Terraform Lab’s token LUNA hit a new all-time high earlier today, analysts are bullish on a continuation of the uptrend.
The crypto startup has challenged the regulator for jurisdiction, refusing to comply with the investigation. (Also Read: Privacy for DeFi – Zero-Knowledge (ZK) proofs make it possible)
Terra’s uptrend started in November 2021, the token has posted 80% gains over the past month.
Terraform Labs has filed a complaint with a court to oppose the SEC’s investigation and efforts to compel the crypto startup to cooperate. The DeFi protocol’s CEO claims that the regulator mishandled the subpoena and does not have jurisdiction over the firm.
Terra hit a new all-time high at $84.47
Terraform Labs token LUNA hit a new all-time high earlier today. The token has posted nearly 80% gains over the past month, leading a rally of DeFi protocols.
Don Kwon, CEO of Terraform claims that the ongoing legal spat between the Securities & Exchange Commission (SEC) and the crypto startup is out of the regulator’s jurisdiction.
The SEC mishandled subpoenas of the Terraform Labs CEO and further attempted to compel the firm to comply with the investigation. The firm claims that the regulator does not have any legal rights over it.
Bitcoin Miner hodln – Terra (LUNA) now the second largest DeFi network
On the crypto market, sales continue to create a tense price situation. Meanwhile, there was a flip among the DeFi protocols. The market update.
The crypto market continued to take off at the beginning of the week. With a discount of 2.5 percent, the Bitcoin price moved further and further away from the 50,000 mark towards the end of the year. At the time of going to press, the key cryptocurrency was trading at USD 46,583. Ethereum (ETH) was also unable to maintain the 4,000 mark. The ether price is currently trading at 3,849, with a minus of three percent on a daily basis. BinanceCoin (BNB) also posted a setback of three percentage points, while Solana (SOL), Cardano (ADA) and Polkadot (DOT) fell between four and five percent. The winners are XRP and Terra (LUNA), each with a five percent price increase. Total market cap is down 2.2 percent in the past 24 hours to $ 2.28 trillion.
Miner in a hodl mood
While sales continue to have a grip on the price trend for Bitcoin, miners hold their stocks together. As the on-chain data service provider Glassnode writes on Twitter , the Bitcoin miner unspent supply, i.e. the amount of unspent Bitcoin, is just under 500 Bitcoin below the all-time high. In other words: Miners are currently tending to put the Bitcoin they’ve got for block processing on the high edge. Since miners throttle their sales and thus artificially cause a shortage at the trading venues, the Hodl strategy could avert a further downward trend, at least in the short term.
#Bitcoin miner unspent supply is currently sitting just 500 $BTC below ATH.— glassnode (@glassnode) December 20, 2021
These coins are issued to miners as a reward for solving a block, but have never been spent onchain.
Miners started HODLing significantly more $BTC since March 2020.
Live Chart: https://t.co/D2jZTD0O52 pic.twitter.com/vJy1G41Xvf
Terra now the second largest DeFi network
The current market situation hardly seems to rub off on one coin: Terra (LUNA). In a weekly comparison, the ninth largest crypto currency by market capitalization is 23 percent up. Front runner in the top 20: Even the high-flyer Avalanche (AVAX) “only” achieves 18 percent weekly growth.
One price driver is the increasing demand on the DeFi market. Terra is advancing on the popularity scale there and ousted the Binance Smart Chain as the second largest DeFi platform at the weekend . The Total Value Locked (TVL) at Terra is currently at $ 17.4 billion , according to Defillama , with a growth rate of 37 percent in the last seven days. The Binance Smart Chain is just below third with $ 16.5 billion, while Avalanche and Solana are battling for fourth place with a TVL of USD 11.6 billion each. Ethereum continues to play in its own league, with a TVL of $ 149 billion.