CoinDCX To Support Terra's Revival Plan 2.0; Christine Lagarde Says Cryptos Worth Nothing

Indian crypto exchange CoinDCX emailed its users yesterday announcing that it will support Terra's (LUNA) new revival blockchain network plan and will start trading of the old LUNA and old UST tokens from May 30, 2022, at 3.30 pm.

In other news, Christine Lagarde, President, European Central Bank, said in a Dutch television show called College Tour that cryptocurrencies are worth nothing.

The global crypto market capitalisation went down by 5.3 per cent to $1.2 trillion as of 8.50 am. However, the global crypto volume was up by a massive 45 per cent to $101.7 billion as per Coinmarketcap data.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $28,965.65, lower by 2.65 per cent in the last 24 hours. Ethereum (ETH) crashed by 10.35 per cent to $1,755.60. 

"Bitcoin was trading roughly flat over the last 24 hours. Ether has retraced by about 10% over the same duration. Other major altcoins are in the red as well. Technical indicators reamin neutral over the short term and bearish over the long term, suggesting limited upside from here," says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was down by 11.02 per cent at $0.4595, Algorand (ALGO) was trading with a loss of 9.48 per cent at $0.368, Solana (SOL) was trading with a loss of 12.13 per cent at $42.36, Polkadot (DOT) was down by 10.84 per cent at $8.86, and Binance Coin (BNB) was down by 9 per cent at $300.05.

Today’s top gainer was ChatCoin (CHAT), which was up by 376.52 per cent at $0.002342. The top loser was Pixel Swap (PIXEL), which was down by 93.95 per cent at $0.0008572. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 6.72 per cent at $0.07761. Its volume to market cap ratio stands at 0.07578. Rival Shiba Inu (SHIB) was down by 11.69 per cent at $0.00001032.

Dogelon Mars (ELON) lost 13.03 per cent to trade at $0.0000004161, Floki Inu (FLOKI) lost 8.78 per cent at $0.000009155, and Samoyed Coin (SAMO) too was down by 10.8 per cent at $0.005173. 

In the DeFi segment, YFI (yearn.finance) was down by 10.75 per cent at $7,603.99, and Terra Classic (LUNA) was trading with a loss of 23.52 per cent at $0.0001365. Avalanche (AVAX) was down by 20.02 per cent at $22.17, Uniswap (UNI) was trading with a loss of 13.74 per cent at $4.95 and Aave (AAVE) by 9.3 per cent at $94.64.

Latest Updates

Terra's (LUNA) revival plan 2.0 will hard fork a new blockchain network and rename the old blockchain network as classic. Click here to read more on that.

CoinDCX said, “We will rename the current Terra network as Terra Classic network and support the Terra network airdrop. LUNA and UST tokens of the Terra Classic network will henceforth be referred to in this announcement as LUNA (old) and UST (old).”

Lagarde, while speaking at an auditorium full of young students, said, “I've said all along that crypto assets are highly speculative, very risky assets. If you want to invest there, it's your choice. But what I'm really concerned about when it comes to crypto assets is that those investments are made by people who have their eyes wide open about the fact that they can lose it all,” reported NDTV Gadgets360.