Turkish Crypto Exchange Bitay Launched In India; Terraform Labs Being Investigated By US SEC

Terra (LUNA) and Terra Classic (LUNC) saw liquidations of approximately $18 million due to the US SEC investigation of Terraform Labs news spooking crypto traders.

Outlook Money Team

Updated on: 11 June 2022 9:17 am

Terraform Labs Being Investigated By US SEC

Bitay, a Turkish cryptocurrency exchange, has opened an office in Gurgaon to foray into the Indian cryptocurrency market. Niyazi Yilmaz, CEO, Bitay, said that they intend to fully comply with every Indian crypto regulation and law and welcome the 30 per cent income tax and 1 per cent TDS on crypto transactions, reported Financial Express.

Meanwhile, Terraform Labs is being investigated by the US Securities and Exchange Commission (SEC). After the news reached the markets on June 9, traders liquidated approximately $18 million worth of Terra (LUNA) and Terra Classic (LUNC) crypto tokens, reported Coindesk.

The global crypto market capitalisation went down by 3.26 per cent to $1.19 trillion as of 8.50 am. However, the global crypto volume was up by 10.73 per cent to $67.45 billion as per Coinmarketcap data.

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Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $29,235.38, lower by 2.41 per cent in the last 24 hours. Ethereum (ETH) was down by 6.18 per cent to $1,673.67.

Among other significant coins, Cardano (ADA) was down by 6.69 per cent at $0.5847, Algorand (ALGO) was trading with a loss of 6.21 per cent at $0.3752, Solana (SOL) was trading with a loss of 7.24 per cent at $37.38, Polkadot (DOT) was down by 5.53 per cent at $8.71, and Binance Coin (BNB) fell by 0.55 per cent at $287.77.

Today’s top gainer was Metaxa (METAXA), which was up by 1695.31 per cent at $0.000004929. The top loser was PYRAMIDWALK (PYRA), which was down by 82.14 per cent at $0.01902.

Traders liquidated approximately $18 million worth of Terra (LUNA) and Terra Classic (LUNC) crypto

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 4.41 per cent at $0.07573. Its volume to market cap ratio stands at 0.0407. Rival Shiba Inu (SHIB) was down by 3.86 per cent at $0.00001015.

Dogelon Mars (ELON) lost 6.17 per cent to trade at $0.0000003932, Floki Inu (FLOKI) lost 8.64 per cent at $0.000007249, and Samoyed Coin (SAMO) lost 5.36 per cent at $0.005576.

In the DeFi segment, YFI (yearn.finance) was down by 5.1 per cent at $7,092.51, and Terra Classic (LUNC) was trading with a loss of 9.71 per cent at $0.00007214. Avalanche (AVAX) was down by 8.62 per cent at $22.55, Uniswap (UNI) was trading with a loss of 5.97 per cent at $4.87, and Aave (AAVE) fell by 8.81 per cent at $88.11.