My name is ben. This is your nightly. Crypto news wrap up, lets, get it for two years in a row, the crypto prophecy selling may walk away remains true and if you still dont think were in a bear market. I really dont know what to tell you at this point. The past week alone, the total crypto market cap has shed over 500 billion dollars falling from 1.7 trillion on may 5th to 1.2 trillion today. As a result of this brutal sell off, the market remains in extreme fear, see why reports. In the past 24 hours, the total number of liquidations sold at 1.28 billion dollars, with over 411 000 traders being caught in the crosshairs credo analyst ali martinez pointed out. Bitcoin has broken a historic trend line that could send the prize below down 40 percent to thousand dollars based off the last two times has happened. He also mentioned the bitcoin. Whales continue to exit the market as the ethereum whales are buying the dip in five years. When we look back on this 2022 luna crash, will it just be the first domino of the black swan event that leads to ethereum flipping bitcoin its possible? If this week of max payne and crypto has taught us anything its that anythings possible? Is there any hope to recover? How long will it take well lets pass it over to our guy frankie candles for a market watch thanks ben all right guys lets go ahead and do a little market watch here.

Weve got bitcoin coming in at five hundred 28. Ninety six dollars down about one percent on the day down twenty one percent. On the week we got aetherium coming in at nineteen hundred dollars, guys down eight percent on the day, thirty percent on the week its brutal out there guys its absolutely brutal eight coin lets lets. Add a little positivity here. Lets look at our top gainers apecoin, bouncing back to life up 32 on the day, uh and also still down, but still down 46 on the week amp up 11 on the day, uh quant up 11 on the day and make her up 8 on the day. Guys it is brutal out there. We are just continuing to bleed. We got a little bit of a bounce after we wicked down to about 25 350 uh got a nice little bounce there, but nothing really to write home about uh, but trust me its the hard times in crypto. That makes millionaires. So always remember that if you guys want to follow me and keep up with all the ta, its frankie candles on youtube or frankie underscore candles on all socials back to the news. Thank you frank. As the tragedy of luna continues to unfold, more details emerge about the downfall of its stable coin, ust the price of luna itself. Yesterday, the internet was theorizing that crypto exchange, gemini and hedge fund giants, blackrock and citadel were responsible for the sell off that caused usd to crash.

Since then, gemiini has stated that they made no such loan and blackrock and citadel have both come out and said that they do not trade ust. Although its still unclear who the culprit is the prize of usd is still below 40 cents, and in the wake of this catastrophe, janet fellain yellen has stated that there will be stable coin regulation in place before the year ends its not fair to use the usd Crash as a sole reason to regulate stable coins, because the top three stable coins are not algorithmic like ust is, as for the price of luna itself, its plunged over 99 today and its now barely trading above a penny, its terrible, the one million dollars of luna. Four days ago, its worth about 185 bucks – now this has happened because of lunas relationship with ust. Basically, in the past, if ust went above a dollar, it would burn luna to keep it on the peg. This is part of the reason it ran up so fast. Last year, unfortunately, for the lunatics, that mechanism is a two way street, because the more luna falls in price, more luna gets minted. Now luna is barely a penny, because in the past four days the supply of luna has gone from 346 million to 7.1 billion as if we needed any more shake ups in the stablecoin world. After seeing what happened with luna ust, due to the total crypto market cap losing 500 billion in a single week, major price capitulation, panicked, sell offs record, stable coin outflows.

The price of tether temporarily lost its peg and wobble down to 97 cents like ust. The short hiccup did not stop tether from honoring its one dollar redemptions, despite market volatility to fix the issue. Tether moved a billion dollars from tron to ethereum and 20 million dollars from trying to avalanche without changing the supply. During the process, price of usdt has already restored itself to 99.7 cents and has honored every redemption, regardless of the wobble. Although janet yellen will probably try to use this against tether, she really cant, because, despite the hiccup, they honored the peg and protected the investors. Unlike herself in the sec have ever done, the takeaway from this is that tether was able to recover because its not an algorithmic stable coin and the distinction between the integrity of the two should be taken into account for the government oversteps their boundaries thats.