Max E.Wed, Mar 9, 2022 7:45 PM
Terra, Near, Monero: 9 March Price Digest
At the time of writing, the price of the LUNA token is $98.04, which is an increase of 20.18% over the past day.
On March 9, the head of the OKX crypto exchange announced that over the past 24 hours, the Terra protocol token had taken the second place in terms of trading volume on the platform.
The price performance of the token is even more impressive when you look at its performance against the US dollar over the past month.
What factors are behind the rapid rise in the price of the token? First, on March 8, 1.8 million LUNA tokens were burned. Secondly, in general, the Terra protocol token, due to its characteristics, serves as a safe-haven asset in the current bear market. The token is bear market resistant as its tokenomics is deflationary. LUNA has a real utility – it is used within the payment system. Finally, the UST stablecoin is effectively regulated due to its decentralized nature.
On March 6, it became known that the prominent crypto developer Andre Cronje and his assistant Anton Nell would stop their activities in the field of decentralized finance (DeFi). Over the past year or two, the tandem has been actively involved in many promising DeFi projects that have defined the essence of the sphere itself. According to Anton Nell's announcement on Twitter, about 25 projects currently under development will be discontinued on April 3, 2022.
The unexpected departure of the “pair” led to a drop in the value of the tokens associated with them and undermined the credibility of the entire DeFi ecosystem. This event had a negative impact on many Layer 1 protocols’ tokens, including NEAR, but recovery soon began: the price increased by 12.93% in the last 24 hours. At the time of writing, NEAR price is $11.12.
On March 9, Monero appears to be one of the leading altcoins as Bitcoin has climbed to an intraday high of $42,438 (at time of writing). The value of XMR rose by as much as 17.31% which allowed it to re-enter the top 40 cryptocurrencies by market capitalization. At the time of writing, the price of the token is $193.40.
Early Wednesday morning, the mainstream cryptocurrency market started growing after a leaked comment from US Treasury Secretary Janet Yellen, who has hinted at US President Biden's friendlier-than-expected stance on crypto.
This comment, which caused a stir in the cryptocurrency market, although it was removed, still remains in the spotlight of industry players. It also indicates that the US Treasury will be collaborating with other agencies to produce a report on the future of money and payment systems. It is reported that international partners will unite to promote "tough standards and a level playing field."
However, Biden's executive order mentions "threat prevention" to the financial system. This wording prompted the public to question what the US authorities consider a threat. The skyrocketing prices of privacy coins Monero and ZCash indicate that users suspect the Biden administration of possible abuse of the cryptocurrency industry, up to bans on digital assets