ADA, Filecoin, Ergo, AXS rise as BTC faces selling pressure; 19.5 million LUNA are dropped from the air

Bitcoin is trading at $19,786, down 2.66% over the past 24 hours. Bitcoin selling pressure spilled over to altcoins, with several cryptocurrencies trading lower over the past 24 hours. 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 sold about 4,586 BTC in just three days, according to data from CryptoQuant. “Bitcoin miners sold about 4,586 BTC in the last 72 hours, according to on-chain data from cryptoquant_com,” the analyst wrote.

On Aug. 31, Twitter account Hashrate reported that Bitcoin’s mining difficulty increased by 9.26% to 30.98. This was the second largest positive adjustment of the year.

Hashrate fell slightly after the second biggest positive difficulty adjustment of the year. However, this rapid rise in Bitcoin difficulty has also weighed on mining profitability, which has fallen by 17% over the past 30 days. Consequently, miners are forced to sell their mining rewards to improve their liquidity.

19,504,909 LUNA is airdropped into wallets

At the end of May, some Terra users complained about receiving less LUNA than expected, hence initiating the Terra Phoenix Airdrop proposal which has now been passed. Voting on Terra Phoenix’s airdrop proposal ended Friday, and Terra Governance Alerts revealed that 99.99% of voters approved of the plan, with Terra confirming this by passing the vote.

Passing will prompt 19,504,909 LUNA from the community pool to airdrop to wallets that did not receive the correct amount from Genesis. Eligible users have one month from September 4th to October 4th to claim their airdrop. It says LUNA unclaimed by October 4th will be returned to the community pool including all unused gas charges.

The plan comes after the first airdrop to compensate holders of the collapsed LUNA and UST tokens was botched due to technical limitations and problems related to indexing. As a result, another airdrop proposal was launched on August 16th. Recipients of the Phoenix proposal airdrop are subject to a two-year embargo.

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