Recently LUNC took a sharp spike following major exchanges supported the LUNC Community's proposal for 1.2% tax burn, what we could expect further?
Just a few days before, the LUNC (Luna Classic) community proposed a draft proposal to burn the excessive supply of luna classic with a 1.2% tax burn. After it was approved by the community voting, major exchanges came to support the proposal and on the recent weekend, LUNC took a sharp spike jump in its price. On Sunday, Sep 25th, it jumped by 40% and reached $0.00032 taking its market cap to about $1.9B.
Since then, it has fallen by 7.35% and as of now trading at around $0.00028 while its market cap is $1.72B. Furthermore, after so many weeks the bulls have came into play and have pushed Bitcoin above the support level of $20,000. The news came out when the major forex currencies are performing not so well and some of them even have fallen to their lowest levels.
However, the federal reserve is planning to hike interest rates again and has given hints that it could happen in the month of November when the inflation data for September will be released. As of now, at the time of writing this article, Bitcoin is trading at $20,200 and has gained 5.71% in the past 24 hours.
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