I’ve seen some important updates for Terra Luna classic and also the crypto market and I want to share them with you. So, you’re up to speed with both of these areas. Let’s get straight and that one important thing, I want to get you up to speed with is Terra Luna classic. What am I seeing in the market? I’m actually seeing a lot of third-party companies exchange services. They are actually supporting Terra Luna classic and I have two examples.
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The first one is actually coin in. So, coin in this small crypto exchange from Europe. They have been pretty supportive in burning up some Luna classic. In addition to that they’ve also having an NFT race soon. They say right here 50 of the revenue will be burned for the Luna classic community so that is pretty cool right there. So, that is a great thing to see from coin in and also on top of that what else are we seeing in the crypto market? We are seeing this one as well. So, pay bold who remembers who is an old-school subscriber of this channel because we’ve actually covered paybolt and the predecessor to PayPal on the channel. We had them on as new cryptos and they ended up doing very well and have a look at this tweet from pay bolt.
Luna classic community, do you want pay ball to come up with the burn plan for Luna Classic follow pay bolt official. So, I do actually like it. I think there’s enough room in the crypto market for what I call collaboration. So, supportive collaboration between cryptocurrencies. It’s not a zero-sum game where you know some cryptos need to out-compete each other. I think it’s important that different elements. They actually support each other and this is great to see so an old-school crypto that we had on the channel as a new crypto exciting crypto. They’re coming to the party and that potentially they may be doing a Luna classic burn. So, if you want to see that and we also have some critical updates to talk about for the Luna classic burn. I want to share with you as well.
So, check this out 1.2 billion burn number that is the number. We’re up to, but I’ve also seen this tweet come out. It was shared over on twitter and you can see it right here. Some talk out of the discord and someone asked Zarada here: Are there any validators who have agreed to implement? The new update, approximately, 40 percent have indicated. They will take the new update, if they will actually take it remains to be seen. We need to get that up to 60 percent. So, possibly is there a little bit of a slowdown in the uptake of the 1.2 percent burn because at the moment. It does appear that the validators do have a lot of power in the ecosystem. They need to pass it and we need that as the first step in the Luna classic burn so again. If we want these numbers here, this 1.2-billion-dollar number to go up to into the trillions that 1.2 burn needs to come online. So, those validators do need to support it and I think that is very important in the crypto space.
We’ll get more updates in the future about how they are progressing with the validators. How they’re going to progress with these updates? But what we do need as that first step as we said and we’ve talked about sees out of finance as well. So, CZ of Binance the end game for Luna classic. If we want to see some big burns for this cryptocurrency we need to get seizure Binance to burn it on binance.com the world’s biggest crypto exchange. That is important. If we have a look at our Terra Luna classics price recently has been a little bit of a drop off in the prices. If we do take a look at the crypto bubbles chart it does tell a bit of a story. So, yesterday we had the crypto market pumping what has happened there has been a slight pullback. So, potentially of people taking some short-term profits. That could be an explanation for the whole crypto market. You can see all the cryptos are in the red today.
So, we haven’t seen any cryptos in the green currently and where is the bitcoin price up to. So, the bitcoin price has dropped. When the bitcoin price drops a lot of the other cryptos. They do drop in price as well. So, nothing unexpected happening in the crypto market today. This is just how it happens. But, again if you do have a long term horizon and if we are to get these burn numbers up into the trillions. I do think it’s going to be a long term journey and those cryptos. If they’re good ones you stay the journey and they potentially can do very well. So, one example of that. We’ve spoken about it before BNB coin. Tis one used to be trading at like nothing. So, before it was even at this level it chopped down to like three cents. So, that’s three cents right there you saw it. That is crazy, so BNB coin went from three cents and it’s currently up at uh 264 dollars.
But, it has been as high as around the 600 level but that is the magic of cryptocurrency – cryptocurrency dreams can happen. You always have to be comfortable with the levels of reward and risk in the crypto space. We actually have an important update from CZ of Binance right here. He says here another one bites the dust choose your exchanges wisely avoid exchanges that need to raise money to survive . So, apparently, Zip Mechs in Singapore has went bust and people cannot withdraw their money from the crypto exchange. So, again you have to always be aware of this risk in the crypto space. You can get yourself a hard wallet. A hardware wallet like a ledger thing like that it keeps your crypto safe on a physical a device opposed to a crypto exchange or if you’re going to use a big crypto exchange. Personally, I use Binance.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/2fySgBWL7q4