We have some critical Luna classic and cryptocurrency news to talk about today in the market. So, what I want to do in this video is give you a big update on exactly what is happening with the Luna classic price right now. We’ve seen a little bit of a decrease and also what else is happening with Luna classic that you need to be aware of what is the burn up to. What are some other important things we need to talk about.
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You want to kick it off with this big story. That is important to know and CZ of Binance, you can see right here, he has filed a defamation lawsuit against Bloomberg. So, this is pretty big and finally, CZ is hitting back at Bloomberg. So, if you guys have missed out on what’s been happening between these two in the past. Bloomberg has basically been flooding CZ Binance as much as they can so be printing potentially false narratives and really dragging CZ’s name through the mud.
So, a big lawsuit has been lodged against Bloomberg and in the past, Bloomberg hasn’t really been too friendly to cryptocurrencies. So, this is going to be really interesting to see how this plays out and you can also see tweets from CZ Binance he’s saying right here. He’s retweeting this lawsuit and he’s saying be accountable for your actions right there and other critical things. You need to be aware of the market. So, this ties into the broader crypto market and also Luna classic. There is a lot of uncertainty about some GDP numbers coming out soon it will confirm whether the economy the US economy is in a recession and that is important to watch out for and the stock market it’s a little bit rattly right now. So, a lot of the big stocks, they’re down a little bit and that is trickling through into cryptocurrencies right now. So, we are seeing a bit of a decrease in the price of Luna classic and also bitcoin that we’ll talk about soon. But, that, in my opinion, is coming through from some macro factors right now. So, a lot of the crypto market is going down currently. That is strictly into your smaller cap cryptos as well. So, what is important that is happening with Luna classic right now.
Have a look at this. So, this is a nice breakdown of all the different sources of burn for Luna classics, so where we are up to right now for the Luna classic burn is we are up to 1.36 billion. On top of that there is a multiple varieties of sources where people are basically chipping in to help burn up Luna classic. I think this is really important to talk about. You have some unknown people contributing to the burn of this. You have binance users Kucoin users, you also have lunatics tokens. So, I’ll be talking about lunatics tokens soon on the channel. This is an exciting project and some other cool projects so one of the key things. I want to tell you is there is a big variety of both crypto services.
You got exchanges and also little tokens or NFT projects or even individuals contributing to the burn up of Luna classics. So, what we are seeing is a nice diversified source of burns happening, so we are getting some nice diversification of these burns. I think that’s important so diversification is good it’s a strategy. I personally use cryptocurrency. What we are seeing is diversification of burns right now which is really good. But, one thing people aren’t really talking about which I do think is important is a lot of these small cryptos and exchanges as they kind of implement these burns. What else is good to know is they are spreading the awareness of Luna classic and I am seeing that constantly over on twitter as well.
I’ve got a Twitter account and one thing constantly. I’m seeing over on Twitter is that Luna classic tends to trend a lot over on this tab right here. So, there’s lots of trending of Luna classic and I think a lot of that is coming from a lot of these projects and exchanges. Also the Luna classic community is getting that awareness out with the hashtag Luna classic which is which I think is good as well. So, right now where are we tracking with the Luna classic price. You can see right now we have experienced a big pump up from the 27th of June. It did get up to a pretty big number so around the 1 500 level it did uh drop off after that pump. It did hit around the 9 000 level here. It did pump back up and it did go sideways and then recently with a little bit of the uncertainty in the crypto market today.
I wouldn’t say this is uh isolated just a Terra Luna classic at all I would say this is the broader crypto market. So, you guys can see right here a four point eight percent decrease in the bitcoin price. We know the story on the channel we are experts at reading this and it brings down the rest of the market. So, when bitcoin dips the Luna classic price will naturally dip as well along with all the other cryptos. So, generally in crypto. If you’re looking to enter into the market long term, you can use strategies such as dollar cost averaging and also buying when the days are red. So, when there’s fear in the market when everyone thinks the economy is going to crash. Generally, speaking Warren Buffett says when there is fear that is time.
When there is lots of fear that is time to be greedy and when there is lots of greed that is the time to be fearful. So, generally speaking when there’s lots of fear. Potentially, it can open up opportunities to dollar cost average in two different projects and things like that which I do think is a good strategy but as always. Make sure to do your own research, and make your own decisions.
If we do take a bit of a look at the bitcoin price right now. You can see right now the bitcoin price has been fluctuating roughly. Just, recently, we did get up to a nice number though here so around 20th of July where do we get to roughly around 24 000. So even, if you don’t own any bitcoin right now. What you do want to be seeing. If you own Luna classic or even the smaller altcoins, you do want to see a strong bitcoin price. You can see right here, the bitcoin price. It is dropped down a bit and that has brought down the entire crypto market so you guys can see right there a bit of a drop-off and that’s what caused a drop off from Luna classic today. But, overall, I do still feel the community is strong.
I think there’s a lot of diversification of projects coming on to Luna classic and big picture what do we need to think about for this cryptocurrency. So, if you’re new these are the big factors I think that are important for Luna classic I think number one we need to get that 1.2 percent burn online. I think that’s uh super important so as soon as that gets online on-chain. I think that’s going to be a really good number two is that then the Luna classic uh ecosystem needs to get built out, so that we have a chain we have an ecosystem we need to get activity on that ecosystem so that in my opinion if you’ve got the 1.2 percent burn. That is going to help contribute to the burn-up of Luna classic and then third of all. We talk about it all the time he comes up in the pictures and sees that a Binance. So, this guy is super important. I think any way to the burning up of Luna classics.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/glFhhK1euBQ