We have some big crypto news to talk about in the market today. So, the prices of crypto going up today we also have some big Luna classic news to talk about, involving CZ of Binance. We’re going to have some critical crypto news updates and also some Luna classic updates. But, I hope you are enjoying the journey so far and I want to kick it off with this update we had yesterday from CZ Binance.
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So, there was a massive exploit that happened from a government actually and we saw the tweet yesterday from CZ finance one Asian country, and that Asian country ended up being the country of China. So, China had a massive citizen exploit and one billion records of private citizens have been leaked unfortunately on to the internet. You can see c said talking about Bloomberg also picking up on the article as well. That’s just unfortunate so there are going to be bad actors out there. There are going to be exploited and this is not good to see but that is a big update to be aware of also we have Peter Schiff and his banks getting closed down in Puerto Rico. So, he is a big fan of gold and he also has a regulated bank in Puerto Rico. But guess what his bank is getting shut down and what that means it makes the case for cryptocurrency. It makes the case for bitcoin stronger and stronger. So, remember with your cryptocurrencies like bitcoin like some of your old coins it is very hard for a centralized entity to shut it down. So, they’re intended to actually bypass centralized power. So, Peter Schiff. he’s learning the tough way the number one fighter in cryptocurrency, he is getting his bank shot down so it’s not good to be him right now.
We also have another big update to be aware of. So, this time it has Vold. So, Vold has paused withdrawals as the market Vcrash takes its toll. So, this one is a crypto lender. We have been aware of a lot of these centralized ones getting hit with a lot of funds and unfortunately, this one also seems to be pausing withdrawals from this centralized platform. So, this is just something to be aware of in the crypto space. If you are going into a centralized lending platform and it does have some high APYs, you have to be aware of that sometimes. They will come with high levels of risk. Always remember, there’s a ratio in cryptocurrency high reward high risk and unfortunately, we have another crypto lender pausing withdrawals on top of that. There has been a lot of fun recently about q coin and you can see the article right here. The price of bitcoin exchange KuCoins KCS token tanks amid insolvency rumors and as you guys know there was a lot of fun recently on twitter mainly for KuCoin. You can see the fudd getting fought back against by the CEO Johnny Cucoin with his tweet right here.
But, what’s important to know is that when fudd props when fraud crops up. You’re going to see some big decreases in prices and potentially if that fund reverses. It’s not legitimate to say that the price is actually going to go back up. So, what you’re seeing in the price of KuCoin shares right now, you can see a big decrease from around 11 down to around 8.40 right there. But, it actually has rebounded as some of that fud has been dissipated by the CEO of that crypto exchange. Also we have this very cool tweet coming out of Michael Saylor who is one of the biggest bitcoin whales in the world. He owns hundreds of thousands of bitcoin and he says right here. Bitcoin is a declaration of independence. So, independence for financial systems 100 percent and shout out to all the USA fans out there with their fourth of July celebrations yesterday and on the Australian front. What we are seeing from an economic point of view is central bank hikes in the interest rates as well so this is just something to be aware of. What you’re probably going to see in a lot of economies out there around the world, Europe, USA is continuous hikes in the interest rates. Hopefully, the economies around the world can get back on track that’s going to help out the crypto prices.
Let’s talk about some specific lunar classic updates for you guys in the market today. So, we can have a look at the price of luna classic. It has been on some very nice bullish momentum in the last couple of weeks or so we have seen a big price increase.
Basically, for Luna classic from this level up to this level. It did kind of taper down a little bit it has been trading sideways and we did see actually it does look like a big potential whale sell-off right there. So, maybe someone dropped a lot of luna classic right there sold it on an exchange and it has hit a level of around the 1100 level called the 1100 level right now. Crypto trading bot may help you with the selling coins on crypto trading platform. One of the biggest things about Luna classic right now. Is there a big focus on finance? There is a big focus on a 1.2 transaction burn. We have an update for you guys a fresh one and just before we get to that let’s check out the burn numbers for luna classic. So, luna classic sitting around 1.145 billion on the burn. But, now the most important thing for luna classic is. It needs that volume burn from some of those bigger centralized exchanges and guys have a look at this. So, CZ Binance was putting out some tweets yesterday and you can see them right here talking about that big exploit. We spoke about at the start of the video and connecting it to luna classic we have Ali right here and Ali says when luna classic burn 1.2 plan. CZ Binance has actually responded to this and he said they don’t even burn for on-chain transactions right and Ali has responded I’m talking about buying and selling commission practicing this will make you an angel and CZ binance is actually said right here. All the traders are moving to other less secure platforms. It doesn’t work. They need to implement on-chain first.
It will kill on chain activity too so very interesting tweet from CZ Binance right there. So, what is he kind of saying here. So, I think what he’s saying is that Luna classic most likely for that 1.2 percent transaction burn. What he wants to see is Luna classic implement the burn on chain 2 and then we can analyze the impact of that on chain 2. So, I don’t think you know the 1.2 transaction tax is that big because if we love our Binance smart chain gems on the channel and some of them have massive transaction taxes. So, you might be looking at 10 you might be looking at 20 in some cryptos 1.2 transaction tax. I actually don’t think that is a huge thing. I don’t believe it will kill on chain activity too but what would be good to see is I do agree with what Ali was saying right there. So, we’d would love to see a volume burn from Binance and what the impact on the volume would be once that transaction tax does go through. So, I think practically what would be the next steps for Luna classic and the team kind of running this crypto let’s see get it. Let’s see that 1.2 transaction tax gets implemented on-chain. Then we can follow up with what CZBinancee is saying right here. But, theoretically, if the volume does stay consistent and the activity does stay consistent and that burn is running through that is where you’re going to get a big volume burn for this cryptocurrency. One of the biggest factors for this is that we need to get that burn up so it needs to go up into the trillions. We’re going to see what happens with this.
But, that was a very important update. So, CZ Binance. Some key takeaways here is – he is listening to the luna classic community and possibly what does he want to see he wants to see an on chain burn. That is what he’s saying right now and once that happens then possibly will he consider putting that 1.2 percent burn on to luna classic on Binance. We will find out in the future but that is the facts right now for luna classic. Again what else is it going to come down to guys it’s going to come down to decentralized adoption and decentralized build-out of the apps as well in the ecosystem? So, this crypto needs to have some daps get built out the community needs to adopt it and that utility needs to flow through the cryptocurrency so why are people transacting in the economy in lunar classic what are they trying to achieve how are people getting rewarded what does the ecosystem look like. That can be some bullish factors for luna classic. But that’s a very big update on the market for today and there’s a bitcoin update. We’ve actually seen a really nice pump in the price of bitcoin. So, you can see right here trading around 18 900 on the price graph. But, you have a look at this nice pump-up in bitcoin price so this is winning and that’s up to around the 20 300 level currently but again what do we want to see for crypto overall if we do go to the coin gecko charts today green day in the market.
So, I’m a day to be celebrated. You can see Ethereum up 10 wow B and b looking really strong in the crypto market up 8.3 percent been putting out some tweets about that a lot of the other cryptos, looking good XRP up 2.7 percent Solana up 9.3, a lot of the crypto is looking good today. Ship up 7.2 and lots of other cryptos going up today, so a green day on the market. We want to see that bullish momentum, I am a believer that the crypto prices bitcoin. They’re going to tie into a strong economy as well.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/_3DAJeNsYBw