Crypto News: Bitcoin Sees 9th Week in Red, Luna Finds Support & EverGrow Coin NFT Lending

The revival of the Terra Luna token is still dominating crypto news today, with Bitcoin's continuing losses also trending

While 'Luna' has been the most dominant search term according to Google Trends, Bitcoin has now flipped the resurrected cryptocurrency. Solana has also been in the news for an eight-hour outage yesterday that was partly responsible for Cardano (ADA) reclaiming the 6th spot in the crypto market cap rankings.

In other crypto news, EverGrow Coin has gained attention for its unique proposal in the crypto space – a new mechanism to make passive income from NFTs.

EverGrow Coin – NFT lending

With all eyes on the bear market lately, it's refreshing to hear of positive developments that push what cryptocurrency can do.

The EverGrow Coin website reveals its new LunaSky NFT marketplace will also include NFT lending. The concept of crypto lending is not new – where users put up collateral in order to receive a crypto loan – but this has never been done with NFTs before.

The new EverGrow Coin marketplace would allow crypto traders to put up NFTs assets as collateral in exchange for a loan, which can generate its own yield to pay the loan off. The only other real use case for NFTs is to sell them at a higher price on an exchange.

This new avenue for passive income from NFTs is part of the EverGrow Coin model. The token has paid more than $37 million in BUSD reflections since September last year, which investors receive simply by holding EverGrow Coin in a crypto wallet.

The BUSD reflections are financed by a 14% transaction tax, which also goes towards buyback & burn mechanisms.

Bitcoin could see a ninth week in the red

Bitcoin has seen eight weekly candles in the red – a price drop that has barely been seen before.

The decline in the Bitcoin price began at the end of March, before the crash of Terra Luna sent prices tumbling down from around $40,000 to under $30,000. Bitcoin has a current price of 29,900 as it struggles to find support.

The Bitcoin 20-week SMA is up at $38,000 while it has an RSI of around 35%. These indicators all suggest Bitcoin is at a low price currently.

Luna finds support at $6.4

The airdrop of new Terra Luna tokens has seen the cryptocurrency hold off a new crash.

Terra Luna has been holding above a price of $6.4 for the past 24 hours. This is down from a recent high above $11 but suggests there are enough buyers to keep Terra Luna prices from falling further.

Many analysts predicted new Luna token holders would quickly sell off their assets to recover a small return on lost investments in Luna Classic (LUNC) and TerraClassicUSD (USTC). These sell-offs have not sent the Luna price towards zero and instead have seen the new token gain a market cap of over $1.4 billion.

Once price trackers like CoinMarketCap can verify the market cap of Terra Luna, this should place it back into the crypto top 50.