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. Many are now beginning to ask who supported this popular cryptocurrency project and which crypto firms were exposed to failing assets.
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Shanghai High Court declares Bitcoin Virtual Asset with Economic Value.
The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. According to the court, cryptocurrency is an economic asset.
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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. The Bitcoin Obituaries data shows that the top crypto currency has passed away seven times in 2022. That’s more than any of the previous three years of obituaries authored 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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The Chance for a rare triple top formation emerges as BTC slides towards resistance
Although crypto markets are very bearish right now, some crypto enthusiasts believe the bear market will turn out to be more bearish this time. 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.”
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