We have some very important crypto news to talk about in the market today. Let me talk about some Terra Luna classic updates, I want to talk to you about the power of the burn. We’re going to be analyzing real crypto burn you can see the tweet from CZ to Binance. We’ll be talking about this the power of burns and crypto and we’re also going to be talking about some important crypto news. You need to be aware of today in the market and I also will take a look at the crypto prices as well.
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One macro driver we want to be aware of in the crypto market is an inflation report actually coming out today. This is potentially going to impact the overall crypto market. So, it’s a macro impact. It might impact Luna classic. It may impact the bitcoin price which is getting released today and the stock market and the crypto market. They’re all a little bit flat at the moment because they’re waiting for this data to come out. Once we get that data, if it’s good we could see a price increase in cryptocurrencies. If it’s bearish of course you know the prices could go down but again I’m not too worried about this in the long run because I am a believer in cryptocurrency. I think in the long-run you know crypto is bringing a lot of innovation and just like how we’ve had good times in cryptocurrencies, the bad and the frosty times. They will eventually pass as well.
Let’s talk about the power of the burn. Let’s tie this into Luna classic and you can see CZ of Binance. He’s put out this tweet right here. If you don’t know what a burn is you are borderline financial illiterate, so he is lighting people up on fire on twitter. So, what is your favorite burning cryptocurrencies? There are lots of them, there are lots of deflationary ones out there. But I want to talk to you about how powerful burns can be in the crypto market and one crypto that actually does do a lot of buy-ups and burns. It’s actually the BNB coin itself, so I’m going to show you guys some real numbers and it’s just mind-blowing some of these numbers right here. But, for you who do not know what a burn is coin burning is the process of permanently removing cryptocurrencies from circulation, reducing the total supply so generally in economics. If you bring down the total supply of a good or crypto whatever. It is and the demand stays the same or the demand goes up generally what happens is the price ends up going up in that cryptocurrency. So, the price goes up. That is good for holders so if you’re a holder of crypto that does lots of burns what ends up happening.
If you hold your cryptocurrency for a long period of time, you will get rewarded in the form of theoretically higher prices. That is what can happen with cryptos that do burns and if you have a look at this one it says right here. The BNB burning events are scheduled to occur every quarter until 100 million BNB are finally destroyed which represents 50 percent of the total BNB ever issued 200 million BNB and you can see some of the crazy mind-blowing numbers right here. So, 1 900 BNB burnt in the last seven days and a total burnt 102 000 right there.
But they actually run quarterly burns and just look at some of the numbers right here. So, it says here waiting for burn execution and it says the value of this burn. This was 1.9 million BNB, 622 million USD right there. Then for Q3 2022 check it out the estimated value of the burn is going to be 2 million BNB and that is worth nearly half a billion dollars. This is all real money. This is real crypto getting burnt up and you can see the circulating supply reduction chart here for BNB. So, the total burnt to date is 36 million, the circulating supply is 163 million. If we go back to this article they’re going to keep doing this until there’s only 100 million BNB and this is why sometimes with cryptocurrency you have to have that long-term belief. So, again if b and b the coin, it fuels these burns and continues to roll through for this crypto. That is going to burn up, so it’s going to burn up. It’s going to take time but you have to watch out for these cryptos that do these massive burns. This is the power of the burns because this is a serious amount of money so that is 622 million. That’s crazy you got 485 million. The burn numbers are just insane so the total statistics are just madness. But, it is really good to see that the total BNB burnt to date is 36 million and that’s crazy to see BNB the crypto. Even though it’s down in price. Just watch out for that one over the long term according to those burn dynamics right there.
Let’s talk about the Luna classic burn and let’s talk about some Luna classic updates. Check it out. You have the top 10 coins by weekly search popularity on KuCoin Luna classic number one right there. So, very popular still on KuCoin, but that is great to see. So, Luna classic number one is still heaps of interest in this cryptocurrency. We also know for Luna classic they are running tests right now and they are saying that 1.61 billion in 24 hours. That is the burn number estimated for lunar classic once the blockchain upgrades go live with the 1.2 percent burn. What else do we have here is they’re saying right here out of the blue the TestNet is running version 0.5.2 which is the version running on MainNet. We are testing the upgrade process and soon we’ll be upgrading individual validators to ensure that both our versions can run simultaneously. So, a chain hold is not needed so there is development happening on the Luna classic blockchain to put all those developments into place. So, the 1.2 percent burn and the other things we’ve been speaking about on the channel and that’s going to help the burn numbers for Luna classic. So, where are we up to right now for the lunar classic burn sitting around 1.2 billion, but we do need this one to go into the trillions too so we need this to go way up, But Luna classic what we do know is the 1.2 percent burn? That’s going to come from the on-chain ecosystem and then on top of that possibly CZ. He is a big fan of burns, you can see his tweets right here. Would CZ of Binance be willing to come to the table to help out Luna classic and agree to a 1.2 percent burn on the Binance exchange? That’s still to be determined what does he want to see the guy who does half a billion dollars worth of burns. He wants to see that on-chain development happen for Luna classic.
If we do take a look at the Luna classic price today where is it up to right now. So, it has had a little bit of a decrease, but again the overall crypto market right now. It’s a little bit worrying because they’re waiting for this inflation data to come out right now. Once that happens we’ll assess the crypto prices there, but in the long run. It’s still bullish on Luna classic. If it can continue to develop, get the burns sorted, get the ecosystem developed and if the community stays strong it could be a very interesting play. Then if we take a look at the crypto prices today what is the crypto what’s bitcoin up to. You can see right here you know bitcoin hanging around the 20k level right now. I am a believer in the big macro drivers that we speak about sometimes on the channel. They are what is going to help bitcoin get out of this 20k zone so we need some bullish data on bitcoin. It’s crypto, it is correlating to the stock market to some degree so a bullish stock market if we get some bullish figures out of the USA. We get recoveries in the global economy that is probably the tipping point for crypto until then the market may be a little bit frosty. If we do take a look at the crypto bubbles today some cryptos in the red and a couple in the green but again crypto is a long-term journey and I do have a long-term horizon for cryptocurrency. Because you have to remember there’s going to be good times in the crypto market. There’s going to be frosty times, but remember neither of them last forever so the good times. Don’t last forever neither do the frosty times too.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/xltdwXfuQQM