With Terra’s LUNA and UST nightmarish slump, the Shanghai High People’s Court declaring Bitcoin to be a virtual property protected by Chinese law, a surge in Bitcoin obituaries, and some hope for a rare triple top for BCT, the past week has been the backdrop for the crypto community It’s full of shock, doubt, speculation and broader market resilience. Without further ado, here’s your bite-sized roundup of the week’s hottest crypto news.
Uncovering Terra’s Implosion – Terraform Labs’ Big Name Backer and “Zero Exposure” Claim
Terra’s founder, Do Kwon, revealed a plan on Wednesday, but after a brief recovery, Terra’s native tokens, LUNA and UST, continued to plummet. Now people are starting to wonder who is backing the popular crypto project and which crypto companies have a lot of exposure to the failed asset.
Shanghai High Court Announces Economic Value of Bitcoin Virtual Assets Protected by Chinese Law
The Shanghai High People’s Court declared bitcoin a virtual asset protected by Chinese law. The court noted that cryptocurrencies have economic value.
2022 Bitcoin Obituary List Overtakes Previous 3 Years, Schiff Says “Bitcoin Most Likely to Fall Below $10,000”
While Bitcoin’s price has fallen to its highest level since January 2022, many critics believe Bitcoin is dying. Data from the Bitcoin Obituary List shows that the leading cryptocurrency has already died seven times in 2022, surpassing the previous three years of obituaries written by Bitcoin haters each year. Financial journalist John Plender believes that the last obituary on Bitcoin says the leading crypto asset follows a “big fool” scenario.
as bitcoin Sliding to resistance, rare triple top formation opportunity comes into play
While the crypto market looks very pessimistic these days, some crypto advocates believe that this bear market will be less severe. Also, there is a rare situation where the price of Bitcoin could reverse and see a triple top, although the financial world usually says “there is no triple top.”
What are your thoughts on this week’s headlines? Let us know your thoughts in the comments section below.
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