Do Kwon pushes Terra hard fork proposal

Terraform Labs founder Do Kwon proposed a hard fork for the Terra blockchain, which received mixed reactions from the Terra community.

The proposed hard fork would herald a new chapter in Terra, where the new chain would be spun off from the original chain, and the “old” chain would be called Terra Classic.

According to Kwon’s proposal, the new fork will use LUNA as its native currency but will remove the existence of UST. At the time of writing, 89% of staking LUNA owners voted in favor of the proposal.

However, more of the crypto community seems to prefer burn mechanisms over hard forks.

BTC falls below $30k support

BTC falls below $30k support Do Kwon pushes Terra hard fork proposal

The main cryptocurrency market fell on Thursday along with U.S. stocks, which suffered their biggest drop in two years, as investors now begin to weigh the prospects of economic growth under the aggressive monetary policy.

At the time of writing, BTC has lost 3% of its value in the past 24 hours and is trading below the psychological support level of $30,000.

Immediate resistance for BTC is currently near $29,500. A successful breakout of this range could temporarily reverse the bearish trend.

Conversely, a failure to break the $29,500 resistance could send the No. 1 cryptocurrency by market capitalization into another dip.

Likewise, ETH failed to hold the $2,000 mark after plunging 4% in just a few hours.

Most major altcoins are also in deep losses, with AVAX falling the most, suffering double-digit percentage losses over a 24-hour period.

However, the cryptocurrency market is not all pessimistic and sluggish.

As mentioned earlier, market capital inflow levels just hit a new record last week, with nearly $300 million in capital in BTC alone.

This shows that despite the recent market turmoil, investors are still turning to BTC for a relatively stable asset within the cryptocurrency space.

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