With the nightmare nosedive of Terra's LUNA and UST, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community.
Terra's Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review
With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the week’s hottest crypto news.
The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value.2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K’ While bitcoin’s price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed. Data stemming from the Bitcoin Obituaries list shows the leading crypto has died seven times in 2022, outpacing the first three years of obituaries by year written by bitcoin haters. The last obituary written about bitcoin, opined by the financial journalist, John Plender, claims the leading crypto asset follows the “greater fools” scenario.
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Bitcoin Bounces Back Above $30,000 as Investors Absorb Fallout From TerraThe price of bitcoin bounced back above $30,000 after dropping to 2022 lows as investors study the fallout of Terra’s UST stablecoin.
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Terra Dapp Expo canceled following chaotic week for Terra network'The decision was not made lightly and is crushing news for everyone involved,” the expo organizers said on Twitter.
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Terra Halts Its Blockchain, Binance Suspends LUNA Trading | CoinMarketCapTerra Foundation suspended the Terra blockchain to give the network a chance to come up with a recovery plan 🆘 The blockchain officially halted at block 7607789 ⛔ Block production has since resumed 👇
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Binance CEO Explains How Terra Should Have Managed UST Situation.cz_binance has his own view of the UST catastrophe and a proper way of solving it
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Do Kwon pitches revival plan for Terra blockchain, with distributions to LUNA and UST holdersDo Kwon, the co-founder and CEO of Terraform Labs, pitched a revival plan proposal on Friday following the collapse of the algorithmic stablecoin UST and its related Terra-based asset, Luna.
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