Terra Classic (90%) And Terra Luna (250%) Comeback And President Biden Threatens To Ban Bitcoin

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Last Updated on 11 September 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Terra’s remarkable resurgence this week has brought the coin back into the spotlight. You may recall that earlier this year it was the collapse of Terra’s UST stablecoin (and it’s Luna cryptocoin) that accelerated the so-called crypto crash of 2022. Over in the US, a White House document threatens to ban Bitcoin due to it’s carbon footprint.

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Terra Comeback

In the past week, both Terra Luna (up 250% in the past 7 days as of writing this morning) and Luna Classic (up 90% in the past 7 days as of writing this morning) are back in the interest of investors, although the reasons as to why remain dubious at best.

Terra Luna is actually a new coin by Terra founder Do Kwon, who in this manner hopes to revitalize interest for his products.

When it comes to Luna Classic, market rumors claim that the ecosystem has been switched to the hands of community holders who’ve been voting on an interesting proposal this week.

There is now a 1.2% network tax on transactions. The profits of this tax will be used to purchase and burn Luna classic in order to decrease the total supply (and in this manner make the remaining coins more valuable).

White House bitcoin ban

Last year, traders in the US criticized China for banning Bitcoin. The Middle Kingdom was keen to promote its own e-Yuan (the so-called digital Yuan tat was to be launched during the Beijing Winter Olympics) and therefore banned crypto miners from it’s territory. Most of them moved either to Kazakhstan or even to the US itself, where Texas saw immense growth in Bitcoin mining companies being created.

Now, as the White House of President Joe Biden is keen to act on climate change, it is the US that is threatening to ban Bitcoin itself.

A recent White House report called the ‘climate and energy implications of crypto-assets in the United States’ claims that global warming could be a good reason to try and stop the young, but very dangerous competitor to the global currency which still is the US dollar.

The text states that the:

United States has an interest in ensuring that digital asset technologies and digital payment ecosystems are developed, designed, and implemented in a responsible manner that…reduces negative climate impacts and environmental pollution, as may result from some cryptocurrency mining.