Terra’s LUNA price explodes, hits new all-time high amidst legal spat with SEC
- Terraform Lab’s token LUNA hit a new all-time high earlier today, analysts are bullish on a continuation of the uptrend.
- The crypto startup has challenged the regulator for jurisdiction, refusing to comply with the investigation.
- Terra’s uptrend started in November 2021, the token has posted 80% gains over the past month.
Terraform Labs has filed a complaint with a court to oppose the SEC’s investigation and efforts to compel the crypto startup to cooperate. The DeFi protocol’s CEO claims that the regulator mishandled the subpoena and does not have jurisdiction over the firm.
Terra hit a new all-time high at $84.47
Terraform Labs token LUNA hit a new all-time high earlier today. The token has posted nearly 80% gains over the past month, leading a rally of DeFi protocols.
Don Kwon, CEO of Terraform claims that the ongoing legal spat between the Securities & Exchange Commission (SEC) and the crypto startup is out of the regulator’s jurisdiction.
The SEC mishandled subpoenas of the Terraform Labs CEO and further attempted to compel the firm to comply with the investigation. The firm claims that the regulator does not have any legal rights over it.
A new development in the case is Terraform’s move in the case filed against the SEC. The DeFi protocol has challenged the jurisdiction.
Analysts are bullish on the continuation of the token’s uptrend. Terra’s LUNA has flipped the Binance Smart Chain to emerge as the second largest DeFi blockchain protocol in terms of total value locked. Total value locked is similar to market capitalization of a token, making LUNA one of the largest DeFi tokens.
@AltcoinSherpa, a pseudonymous cryptocurrency analyst, is bullish on Terra price.
$LUNA: Extremely bullish price action but be careful around this area; I'm expecting some sort of reaction at the all time high levels. Would not personally buy here; would wait for a dip OR a break above ATHs. #LUNA pic.twitter.com/vcgEYzOonu
— Altcoin Sherpa (@AltcoinSherpa) December 19, 2021
@Pentosh1, the crypto analyst had predicted Terra’s price discovery in a recent tweet:
Would be shame if $LUNA went into price discovery tomorrow while on heavy negative funding causing a pretty massive short squeeze.
— Pentoshi DM'S ARE SCAMS (@Pentosh1) December 19, 2021
You'd hate to see it. Would be sad really. Why people heavily short the most bullish charts then long shit lmao pic.twitter.com/sEtSQhO7yl
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
