We have some big crypto news to talk about in the market today. We’re gonna be talking about Terra Luna classic, what is happening with this cryptocurrency and we also have some other critical news. You need to know about the crypto market today.
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Let’s get into today’s big news and you guys can see it right here. El Salvador purchases 80 additional bitcoin at 19 000 each, so the president of El Salvador does have diamond hands. He has come into the market he’s bought up 80 additional bitcoins for the country of El Salvador. You can see the tweet right here El Salvador bought today 80 bitcoin at 19 000 each bitcoin is the future. Bitcoin limited supply only 21 million of them fiat currency in Australia fiat currency in the US. Unlimited supply unlimited mint amount and the president of El Salvador. He’s got big faith in cryptocurrency, you can see him there with his blue laser eyes which is great to see on top of that.
We also have reports coming out that Coinbase is reportedly selling geolocation data to ice. So, it says here watchdog group tech inquiry reported the new details about the three-year contract with the US department of homeland security. It says right here Coinbase tracer will provide the US immigrations and customs enforcement agency ice with data about crypto users including historical geo-tracking data and transaction history. According to a contract obtained by watchdog group tech inquiry, so definitely not some good news right there and you know with crypto exchanges. You don’t want them to have too many details about you: where you’re visiting, what you’re doing? I don’t think uh that’s the purpose of a crypto exchange. So, you guys know you want a crypto exchange so you can just buy and sell your favorite cryptos that’s what you want to do you want to trade them around. Sometimes you might want to earn yields and get some passive income.
But, definitely, some bad news coming out about Coinbase right there tracking people selling it to the US government for potentially prices allegedly. According to that report so just some fud coming out about Coinbase right there. Have a look at this one FDX has walked away from a deal with Celsius after the state of its finances. So, it saw what was on the balance of Celsius and they said no apparently according to this report right here. So, Celsius had a two billion hole in its balance sheet one source has said and FDX. Just basically said they walked away because the financials of this company weren’t worth buying so some companies out there like Celsius. They may have so much debt on their books that it may not be attractive to an investor to buy up because they have to inherit that debt. They have to inherit those liabilities and it just might not be worth their time, so it does potentially look like FTX is not bailing out Celsius according to that report right there.
We also have some other news about the binance smart chain today. So, check this out minting is open to everyone on the binance NFT. Create your own NFT collection and mint NFTs on the BNB chain or Ethereum and that was retweeted from CZ of Binance. So, they have like a comparison to open OpenC it looks like. So, OpenC is probably the most popular one, but binance has actually created their own Nft marketplace. You can see it right here which is good to see, so binance giving some of the other NFT platforms a run for their money which is pretty cool.
Let’s do some Terra Luna classic update, so I did release an earlier update on the channel. But just to recap you what is where are we up to for this crypto there is a lot of interest in Terra Luna classic right. Now the prices went up recently lots of interest in Luna classic and USTC and lots of good press coming out about this. So, eyeballs are coming back to Terra Luna classic on top of that we also have small crypto exchanges are coming out. They’re getting behind the luna classic burn, so you can see the coin in right here. They have started their own proposal to basically burn up a 1.2 percent tax of Terra Luna classic and uh that is pretty exciting so you guys know with Terra in the classic the cornerstone of this crypto project is the burn numbers need to go up. So, we’re sitting at 1.1 billion what needs to happen is a lot of burning reduction of the supply get that up into the trillions. That is potentially where some good price outcome can happen for this crypto but as always. Remember, there is reward and risk in the crypto space if you’re not comfortable with the risk. I always say don’t invest. If you’re not comfortable with your risk, but Terra Luna classic is very interesting right now. If we do take a look at the price recently for Terra Luna classic it has done some pretty interesting things, so you can see multiple upshoots in the price graph right here.
So, a huge amount of interest coming into the crypto lots of people buying up the volume also took off as well. Just recently it has retraced a bit right here. But, so if you’re not into the short term tradings, people taking profits on the days on the hours as a long-term potential what’s going to come out of this crypto development of this crypto more burn to this cryptocurrency and again that 1.2 tax. That is going to be the key to this cryptocurrency I think,, anyway so the ecosystem getting developed out and whether other crypto exchanges like Binance, so C is out of Binance. If they do get behind Terra Luna classic, if binance was really to implement a 1.2 percent tax on their centralized exchange that would be an absolute game-changer for luna classic because if you do check out the volume on luna classic you’re looking at around 229 million dollars worth of volume so 1.2 percent of that. That’s big money guys that is very big money. If that was to contribute to a burn that is more big money in the crypto space, so I do think centralized exchanges. If they were all to get around this 1.2 burn for Luna classic that would also have a very bullish impact on the cryptocurrency as well. So, that is another thing to potentially look out for and I do see the crypto community for Terra Luna classic it is pretty strong over on twitter.
Lots of people are tweeting about this lots of interest in that luna classic right now. It’s going to be very interesting to see where this one goes in the future and with that if we do check out the other cryptos what are the other cryptos up to today. It’s a bit of a mixed day, so some cryptos are up some cryptos are down amp. Having a nice run QNT’s having a good run AR is up. A lot of other cryptos are up and uh that is good to see so if we do take a look at the coin gecko chart right here. You can see bitcoin relatively flat so down about 1 in the last 24 hours the other crypto is either staying steady or maybe slightly up. So, BNB is kind of pushing up which is another great cryptocurrency XRP staying steady down about one percent and uh the other cryptos. They are looking are interesting, so I still think the crypto market it does have a lot of potential and lots of great cryptos out there. Personally, I am a diversified investor. So, I do like to buy up lots of different cryptos kind of spread that risk around I also do buy into assets outside of the crypto market as well to spread that risk mitigation. But, that is a really big update on the crypto market for today. So, some exciting things happening so the shout out today goes out to the president of El Salvador for having those diamond hands and now basically buying up the dip in bitcoin 80 bitcoin. We had Michael Sailor buy up 480 so congrats to those guys.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/x46961BaiPs