Terra LUNA Leads the Crypto RALLY!
In today’s newsletter:
The cryptocurrency market continues to rise as BTC soars 7% and ETH rises by 3%
Crypto Startup Mysten Labs Raises $300 Million From Leading companies at $2 Billion Valuation
In just 24 hours, Terra Luna soars by more than 200%
Crypto Engineers, Investors Sue US Treasury Over Tornado Cash Sanctions
The cryptocurrency market continues to rise as BTC soars 7% and ETH rises by 3%
Bitcoin (BTC) and Ether (ETH) both moved aggressively higher on Friday, with BTC posting its largest daily gain in six months. BTC was up by more than 5% in the past 24 hours and ETH was up by 10% during that time, although they both remain more than 50% down for the year.
Bitcoin rose 9% on heavy trading volume that began late Thursday night. Prices leaped higher during the 3:00 UTC hour and continued to rise throughout much of Friday. The largest cryptocurrency by market capitalization was recently trading above $21,000.
The second-largest cryptocurrency ETH by market cap increased by 5.4% on a volume that was above typical. The hourly chart for ETH reveals that its surge started overnight and coincided with BTC's
.
Crypto Startup Mysten Labs Raises $300 Million From Leading companies at $2 Billion Valuation
Mysten Labs has raised $300 million at a $2 billion valuation in a funding round led by FTX Ventures with contributions from an array of big names in the crypto industry.
Binance Labs, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners and the crypto wing of Andreessen Horowitz (a16z) were among the participants.
The amount of the fundraising shows that interest in investing in cryptocurrency and blockchain initiatives has not significantly decreased despite the recent collapse in the price of cryptocurrencies. In July,
Mysten Labs will use the funding to build out its Sui blockchain and expand into Asia-Pacific.
In just 24 hours, Terra Luna soars by more than 200%
Terra Luna becomes the 58th largest cryptocurrency.
In the last 24 hours, the Luna token has recorded more than 200% upside and outperformed the broader market.
Following the proposal to tax the Terra Classic (Lunc) network by 1.2%, the Terra community's investors made significant purchases of Luna. Terra's tax burn strategy has received backing from major crypto exchanges.
Luna is performing at $5.96 up by 206.07%. Its weekly upside is around 216.37%. The token's market cap is more than $3.10 billion. In the past 24 hours, the token has clocked the day's high of $6.91.
Crypto Engineers, Investors Sue US Treasury Over Tornado Cash Sanctions
Six cryptocurrency users are suing U.S Treasury Department for blacklisting Tornado Cash last month, arguing that the department's sanctions inspector overstepped its bounds by forbidding use of the privacy service by all Americans.
According to the suit filed in the U.S. District Court for the Western District of Texas, the Treasury Department’s Office of Foreign Assets Control (OFAC) didn't have the legal right to designate Tornado Cash, which the suit refers to as “a decentralized, open-source software project that restores some privacy for Ethereum users,” as a sanctioned entity because it isn't an entity, person or organization.
The user who filed the lawsuit are Coin base employees, each of them has some ether locked in tornado cash used for legal purposes including donating to Ukraine and protecting their private wallets from being traceable to their public online identities – but can no longer access because of the OFAC’s sanctions, the suit claims.