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Terra 2.0 Is Now Live, Following Luna Meltdown. This Week's Top Bitcoin and Crypto News – CNET

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Your guide to a better future
All the bitcoin, cryptocurrency and NFT news for the week ending May 27.
Julian Dossett
Writer
Julian is a staff writer at CNET. He’s covered a range of topics, such as tech, travel, sports and commerce. His past work has appeared at print and online publications, including New Mexico Magazine, TV Guide, Mental Floss and NextAdvisor with TIME. On his days off, you can find him at Isotopes Park in Albuquerque watching the ballgame.
Terra launched a new blockchain with a new luna token on Saturday. Seth Green’s animated show starring his stolen NFT is up in the air. And the largest stablecoin issuer in the world launched a token for the Mexican peso. Here’s what happened in crypto during the week.
On Saturday, terra 2.0 officially went live, less than a month after two linked cryptocurrencies called terraUSD and luna imploded. The prices of both tokens went down to a few cents or less in under a week, and people who bought the digital currencies lost almost all of their investment. 
A community of luna and terra holders voted to make a new blockchain earlier this week. The vote passed, and the @terra_money Twitter account said Friday that Block 1 of the new blockchain had been produced. The new blockchain is called terra, while the original one will be called terra classic. 
1/ Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) has officially been produced at 06:00 AM UTC on May 28th, 2022!

Congratulations to the #LUNAtic community on this expeditious feat of collaboration 🎉
Both luna classic and terraUSD are still trading for almost nothing, with luna classic worth well under a penny. Terra is also holding an “airdrop” giveaway in which luna and terraUSD holders could receive the new luna cryptocurrency to incentivize the new blockchain.
A few crypto exchanges, including Binance and Crypto.com, are publicly supporting the new Terra blockchain. Coinbase hasn’t confirmed if it’ll support the new luna cryptocurrency — as of Friday, the US-based exchange said all trades involving terraUSD are suspended. 
Read CNET’s full story on the new terra blockchain here.
Actor and writer Seth Green fell victim to a phishing scam last week and lost an expensive NFT from the popular Bored Ape Yacht Club collection. After Green’s NFT was stolen, it was relisted for sale. Someone using the pseudonym of DarkWing84 bought the Bored Ape NFT not long after it was phished. Green reached out to the anonymous buyer publicly on Twitter wanting to make a deal to get it back.
On top of losing the NFT, Green may be dealing with an intellectual property headache. Green has been working on an animated series that would star the Bored Ape NFT, called White Horse Tavern. In the show, the Bored Ape NFT character is a bartender at the titular tavern. Green debuted the trailer for it at a convention this month. But now that someone else owns the NFT, the question is, can the show still go on?
Bored Ape Yacht Club allows people who own a Bored Ape NFT to use it for commercial purposes. People have used their Bored Ape NFTs to promote a coffee company and even to create a band. But with copyright laws around NFTs still being sussed out, it’s unclear exactly how or if the stolen NFT creates copyright issues for Green’s show. 
Read CNET’s full story on Green’s Stolen NFT and what it could mean for the show here.
Tether, the largest stablecoin issuer in the world, launched a new stablecoin Thursday with a price pegged to the Mexican peso. The name of the stablecoin is MXNT and each token is worth one Mexican peso. “We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings,” said Tether CTO Paolo Ardoino in the announcement. 
Americans will likely be most familiar with USDT, the tether stablecoin pegged to the US dollar. Tether also issues stablecoins pegged to the price of the euro and the Chinese yuan. 
Tether stablecoins are backed by assets, which the company holds to keep the price of its tokens stable. The company was fined millions of dollars by the US twice last year for making misleading statements about its asset reserves. 
Thanks for reading. We’ll be back with plenty more next week. In the meantime, check out CNET’s series of stories on Making the Metaverse.

