Luna Coin Surges, Token Becomes 12th-largest Cryptocurrency – Bloomberg

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Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business.
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The Terraform Labs website
Source: Terraform Labs
Terraform Labs’ Luna token is climbing into the ranks of the largest cryptocurrencies amid changes in how the coin is used for its blockchain payments network and optimism about the potential for decentralized applications.
Luna has jumped about 60% in the past seven days, according to pricing from CoinGecko, making it the 12th-largest cryptocurrency with a market value of around $25 billion. The surge comes as Singapore-based Terraform is embroiled in a dispute with the U.S. Securities and Exchange Commission over whether the platform is selling unregistered securities.

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