BTC takes wild ride
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 13th June 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
TON Exceptionally Perky These Days
Among Big Ten coins today, one coin is out front: Toncoin. TON gained 6% in the past 24 hours to reach $7.55 and is now twenty cents away from returning to its all-time high reached last Wednesday.
By contrast, total crypto assets fell 2.4% over the past day, one punctuated by macroeconomic-driven volatility.
New data shows The Open Network (TON) blockchain, which is adjacent to, and benefiting from, the Telegram platform, has recorded more daily active addresses than Ethereum nearly every day so far in the month of June (Cointelegraph).
“TON is a bet on Telegram’s distribution,” said Delphi Digital, a crypto research firm, noting the 900 million users of the messaging app which now includes trading bots and a viral click-to-earn game, Notcoin (NOT).
The NOT token, 62nd-largest in terms of market capitalization ($1.78 billion), reached its ATH of $0.02836 on June 2 on the back of tens of millions of riveted clickers.
TON the chain, in just a single day earlier this month, saw 568,300 unique wallets do a transaction. For context, Ethereum has not seen that kind of activity since the end of last summer.
What's down
Bitcoin Thrill Ride Comes To Rest
Surprisingly cool U.S. inflation data yesterday morning sent Bitcoin racing back toward $70K after the largest crypto had dipped to as low as $66,400.
But the spring-loaded jaunt didn’t last long. Yesterday afternoon, the Fed came out and, despite the CPI surprise, declared a plan to make merely one rate cut by year's end; markets had been hoping for stated guidance that there'd be two. BTC immediately sank to $68K.
"The past 24 hours have been a rollercoaster for Bitcoin," Decrypt said.
What's next
Terra Takes Its Lumps
Two years removed from the catastrophic Terra meltdown that rocked crypto to its core, Terraform Labs and its former CEO Do Kwon have agreed to pay U.S. federal regulators $4.5 billion in penalties.
In April, Kwon and his company were found liable on fraud charges in a civil lawsuit filed in New York by the SEC in the aftermath of the implosion of the Terra ecosystem in May 2022. At the time, the Terra stablecoin, UST, lost its peg, setting off a chain reaction that devalued Terra’s LUNA, resulting in $40B worth of valuation getting wiped out, to say nothing of the reverberations that ultimately bankrupted a slew of Terra-exposed crypto firms. Originally, the SEC asked for a $5.3 billion penalty. A judge still has to sign off.
Terraform Labs, currently in Chapter 11 bankruptcy protection, has about $150 million in assets remaining, according to trial testimony from its current CEO, Chris Amani.
LUNA, which is a coin now connected with rebooted Terra 2.0, fell 5% in the past day. It's about 54 cents. That represents a 40% increase compared to levels seen last September. LUNA's market cap is $370M, enough to put the token just inside the ranks of CoinGecko's Top 200.
And there is LUNC, the native asset of the original Terra chain, Terra Luna Classic. It shed 4% since yesterday. And while LUNC's market cap is approaching $600M, and despite supply-burning efforts that border on pyromania, it has lost momentum of late, and the technical outlook "remains precarious," CoinPedia said.
