cryptonews.net
- Bitcoin sharply moving to $41,500 levels
- LUNA is leading the altcoin market with an 18% gain
- Lugano will develop blockchain infrastructure by Polygon
- Andre Cronje will be leaving the cryptocurrency space
The cryptocurrency market is once again staging a solid recovery. In a surprise move, Bitcoin has bounced back 7% on March 8, moving to $41,500 levels. The recent bounceback follows after the last weeks of strong volatility in the market. It seems that the market is already giving a thumbs up to the upcoming executive order coming from the Biden administration. Bitcoin and the whole of the crypto market can play a very important role considering the current geopolitical situation emerging from the ongoing Russia-Ukraine war crisis. The bounce back in the altcoin space is quite similar to that of Bitcoin. Ethereum is up 6% and is trading at $2,708 levels with a market cap of $324 billion.
Terra’s LUNA is leading the altcoin market rally with a solid 18% gain. As of press time, LUNA is trading at $94. Besides, LUNA has also shown strong resilience during the recent market turmoil thereby giving strong returns to investors. Analysts are expecting that LUNA can move past $100 and possibly touch a new all-time high. The Terra protocol is experiencing a marked increase in UST issuance numbers. According to the Luna Foundation Guard, the protocol has reached peak issuance of UST for several days due to the increase in the demand for the decentralized, dollar-pegged stablecoin.
Polygon announces the groundbreaking news that it has been selected as the official blockchain platform of Swiss city Lugano. The city of Lugano will develop its blockchain infrastructure with Polygon assisting in the process. Lugano is the largest city in Switzerland's Ticino canton and has declared Bitcoin and Tether as "de facto" legal tender, together with the city's LVGA Points token. Residents of Lugano, which has a population of 62,000 people, will now be able to pay taxes using cryptocurrencies. After completing the technological infrastructure, they will soon be able to use crypto for a wide range of goods and services. Lugano appears to be following in the footsteps of El Salvador, which recognized Bitcoin as a valid form of payment in the last year.
Andre Cronje, perhaps best-known for his work on Fantom and Yearn Finance, alongside Anton Nell – senior solutions architect at the Fantom Foundation – will reportedly be leaving the cryptocurrency space. In a Twitter thread on March 6th, 2022, Anton Nell – senior solutions architect at the Fantom Foundation – announced that Andre Cronje and he will quit contributing to the crypto space. The news was met with an instant nuke in YFI’s price, which lost about 13% immediately and plunged to just above $17K from almost $20,000.