Solana, Cardano Lead Crypto Losses; Terraform Labs Declares Bankruptcy

Telephone labs declares bankruptcy. And prominent cryptocurrencies start the week in the red. You're watching Coin Daily. I'm your host, Amit Singh. The native Tokens for Solana and Cardano are leading the crypto market lower as traders grapple with Bitcoin headwinds. The largest Cryptocurrency by market cap lost its 41,000 support level. Earlier on Monday, traders expect prices to fall as low as 38,000 in the coming weeks which could lead to more losses in other cryptocurrencies. Documents show that Tele Form Labs has filed a voluntary petition in Delaware for chapter 11 bankruptcy. The embattled crypto firm behind the failed Stablecoin Tele Ut said in the filing it has between 100 to 500 million in estimated assets and the same amount in liabilities. Tela US C and Tara's Luna Token collapsed in May 2022 destroying billions of dollars in investor wealth and Dogecoin price rose and then retreated as an ex payments profile on the app, formerly known as Twitter sent adoption hopes flying around crypto circles. The account has already garnered over 100,000 followers since being set up. However, there are no posts just yet. That's it for Coin desk daily. Get more updates on Coin desk.com and we'll see you next time.