We have some bullish lunar classic news and some other important crypto news to talk about in the market today so we’re going to take a look at Luna classics price. I’m going to be taking a look at some important things. What is happening with this cryptocurrency on top of that? We’re also going to take a look at the broader crypto market what are some important things to know in the crypto market today, and what you need to stay up to date.
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Let’s check out some of this big news that is floating around and have a look at this one. Q coin CEO slams insolvency rumors citing no plan to halt withdrawal, so there’s been a lot of rumors a lot of fud going around over on Twitter. I’ve seen it on YouTube as well. Rumors linked Q coins intend to stop withdrawals with the terra and the three arrows capital collapse which, according to the warnings, led to immense suffering for the exchange. So, you can see these big fud tweets coming out here, telling people to withdraw their money from Q coin and you see the rebuttal from the CEO of Q coin saying right here be aware of fuds. Not sure who’s spreading these sheer rumors and what their intentions are, but Q coin does not have any exposure to Luna three arrows capital babel. No immense suffering from any coin collapse no plan to halt withdrawal, everything on Q coin is operating well and uh you can see some follow-up facts so they’ve just finished 150 million dollars in raising 10 billion valuations and they’re still hiring a lot of people on that crypto exchange so one of the challenges. You’re going to find cryptocurrency and it doesn’t matter what crypto you’re in so you may be in lots of different cryptos. But, you’re going to see fud crop up and one of the challenges is what fight is legitimate, what fud is illegitimate because sometimes you may have malicious actors out there who spread rumors on purpose.
They may try and make you sell your crypto even though the fud may not be legitimate. So, we do know rumors can run rampant in the cryptocurrency market and it’s just one of the challenges that come with the territory. On top of that we’ve also had a big intelligence update coming out of CZ of Binance and he says right here our threat intelligence detected one billion resident records for sale on the dark web including names addresses national ID mobile police and medical records from one Asian country. Due to a bug in the elastic search deployment by a government agency, this has an impact on hacker detection prevention measures, mobile numbers used for account takeovers etc. It is important for all platforms to enhance their security measures in this area. Binance has already stepped up verifications for users potentially affected to stay safe so absolutely watch out for malicious actors out there and also check out this cool tweet from CZ of Binance. He’s following up from Dan Gary. The Matrix was not a movie, it was a documentary. We live in a simulation. So, the matrix is a great metaphor potentially for how the world is run right now for sure. I agree with CZ right there.
Let’s talk about some specific Luna classic updates right now. So, check out one of the last updates we have. CZ is listening to Luna classic. He is listening to the community and he is open to potentially doing a burn on the volume of Luna classic and I’ve got the price graph behind me and the price graph for the one-month chart. It’s looking good, it’s maintaining some price support, we’ll bring up the specific details soon but one of the big things. What we want is we want that volume to burn off now. So, we got one point two percent of that 68 million dollars in volume in the last 24 hours. We want a 1.2 burn on those who want a 1.2 percent burn on that. So, we know right now in the background CZ of Binance may potentially be working on something. In regards to that, the team is aware of it the finance team is aware of it CEO. CZ is aware of it and that is good news. So, that is some really positive news coming out for Luna classic and, remember, it is a decentralized community and on top of that. There’s also been an update for you know a recovery plan. So, I’ve seen this document float around so shout out to happy cat crypto who seems to be a leader in this community right now.
It’s good that there are some concrete plans for this crypto. You can see some of the contents introduction and what they have planned for this ecosystem. So, you have to remember, they are building out an ecosystem right now. You can see some of the big ones so propositions four zero nine five re-enable staking/delegation to existing active validator set only proposition three five six eight that’s the one point two percent burn which is massive. Then you’ve also got all these other propositions coming in. This is good, so what we know is there is active work on the development of this ecosystem it’s got the eye of one of the biggest CEOs in the world in balance. Right now the price is actually looking really good, so we do take a look at the crypto bubbles chart for the last week. Luna classic is basically the only crypto in the green ars, in the green as well. But, a lot of the crypto market is down. There’s still a lot of fud in the background and cryptocurrency you guys are aware of that. I’m aware of that but I still think there are good gems out there and I still think in the long run cryptocurrency is not only Luna classic.
But, there are other great cryptos out there as well including Luna classic. If we do bring up the price graph for this, it tells a bit of a story here. So, have a look at the price graph. Let’s point it out right here, so we’ve had some nice pumps up in the price of Luna classic. You can see all these rocket launchers right now for this cryptocurrency, so lots of interest coming in people, potentially, taking profits out at this level right here. So, people cashing out some short-term profits locking away some profits right there. But, recently what is important to know is that right now. You are seeing some nice consolidation in the price, so have a look at this some nice price steadiness. Is this the next price flaw for Luna classic? It’s trading around the 0.00012 level, so if it can support that level. I think that would be really good for this cryptocurrency. It is still low on the charts. In my opinion you’re looking at crypto with around 863 million dollars in the market cap. If you roughly take a look at the other cryptos today, what are they up to?
So, if you have a look at the top ones, Bitcoin’s got 364 billion market cap and Luna classic sitting around roughly. If our coin market cap was correct here around the 50 levels. Let’s just say roughly, the so high 40s 50 that is where Luna classic is sitting. But, we do also know in the past. If you go to the Luna classic market cap right here. This one has also had a bigger market cap in the past, so it’s had a really big market cap in the past. It actually got up to around you know 41 billion dollars when the crypto market was roaring and that right now. It is beginning to recover as well, so just watch out for some big things development plan is getting worked on and also the burn numbers for Luna classic continue to go up. So, now the burn is sitting at 1.145 billion, but again we want to see this one going to the trillions. I think one of the pathways for that is, of course, getting seized out of Binance to putting that burn but that is a really good update as well right now.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/Jn2AdDEkzwg