We have a bunch of stuff to go through. Of course, we’re going to go through what on earth is going on with the price of bitcoin and the overall cryptocurrency market. Everything that you need to know to be fully up-to-date as to why this is happening. Some dates you need to be aware of. We are going to be going through this bill that got everyone scared yesterday and breaking it down. Of course, we are going to be going over some Luna activity and something that’s not very good to see and kind of annoying, but it seems like Do Kwon has given up, but anyway we’re going to go over it anyway.
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Michael Saylor: ‘If bitcoin does not go to zero, it will go to a million’, and I have to agree with this. I believe bitcoin is an all or nothing game; either it goes to zero due to a hack or a problem with the entire system, or it does extremely well. Is it possible it will go to a million? I’m thinking around the $400,000 mark because that’s the market cap currently of gold, but there is a lot of stuff that leads me to believe that it will be worth a lot of money in the future. That’s why I’m continually stacking bitcoin no matter what the price is, but of course you have to do your own due diligence there.
Let’s talk about Luna first. Get that out of the way. Terra’s founder Do Kwon takes his Twitter account private as Luna falls 20%. So if we head over to the crypto bubbles, we can see that they’re down 17% on the day. The rest of the market is actually quite green, and I guess a lot of this is because Do Kwon, with over 1 million followers, has made all of his tweets private.
He’s made his whole Twitter account private, so only a limited number of people can see this. This is probably due to the fact that there are going to be a lot of investigations into him. I think there are a lot of people who are very unhappy with the way he’s handled this whole situation, including myself. I don’t think just turning and creating a new token and a new project entirely and forgetting about the old one and all of the holders was the right thing to do, and I did express that. However, a lot of people got very bullish very quickly, and I’m sure right now there are a lot of people that have been burnt again.
So, of course, we can play the hype, but look down 20% today. Classic is down similarly at 16%. Things are not looking great for this project. Of course, the market cap right now for classic is only 391 million and the new one is sitting at 740 billion dollars, a huge decline from where it was.
It’s not a good sign when the leader of this makes his account private and also when he gets rid of, uh, master of stablecoin and just changes it to Luna, and you know this guy, he’s not, he’s not a brilliant dude. So, please be cautious around Luna, as I am.
If we move over to the bitcoin chart, Can we hold this level of support? We’ve got resistance up here at $32k and another resistance at $34k and a half here until we clear that we are still likely to go lower. So we’re going to have to wait to find out what’s happening, but I am quite excited about the prospects considering we just went down to the lows of around $29,000, where people and whales and institutions are clearly buying the dip. We then pump back up and then we are fighting the bulls. The bears are still fighting. For me, just simply accumulating over time is all I’m doing here, but of course, bitcoin affects the overall market today.
The greed and fear are sitting at a cheeky little 17, so a little bit better than it’s been, but still an extreme fear. I’m going to remind you. In extreme fear, according to bitcoin’s history, it’s always been a great buying opportunity, but history can change. It tends to rhyme rather than repeat itself, but we’re going to have to wait a little bit of time to find out exactly what’s going on there.
The only thing moving in the market yesterday was the new bill. The biggest bitcoin crypto bill ever to be proposed in the USA has been put forward by senators Cynthia Lummis and Kirsten Gillibrand. This is a post by Lark Davis, another awesome crypto YouTuber. He’s done a little thread on Twitter which I think is breaking.
So what’s on the bill? They still don’t know what to do with DeFi. The plan in the bill is to put together a plan a year from now. The bill also does not address NFT, so as we see, obviously, things will change as the landscape changes. It’s only something that’s relatively new to the market. It’s not brand new, but new enough to have a lot of retail investors in it. Of course, this will continue to change. New things will continue to enter the market. Things will continually need to be updated. A very nice little update there from Lark Davis. If you do want to follow him on Twitter, I would highly suggest it.
Moving on to the date that you need to keep on your calendars. On the 10th of June, we’re going to find out the consumer price index data. We also have a Fed meeting coming soon as well, so this could be very bullish for crypto or very bearish for the overall markets as well, depending on if we have reached a peak in inflation. I’m hoping that we have reached the peak of inflation, but of course we’re not too sure now.
In other good news, we have a former US solicitor general to aid Grayscale’s bitcoin ETF efforts. I think if Grayscale gets their ETF sorted by let’s say the end of the year, I think this would be very bullish for bitcoin. A spot ETF is just the sort of catalyst we need to propel ourselves upwards, and this is just another step in the right direction. We do also have Binance launching high yield crypto staking for Solana, Avalanche and more. These offer APY as high as 18 if you are still a holder of any of these.
Another piece of good news, another step towards mass adoption. PayPal lets users transfer bitcoin and ethereum to external wallets. Before, if you bought bitcoin on PayPal, you would have to hold it there. PayPal, with their acquisitions, is finally offering a long-demanded feature that will let users move their crypto to external wallets and hardware devices, meaning that PayPal, one of the biggest payment processors, has become a gateway to buy crypto and real crypto that you can own yourself and move off of the platform, which is great for the development and adoption of crypto as a whole.
Last but not least, I do have to remind you that the SEC is currently probing finance. BNB could be an unregistered security. There is concern that the SEC will attack finance and BNB. This could be another large piece of funds to hit the market soon, so be prepared. Overall, I am relatively neutral on the market. I would love to see us stay above $30,000, which is something we haven’t managed to do for over a month. But it would be very nice to see it. I’m interested in knowing your thoughts on where you think the market is going to go.
[This article is a transcription of a video made by Connor Kenny]
Original video: https://youtu.be/MKc9YL8OHlA ]