Terra’s LUNA and Cardano’s ADA surged as much as 16% in the past 24 hours to lead gains in major cryptos, even as traders remain cautious of a sustained rally. By shauryamalwa
LUNA hit resistance at $58.
The funding round, among the largest raises to date in crypto circles, will go toward building a bitcoin-denominated foreign-exchange reserve for UST, an algorithmic-based stablecoin in the Terra ecosystem. On Tuesday night, the U.S. imposed sanctions on Russia. President Joe Biden said the country has “cut off Russia's government from Western financing” and threatened tougher steps if Russia"continues its aggression."
"The current environment mixing uncertainty around inflation, interest rates, and geopolitical risks, is likely to continue to impact crypto markets,” said Jordi Muñoz, CEO of PotionLabs, in an email to CoinDesk.
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