Binance has recently conducted a token burn of 1.6 billion #Terra Luna Classic tokens, resulting in a significant increase in the price of #LUNC . This move by Binance is a strategic effort to reduce the circulating supply of LUNC and increase its value in the market.

The token burn process involves the permanent removal of a certain amount of tokens from circulation, which ultimately reduces the total supply of the token. This, in turn, increases the value of the remaining tokens, making them more valuable to investors.

As a result of the token burn, the price of LUNC has experienced a significant surge, making it an attractive investment opportunity for traders and investors alike. This move by Binance is a testament to their commitment to providing a secure and profitable trading experience for their users.

Overall, the token burn by Binance is a positive development for the Terra Luna Classic community, as it increases the value of the token and strengthens its position in the market. Investors can now look forward to a more profitable and secure investment opportunity with LUNC.

#coingabbar #crypto2023 #crypto

The firm would allegedly delist the #21Shares #Terra Classic ETP and close five #crypto ETPs (LUNA).

Due to insufficient investor interest, Switzerland-based crypto ETP issuer 21Shares would reportedly terminate five of its funds and delist another.

Arielle Pennington, Head of Global Communications, stated that the company will continue to offer its other products, which are in high demand.

Getting Rid Of Certain ETPs

Bloomberg reports that the 21Shares S&P Risk Controlled #Ethereum Index ETP (ticker SPETH), the 21Shares S&P Risk Controlled Bitcoin Index ETP (ticker SPBTC), the 21Shares DeFi 10 Infrastructure ETP (DEFII), the 21Shares USD Yield ETP (USDY), and the 21Shares Crypto Layer 1 ETP will be closed (LAY1).

From April 6, traders will no longer have access. On June 12, it will also delist the 21Shares Terra Classic ETP (LUNA).

The main reason for the transfer is the low interest rate, as they have less than $700,000 in total assets.

Pennington stated that demand for other ETPs remains high, and that January saw considerable inflows. Assets under management for the 21Shares Bitcoin ETP (ABTC) and the 21Shares Ethereum ETP (AETH) topped $200 million during that month.

The Fed's approach of raising interest rates has had a detrimental impact on some products, such as ETPs, and may have contributed to the cryptocurrency market's decline last year. Additional factors include the industry's numerous scandals and failures, with FTX, Terra, and Celsius among the most well-known instances.

Yet, the market has significantly improved since the beginning of the year. During the American banking crisis, #bitcoin and numerous altcoins reached multi-month highs.

Furthermore, the industry might benefit if the Fed ends its relentless rate hikes, providing a breath of fresh air to risk-off markets. The central bank is expected to raise interest rates by 25 basis points next week, however some predict they will not touch the percentage after raising it for eight straight months.

The BTC ETF Was Rejected Once More

Aside from ETPs, 21Shares announced intentions to launch a spot Bitcoin ETF on the Cboe BZX Exchange in collaboration with Ark Investment Management. Nonetheless, the US Securities and Exchange Commission denied the application about two months ago, as it did in the spring of 2022.

It argued that the Cboe BZX Exchange had failed to "show that its plan is consistent with the standards" for preventing price manipulation and frauds.

Previously, the SEC rejected similar efforts sponsored by VanEck, NYDIG, Grayscale, and other groups.

Last Friday’s crypto market dip on Silvergate Bank concerns weighed heavily on #Luna Classic (LUNC), the cryptocurrency that powers the original but not largely defunct Terra blockchain ecosystem. 

After dipping more than 10% on Friday from near $0.00017 to around $0.00015, the cryptocurrency has since eased a little lower to stabilize in the mid-$0.00014s. 

What had been a key support area around $0.0001550 should now be viewed as an area of near-term resistance. Meanwhile, traders are also monitoring support just under $0.00014 in the form of a late 2022 low. 

As the broader #cryptocurrency market stabilizes ahead of a busy week of macro events, including a barrage of key US jobs data and a testimony from Fed Chair Jerome Powell before the US Congress, LUNC bulls will be hoping the cryptocurrency can continue to find support above this level, as was the case last Friday.

If this support area were to fail, a retest of the late 2022 lows in the $0.000127 area would become a distinct possibility. That would take LUNC’s drop since the 2023 highs around $0.00021 to a massive 40%.

Singapore Opens Investigation into Terraform Labs

Reports in the crypto media on Monday suggest that authorities in Singapore have opened an investigation into #Terraform Labs, the company behind the development of the #Terra blockchain. 

Singapore is where Terraform Labs was previously incorporated and where, for a long time, the blockchain’s creator, Do Kwon, had been residing.

Do Kwon, who is South Korean, is wanted by South Korean police and is currently thought to be in hiding in Serbia. Do Kwon is wanted over his role in the spectacular collapse of the Terra blockchain ecosystem last May – where algorithmic stablecoin UST lost its peg to the US dollar, triggering a hyperinflationary spiral in LUNC and causing a $40 billion wipeout in the Decentralized Finance (DeFi) ecosystem, the reverberations of which are still being felt today.

The US Securities and Exchange Commission has accused Do Kwon and Terraform Labs of fraud and alleges that Kwon has laundered over $100 million in Bitcoin that he stole from the Luna Foundation Guard.