We have some big crypto news to talk about in the market today. So, we’ll be talking about Michael Saylor, we’re going to be talking about CZ. I’m going to be talking about some important things about Blockchain and also do an update on Terra Luna classic as well. One thing I want to kick off with today is actually the crypto prices gonna do a bit of a reverse. But you can see right here the crypto market today is broadly in the red. So, there is a lot of fud out there. We’ll get to some of the big fud happening in the crypto market soon, but broadly a lot of the cryptos are actually down in price today. So, you can see a big drop off in bitcoin down 3.3. Am I worried about this in the long term? No, I’m not but what is causing some of this in the crypto market today. One thing that is important to understand is Michael Saylor. He’s kind of acting like the batman of the crypto world right now.
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Aytime the crypto market goes down he does seem to come in and he does rally the market with some buys and he said right here. The micro strategy has purchased an additional 480 bitcoin for 10 million at an average price of 20 817 per bitcoin as of the 28th of June 2022 micro strategy holds 129 699 bitcoins acquired for 3.98 billion at an average price of 30 664 dollars per bitcoin. So, Michael Saylor is basically the Batman of the crypto space. He’s got diamond hands and he is here to reinforce the crypto market. Even though the crypto market is looking a little bit rocky today, we’ll get to those key reasons why it’s down a little bit but that is good to see. If Michael Saylor is the batman. Then CZ is acting a little bit like robin right now and he says right here Minnie may laugh at him now. But Saylor will get the last laugh in time bookmark this tweet. So, again you’ve got double diamond hands coming out of both CZ and Michael Saylor even though the crypto prices. They’re down these guys are bullish and on that note. I feel that crypto prices have gone down today.
Have a look at this article right here so some big fud this time it’s coming out of the pentagon in the USA. They’re saying right here blockchain has concerning vulnerabilities. So, let’s dive into this article and it says right here pentagon’s recent study finds some disturbing vulnerabilities in blockchain technology that’s Q. That questions its decentralized nature the study by the pentagon states. Blockchain technology has concerning drawbacks even with the rising adoption of cryptocurrency the article does continue but there is a lot of focus on it. I guess centralization and some of the nodes and some of the possible attacks to do with cryptocurrency and it does say right here one of the things that is at risk according to their study warns of a civil attack that could disrupt the entire blockchain network. A civil attack occurs when an attacker floods the blockchain network with malicious nodes that are controlled by a single entity or person and it says here according to a trail of bits. Ethereum can be disrupted by two entities whereas bitcoin can be disrupted by just four and most of the proof of stake networks by less than a dozen so that is I really interesting to learn about how legit is this fud. I’m not sure again cryptocurrency is an evolving technology group my take personally would be if blockchain was exploitable or bitcoin was exploitable it would have already been exploited already I have heard things about quantum computers in the future. But I feel that my understanding right now is that is a long way away from those types of risks and there can be encrypted to protect against that.
But I we’ll find out but that was just a big piece of interesting fun to know about in the crypto market today. So, that report coming out of the pentagon right there, and I wish that you can see there actually has been a recent sell-off in I bitcoin. So, I’m not sure if that’s 100 coincided with that report. But we also know in the crypto market right now. There is a whole battle happening. Шn the d5 realm or the centralized d5 realm, so you have all these. I centralized lending platforms and a lot of them have risky loans at the moment and there could just be a lot of liquidations. A lot of people have volatility in the short term moving around the bitcoin price, dropping prices to liquidate people and make profits that way that could be another thing explaining this recent sell-off in crypto but overall I’m still bullish on the crypto space. I’m not too worried about that. Let’s do a quick update on Terra Luna classic as well. So, we have an update of billion for the burn which is great to see and we also have this article right here.
So, Terra Luna classic has been accepted as payment into starship universe which is good and also burning 1.2 percent of our payments. If we do take a look at our lunar classic in the immediate term the short term there has been a lot of volatility a bit of trading happening. But also you can see right here, there have been some really nice. I price windows opening up so around 188 in our profits have been happening with this cryptocurrency. Potentially, some short-term trading is happening with this crypto but again this is another one that is long-term in my opinion so even though this one has gone up 188. I do think it’s a good way to think about long term, so where can this one get in the long term. Currently, it’s sitting around 800 million market cap in the past Luna the crypto that one actually got up to like a 40 billion dollar market cap so can Luna Classic repeat that we will find out in the future.
In the back of this we als,o know the burn is going up and on top of that to kind of cap off luna classic the two big factors that are coming into play for this crypto. You probably know if you’ve been tuning into the channel, it’s going to come down to that 1.2 burns that are I kicking in I in the future and also on top of that community growth so those two things are very important and third factories are actually drop in here is a development of the lunar classic chain, so it is important that this crypto once these burns do kick in that. The actual development has utility in the ecosystem and people have reasons to kind of transact and use the ecosystem in the long run.
So, I do feel like it’s a long-term cryptocurrency play, and if we do take another look at the coin bubbles chart. You can see a lot of red today and that has been led by the bitcoin price. You can see the bitcoin price, it’s down a little bit and a lot of the other crypto is going down with some of the fun that’s out there, and also some of the volatility in the short term.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/lUkFK9OtsIk