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Binance Luna Classic news: the exchange raised leverage on LUNA Classic futures (LUNC) to 25x

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binance Luna Classic news

Binance Luna Classic news: On September 9, Binance announced the launch of a new perpetual LUNC token futures with leverage of 25x. The futures will be settled in USDT. The news helped the token resume growth after an intraday correction.

In May 2022, Binance delisted LUNA-linked derivatives and reduced leverage on perpetual contracts from 25x to 8x, citing a desire to mitigate the crisis.

Binance said it would support a transaction tax on LUNC transactions, which involves burning 1.2% of the transaction amount. Such a tax will be levied starting Sept. 20, on a block of 9,475,000, but will apply only to deposits, and withdrawals. It will not apply to margin and spot market transactions.

Earlier, the decision to impose a transaction tax on Terra Classic was approved by the ecosystem community. These measures are expected to help raise the value of the token.

Since the Luna token fell into the death vortex, the volume of coins in circulation has grown to 6.2 trillion. Therefore, despite its paltry value – $0.00045 at the time of publication – LUNC is in 27th place in the ranking of cryptocurrencies by market capitalization size.

Current price of Luna Classic and potential top of LUNC

Earlier, the LUNC exchange rate reached important resistance levels. The technical picture suggests that LUNC has already reached the top.

Moreover, the LUNC exchange rate has already started to decrease. On Friday the token tested the low at $0.00036, which is 40% below the peak. Then the price rushed upward again, forming a long lower shadow on the candlestick chart (green icon).

Despite that, the price is still within the A-B-C corrective structure and it is at risk of falling into the range of $0.00028-$0.00034, marked by the Fibonacci retracement levels.

Previously, we reported that Terra Classic introduced new transfer taxes on the network.

Cryptocurrency

Important for Dogecoin: This Metric Jumps by Almost 100% Amid DOGE Price Rally

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TL;DR

  • Dogecoin’s price surged past $0.20, with market cap nearing $30 billion, driven by increased trading volume and active addresses.
  • The rally coincides with speculative whale movements and endorsements from public figures like Elon Musk.

Dogecoin (DOGE) – often cited as the first meme coin – currently stands out as one of the market’s best performers.

Its price has spiked by over 30% on a weekly scale, surpassing the $0.20 mark for the first time since December 2021. DOGE’s market capitalization inches toward the $30 billion level, making it the ninth biggest cryptocurrency.

DOGE Price
DOGE Price, Source: CoinGecko

Key indicators related to the asset’s ecosystem have taken off, too. According to IntoTheBlock, aggregated daily volume (where each transaction is larger than $100K) has jumped by nearly 100%. Daily active addresses are also on the rise, registering a 13% increase.

DOGE trading volume for the past 24 hours has been impressive. CoinGecko’s data shows that the figure has climbed to $5.5 billion, thus surpassing Solana’s SOL ($4.1 billion) and Ripple’s XRP ($1.9 billion).

Dogecoin’s latest rally coincides with a slight resurgence of the cryptocurrency market and increased activity from whales. As CryptoPotato reported, a mysterious person (or entity) recently transferred more than 1 billion DOGE (worth over $200 million at current rates) to an unknown wallet. 

The move triggered speculation within the crypto community, with many members trying to guess who this whale might be. Some suggestions even pointed out to Tesla’s CEO Elon Musk, an outspoken proponent of the memecoin and a HODLer.

Not long ago, the world’s richest man said the EV giant may accept DOGE as a payment method “at some point.” Musk also promised to continue supporting the token, adding “Dogecoin to the moon.”

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Dogecoin (DOGE) Explodes 10% Daily, Bitcoin (BTC) Reclaims $70K (Market Watch)

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Bitcoin slumped hard yesterday and dropped below $69,000, but the bulls have taken charge since then, and the asset now stands well above $70,000.

While most alternative coins are slightly in the green, DOGE and BCH have gone on a tear with double-digit price gains overnight.

BTC Goes Above $70K

Last week was quite negative for the largest cryptocurrency, in which it fell to under $61,000 at one point and was down to $62,500 on Friday. The weekend finally saw a recovery attempt but BTC was stopped at $66,000.

It wasn’t until Monday that the asset started actually charting meaningful increases and soared to $70,000. More gains came on Tuesday and Wednesday that culminated in jumping to almost $72,000 yesterday.

However, the cryptocurrency failed to overcome that level, and the subsequent rejection pushed it south by over three grand to $68,500. The landscape now is quite different, and Bitcoin has returned to over $70,500 as the community’s anticipation for a $100,000 price tag grows stronger.

Its market capitalization has increased overnight but still stands below $1.4 trillion. Its dominance over the alts remains stagnant at just under 50% on CG.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

DOGE, BCH Go Up

Most altcoins were in a retrace mode yesterday but have managed to erase a large portion of the losses today. Binance Coin, Ripple, Toncoin, and Chainlink have increased by somewhere between 1% and 3%. Ethereum, SOL, ADA, and DOT are also in the green but in a more modest fashion.

Shiba Inu has gained over 4% overnight, but its increase is trumped by its older and larger brother – Dogecoin. DOGE has jumped by over 10% in a day and sits above $0.2.

Bitcoin Cash is the other notable gainer from the larger-cap alts. Just days ahead of its next halving, BCH has soared by 13% to over $550.

The cumulative market cap of all crypto assets has increased by about $50 billion overnight but still stands below $2.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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BlackRock CEO Remains Confident on Ethereum ETFs, Says IBIT Is The Fastest-Growing ETF

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In a recent interview on FOX Business, BlackRock CEO Larry Fink shared his insights on the potential for an Ethereum exchange-traded fund (ETF) amidst regulatory scrutiny.

Despite concerns over a possible designation of Ethereum as a security by the U.S. Securities and Exchange Commission (SEC), Fink expressed confidence in the feasibility of launching such an ETF.

SEC’s Stance on Ethereum Raises Doubts

BlackRock and several other ETF providers have submitted applications for a spot Ethereum ETF to the SEC. However, there are doubts regarding the agency’s approval of these ETFs as the May deadline approaches.

When asked about the SEC’s stance on ETH possibly being classified as a security, Fink refrained from providing detailed commentary but remained optimistic. “But I don’t think that designation is going to be too deleterious,” Fink stated, suggesting that such a designation wouldn’t necessarily hinder the creation of spot Ethereum ETFs.

It was recently disclosed that the SEC is exploring the classification of Ethereum as a security and has issued subpoenas to three companies for details regarding the Ethereum Foundation, a Swiss nonprofit important to the growth and advancement of the blockchain. This development has raised concerns about the possibility of launching an Ethereum ETF in the United States.

On the other hand, analysts in the field are sharing differing opinions. Bloomberg’s ETF experts James Seyffart and Eric Balchunas have voiced doubts, pointing to the SEC’s minimal interaction with filings as worrisome. However, Craig Salm has countered this argument, suggesting that the SEC’s lack of engagement shouldn’t necessarily signal the approval outcome.

Fink Bullish on Bitcoin

Despite these challenges, Fink remains optimistic about Ethereum’s and Bitcoin’s long-term prospects. BlackRock is not only pursuing an Ethereum ETF but also operates one of the most successful spot Bitcoin funds, the iShares Bitcoin Fund (IBIT), which has amassed over $17 billion in assets under management since its approval in January.

IBIT is the “fastest-growing ETF in the history of ETFs,” Fink stated on Fox Business. He also said he is “very bullish on the long-term viability of Bitcoin. We’re creating now a market that has more liquidity, more transparency, and I’m pleasantly surprised and would have never predicted it before we filed it that we were going to see this type of retail demand,” he added.

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