Terra’s UST recovering while BCH crashes against BTC! – #12!

Welcome to another quick newsletter! Made this letter to show you guys a few headlines that have appeared these past few days, for example about Terra / Luna’s stablecoin recovering, which is extremely important for the crypto market! Read on!


In this issue:
1. Terra’s ‘dead’ stablecoin – $UST – climbs more than 800% in one week.
2. The Bitcoin price is hovering just below $20K as Asia extends the stock market weakness.
3. Mark Cuban: The bear market will last until crypto apps are actually useful.
4. Bitcoin Cash down -98% against the Bitcoin price.


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Terra’s ‘dead’ stablecoin – $UST – climbs more than 800% in one week. Is there a future for Terra?

Let me be clear, USTC rising does NOT mean it’s going to reclaim the lost U.S. dollar peg. However, a lot has happened, so here goes.
The original idea of Terra’s stablecoin was to create a functional and algorithmic stablecoin. However, as we all know, it has failed drastically since May. For the past week however, it has risen more than 800%, so what has happened?
Interestingly, LUNA 2.0’s older version, called LUNA, which is now called Luna Classic (LUNC), also saw a spike in it’s market cap. It went from around $160M to $767M in June.
According to CoinMarketCap, more than 45% of the trading volume behind USTC and LUNC is originated from KuCoin, a CEX with NEO Global Capital being their lead backer. There’s no real reason to find out why this is happening and why LUNA and UST is rising this much. Some people are saying it’s market manipulation, while others are saying it’s developers showing the value of both coins.
I guess the only way to find out is to let the time do it’s thing, and have a look in a few weeks to months where we’re at.


The Bitcoin price is hovering just below $20K as Asia extends the stock market weakness. Does Terra have anything to do with this?

At the moment of writing this article, Bitcoin is hovering at around $20K (see chart below).
One of the real reasons why this is happening is because of the global stock markets still showing weakness, and not bouncing.
Crypto seems to be correlating more and more with stocks these days, which means when stocks are going down and down and keep on showing weakness, so will crypto. Especially during the Asian trading hours, bitcoin even dropped below $20K as the Asian stocks dumped and closed lower than when they opened.
The current support for Bitcoin seems to be at around $19.5K, and it’s absolutely crucial we hold that. If we do not, we could perhaps go towards the $15K’s. Let’s just hope we’ll be bouncing soon, especially the stocks, as crypto would most likely follow.


Mark Cuban: The bear market will last until crypto apps are actually useful.

The billionaire investor said a bigger focus on applications and utility outside of finance would bring more back to the crypto space and possibly reverse the declining market.
Mark Cuban, the billionaire entrepreneur known for his role as one of the main investors on the reality television show Shark Tank, said the crypto bear market won’t be over until there’s a better focus on applications with utility.
He also doesn’t think the market has hit “cheap” prices yet.
Cuban has stated in the past around 80% of his non-Shark Tank portfolio was in crypto.


Bitcoin Cash down -98% against the Bitcoin price. Even worse than Terra – LUNA?

Mainly because of insane amounts of hate and controversy against the main supporter of Bitcoin Cash, Roger Ver, the price is plummeting like there’s no tomorrow.
Bitcoin has hit new all time high records this week, not money and US dollar wise, but against its competitor, Bitcoin Cash.
Data from CT and TradingView show that on June 29, BCH/BTC officially set it’s lowest price ever.
The main reason for this is that the number one guy for BCH, Roger Ver, has been doing some shady stuff and is getting a lot of hate for it.
I’ve never actually ever been in BCH, I always wondered, how many people actually did? Let me know in the comments on my Twitter page, have you ever owned any BCH?


Closing – Terra determining the market?

That’s it for now! Thanks for reading todays newsletter! Be sure to have a look at the Blog section to read our previous editions as well! Have a look at our Guides section if you’re interested in learning more about crypto! And finally, don’t forget to follow us on Twitter!