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.
Uncovering Terra’s Implosion — Terraform Labs’ Big Name Backers and ‘Zero Exposure’ Claims
Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets.
Shanghai High Court Declares Bitcoin Virtual Asset With Economic Value Protected by Chinese Law
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.
As BTC Slides Toward Resistance, the Chance of a Rare Triple Top Formation Comes Into Play
While crypto markets look extremely bearish these days, a few crypto advocates have theorized the bear market will be less harsh this time around. Furthermore, there’s also the rare scenario that bitcoin’s price could reverse and see a triple top even though it’s commonly said in the finance world “there is no such thing as a triple top.”
What are your thoughts on this week’s top stories? Let us know what you think in the comments section below.