Terra (LUNA) becomes second largest DeFi network amid Bitcoin’s recovery

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This week Bitcoin (BTC) broke its month long downtrend and gave investors confidence as the year draws to a close. BTC found strong support near the $46,800 region before starting its uptrend. Yesterday, BTC managed to break above the psychological barrier of $50,000 in what seems to be a short squeeze. BTC is now trading above $51,000 with a key level of $53,000 within reach. In this article, we will brief about the interesting trends that took place in the cryptocurrency market this week.

India Crypto Bill Likely Postponed

Contrary to the flood of wild speculations aired by unverified sources, the much anticipated new crypto bill is not being tabled in the Indian Parliament this winter session. This is the second time that the ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ was listed on the agenda but got deferred.

The government has not confirmed if the proposed cryptocurrency regulations will come up during the next session of the parliament that commences in February. According to the Indian Finance minister Nirmala Sitharaman, the crypto bill is waiting for approval from the cabinet.

Cardano gains adoption

Despite the fact that Cardano (ADA) is bleeding and underperforming in the current market conditions, it has gained on adoption. Global payments leader Flexa has announced the addition of Cardano’s native token ADA to its list of supported cryptocurrencies for payments. This allows the customers in the US to spend ADA instantly at over 40,000 locations. In a separate blog post, Cardano’s founder Charles Hoskinson stated that blockchain protocols will be ubiquitous as the internet and will form the bedrock of the world’s financial operating system in the next decade.

Terra’s TVL rockets

Terra (LUNA), an open-source stablecoin network, has hit an all time high of $20.05 billion in total value locked (TVL) according to industry reports. In terms of TVL, Terra is now the second-largest decentralised finance (DeFi) network below Ethereum and above Binance Smart Chain. Market participants have invested large amounts to receive staking as the price of LUNA rallied 52% in just one week to currently trade close to $100.

BNB auto-burn

Binance announced the implementation of a new Binance coin (BNB) auto-burn protocol to replace its current quarterly burn mechanism. With this, BNB will be burned automatically based on a formula consisting of on-chain data of total blocks generated and the average price of BNB.

Paraguay has taken a step closer to regulate cryptocurrencies as the bill that seeked to regulate the crypto industry has passed the Senate of Paraguay. The proposed legislation includes a definition for virtual assets, tokens, cryptocurrency mining and VASPs (virtual asset service providers).

Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.