LUNA CLASSIC 1.2% Burn HUGE Progress | Cardano ADA Pump from Major Update Incoming!?

We have a lot to go through today. We got updates from Terra Luna’s burn situation that everyone is anticipating. We have updates from Cardano, which could lead to a price increase depending on the way it goes. We have another exchange halting withdrawals from its platform; but don’t worry, we do have a sprinkling of good news that we are, of course, going to go through as well.

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The market

First of all, heading over to the Crypto Bubbles, we got a green day. We had a lovely little green day. We got GMT up 17%, DOGE 4%, MATIC 14% on some good news that came out earlier. We have ATOM, SAND, a bunch of coins. Remember, in my opinion, this is potentially an opportunity for coins that have seen a lot of growth to short the market again. We are still in a bearish market and there are opportunities whether or not we’re going up or whether or not we’re going down.

LUNA CLASSIC 1.2% Burn HUGE Progress graphics

Heading over to the bitcoin chart, we can see that we are at $22,211. We did have a quick dip down there to around the $18,700 mark over the weekend, but we’re back up to $20,000, which is where we’ve been sitting now.

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One thing to keep in the forefront of your mind is that it looks like that’s playing out again right now. We could see that happen again and then another trap door open if people stay very bearish. We’re getting a lot of signals that the bottom is either in or close to being in, but obviously don’t hold all your eggs in one basket. Keep yourself diversified. Keep yourself safe. Of course, right now, in moments like this, cash is king. Throughout this time, I have been dollar cost averaging in the market. Of course, if I had waited until now and put it all in, it would have been better, but I have no way of knowing what’s coming next. So for me, in my personal opinion, the best thing is dollar cost averaging, and I’m going to continue to do that.

The crypto greed on a fear index today at 19, which means we are definitely coming up and almost moving into that fearful mode, which means there is an opportunity for a dead cat bounce to happen where you can definitely take some more profits now.

Cardano Updates

With that said, we have that news about Cardano, so we have got the Cardano Vasil fork coming and people are speculating that this is going to be a good price reaction to the upside right now. Interesting enough, over the last few months we’ve seen the top 10 projects by development activity and the number one project is Cardano.

This is an option right here. These 10 projects could be projects that you guys can look into to actually invest in or research right now because the ones that are still building and growing in a bear market are probably the ones that are going to do the best when we move back into a bull market.

LUNA CLASSIC 1.2% Burn HUGE Progress chart

The ones that fall dormant in times like this most likely aren’t going to do very well. That said, if you don’t really know what this new update is, a lot of ERC20 tokens just technically weren’t able to be ported to Cardano because of a missing functionality. The Vasil update will allow a new class of tokens to be ported over, notably non-custodial tokens, stable coins and stateful tokens. That was from a tweet of Charles Hodkinson himself.

Luna Updates

Moving on to some classic Terra Luna news. We have today’s 6% Terra Classic. We haven’t seen much happen since that nice pump that we saw come in about a week ago. It’s very nice here. It’s come back down. This is all around the news of the token burning. We do have the first exchange coin that has accepted that 1.2% burn on every transaction. They have currently burned just over a million tokens so far. They’re going to continue to do this. One thing to remember is that this burn that’s been proposed and actually passed the bill has not yet been executed. We did have CZ actually coming out and talking about this and addressing the situation, but we still haven’t had it on chain, which means most likely a lot of these exchanges will not follow suit until it happens on chain, which I’m sure will happen. The case in point is that people are expecting huge burns to come in, but what we need is to see the major exchanges coming in and implementing this burn.

If we head over here to the volume, you can see the number one volume here at 40% is Binance, second Bitthumb, and then KuCoin. These three exchanges would need to implement this 1.2% burn for us to really get anywhere, so it’s important that we have these exchanges come on board along with all of the others before we see any real movement.

LUNA CLASSIC 1.2% Burn HUGE Progress rank

Again, it’s interesting to see that Binance is still building its Luna Classic and USTC positions here. We don’t really know why that’s happening, but it’s definitely good to see them building in space, and I do think that CZ is going to have something good up his sleeve for the Luna Classic holders. I have a small amount of Luna Classic, and if we drop significantly again, I would definitely consider the dollar cost averaging at such a small amount in this because this is now becoming a meme coin. We’ve got a meme coin that has its own ecosystem and blockchain, which has basically never been seen before, so this could be big in the next bull run if that happens right. Doge, Shiba, Luna Classic could fit right in there with the hype and meme coins the next time round and could see some massive gains, but we’re going to have to wait to see what happens with that.

Crypto News

Moving on to some news today, we do have the crypto lender Vauld suspending withdrawals, so another exchange is spending withdrawals. This is getting worse. Get your money off exchanges if you don’t trust them. Get your money off exchanges. These centralized exchanges don’t hold your money there if you don’t trust them fully or if you’re not willing to hold your money there for, let’s say, the next five years. I wouldn’t have it on there. I’ve moved all of my money off of pretty much all of these centralized exchanges. Some I still hold, of course, the ones that I personally believe in, but most of all, I’ve moved into my cold storage. I’m not even exposed to DeFi at all. I have a few coins here and there, but almost nothing invested in DeFi right now because I just don’t think it’s worth the risk. I suggest that you look into doing something similar. Of course, you have to make up your own mind here.

Moving on, we have Singapore’s central bank wanting to limit retail participation in crypto trading, another bit of fear, uncertainty, and doubt to hit the market. Nothing more than that really is right now. We have the tweet from Lark Davis. Although the bitcoin balance on exchanges has been going down significantly, the exchanges are still dropping. Some people understand that there will only ever be 21 million bitcoins and that they are getting their piece of the pie.

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Although I do 100% agree with this, I think that this has more to do with the fact that people are just getting their money off exchanges because of the fears like we saw with Vauld canceled withdrawals. We’ve seen Celsius do the same, and there are a lot of exchanges with rumors that they’re going to do the same. I think money is flowing out of exchanges because, although people do believe in copy trading crypto, it’s more about keeping their funds safe. That’s what I think is going on with that.

We also have another interesting piece of news to end with, which is that Celsius has paid a total of 120 million dollars today, which was yesterday on its bitcoin-backed loans, dropping its liquidation price to $4,967. This is something that a lot of people were very scared about, and it’s looking less and less likely that Celsius will actually be liquidated. I’m sure Michael Sailor is doing similar things. If we do see a pullback down to around $14,000 to $11,000 bitcoins, we may not see the huge liquidations that people were expecting, bringing bitcoin sub $10,000, which is definitely possible but less likely in my opinion to happen. If that happens, of course, I’ll still be dollar cost averaging because I believe in bitcoin in the long run.

[This article is a transcription of a video made by Conor Kenny]

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