Where is Bitcoin Heading Following Terra Luna Turmoil?

Following the collapse of Terra Luna some volatility was seen across the leading cryptocurrencies, Bitcoin and Ethereum. UST lost its peg to the US Dollar and despite efforts of the Lunda Guard Foundation (LFG) to repeg UST it was unsuccessful.

Timeline of Bitcoin, Terra-luna

The South Korean Government is reportedly planning to summon Terra founder Do Kwon for a parliamentary hearing over the Terra crash. The move comes after Terra's value imploded from over $40 billion to barely $1 billion in the span of a week.

Terra continues to falter and dipped below $0.04 while Bitcoin maintained the $30,000 price level so let's have a closer look at our latest altcoin news. UST continues to chart new lows as Terra continues to falter below $0.04 and BTC stands slightly over $30,000.

Last week's crypto crash leads to $1.2 billion in BTC liquidations while Terra's LUNA went to zero so let's read more in today's latest altcoin news. Some bitcoin traders saw their accounts wiped out in the last week's correction and the derivatives traders lost over $1.2 billion in liquidations.

Do Kwon aims to fork LUNA's blockchain and make Terra Classic a part of the new strategy to save the network and ditch the UST stablecoin so let's read more today in our latest cryptocurrency news. Under the new plan proposed by Do Kwon, the new chain will be called Terra Classic and won't use

Bitcoin, the bellwether for the crypto market, took a beating this week by hitting a 52-week low, falling down to $25,402. This week's massive variations are directly linked to the troubles of TerraUSD(UST). Terra's UST stablecoin lost its peg with the U.S dollar, resulting in a crypto market crash, leaving an impact of billions of …

In a preliminary vote, the Terra community has opposed founder Do Kwon's proposed revival plan to fork the Terra chain into a new chain without the algorithmic stablecoin. Moreover, the Terra community believes burning will be the best option as suggested by Binance CEO Changpeng Zhao.

The recent drop in cryptocurrency prices has mirrored a stock market sell-off. The declines suggest that digital currencies may not be a trustworthy investment during economic uncertainty.

After breaking down below it on May 10, bitcoin (BTC) is currently attempting to reclaim the $30,500 horizontal area and potentially validate it as support once more. The post Bitcoin (BTC) Attempts to Find Support Above $30,000 appeared first on BeInCrypto.

According to an online poll, 90% of the community disagrees with Terraform Labs CEO Do Kwon's path forward. The post Terra community seems dead set against Do Kwon's fork proposal appeared first on The Block.

Despite the intense pressure from the Chinese government last year to crack down on cryptocurrency operations, especially mining, the country has again surfaced as one of the biggest Bitcoin mining jurisdictions of 2022.  The Cambridge Bitcoin Electricity Consumption Index (CBECI) provided by the Cambridge Centre for Alternative Finance (CCAF) shows that Chinese Bitcoin mining activities.