🤔 This week: TSLA Q3 earnings report - is now the right time to buy the EV giant?Explore TSLA Data

LUNA Loses Classic Shine: -7% Plunge Follows Terraform’s Chapter 11 Filing

Published 01/23/2024, 12:27 AM
Updated 01/23/2024, 12:45 AM
LUNA Loses Classic Shine: -7% Plunge Follows Terraform’s Chapter 11 Filing
LUNAt/USD
-

  • Terra (LUNA) faces a 7% price drop as Terraform Labs files for Chapter 11 bankruptcy, raising investor concerns.
  • Despite the price decline, LUNA sees increased trading volume, hinting at potential rebound opportunities.
  • Technical indicators like RSI and CMF suggest a possible price reversal for LUNAUSD, attracting bullish sentiment.

The Terra (LUNA) price has plummeted by over 7% following the recent news of Terraform Labs, the company behind the TerraUSD (UST) stablecoin, filing for Chapter 11 bankruptcy. This move, announced on January 21 in a Delaware court, marks a pivotal moment for the Singapore-based company, co-founded by Do Kwon.

Terraform Labs Seeks Bankruptcy Protection

Amid ongoing legal challenges, including a lawsuit against the U.S. Securities and Exchange Commission, Terraform Labs has sought refuge under Chapter 11 bankruptcy, as reported by Coin Edition. Do Kwon remains the majority shareholder, owning 92% of Terraform Labs, while South Korean entrepreneur Daniel Shin holds the remaining shares.

The news of Terraform Labs’ bankruptcy has sent ripples through the Terra ecosystem. …

The post LUNA Loses Classic Shine: -7% Plunge Follows Terraform’s Chapter 11 Filing appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.