Decentral Block Post

Lido DAO (LDO) has declined by more than 40% in the last 30 days with more room to fall in the coming days amid a potential sell-the-news event, i.e. the Merge.

Lido DAO Ether deposits surge 160% in 2022

Lido DAO is Ethereum's biggest staking service, having deposited over 4.14 million of the blockchain's native asset, Ether (ETH), into the Ethereum 2.0 smart contract on behalf of its users, according to the latest data.

In comparison, Lido DAO's total staked amount was around 1.6 million ETH at the beginning of this year. The boom reflects a growing demand for Lido DAO services ahead of Ethereum's scheduled transition from proof-of-work to proof-of-stake via the Merge on Sep. 15.

LDO, a governance token in the Lido DAO ecosystem, has also undergone an unprecedented price rally in recent months, up more than 350% after bottoming out at $0.39 in June.

Still, the token's sharp correction in the past month raises the possibility of an extended downtrend now that the pre-Merge hype is nearing its end. In addition, a technical setup also alerts about a potential price decline ahe.

Lido DAO (LDO) has declined by more than 40% in the last 30 days with more room to fall in the coming days amid a potential sell-the-news event, i.e. the Merge.

Lido DAO Ether deposits surge 160% in 2022

Lido DAO is Ethereum's biggest staking service, having deposited over 4.14 million of the blockchain's native asset, Ether (ETH), into the Ethereum 2.0 smart contract on behalf of its users, according to the latest data.

In comparison, Lido DAO's total staked amount was around 1.6 million ETH at the beginning of this year. The boom reflects a growing demand for Lido DAO services ahead of Ethereum's scheduled transition from proof-of-work to proof-of-stake via the Merge on Sep. 15.

LDO, a governance token in the Lido DAO ecosystem, has also undergone an unprecedented price rally in recent months, up more than 350% after bottoming out at $0.39 in June.

Still, the token's sharp correction in the past month raises the possibility of an extended downtrend now that the pre-Merge hype is nearing its end. In addition, a technical setup also alerts about a potential price decline ahe.

While the LUNC community rejoices because of a potential comeback for the Terra Luna Classic (LUNC) token, the founder of the Terraform Labs, Do Kwon, is now facing a warrant of arrest from South Korean authorities. 

A court located in Seoul reportedly issued a warrant of arrest for Kwon and five other people who are all currently located in Singapore. According to the prosecutor’s office in South Korea, the Terra founder is facing allegations of violating the country’s capital markets law

In May, what the Terra community first suspected to be a FUD attack became one of the most devastating market crashes in crypto history, triggering the loss of millions of assets from investors of Terra USD (UST) — now renamed Terra Classic USD (USTC) — and Terra (LUNA), which is also rebranded to Terra Luna Classic (LUNC). The UST stablecoin started to drift away from its dollar peg, dropping to an all-time low of $0.006 in June.

Apart from UST, LUNA, an asset that once reached its peak at $119.18 in April dropped massively to an all-time low of $0.0000009, causing suicide hotlines to be pinned on the project’s Reddit community.

The Terra crash also affected various decentralized finance (DeFi) protocols, leading to an 80% and above decline for projects that were associated with the stablecoin.

Bitcoin (BTC) briefly lost $20,000 support overnight into Sep. 14 after hot United States inflation sent risk assets crashing lower.

Markets lose big in bid to "fight the Fed"

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit lows of $19,870 on Bitstamp — its worst since Sep. 9.

The move came amid a stocks rout triggered by Consumer Price Index (CPI) inflation data for August coming in above expectations.

Despite still being lower than July, the market had hoped for a quicker cooling of inflation more broadly and hence the chance of a quicker loosening of policy by the Federal Reserve.

With that prospect now appearing slim, equities indexes hemorrhaged value, with Apple losing $154 billion — the sixth-biggest daily loss in U.S. stock market history.