We have some big crypto news to talk about in the market today. So, we’re going to be breaking it down exactly. what’s happened with the federal reserve, we’re going to be talking about some gems of wisdom from CZ of Binance. We’re also going to be talking about some other critical news, you need to be aware of in the crypto market today.
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I want to kick it off with this article right here that I saw and it says here El Salvador’s 40 million bitcoin loss is not real as they haven’t sold any coins yet. That is absolutely true in the last 24 hours. We have seen an increase in the prices of crypto. We’ll talk about the prices at the end, but you have to remember even if you’re down in value be it the stock market be it the crypto market. A loss isn’t realized until you actually cash out, so there was a lot of fear in the market yesterday. A lot of people were predicting bitcoin would go down to fifteen thousand dollars that haven’t happened. But, overall, you don’t actually make a loss in crypto until you cash out. You can see right here, the President of El Salvador, some of the trades. He has done work in the crypto market. You can see some buy-ins at around the fifty-thousand-dollar level, the forty-five-thousand-dollar level actually brought in at the sixty-thousand-dollar level. This has only been done over a few months and you know technically the value of his investment would be at a loss. But again, if you do take that long-term horizon – who knows where the value of bitcoin will be in three to five years? If bitcoin ends up going to a hundred thousand dollars, 250 000 in the future potentially could go to a million dollars with the amount of inflation money printing out there. El Salvador would then be in a profit position and if they do take some profits.
They will be in some profits but I just wanted to point that out to you other big players in the crypto space fidelity they’re saying that bitcoin is technically oversold so a lot of people there was a huge amount of fear in the market yesterday and uh some of the biggest traders in the crypto market. They’re actually saying bitcoin could possibly be oversold right now which is a good signal, good bullish signal for the long term. Other people are also pointing out that Ethereum. I was potentially oversold yesterday, so some people have brought up the dip yesterday and that they’ve made some good profits. If they’ve taken some short-term trades, some other bullish news. We do have a crypto adoption check this out. So, the former President of the New York Stock Exchange joins Uni Swap labs as an advisor. So, this is good we are getting some crossover between the traditional stock market and also the cryptocurrency market.
It says right here on Wednesday Uni Swap announced that former New York Stock Exchange President Stacy Cunningham will join the company as an advisor so this is really good to see. So, we do want to see more cross-pollination between some of the traditional financial markets and the cryptocurrency markets because it will help with some positive regulation that in my opinion will help the crypto prices. We also have some other bullish news in the crypto space. Have a look at this one true global ventures doubles down on a web 3 with 146 million follow-on fund so this is good to see so some more investment is coming into the crypto market some real fiat cash. It’s getting developed in the ecosystem. More development is always better for cryptocurrency. That is really good to see as well. We also have a very interesting tweet from CZ of Binance right here. He says it was not easy saying no to super bowl ads stadium naming rights large sponsored deals a few months ago. But we did today we are hiring 2 000 open positions for Binance, so who is he taking a shot at here.
So, he’s secretly taking a shot at crypto.com, so crypto.com did a lot of sponsorships recently. They’ve actually sacked a lot of people. but what’s happened here is C is out of Binance said he didn’t do all the advertising. Now they’re hiring 2 000 new jobs, when other crypto exchanges are actually cutting it, so Coinbase crypto.com. They’re actually reducing positions but it’s really good to see our Binance hiring more people in these frosty times in the crypto market. He’s also said right here that while lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before those that fail honestly will start new projects and bring critical learnings from this experience. This is how an industry grows and I 100 agree with that. So, lots of experience is getting developed in the crypto space, be it. Some cryptos may potentially fail some exchanges may struggle as well, but again it’s what you learn, it’s how you improve in the future. Some good wisdom from Binance CEO CZ right there.
Let’s do a bit of an update on Luna Classic as well. So, you can see the volume numbers there for Luna Classic, so there is still a lot of volume going through for this cryptocurrency the burn number is up to 983 million. Yet to cross over to that one billion thresholds and what we are kind of waiting for is that big transaction tax to go through on lunar classic so once that potentially happens. That is when the burn numbers should theoretically go up on the basis that you know a d5 ecosystem is built up, so played away in-game utility for the cryptocurrency, giving people motivation to actually transact in the lunar classic ecosystem that is what’s going to generate a lot of value in my opinion.
Let’s talk about this massive news coming out of the USA and it has to do with the federal reserve so there’s been a really interesting reaction to what’s happened here so the fed hike actually did go up 0.75 percentage points the biggest increase since 1994. A lot of people out there were thinking the stock market the crypto market would actually plummet but maybe the crypto market may be the stock market had already factored in that 0.75 percent basis point. What you actually did see is the stock market actually went up. So, it’s very interesting that stocks and cryptocurrency actually went up as this battle against inflation kind of unfolds right now so really good for crypto holders out there. A lot of people you know we’re expecting the crypto market to tank down to fifteen 15 000 Bitcoin possibly lower, but that didn’t happen. So, bitcoin has actually held the line, we’ll take a look at the crypto prices soon but you can see here. What’s important? We’re looking at the fed rate right here and you can see an increase in the interest rate.
So, I don’t think technically the USA it’s not out of the woods yet. So, even though we have seen an increase in the stock prices the crypto prices. I am a believer you know there is still a lot of debt out there, particularly by governments around the world who just love to print out money out of thin air you know tax their residents and I do think in the long term there will definitely have to be some changes to the world economy. So, hopefully, we can get some peaceful resolutions over in Eastern Europe. The supply chain is back on track but again you can see the increases in interest rates which is important to pay attention to right there. In the last 24 hours the crypto market has actually pumped, so in the long term are we gonna see crypto go back to the moon and beat its all-time high. But in the short term, we are seeing some nice price movements in cryptocurrency, so you can see it across the board generally.
There has been a nice increase in crypto prices and if we do take a look at the 24-hour chart right here for bitcoin. What we can see was there was a lot of panic in the lead-up to the fed decision but just recently. You can see it actually hit a low of around twenty thousand 200 right there. But there was actually some bullish sentiment so the crypto prices actually went from twenty thousand bitcoin price went from twenty thousand dollars up to around twenty-two thousand eight hundred dollars. Hopefully, we can see bitcoin maintain this price level if it does go down I’m not too worried because again if you do take a long-term look at the crypto market, I do factor it in terms of years as well. So, just recently we’ve encountered a lot of short-term volatility but in the long run I do think there is some nice potential.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/nFNGIkWeflI