DeFI News by Thebittimes.Com

Join Our Telegram channel to stay up to date on breaking news coverage Terra Luna Classic price forecast remains bearish as it has failed to reverse its early-day decline and is now trading around $0.00024. Even though the cryptocurrency market had begun to recover, the declines continued. However, the reason for its current downward rally could be attributed to the fact that the world’s largest cryptocurrency exchange, Binance, burned more than 1.26 billion Terra Classic (LUNC) tokens, which is significantly less than Binance’s earlier October burn of 5 billion Terra Classic (LUNC) tokens. Binance has so far burned more than 13.5 billion LUNC tokens for the Terra Classic community. The US Federal Reserve, on the other hand, is expected to raise interest rates by 75 basis points this week, which will likely have a negative impact on the price of cryptocurrencies such as Terra Classic (LUNC) and others. In contrast, the recovering crypto market, which is supported by ...

Terra Classic remains one of the most traded cryptos in the space as it attracted more than $450 million in volume in the last 24hrs. The news comes after Binance revealed its latest burn efforts saw nearly 3 billion LUNC permanently erased from the supply, equal to nearly $1 million. In late September, Binance CEO Changpeng Zhao revealed the world's largest crypto exchange would honor a 1.2% burn on the transactions tax, backdated to September 21. The first LUNC burn, which covered September 21 to October 1, saw more than 5.5 billion LUNC taken out of supply and the second - the week from October 1 to 8 - saw another 2.9 billion wiped out. The burn has cost Binance nearly $3 million but the exchange is seeing the vast majority of LUNC trading taking place on their platform as a result of the announcement. LUNC Burn Efforts Increase As the table below shows, the burn efforts have seen Binance remove a total of 8,588,471,344.33 LUNC, which has a dollar equivale...