We dont usually put out videos around about this time and we will be bringing our daily cryptocurrency market update video out later, where were going to look at the cpi or look towards a cpi. Uh data reveal and a number of other things you know, but this video is really going to be predominantly about luna, and i think this situation is overall damaging to the entire cryptocurrency market um. It puts quite a bad name on stable coins, certainly algorithmically backed ones i.e. Stable coins are backed by crypto and have to algorithmically adjust um to keep that one dollar peg, but this is a bad situation. I take no pleasure out of this. You guys know that we were short from sort of 80 one dollar range. You know we had a head and shoulders pattern and everything in play. We were looking at the volume, um, oscillator and and sort of you know its far out past any of our expectations. For how low this would go and and really this is a fundamental issue within the cryptocurrency market – and this is a good reminder, i think – for people that crypto is extremely volatile um, you know and not something i mean i i can guarantee theres people out there, That were all in luna um and up until recently, there was always sort of questions about the ust, which is their stable coin um and how stable it is or how durable it is certainly in market downturn and were now seeing that that just wasnt the case And weve not actually had much from the lunar foundation um.

We know that dequan is essentially the head. Honcho weve got nothing really other than close to announcing a recovery plan for ust, hang tight, getting close stay strong lunatics, even if they manage to regain the peg. I mean whats the trust going to be like for using ust and using the likes of anchor protocol. I mean if we go on defy llama and weve posted on our twitter um. You know its not pretty, essentially um whats going on and, like i say, even though you guys know my thesis was – and we said this on yesterdays video ive been saying it for the past weeks now this market is likely to see more downside, given everything going On in the macro, but stay tuned for my daily cryptocurrency market update, where were going to talk a lot more about everything going on and what were looking for today and and how were going to position accordingly. Im going to have a number of shorts on um. At the moment, um, but here is not really where you want to even be short in this market. I mean everythings just tethered to bitcoin bitcoins at a key inflection point here. You know you dont want to be looking to short into this. I dont think, because you know i opened a few shorts this morning. They instantly went against me. We kill that monster, whilst its small um. You know, and that gives me a good, sometimes ill – put shorts out there and trades or longs on the market.

Just to see how its feeling, what the kind of direction is, you know, but theres not really a set up here that i would want to trade and my concern with luna talking about luna, because thats. What this video is really about is that this creates huge panic in the cryptocurrency market, which is already on shaky grounds. People are going to be looking at their projects, and this is why its so important, you know we never publicly spoke about luna on the channel. We said yeah, i think theyve done very well with their stable coin, but that actual um strength has become a huge weakness for them. Um and its not nice. To say you know the the bottom line for me is yeah. Making money is great, but theres people out there that im sure have um invested, certainly more than they can afford to lose, and you know in the past day i mean you cant. This is just history in the making guys for crypto, which is why i felt like id make this video in the past day, lunas lily down or the past week. Sorry lunas nearly down 95, that is insanity, and that is crypto guys. I mean i love this space um the good times and the bad, but this is a dark day for the cryptocurrency market. Ultimately, please stay tuned for the video that weve got coming out later. Where were going to talk about the cpi and everything sort of going on um im thinking about doing a lot of live streams, certainly in times like this talking about where im currently positioned my positions right now, im not even going to trade this market until i Get the cpi reveal and then ill position accordingly to what i think is going to happen after it, but i mean just look at bitcoin and where it is, i wouldnt short that, even if you go down to more of an intraday sort of time frame, you Know its, you know: theres no um its, not a high confidence trade and they are the ones that you get stung on and, like i said all the shorts that i put on this morning, the second i didnt, even let them get to five or six percent.

I just exited um and closed them down um and thats my test for this morning, basically and well, see what the day unfolds or bring sorry but luna final words. You know its not a good situation, its a bad look for stable coins, its a bad look for crypto full stop. I mean it really is uh and – and it gets me angry at a lot of the vcs out there – um, because they they they use people just like me and you as a food source. Essentially, you know thats what they prey on is creating hype and and um delusion im reading a book at the moment called um the madness of crowds by charles mckay. I believe and uh it talks about. You know how easy human beings are to sort of um fomo into things, and then they dont actually realize that the game is up. You know they they do eventually, but its slowly and one by one and which was a quote from the, but anyway guys ill. Leave you on that one it was just a short and sweet update. Well probably do more of these updates if you like them, lets see what today brings. I wouldnt be aggressively shorting this market for tougher um and in actual fact you know there may be some long opportunities. I im kind of looking at luna, because luna does have a lot going on um i dont want to say did that you know its still.

A layer, one blockchain and there are still things you know that its capable of but the problem ive got with getting back into and i was never really in luna. Um is the credibility you know once the credibility goes for a blockchain and the trust isnt there. That takes a long time to rebuild and i think thats the situation. Even if daquann comes out today and like i said, weve not had a mass amount of updates on this, but even if the quan comes out today and says, usts peg is back. Are you gon na trust that im certainly not, and i used anchor protocol? I mean 20 yields on ust, but luckily we got out and if you guys arent already following me on twitter, guys make sure you head over to my twitter, its real all in crypto the second. We saw that ust um usd peg go uh. Well, i can show you what were looking at here. Oh we dont want usd usdt. I mean look at that. The second we saw that peg go the fir on the first day. We were like no, you cant have a staple coin. That is unstable. Ladies and gentlemen, so thats really all ive got for you. Well keep you up to date on the situation. Look out for my daily cryptocurrency market update because were going to be getting into everything happening today and what you guys should look at. That is all i have for you, ladies and gentlemen, enjoy the rest of your day or try to and look out for the video weve got coming out later on today.

https://www.youtube.com/watch?v=McieItSwCk4