We have some big crypto news to talk about in the market today, so we’re going to be talking about Luna classics price it’s been going up recently. We’re going to be chatting about that we’re going to be talking about some other critical things, you need to be aware of in the crypto market. Today some big news has come out and also on top of that we’re also going to take a look at the crypto prices. So, what are the crypto prices doing where can they go in the future? We’ll be talking about that.
One thing I want to update you guys on is there is a bit of fud getting spread in the market by Gary Gensler, the chair of the SEC and he says right here only bitcoin can be called a commodity. He’s spreading a bit of fud right now, so we do know that SCC has been on a bit of a rampage to try and give cryptos a tough time because cryptocurrency is bringing a lot of innovation. Things are changing the banking industry is potentially going to evolve and some people see it as a threat other people see it as innovation and evolution.
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What’s happening right now is Gary Gensler is spooking the crypto market. He’s saying mostly bitcoin is only going to be a commodity. The rest of the ones they’re going to be non-compliant, so there are lots of tokens that are non-compliant and potentially they may be unregulated securities and he’s basically spooking the market to some degree. So, lots of uncertainty is still present in the crypto space, the regulations, and the rules. They’re still in a gray zone to a lot of degrees. Gary Gensler is putting fuel on the fire right now and he is spooking the crypto market. But I do think in the future crypto does have a bright future and we’ve had some reactions out of some of the big cryptos out there. So, ripple has responded to some of this fud and they’ve basically said if Gary Gensler and the SEC win the lawsuit against ripple what is ripple going to do. Unfortunately, it’s going to leave the united states, so it definitely would be unfortunate for a lot of you in the US. So, we want the US economy to be strong. We want the US to be on par with a lot of the crypto evolution and it definitely would be a shame for the US to lose a lot of crypto companies because of harsh regulation. But that is basically what ripple is saying they will do. So, those just saying they’re going to pack up their bags.
They’re going to leave the united states and they’re going to go to other countries which don’t have harsh regulation. So, it definitely is annoying for US crypto investors right now and it is annoying for the crypto market to see some of this fud kind of enter back into the crypto market. So, big sharks are circling in the crypto space today and the traditional hedge funds are trying to short USDT. According to the CTO of Tether. So, Tether is basically saying that there’s big money out there. There are big hedge funds, they can sniff blood in the water and they want to bring down tether at a profit to themselves. So, you can see some tweets here from Paulo and he says here you know tether is 100 backed they’ve never failed a redemption.
basically hedge funds are out there trying to short them so trying to make USDT lose its peg, trying to place a bunch of trades that will bring these hedge funds lots of money at the expense of USDT and USDT holders out there. So, what do I think of this so definitely unfortunately there can be big sharks in the crypto space. We have seen Terra Luna the original protocol get knocked over by some big players in the crypto space because they wanted those profits. They wanted to knock over systems that weren’t up to scratch and can Tether withhold this storm. We’ll find out in the future and also guys watch out for this as well. So, one of the most prominent crypto hedge funds just defaulted on a 670 million loan. So, three arrows capital has defaulted on a loan worth more than 670 million dollars and that is to digital asset brokerage voyager digital. So, that loan was made up of USDC, the stable coin, and also 15 250 bitcoin and that is a lot of money. So, we have been aware of this on the channel that there is contagion spreading in the crypto space, particularly around some of the centralized lenders out there.
So, Celsius and some of the other ones who have been caught up in some of these risky trades these risky investments in the crypto space. This is just an element of risk but the upside of this is sometimes when defaults happen and when some crypto projects fall over. It can provide an opportunity for new ones more secure ones to evolve and make the crypto environment safer in the future. But definitely unfortunate for anyone impacted by this default, but I do think to some degree failure of crypto projects can sometimes work as a forest fire. So, when there’s a fight when there’s a fire in the forest, a lot of the undergrowth may be taken away and burnt up. But it’s gonna provide room for new healthier projects to grow in the future.
We also have this big update as well, so look out for this one anonymous vows to bring Do Kwon’s crimes to light, so the hacktivist group anonymous. They’re on youtube and they’re talking about Do Kwon very interesting take whether this materializes into anything. I’m not sure but we do know Do Kwon is under pressure at the moment. The Korean authorities are looking at Do Kwon. What he’s been up to and the future of that, but interesting that .anonymous is kind of involving themselves in this one. Also I wanted to point out this for once CZ of Binance has got some positive headlines from Bloomberg. So, we do know Bloomberg loves to fud crypto, fud bitcoin, fud binance fud everything in the crypto space. But it does say right here that Singapore regulator praises leader of crypto firms like Binance, so for once CZ is getting some positive PR which is very rare in the crypto space.
Let’s talk about the crypto prices, let’s talk about Luna classic first and you can see right here. There have been some really nice price movements in Luna classic right now. So, you can see this price rise is really nice in Luna classic right now sustaining some bullish momentum in the crypto prices. If we do take a bit of a look at the price range checker, so at its all-time high it got up to around 74% which is crazy right now. It’s up to its about 44% increase, so possibly Luna classic is on the rise. Is it getting some more momentum? Why is it getting momentum? Personally, I do think it’s kind of built around two factors right now, what is the most important factor for Luna classic right now and if we go to Twitter I do think it’s the community. So, I do see a lot of positive community growth with Lunar classic. So, lots of people kind of tweeting about the Luna classic.
It is very decentralized you’re gonna find on YouTube. There are lots of fans of Luna classic and uh that brings health to a cryptocurrency, so always remember cryptos like bitcoin the reason they even survive up until now is because they had a big decentralized community. Basically, the stronger your community is for your crypto and the more it grows into the future the stronger that community gets the more stronger. Potentially, the price is going to go on top of that. We also know the burn is growing to some degree, so Luna classic burn has crossed 1.1 billion so that is great to see.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/hjzhIPDx9rI