Sunday, Jul 03, 2022
Outlook Money

Terra (LUNA) Briefly Shuts Down; Global Crypto Market Recovers Slightly, Trade Volume Jumps 722%

Terra (LUNA) blockchain network was briefly shut down to put in place a patch to prevent governance attacks. Meanwhile, the crypto market trading volume jumped by 722 per cent.

Global Crypto Market Recovers Slightly
Global Crypto Market Recovers Slightly

The global crypto market capitalisation went up by 1.79 per cent at $1.27 trillion as of 8.50 pm. However, the global crypto volume was up by a massive 722.42 per cent to 1.79 trillion, as per Coinmarketcap data. 

The price of Terra (LUNA) fell so low that TerraLabs had to shut the blockchain down briefly to put in place a new patch so that the network does not fall prey to governance attacks. “Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes,” read a tweet posted by TerraLabs.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $29,892.19, higher by 4.45 per cent in the last 24 hours. Ethereum (ETH) was up by 0.19 per cent to $2,060.97.

Among other major coins, Cardano (ADA) was up by 7.8 per cent at $0.5197, Algorand (ALGO) was trading with a gain of 4.9 per cent at $0.4547, Binance Coin (BNB) was up by 13.82 per cent at $299.42, Solana (SOL) was trading with a loss of 2.88 per cent at $47.27, and Polkadot (DOT) was up by 8.78 per cent at $9.43.

Today’s top gainer was Sweet SOL (SSOL), which was up by 1809.22 per cent at $0.00001063. The top loser was DragonKnight
(DK), which was down by 99.58 per cent at $0.04577.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 7.37 per cent at $0.08913. Its volume to market cap ratio stands at 0.2287. Rival Shiba Inu (SHIB) was up by 7.9 per cent at $0.00001232.

Dogelon Mars (ELON) gained 9.12 per cent to trade at $0.0000005189, Floki Inu (FLOKI) lost 2.59 per cent at $0.000007318 and Samoyed Coin (SAMO) was down by 19.29 cent at $0.005751. 

In the DeFi segment, YFI ( was down by 8.37 per cent at $10,265.95 and Terra (LUNA) was trading with a loss of 98.56 per cent at $0.007651. Avalanche (AVAX), however, was up by 5.95 per cent at $32.04, Uniswap (UNI) by 5.85 per cent to trade at $5.07 and Aave (AAVE) by 6.06 per cent at $81.56.

Latest Updates

Ashley Alder, Chairman, International Organisation of Securities Commissions (IOSCO) of which India’s SEBI too is a member, said the crypto digital currency market has grown so much that their connection with the mainstream financial market has increased sharply. This has made crypto a top focus area for regulators around the world, reported Coindesk.

Click here to read more about SEBI’s recent amendment to a regulation about stock market trading.