We have some really big crypto news to talk about in the market today. So, everything you need to know about the crypto market, we’re going to cover it today. I’m also going to do a massive update on Luna 2.0 and also Luna classic as well. What is happening with these cryptocurrencies? What is Do Kwon been accused of? We’ll be talking about that, we’re also going to take a look at the crypto prices today and how they are going.
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I want to kick it off with some really important news that you need to be aware of because today is the day when some pivotal inflation data is going to be released. Why am I talking about this? Because this, in my opinion, possibly will impact the crypto market. So, the stock market at the moment. There has been a lot of volatility happening with the stock market and that crypto has been forming a bit of a correlation with the stock market. And this is the important stuff right here. So, it says the slide for stocks comes ahead of the May consumer price index report on Friday. So, today and that’s going to give us an insight into the actual inflation numbers out there. So, if you guys are in any country right now, you’re probably feeling the effects of inflation, so filling up your car with gasoline with petrol, going to the grocery store right now – it’s very expensive. You can see the US national debt clock in the background. This thing is going to the moon and the thing about raising the interest rates is.
It potentially can impact the housing market so there is a lot of uncertainty happening right now in the world economy. And also the stock market and crypto so just watch out for that report coming out today. Also, we have some other cool news, so not so much bearish. But this is a cool event, so it is the consensus 2022 event and I know a lot of big cryptos are going to this right now. It’s happening in Ostin, Texas and it’s a big event for lots of networking. So, this is actually running right now and you have some pretty famous people going to this event. You got Sam Bankman freed from CEO of FTX right there. You also have Kirsten Gillibrand and you have a lot of other people involved in the cryptocurrency market CZ is actually going to be tuning in from this. But he’s going to be doing it virtually as well and that’s running in Ostin, Texas right now. I did see the ticket prices for this and the ticket prices are quite high to attend it in person. So, 1600 USD virtual passes 99 USD right there, but who knows. You may be able to potentially network with people and open up doors in the crypto space. But, I just wanted to put that one on the radar right there.
We have this massive news coming out being reported right now that potentially it says here Do Kwon sent 80 million dollars a month to secret wallets 80 million dollars a month that is absolutely insane. If it’s true so it says right here, Terra. Do Kwon seems to be more in trouble as the US securities and exchange commission has reportedly got its hands on the money laundering activities of Do Kwon? The agency has also launched an investigation to inquire about Terra sudden fall. And it says here the united states security and exchange commission reportedly discovered a situation where 80 million dollars of the company’s funds every month were sent to different wallets for the operating expense.
This reportedly happened a few months before the collapse of Terra this particular activity. According to the reports is what raised money laundering suspicions about Do Kwon. So, this is huge news. We’re not exactly sure on some key details like what the 80 million dollars in operating expenses was actually for and where did the money end up going because the money has to go somewhere. It’s very interesting story that is breaking currently. So, this impacts Terra 2.0, so, unfortunately, more fud hitting Terra 2.0 right here. So, I can’t imagine is good this story right here and on the flip side of that, we still have a lot of interest in Terra Luna classic. So, a lot of people out there love the Terra Luna classic. We do have a bit of an update on that so you guys can see this tweet from lord skull crypto in the background we do have this proposal it has been passed the vote 83 percent is saying yes to attack slash burn on Terra Luna classic, so 1.2 tax on all transactions and to give you some context about why this is important for Terra Luna classic. It’s because Terra Luna classic basically has a huge supply right now and I’ve got the live burn update right her e. So, we’re up to 866 million Terra Luna classic burnt, but realistically for this one to kind of move up in price. It does need to get up into the billions, it needs to get up into the trillions, in my opinion, for that price of Terra Luna classic to potentially go up in the future. So, it’s good to see it’s closing in on 1 billion. But I do think this tax/burn is very important. So, what this is gonna do? This is gonna open up the pathway for way more burns in the cryptocurrency. If that volume is paired with this, so you know we cover lots of tokenomics cryptos on the channel and volume is super duper important!
Once this goes into action this 1.2 percent on all transactions it will come down to that question right now it’s like you know what’s going to increase the volume so you need to kind of develop like an ecosystem utility plate to earn game defy everything. That crypto is about that needs to be developed, in my opinion, and that’s going to help out the price of the Terra Luna classic. So, if we do take a look at the Terra Luna classic price right now. You can see there has been a nice increase right here after the vote looked like it went through. And there has actually been some bullish momentum in Terra Luna classic given the community support behind it. So, it’s going to be very interesting to see what’s going to happen with this 1.2 percent burn. But I do think it is a very good signal and we’ll keep up to date exactly. What happens right there and if we do jump over to the crypto prices for today. It’s been a bit of a mixed day on the market you got some winners. Some are in the red so Tezos is doing pretty well up 8.2 percent link is up 8.8 right there. Luna classic is up to five-point seven percent Terra is up five-point nine percent. So, some cryptos are up some cryptos are down a bit of a mix down the market, and overall what is bitcoin doing.
So, you can see right here Bitcoin has remained relatively flat around the 30 000 level and I do think still there will be some volatility in the crypto space. So, that big news about the inflation report that’s coming out today. How is that going to impact the crypto prices we’re going to find out very soon but that is probably what to look out for but in the medium term. It is good to see bitcoin still maintaining this resistance above the 30 000 level, so around the 30 000 level that is what we’re seeing with Bitcoin at the moment. It is looking good. hopefully it can maintain that support during these volatile times and, overall, the crypto prices in the long run if you do have that long-term mindset about crypto that’s what i’ve got and that’s what I’m kind of thinking and I’m thinking in the long run crypto is going to do very well.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/7u69I5tY0no