I really appreciate you stopping by my channel today. If this is your first time stopping by my channel today, if you guys can kindly smash that like button and hit the red subscribe button, that would mean the world to me, and it really does keep me motivated to make videos for you guys. And that would be greatly appreciated, but before i begin guys, i just want to say uh the disclaimer anything on this channel should not be taken as financial advice, because im, not a financial advisor cryptocurrencies are super volatile. So please do your own due diligence and research before investing in these markets. If we are looking at a quick refresh live at the market cap today of the overall crypto market cap uh, we are considering a 1.49 trillion dollars. We are up 1.3 in the last 24 hours. Meanwhile, btc dominance is still around the ‘.8 percent. So looking through the markets guys, you know, we have seen some sort of relief, some minor minor relief within the cryptocurrency markets, but nothing too crazy. Nothing to be getting super excited about right now, but today guys, i want to focus on the one coin that has been headlining the traditional market, the cryptocurrency markets, and it has the entire finance world shocked as of now and thats, none other than tara luna. All right, if you are looking at the price of tara luna guys you guys, can see, we are currently trading at 11 and 83 cents.

Tara is down just today alone: 56.3 percent, guys 56.3, absolutely insane drop that it has seen uh and if we are looking at the btc dom you know comparative its down. 56.7 tera has pulled down quite substantially without a doubt in its market ranking and right now, its currently ranked in the top 23rd spot, with a market cap of only 4.84 billion dollars and the 24 hour trading volume of 10.7 billion dollars zooming out and looking at The bigger picture guys, you know without a doubt this is a very, very scary time within the markets, especially if you are a holder for terra anchor or ust stable coin and has really shocked and sent shock waves throughout the crypto space. So if you are new and youre not aware as to what exactly caused this to happen, i have you know a great thread on twitter from this uh person. 4484. Is his twitter account so shout out to him, and we will go over that to really understand exactly what has happened and then we will jump into the charts to see what most likely is going to happen for the price. So he says: okay, here is how the luna ust attack was coordinated and executed. Attackers otc accumulated one billion dollars of ust, which is a stable coin, borrowed three billion dollars in bitcoin, spread around some fun about peg and bank runs, and, lastly, dump the you know out of their 3 billion btc on the market, to trigger a wider panic which Really caused a major ripple effect that we have seen happen within the terrace ecosystem, and you know this is the thread you know it says: 10 minutes after the lfg pulled some liquidity from curb in preparation for four pool.

The attacker bounced first cleared all liquidity from curve needed, just they only needed 350 million ust to do that then started dumping, their ust on binance, creating a small d pack. So basically the d peg was a minor d pack from the dollar point. It was around 98 cents, but still a stable coin means one dollar means one dollar, so that really got people. You know starting to question hey what exactly is going on and then tear a market module configured for 150 million daily throughput for peg restoration would have im. Sorry would be enough if liquidity on curb was the intended 4 billion instead of the 350 million people in small panic, because bitcoin tanking and small usd packs, so lfg started selling btc to restore peg and um. You know that really did impact. The overall panic people started saying: hey, you know what, if lfg is selling their bitcoin, we are going to sell and get out and you know manage to save rather than lose, because you know this is a major major thing, its not minor, and you know then Thats exactly what the attackers wanted, because theyve shorted bitcoin lfg dumping bitcoin, while attackers putting pressure on dumping ust the more btc sold the lower btc tank, increasing panic, the more ust cell pressure, the attackers needed. Finally, some mass panicking and mass congestion hit the chain suspended withdraws and you know bank run on anchor jump. Lfg likely realized whats happening somewhere in the middle of their btc reserve bag.

Stop dumping btc to save the peg. Let it burn now peg is being restored. Naturally, by a market module rumors about big deals made during the night, all of this would not be um economically viable if the four pool was live because clearing the four pool alone would require three billion dollars of 350 million. The timing was not a coincidence. This clearly was a major major attack and a lot of people are pointing fingers. You know, no one really knows who has done this and you know we cannot be too sure who has done this, but this is someone that is very, very sophisticated. That has a major major understanding as to how these ecosystems and markets work, and they really did take advantage of this uh. You know very, very um perfectly, and you know my thoughts and prayers goes out to the people that have really been impacted by this major major crash within luna. This is a major attack and you know my heart goes out to the people, but this should be a learning lesson, and does this mean now you want to be watching this video till the absolute end, whether you are a luna holder or not, if youre a Big one or an altcoin holder, you want to watch this video till the absolute end and i will explain as to why so luna has pulled down quite substantially guys losing insane amounts. So you know if we are bringing out the measuring cool it hit all time.

