[Weekly Readings] Terra Classic Price Keeps Pumping Higher,Ethereum Classic Pumps 26%

HuobiPublicado a 2022-09-10Actualizado a 2022-09-13

Resumen

The delicate situation is on the verge of getting worse, a whale which sent over 200k BTC to exchanges in the past is MicroStrategy.

1.Bitcoin Drops Close to Its June 2022-Low, Major Liquidations Take Place

The world’s largest cryptocurrency Bitcoin (BTC) has entered a strong correction dropping further to its June 2022 lows. As of press time, Bitcoin is trading 5.7% down at $18,662 with a market cap of $357 billion.

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2.Ethereum Bears Just Lost $300 Million in Only One Hour

Almost $300 million in Ethereum open interest has been closed out in an hour on perpetual contracts, with futures and options included. Such massive relief for the market is an extremely positive sign one week ahead of the Merge.

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3.Terra Classic Price Keeps Pumping Higher - LUNC up 80%

Terra Classic (LUNC) appears to be making a comeback following its apparent collapse in early May 2022. One of the year's most impressive comebacks is taking shape around the token. LUNC has increased by 37,000% ever since it gained its bottom following the Terra collapse.

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4.Ethereum Classic Pumps 26% as Miners Make Switch ahead of ETH Merge

With Ethereum (ETH) switching from a Proof-of-Work to a Proof-of-Stake (PoS) consensus - scheduled for September 19 - there has been a marked increase in the network hashrate for Ethereum Classic (ETC), which will not convert to the PoS algorithm.

According to data from 2miners.com, the network hashrate for ETC has more than doubled since mid-July, from around 20 Th/s to its current rate of 47 Th/s - a new all-time high.

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5.Whale Sends 200k+ Bitcoin ($BTC) To Exchanges; Is It MicroStrategy?

Bitcoin (BTC) price is not experiencing the most promising market conditions of late, as sentiments remain bearish. The negative outlook is a product of bad macro and unfavorable on-chain metrics. The delicate situation is on the verge of getting worse, as fresh rumors suggest a whale which sent over 200k BTC to exchanges in the past is MicroStrategy.

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