Commonwealth Bank Pauses In-App Cryptocurrency Trading
Due to market turbulence and uncertainty, the debut of cryptocurrency trading through Australia’s major bank’s app halts. The crypto meltdown may also doubt a recent $25 million partnership announced in January between the bitcoin trading platform Crypto.com and the Australian Football League.
In November, Commonwealth Bank revealed intentions to allow its customers to buy and trade bitcoin through its app. Under the scheme, customers would be able to purchase up to ten crypto assets, including Bitcoin, Ethereum, and Litecoin. The bank will conduct an initial test before rolling out “progressively more features to more consumers in 2022”. However, Guardian Australia stated that the rollout had been suspended, with no timetable for when it will restart.
Dr. Dimitrios Salampasis, a lecturer in fintech leadership and entrepreneurship at Swinburne University, massive incumbents like CBA are concerned about the possible brand damage associated with crypto. He stated that it was all about risk balance and that CBA will continue to work on it in the background to maintain the first-mover advantage. At the time of writing, LUNA is trading at $0.00015; this means that the cryptocurrency will need to drop three zeros before reaching $1.
Terra (LUNA) circulating supply approaching 7 trillion
Terra’s supply is approaching 7 trillion, putting the coin’s ability to reach $1 anytime soon in doubt.
As TerraForm Labs announces plans to make LUNA investors whole, more investors continue to dump LUNA into the market.
TerraUSD (UST) lost its peg to the US Dollar; hence, Terra (LUNA) has plummeted from a high of over $125 last month to as low as $0.0000009. Many expected the cryptocurrency to retest $1 and possibly return to its glory days; however, its tokenomics do not support this widely held assumption.
Following the UST crash, LUNA’s circulation supply has been rapidly increasing since the heinous tragedy earlier this month.
In less than two weeks, the circulating supply of LUNA has increased from 300 million tokens to approximately seven trillion. At the time of writing, the circulating supply of LUNA is around 6.53 trillion, prompting many to doubt that the digital currency would ever reach $1.
Based on the number of LUNA in circulation, the cryptocurrency would need a market capitalization of over $7 trillion to reach the $1 achievement, an impossible effort given that the whole crypto market is worth less than $1.5 trillion at press time.