High just last month on april, 4th was the time luna hit 119 dollars and 41 cents, and since then luna has seen a drop of about 90 from all time highs, guys. That is absolutely absurd, and this has to be one of the biggest biggest um. You know attacks that i personally have seen within the cryptocurrency markets, especially for a project like luna. This is definitely definitely a very very unfortunate time, and this is why guys this right here is a perfect perfect example, for you guys why i always tell each and every one of you guys lock in profits, lock in profits lock in profits, because you know that Is the number one key that we need to do when you are investing the cryptocurrency markets? You never want to get greedy. Imagine the people that were buying back here im sure they are not doing quite well right now and you know prayer goes out to them. Guys you know i wish i would never wish that on anyone, and but this is, you know, cryptocurrencies guys. This can happen, these markets are unregulated and these kind of attacks can definitely definitely take place and, unfortunately, that happened for luna and luna saw a major major price drop within its uh ecosystem, and you know the price dropped just from may 6, guys, like 87.36 percent. This is very, very scary, but now comes a question that everyone wants to know is luna here to stay is this: are they going to basically overcome the situation that they have seen? You know? No one really knows whats going to happen, because the overall sentiment on luna right now is not so great, obviously theres.

A lot of panic people are trying to stay away from it just so this does not happen again. People have lost a lot of faith and again this might not completely be the project spot its mostly. You know these attackers, they did, they got what they needed and they accomplished their task, but this is very, very unfortunate for the luna community right now. But what i personally do think that you know luna can still go down more and i will tell you exactly why. That is because right now, guys theres more and more people getting out and the more and more panic is being made. Like i said, rippling effect is in full play right now and whats basically happening right now. Is people are dumping and theres major major amounts of shorts being open, and you know, like i said when this rippling effect occurs, the price will goes down substantially and this is what we have seen happen over the past. You know one day alone, we have seen the price drop 60 just today alone and i could possibly see luna go down below 10 once again and we have not seen these prices guys. We have not seen luna back in these prices since august of 11th. Of last year, so you know, prices have pulled down quite substantially, but what me personally, not financial advice. I personally, you know, have done my due diligence and research and i do believe in the project itself and obviously what happened is very very unfortunate.

But you know you never know they could probably overcome that uh. This thing that they have seen happen within its ecosystem. You know im going by what ive seen from previous projects that have seen something similar happen like attacks happen, such as matic back in 2019. If you guys are not uh to um, if you guys are not too new to the markets, you guys might remember what happened to matic matic dropped about 18 to 70 percent in a day, because there was some sort of attack back in the day and you Guys see what has happened to matic over time and it has become such a huge um. You know: eat uh protocol uh a second layer protocol, so you guys really get to see what is going on and you know obviously me personally. I might pick up a small amount if luna were to hit you know below ten dollars, because i could see some people start to buy back in and really start to see. Um, you know maybe make a quick buck off of it. We might see a correction occur im. Sorry, a reversal occur below 10. I believe we might see some buying pressure kicking in, but again not financial advice. This is just me like what im personally doing, im not telling you guys to do this im going to take a risk with this, but we will see what happens um but bitcoin. On the other hand, this is what i was trying to tell you guys.

I believe that bitcoin was impacted by that three billion dollars that was dumped on the market. Three billion dollars of bitcoin is worth three billion dollars. Guys in bitcoin can cause a major major price drop within its uh. You know bitcoins price and as well as traditional markets are also tumbling towards the downside, and you know this goes and with one another. This really played a major ripple effect and really uh caused the price of bitcoin to tank, and the attackers really did get what they wanted, but i believe the the price of bitcoin would have not dipped like you know this much if we never saw this happen. So thats something to keep in mind right now and uh btc dominance, on the other hand, is still the same. I do like that. You know. Bitcoin still stayed above uh this level of support, which was at that uh 29 902, and we never managed to go below to this line at that 28. 724. So thats, something i love seeing right now, but were not out of the woods yet guys. We need to see the price of bitcoin go above that 33.5 as soon as possible. Uh, but yeah, you know staking rewards guys. You know, tara has, you know seen a major major terror anchor saw a major major uh tbl um unlock, and that really was a major major uh catalyst to what has really occurred and really caused that major rippling effect.

My you know, thoughts and prayer goes out to each and every one of you guys. You know, please guys let this be a learning lesson for each and every one of you guys whether youre in luna or not. Let this be a learning lesson. This is cryptocurrencies guys, you never know when this can happen, and this can happen to the best of the best projects and lets not forget that and always lock in profits. When you are, you know sitting at them, so that is it like. I said if luna drops below 10, i might consider picking myself a little bit uh just to see where it goes, but again not financial advice, uh and once again guys dont forget to like comment and subscribe, and let me know in the comment section below what You guys think and where you could see this going and let me know your thoughts down below dont forget to like comment and subscribe.