Crypto Flipsider News – Terra Buys More Bitcoin Reaches ATH, BTC Sets New 2022 High; Crypto Receives $193 Million Institutional Inflow, Grayscale For Sue SEC; Greenpeace Calls for Change in Bitcoin Code; Vietnam on legal crypto framework

Digest 03 29

Terra (LUNA) Reaches ATH After Bitcoin Purchase, Bitcoin Sets New Year High

Continuing the history of Bitcoin purchases In support of UST, the stablecoin issued by Terra, the Terra Foundation has announced the purchase of an additional $135 million worth of Bitcoin. The recent addition now means Terra has bought more than $1 billion worth of bitcoin since January.

Following the announcement, LUNA, one of Terra’s original tokens, kicked off a rally that has reached a new record.

With a gain of 12% in the last 24 hours, Terra (LUNA) set a new ATH at $106.14. Now trading at $103.55 at the time of writing, LUNA is the 8th largest cryptocurrency, with a market cap of $36.7 million.

The 24-hour price chart for Terra (LUNA). Source: Trading Display

Bitcoin remains in the green for the eighth consecutive day. The expanded form of Bitcoin has delivered the world’s largest crypto gain of more than 15% in the past seven days, leading Bitcoin to hit a new high of $48,086 in 2022.

The seven-day price chart for Bitcoin (BTC). Source: Trading Display

Bitcoin now trades at $47,975, at the time of writing, maintaining its position as the world’s largest crypto, with a market cap of $910.5 billion.

Backing the Terra ecosystem with Bitcoin reduces the chances of failure, because the underlying asset comes from another asset.

Crypto Records Biggest Institutional Influx in 3 Months, Grayscale Could Sue SEC

The crypto industry has largely lagged so far in 2022, with weeks of institutional outflows and falling prices. However, institutional investors bounced back last week, posting the largest combined weekly net investment of the year.

In the week ending March 25, the crypto industry posted $193 million in institutional investment. ProShares and ETC Group led the investments, each with net inflows of $48.3 million this week. Bitcoin and Solana were the preferred assets, receiving $97.8 and $87.1 million respectively.

Tired of the rejection and procrastination of being Bitcoin Spot ETFGrayscale, the world’s largest digital currency asset manager, could sue the SEC if its Bitcoin ETF application is rejected.

Grayscale CEO Michael Sonnenshein said his team would use all of the company’s resources to convert GBTC into an ETF. When asked whether Grayscale would sue the SEC, Sonnenshein replied, “I think all options are on the table.”

A spot ETF would provide investors with direct exposure to Bitcoin and other cryptos – which is why they are considered important for crypto’s growth.

Greenpeace, co-founder of Ripple and more launch campaign to reduce Bitcoin power consumption

The long-standing debate over Bitcoin’s energy consumption and subsequent environmental impact has been revived by a campaign backed by Greenpeace, Chris Larsen (co-founder of Ripple), and other climate groups.

the “Change the code, not the climatecampaign aims to persuade industry experts to support a switch for Bitcoin from the Proof of Work mechanism to a less energy-demanding consensus model.

The most prominent concern raised is that the energy needed to mine Bitcoin is generated primarily from fossil fuels, with some miners using coal waste and associated natural gases. They believe Bitcoin’s energy consumption would drop by 99.9% by moving to a Proof of Stake model.

As part of the campaign, digital ads will appear in the Wall Street Journal, New York Times, Marketwatch, Politico, Facebook and other publications. Legal action will also be taken against proposed mining sites.

With Bitcoin’s value and usage soaring, the campaign’s organizers argue that it’s vital for Bitcoin to become more environmentally friendly.

Vietnam is working on a legal framework for cryptocurrencies

Since 2017, when Vietnam’s central bank initially issued a ban on crypto, the nation has been one of the leading crypto adopters in the world† To continue its foray into the cryptoverse, the Asian nation is now working to create a legal framework for cryptocurrency.

The Ministries of Justice, Information and Communications will work with the State Bank of Vietnam to create a legal framework for digital assets according to the details set out in ‘Decree 1255’ – the crypto ban of 2017.

According to a report from local news channel Vietnamnet on Monday, May 28, the ministry must identify specific legal documents that need to be amended or enacted for the management of the nascent asset class.

The report also adds that the requirements to develop legislation to manage the risks of digital assets will be assessed. However, the framework is reportedly not expected to affect other sectors, such as e-commerce and information technology.

The news marks another step in Vietnam’s march to formally adopt digital assets following the country’s 2017 ban on the use of bitcoin and other cryptos as a means of payment.

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