We have some big crypto news to talk about in the market today, so going to be talking about the crypto prices. We’re going to be talking about a new cryptocurrency coming up for pre-sale. We’re going to be talking about Russia, how they are changing the game with their own blockchain and we’re also going to be talking about Terra Luna Classic. The Terra Luna Classic burn. What is happening with that cryptocurrency?
I want to kick off today’s video with a fun fact right here and check this out 11 years ago. Today bitcoin was one cent so isn’t that crazy, so even though we’ve had a lot of volatility in the last couple of weeks, the last couple of months in cryptocurrency. Bitcoin was one cent 11 years ago and the price of bitcoin is around 20 000. It has been very volatile but that is crazy, so who knows what 20 thousand dollars to one cent. If you held at one cent all the way up to today. That is a crazy amount of return that is the magic and cryptocurrency. So, if you do get into those good projects and you do hold them for a long period of time, they can do crazy amounts of return. That is absolutely amazing but as always it does come with that reward and risk at the same time, so it is a risky market.
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I want to share with you some other massive news in the crypto space and have a look at this. Just in Russian government organization has created a blockchain platform for international payments to replace the current SWIFT system. So, Russia is changing the game with the use of cryptocurrency and this is really interesting. It says right here amidst the chaos of the Russia-Ukraine war and the sanctions that were passed following the events Russian banks were barred from using swift payments from February. In order to defend its foreign trade operations Moscow has been looking for a different financial payment system that can replace SWIFT and basically it does look like they are developing their own blockchain to facilitate those payments. So, they’re actually going to be getting around the SWIFT platform and deploying blockchain technology which is hugely interesting. If you have been following the channel, we have been staying up to date with the dynamics of the Ukraine-Russia conflict. We did see a huge amount of crypto donations go towards Ukraine and now we have Russia building its own blockchain to circumvent the SWIFT platform. This is really interesting and we’ll stay up to date with exactly what happens right there.
On top of that we also have a big update from Celsius as well. They’ve asked their users for more time to fix issues after halting withdrawals, so you can see Alex Machinski right there. We basically know that Celsius it’s in a world of pain right now so can they cover all the withdrawals on the Celsius platform we’re not sure Celsius is asking all its users right now for more time to try and fix that issue. Hopefully, people can get their money out of Celsius but we’ll stay up to date to see exactly what happens right there. I want to do a big update on the Terra Luna classic because I know there are a lot of fans of the Terra Luna Classic out there. Let’s check out the price and the burn of this cryptocurrency. You can see right here the price it actually has gone up a bit in the last couple of days with the increase in the crypto market. Overall, it has maintained a bit of steadiness in the price and what are some important things we do need to know about Luna Classic right now that one important thing is dark one has been pretty quiet over on Twitter. He’s still focusing on Terra Luna 2.0. But if we have a look at this.
We do know there’s a lot of community behind Terra Luna classic and we do have a big update right here coming out of raider 70 out of the discord. He says right here the burn code is implemented and testing is in progress the code is to enable staking immediately and new validator node registration is also implemented but needs testing. It will automatically become active after 60 days. This is the agreement with the validator community that will, hopefully, enable us to make progress when 409.5 is passed. This is really good so what we do know for Terra Luna Classic is it does have a massive circulating supply. What really needs to happen for this crypto is that the circulating supply does need to drop significantly. You can see it right here 6.5 trillion Luna Classic and if we do look at the burn for Terra Luna Classic as a bit of an update guys the burn has now exceeded one billion Luna. That is good to see one billion Luna has been exceeded but realistically I do think for this crypto to go up in price with any significance right now. This does need to climb so it needs to get up to the hundreds of billions into the trillions and I do think this bit here where they are building in the burn code. That is the foundational step for crypto to burn up. They do need to build out firstly a burn code into the contract and then after that you need to give a reason of P. You need to give people a reason to actually transact in that ecosystem, so what benefit are you getting for burning up Terra Luna classic in the ecosystem? Is there a game? Is there Defi? Opportunities can get you some passive income rewards. That is the reason that is what we’re going to find out in the future. But it is good to see firstly the burn exceeding 1 billion and also the burn code getting tested getting implemented very good right there and with that.
Let’s check out the crypto prices today and let’s check out the bitcoin price as well. Crypto prices look to be pumping today so really nice on the bubbles chart right here S and X up 60 percent, one inch up 27. A lot of the other cryptos are potentially in the double digits here on the coin bubbles chart which is great to see. If we go over to Coingecko you can see, that we have seen bitcoin push a bit further north. It’s up 3.4 in the last 24 hours and that is good to see so a bit of an increase in the price of bitcoin. What do I think is important for bitcoin right now. I do think it is very important for it to maintain around that twenty-thousand-dollar level. So, you can see the chart right here, we did see it deep down during some big fear in the market down to seventeen point seven thousand dollars.
What we wanna see right now is that the twenty-thousand-dollar range get maintained. I think if we can trade sideways for a bit that’s good, that’s gonna be some good consolidation. I think look realistically for bitcoin to pump back up to twenty-five thousand dollars thirty thousand dollars and beyond it would be good to get some bullish economic news. I do think there is a bit of correlation between the stock market right now. What’s happening with the global stock market, what’s happening with inflation and cryptocurrency. If you get some bullish news about the economy the US economy about some of this other these other things right here. I think that’s going to push up the price of crypto, so we want some good economic bullish news coming out of the US and I think that will help out the bitcoin price and when the bitcoin price goes up. That’s when all your altcoins are going to go up as well. If you’re holding altcoins, what you do want is you want to see the bitcoin price go up. That’s going to help out your portfolio and that is a massive wrap on the market for today.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/kB5Q5gbVQ3o