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The September Curse: Why Bitcoin Price May Touch $10,000 – NewsBTC

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September has been a historically bearish month for bitcoin and the rest of the crypto market by extension. Back in 2021, bitcoin’s deviation from expected market trends had sparked hope that it would break the September curse, but alas, it followed it to a T. This is why with the new month already ushered in, there are expectations that the price of BTC will continue to dive and likely reach lower trends as it enters the worst of the bear market.
One of those who have referred to the September curse in their analysis of the price of bitcoin is Scott Redler, the Chief Strategist at T3 Trading Group. Redler posted a bitcoin chart outlining the movement of the digital asset since last year, marking important technical points that had triggered a downtrend in its price.
An important level that has been mapped out by BTC lately is the $17,600. This represents the new local low after the cryptocurrency had set a new record and plunged below its previous cycle peak. Now, $17,600 has become the level for bulls to hold to avoid further decline.
Redler’s chart shows that if the digital asset fails to hold above this level, then the next support lies around $13,500. But even more interesting is the fact that below $13,500, the next possible point is at the dreaded $10,200. 
Bitcoin price chart from TradingView.com
The strategist explains that the month will determine where the price of BTC ends up following this. However, if bulls are able to hold above this level, which ends up serving as a bounce point, then BTC’s next major level lies just above $25,000.
Bitcoin is an asset that has always followed historical trends closely. Even when it had broken out of set trends back in 2021, it still kept close to others. One of those was the infamous “September Curse.” For anyone who doesn’t understand what this is, the term was coined because bitcoin’s price has always recorded a decline during this month.
Last year was no different in this regard despite the fact that the crypto market is deep in the throes of a bull market. Bitcoin had started the month of September 2021 at around $53,000 but had lost more than $10,000 of its value by the time the month drew to an end. This was in spite of remarkable adoption, such as El Salvador officially accepting the cryptocurrency as a digital asset and Cardano finally debuting smart contract capability.
Given this, it is possible that bitcoin will stick to this trend. The digital asset is already showing signs of decline, starting the month above $20,000 and already falling below this important technical level. If BTC went the way it did in 2021, the price will likely drop to around $16,000, which would account for about 20%, in line with previous downtrends. 
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Trader Who Nailed 2022 Bitcoin Collapse Predicts Big Correction for XRP, Updates Outlook on Two Low-Cap Alt… – The Daily Hodl

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The crypto analyst who accurately predicted Bitcoin’s (BTC) crash this year says XRP is likely due for an over 50% decline.
The psuedonymous analyst known in the industry as Capo tells his 541,600 Twitter followers that open-source digital currency XRP remains in a downtrend despite its recent rally.
According to a chart shared by Capo, XRP appears poised to plunge to its high timeframe support at $0.20.
“XRP.”
At time of writing, XRP is changing hands for $0.447, an over 5% decrease on the day. The sixth-largest crypto asset by market cap has risen nearly 40% from its 30-day low of $0.32 but remains more than 86% down from its all-time high of $3.40.
Another altcoin on the trader’s radar is Stellar Lumens (XLM), a crypto asset designed to act as a bridge between two fiat currencies when sending money abroad. According to Capo, XLM gearing up for a quick rally to his target of $0.16 before resuming its downtrend.
“Long on XLM.”
At time of writing, XLM is valued at $0.118, flat on the day.
The analyst is also keeping a close watch on Reserve Rights Token (RSR), cryptocurrency designed to facilitate the stability of the asset-backed stablecoin known as the Reserve Token (RSV). According to Capo, RSR still offers more upside potential despite its over 90% rally in just two weeks.
“Support to resistance flip of the previous key level. Next target is $0.012, but main target remains $0.017. I haven’t taken profits yet, just trailing the stop in profits.” 
At time of writing, RSR is swapping hands for $0.0099, a 4.95% increase on the day.
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Bitcoin slips lower, and South Korea issues arrest warrant for Terra's Do Kwon – CNBC

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Bitcoin slips lower, and South Korea issues arrest warrant for Terra’s Do Kwon  CNBC
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