We have a ton of crypto news to talk about in the market today. So, we’re going to be talking about Binance, the SEC. What does it mean for your crypto portfolio? What is the investigation going on? We’re going to be talking about the Federal Reserve in the USA and we’re also going to be talking about Terra Luna. There is a chat about a big transaction, we’re going to talk about that proposal. What does it mean for that cryptocurrency? We’re also going to take a look at the crypto prices. What’s happened in the last 24 hours? What has gone on with the crypto prices just recently? So, a huge amount of information is coming your way. Lots and lots of stuff to talk about.
Reuters and Binance
I want to kick it off with some really big news about Binance the exchange. So, Binance the exchange. If you don’t know, it is the world’s biggest crypto exchange in terms of volume. It’s number one right now and it’s actually been hit with double fud today. So, a two-for-one has hit finance-like missiles right now. The first big fud hitting Binance, the crypto exchange is a big publication from Reuters. So, Reuters has come out with a massive special report, basically, looking into Binance and looking at the way. This report is written how crypto giant Binance became a hub for hackers, fraudsters and drug traffickers. Basically, to sum it up, it is a huge amount. It is a huge report and it’s full of fun, lots of criticisms against Binance, basically, painting a picture that it’s a good place for lots of criminals and things like that. So, if you want to read through this in detail, you can. It’s a very long report. However, the big summary of it is there is a lot of fun against Binance right now from Reuters. Binance has actually responded to this very rapidly and they’ve actually published all the emails. They had with Reuters and they’re saying right here on the Binance blog.
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The crypto money laundering myth and the machine working overtime to sell a false narrative so seize out of Binance has hit back immediately at Reuters about this big fud trying to criticize the exchange and they’ve actually. What they’ve done is they published the emails between Binance and Reuters to give people some more context. And to give you my analysis of what’s going on here. Honestly, I do think objectively and this is not to come out in support of Binance or anything like that I do feel. There are some political attacks against finance because you have to remember cryptocurrency. It is a little bit like Game of Thrones. In my opinion, there are lots of political attacks on people trying to out muscle themselves to get rid of the king. So, right now, Binance is the number one crypto exchange and I do feel like to some degree it could potentially be a political attack against Binance so because remember with fiat currency. There’s always going to be illegal activity, unfortunately bad actors do come into the crypto space.
There’ll always be some criminal element in all types of industries out there. In my opinion, and I do feel like there is a lot of targeting of Binance right now. But, there has been flooding attack number two and this is a big one. This one is bigger than the first one. Have a look at this. The SEC is investigating Binance’s BNB token. According to Bloomberg, so, another huge amount of funds. So, the SEC if you aren’t aware of it, they have a big court case against XRP ripple. They’re trying to shut down ripple again, in my opinion, political attacks against cryptocurrency because we don’t know cryptos bring lots of freedom. But, right now, they’re going after the BNB ico basically saying potentially is it security. It was unregistered security and things like that and so is there going to be a ton of regulation happening against Binance. It does look like Binance is getting targeted and just going down memory lane. If you did get into that ICO of Binance the initial coin offering I actually got the statistics behind me.
The BNB value
Have a look at this. The BNB ICO it did end. Guess, what the price of the ICO at the pre-sale was? It was at 10 cents. So, 10 cents for BNB ICO. What is BNB at the moment? It is now sitting at 283 and that’s the magic of cryptocurrency so some pre-sales some cryptos can do very well. It is a high risk high-reward market, so always remember to be comfortable with your levels of risk personally cryptozoos. I do diversify into things inside of crypto and also outside of crypto because there is a lot of volatility. There is a lot of rewards. There is also a lot of risk as well so that was a really important update.
We also have some really important news, I want to update you on. So, in Australia they’ve actually increased the interest rate by 0.5 today. So, an unexpected increase in the interest rates. What is the US going to do? And I did see something very funny in the USA over on Twitter. And it’s in line with this article it says Fed forgets long-term total devaluation when pricing eggs in BTC. So, the Federal Reserve and the ST Louis Fed tried to fight Bitcoin. They tried to criticize crypto by showing the volatility in the egg prices, according to crypto. But, one thing they forgot to do right here. So, they’ve zoomed in on their graph and someone had pointed this out on Twitter Nick Newman right here.So, if we go to this picture the last one, if you look at the price of eggs in terms of Bitcoin over the long run. Guess, what Bitcoin eggs get extremely cheap, when you’re buying with Bitcoin? And that’s the magic of cryptocurrency. So, if Bitcoin does go up in value over the long run like it has done since 2015. You’re gonna get very well rewarded and crypto is a long-term journey. So, you can see right here long term multiple years even though. There’s a lot of volatility in the market right now on top of that.
Terra Luna news
Let’s talk about this big Terra Luna news. So, I’ve seen this chatter, there was a lot of talk over on Twitter. There’s a lot of talk on YouTube about a new proposal that has been put out. I got the Luna Classic Adele Twitter account tweet right here. It’s proposal three five six-eight, so if you don’t know Luna Classic right now, it has a massive supply. One thing that needs to happen is that supply needs to get reduced. There has been a proposal for a 1.2 percent tax burn on all transactions of Luna Classic down to 10 billion and that is really interesting. So, potentially, what could happen here is if this one does become a reality, you’re gonna have a transaction tax on Luna Classic and what can that potentially do for the price of Luna Classic. It could potentially increase the price of Luna Classic. If the supply of the crypto goes down, so, remember, with Luna Classic we need to reduce the supply to the realm of trillions. So, I do think a transaction tax is good, so then what’s really going to fuel this is the volume of Luna Classic? So, in my opinion, why do people have to buy crypto? Why are those transactions going through? You have to build out an ecosystem. So, potentially could there be play to earn game, could there be some DeFi activity going on that rewards people for participating in that ecosystem for transacting in that ecosystem. That is a big-picture analysis to look out for. So, always remember crypto comes down to utility, comes down to burns, comes down to decreasing the supply. So, just watch out for that proposal right there.
The current prices
Very interesting stuff and let’s talk about the crypto prices today. Let’s talk about the bitcoins price. What is Bitcoin doing? And it has been a bit of a day of red on the market. So, just when we were tracking very well in the crypto space yesterday, the sunshine gave its way to a few storm clouds. And you can see the price graph right here, so have a look at that nice increase yesterday. And just as we were getting settled in the 31 000 range, there was a big decrease down to around the 29 500 level. So, not a massive drop, but again we’ve been speaking about this and one thing that is true – we are seeing this battle for the 30k range. So, yesterday we did have a good attempt by Bitcoin to break out of that 30k range again right there. But then, it got retraced potentially whether there are some big whales. People panicked on the market and they sold out of their Bitcoin and that decreased the price of a Bitcoin right there. So, when Bitcoin drops the rest of the crypto market goes down, but again, I’m not too worried about this. I mean crypto for the long-run.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/l2mNyQL2XkQ
