Bitcoin has been on a tear lately, hitting new highs and climbing back above $30,000. But at the same time as Bitcoin is surging back to life, other blockchains are struggling.
Terra’s mainnet launch was marred by bugs that rendered much of its intended functionality unusable until it finally went live two days later than planned.
Even though Terra would be prized to replace Ethereum as the world’s second most popular blockchain platform behind Bitcoin, many users were not willing to wait for Terras bad rollout and abandoned ship in droves before it even launched. .
With all eyes now fixed on crypto markets waiting for what happens next with both cryptocurrencies trading sideways around important key levels in anticipation of cryptos biggest event yet: The Mid-Term elections., we might see some more price dips ahead or possibly another attempt at breaking through resistance near $40k could take place before November 7th
The “which of the following is not a characteristic of blockchain” is an important question that many people who don’t know much about blockchain might ask. Blockchain is a decentralized ledger that can be used for recording transactions. There are several characteristics of blockchain, but one of the most important ones is the fact that it’s immutable.
Bitcoin (BTC) has risen from over $26,000 to over $30,000 in the last few hours, as the virtual currency attempts to rebound from the most recent crypto meltdown precipitated by the Terra ecosystem. The UST stablecoin, which is tied to the LUNA virtual currency, has just fallen, sending the crypto market down to its lowest position since early 2021.
After a recent price drop, Bitcoin has recovered.
Since its low point of $27,000 on May 12, 2022, Bitcoin has already regained 15% in the previous 24 hours. Despite being far from its $40,000 price level a week ago, the virtual currency has recovered and is presently trading at close to $30,500.
In recent hours, other virtual currencies have also rebounded. GALA (54.8%), GMT (52.2%), MANA (51.1%), and XEC (51.1%) were the biggest gainers in the previous 24 hours, according to CoinGecko statistics (48.5 percent ). UST (-82.9 percent), PAXG (-2.4 percent), and AXS are the largest losses (-2 percent ).
As a result, we can see that the cryptocurrency market has had a very good day, with only stablecoins seeing minor losses (between -0.1 percent and -0.5 percent ). Among the top 10, we have Ethereum (ETH), which has increased by 4.9 percent in the previous 24 hours, Binance Coin (BNB), which has increased by 11.1 percent, and XRP, which has increased by 15.5 percent.
Destruction of Terra’s Ecosystem
The cryptocurrency market crisis began with UST, the Terra ecosystem’s USD stablecoin, plummeting and losing its peg. This resulted in the creation of fresh Terra (LUNA) tokens, causing the price of LUNA to fall.
In April of this year, LUNA was $116 and on May 5th, it was $86. LUNA can now be bought for LUNA had a price of $116 in April this year and $86 on May 5th. Now, LUNA can be purchased for $0.00001302, which basically means that its price has gone to zero. It is also worth taking into consideration that the Terra blockchain has officially halted at block 7607789..00001302, implying that its price has dropped to zero. It’s also worth noting that the Terra blockchain has officially come to a standstill at block 7607789.
According to Terra’s official Twitter account, network validators have opted to shut down the network until they can devise a strategy to rebuild the whole ecosystem. There has been no official word from the @terra money Twitter account for 9 hours, and the blockchain network is still offline.
The Terra community is presently looking towards restoring a snapshot from before the assault and deleting TFL, completely collateralizing UST, and developing new LUNA procedures. Nonetheless, there are no clear remarks from the LUNA team at the time of writing this piece. As a result, this project may need some time before finding a way to restore faith and confidence in it.
It’s not the first time a project has crashed as LUNA did. BitConnect (BCC), a well-known Ponzi fraud, has already lost almost 99 percent of its value.
Ethereum has been the most popular cryptocurrency for quite some time now. However, it has been struggling to stay above $30,000 amid Terra’s blockchain halting. Reference: ethereum price prediction.
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