. Ripple’s motion to exclude the testimony of Steven P. Feinstein was denied as moot, and plaintiff’s motion to exclude the testimony of S.P. Kothari and M. Laurentius was denied as moot.
This Zakinov v. Ripple Labs case was referred to Magistrate Judge Robert Illman for resolution between the parties. Judge Hamilton agreed with SDNY Judge Torres’ summary judgment on XRP programmatic sales, plaintiffs failed to prove that XRP is a security as investors rely on Ripple’s efforts for profits.
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XRP Price Trades Under $0.45 Ahead Judge Torres’ Final Judgment
Whales and investors sold XRP amid the crypto market crash. XRP price has now recovered to hit a 24-hour high of $0.438, up more than 4% in the last 24 hours. The upside momentum came with low trading volumes as whale accumulation and buying by known investors such as pro-XRP lawyer Bill Morgan.
At press time, XRP price is trading at $0.436 after recovering a 24-hour low of $0.4195. The price fall below $0.40 saw massive buying with $132 million volume in an hour, indicating a bullish sentiment on XRP.
XRP community now awaits Judge Torres’ decision on penalties and injunction in the remedies phase in Ripple Vs SEC lawsuit. Lawyers claim a verdict is expected by July-end.
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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.
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