Terra’s Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review

Terra’s Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review

With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the week’s hottest crypto news.

Terra's Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review

Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets.

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Terra's Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review

The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value.

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Terra's Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review

While bitcoin’s price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed.
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