ADA, Filecoin, Ergo, AXS Rise As BTC Faces Selling Pressure; 19.5 Million LUNA To Be Airdropped
Bitcoin is trading at $19,786, down 2.66% in the last 24 hours. Bitcoin’s selling pressure spilled over to altcoins, with several cryptocurrencies trading down in the last 24 hours. However, Cardano (ADA, +3.24%), Filecoin (FIL,+10.91%), Axie Infinity (AXS, +5.76%), and Energy Web Token (EWT, +7.76%), Ergo (ERG.+30%) were up in the last 24 hours.
In a recent tweet, crypto analyst Ali Martinez reports that Bitcoin miners have sold about 4,586 BTC in just three days, according to data from CryptoQuant. “Bitcoin miners have sold roughly 4,586 BTC in the last 72 hours, according to on-chain data from cryptoquant_com,” the analyst wrote.
On August 31, the Twitter account ‘’Hashrate’’ indicated that Bitcoin’s mining difficulty had increased by 9.26% to 30.98. This was the second-largest positive adjustment of the year.
Hashrate dropped slightly following the 2nd largest positive difficulty adjustment of the year. However, this rapid increase in Bitcoin’s difficulty has also strained mining profitability, which has dropped 17% in the last 30 days. Consequently, miners are forced to sell their mining rewards to improve their liquidity.
19,504,909 LUNA To Be Airdropped to Wallets
In late May, some Terra users complained about receiving less LUNA than expected, hence the initiation of the Terra Phoenix Airdrop proposal, which has now been passed. The Terra Phoenix Airdrop Proposal vote ended on Friday, and Terra Governance Alerts revealed that 99.99% of voters said yes to the plan, with Terra confirming that with the passing of the vote.
With the passing, 19,504,909 LUNA will be requested from the Community Pool to execute an airdrop to wallets that did not receive the correct amount at Genesis. Eligible users will have one month, from Sept. 4 to Oct. 4, to claim their airdrop. It says LUNA not claimed by Oct. 4 will be returned to the Community Pool, including any unused gas fees.
The plan comes after the first airdrop to compensate holders of the collapsed LUNA and UST tokens was botched due to technical constraints and issues associated with indexing. As a result, another airdrop proposal was launched on August 16. Receivers of the airdrop from the Phoenix Proposal will be bound by a 2-year vesting period.
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