Do Kwon Issued to US, What Does This Mean for LUNA Price?

Do Kwon is the co-founder of Terraform Labs, the platform responsible for releasing the LUNA token. After Luna collapsed and investors lost billions of dollars, Kwon was accused of financial crimes. In addition to America, South Korea has also requested extradition due to violations of capital market laws.

Han Chang-joon, former CEO of Terraform Labs, was extradited to South Korea on February 5 for similar offenses and now faces a life sentence. The collapse of LUNA in May 2022 caused the loss of no less than $40 billion in the crypto market and LUNA has never been able to recover from this collapse despite several attempts by the LUNA community.

However, the LUNA price seems to have reacted positively to this news about Kwon’s extradition. While the price has been falling over the past few days, it has risen by about 3% since the news. However, the share price is still struggling and has already fallen more than 60% over the past 12 months.

Can LUNA Recover?

Looking at the technical indicators, despite today’s rise, it will be difficult for LUNA to make a significant recovery. Even though the RSI is neutral and the MACD histogram gives a buy signal, the current LUNA price is below the most important moving averages.

Both the short-term 10-day and 30-day EMA are above the current LUNA price at values ​​of $0.6873 and $0.6808. The long-term 50-day and 100-day EMAs are much further above the LUNA price at values ​​of $0.6943 and $0.6991. This points to a difficult phase for LUNA in both the short and long term.

For this reason, the outlook for LUNA still appears to be negative and there are no significant indicators pointing to a recovery in the LUNA price in the short term. For that reason, investors will do well to look for alternatives, or at least ways to diversify their portfolio.

Several new altcoins have recently emerged in the market that bring with them the necessary potential, especially new presales often have the potential to realize huge profits. Below we discuss the best two presales of the moment.

Bitcoin Minetrix (BTCMTX)

Bitcoin Minetrix is ​​one of these altcoins with potential because of its unique and brand new Stake 2 Mine concept. Bitcoin Minetrix wants to use this Stake 2 Mine concept to turn the world of Bitcoin mining upside down. This centralized market is in dire need of some changes and Bitcoin Minetrix seems to be the start of this.

Mining Bitcoin is now almost impossible for private individuals due to the high entry costs involved. As a result, it is increasingly the large mining cooperatives that gain power and the market becomes more and more centralized. Bitcoin Minetrix wants to get this power back into the hands of private individuals and thereby decentralize the market.

Exciting news for the #Crypto mining industry! 🚀#PolarisTechnology unveils plans for a $100 million, 200MW data center in Muskogee, Oklahoma.

What opportunities do you think this development will bring to the local community?#BitcoinMinetrix has successfully raised more… pic.twitter.com/m6jQ29WJ1D

— Bitcoinminetrix (@bitcoinminetrix) February 20, 2024

Users can stake the native BTCMTX tokens in exchange for cloud mining credits. These credits can then be used to mine Bitcoin. This way, users can benefit from the benefits of Bitcoin mining, but no longer have to invest a large capital to get started.

Although the BTCMTX token is still in its presale phase, users can already start staking BTCMTX tokens. In return, they receive attractive rewards and when the staking platform goes live, they can collect follow-up cloud mining credits to mine Bitcoin. BTCMTX tokens currently cost $0.0136 each and a total of over $11.2 million has already been raised in this presale, a sign of how much people believe in this project.

_{Please note: Cryptocurrency is a highly volatile and unregulated investment.}

Scotty the AI (SCOTTY)

Scotty the AI ​​is a new AI crypto that has managed to gain the necessary attention within the crypto community due to its attractive features. The project uses a Scottish Terrier as its mascot, but is not a standard meme coin without a utility.

Scotty the AI ​​mainly consists of two main features: Scotty Swap and ScottyChat. Scotty Chat is a platform where you can trade tokens in a safe and efficient way. The platform uses AI technology so that all transfers are optimized for maximum profits.

ScottyChat is also a feature where users can gain market insights that help make better trading decisions. They can then use these insights to trade tokens on the Scotty Swap.

Scotty the AI’s native token, SCOTTY, is currently in a presale that has quickly gained some attention. Despite only recently launching, the presale has already raised over $500,000. Tokens currently cost $0.00555 and can easily be purchased using ETH, MATIC, BNB, USDT and credit card.

Disclaimer: This article contains insights from independent authors and is not part of the editorial content of BitcoinMagazine.nl. This is not investment advice, please do your own research.