Luna & Crypto | It JUST Died!
Weve started to see mack sphere set in across the board, as luna and ust have completely crumbled. They are looking pretty much dead. Lunas price dropped below one penny per coin. Were seeing usdt, the largest stable coin with an 80 billion dollar market cap has depend from the dollar dropping to its lowest levels in years since its inception and weve also seen that australia, which just listed three different crypto etfs, was expecting one billion dollars in inflows. But they only got one million dollars of inflows, so todays video. I want to quickly talk about some things going on and also make sure to stick around to the end, because were gon na go over one little pro tip for usdt, a way that you can guarantee that you get one for one for your usdt, no matter What the price is on coin market cap, you can guarantee that you get one dollar for every one usd token you have. You just need to do something on their website which well go over later. So lets start off with the overall crypto market right now. Crypto market is sitting at a 1.22 trillion dollar market cap down around 11 over the last 24 hours, and what were seeing right now is that bitcoin has dropped well below 30 000 per coin. But it is starting to bounce back. A couple of key things that were seeing is that bitcoin dominance has started to increase right now, its sitting at 44.
9 percent starting to increase slowly and most people are predicting that during a bear market. What we usually see happen is bitcoin. Dominance increases up to 60, as we continue to see fear set in people, move money out of all coins and move it back into bitcoin, so were nowhere near that position just yet. In addition, this were looking at the total crypto market cap we are at for almost a one year. Low were sitting right around that low that we saw back in july of 2021 right around that 1.19 1.18 trillion dollar mark cap were sitting up. Next. To that exact same level, even maybe slightly lower, so right now, we are really on the edge for the crypto market, where things can get a lot worse. If we dont see the price bounce within the next couple of days before the end of the week and what were seeing right now with bitcoin in terms of price, is that were seeing that bitcoins price had dropped below this key level. This 28 800 to 30 500 level, which is acted as a very key support for bitcoin over the last year and a half and we drop below this level. So now. The good news is that we have started to see bitcoin rally back its just under 30. 000 per coin. So, in order for us to maintain some sort of bullish, hopes and some sort of bullish indicator, we need to see bitcoin close the week above 30 000 per coin.
If we can do that, that at least gives us some hope that, yes, maybe we did see the bottom, maybe 26 600 was the bottom, and now we can start rallying back, because we have seen high high volume in the market record amounts which could indicate that We are at a capitulation and that we could see the market start to bounce back. Now i want to quickly talk about whats, going on with tara luna, because things have not looked good. Terra has announced a plan to burn 1.4 billion ust and stake 240 million luna, and they announced this as their plan to sort of help luna and ust recover. But at this point as ive been talking about on twitter, it is really too late. This plan doesnt help at all its gon na ultimately dilute and hurt people who currently own luna, and the other thing is that it is too late, because people dont trust the project anymore. It went from a 40 billion dollar market cap to a 40 million dollar market cap. People lost their entire life savings in ust people, dont trust the project. So, no matter what their plan is moving forward, i am not going to be buying any luna or any ust, because the lack of trust yet is just going to kill the project doesnt matter what plan they come out with. In my opinion, people are not going to want to invest in it because of how much money they have lost next thing.
I want to talk about before we get into what is going on with lunas price quickly. Just if you dont already follow me on twitter make sure to do that. We are doing a 250 giveaway if we hit 10 000 followers before friday, so were pretty close. So if you want to go enter that 250 giveaway just go ahead. Follow me on twitter and like follow and retweet this post, okay, so with luna. What were also seeing is that its price has dropped to one penny per coin, dropped even lower than that at one point in time, right now its sitting around 1.5 cents, and it is just continuing to fall and ive seen over the last couple of hours. People talking about on twitter, how theyre going to be buying some or buying some if youre buying loon at this point is it. It is a complete gamble. Yes, ive seen some people 10x their money in like 20 minutes, but this is a complete gamble. Its just like go entering the lottery, so i wouldnt put any significant amount of money into this if youre going to, i wouldnt recommend doing it at all. But yes, there are people making money as we see it, drop and bounce back, but it is just a complete gamble. Okay, now lets talk about whats, going on with australia, because australia just listed three different crypto etfs, and they have listed two bitcoin etfs trading under the symbols, ebtc and cbtc, and also one aetherium um etf.
Under the symbol, e e t h, and the interesting thing about this is that they were expecting one billion dollars in volume on launch day. They had talked about this over the last two weeks, since they were originally supposed to be listing these etfs and because of whats going on in the market. They have completely flopped. Instead of one billion dollars in volume, they saw 1.3 million dollars in volume completely flopped, and while the launch was absolutely terrible, i think long term. This is ultimately just good news for crypto, because its going to give in institutions a way to easily access the crypto market give them easy exposure to investing in bitcoin and ethereum, so, while the first day was a flop. Ultimately, this is good for long term. Adoption of crypto and getting institutions in over the coming months and years, and last thing i want to talk about – is going to be what is going on with tether usdt, because usdt has dpeg from a dollar it dropped as low as 95 cents per coin. You can see bellboy posted about it on twitter, here 97 cents per coin, so this was not good. This caused a lot of fear in the mark and you can see it dropped as low as 95 cents per coin. If you look at the one year chart, this was the absolute worst day that they have had in years. They have never seen this, and because of everything that happened with ust, a lot of people started getting very fearful taking their money.
Out of this wondering what are they supposed to do with their money if all these stable coins are completely collapsing? So first of all, you can use this as a lesson to diversify. Not even just in stable coins make sure you have busd make sure you have usdc usdt. You keep your money diversified there, but the one thing that most people dont know is with usdt and tether. You actually can redeem one to one your tether for dollars. By doing one simple thing – and that is that you can go to their website and they talked about this – they are completely open about this. They talked about this on twitter, where you can go to their website tether.t.o and on their website. You make an account and you can then redeem one usd token for one dollar. Theres one caveat and the caveat is: is that theres going to be a 150 verification fee where you have to like submit kyc and some documents to make sure its? Actually, you and also theres hundred thousand dollar minimum transaction amount. So yes, they offer this. But if you dont have over a hundred thousand dollars in usdt, you cant actually use the system so its good on the one hand, because they do guarantee that you can get money, but they require a minimum amount. So thats whats, going on with the overall market im, not too worried about tether, and the good news is that we are seeing bitcoins price bounce back.
It is above 29, 000 per coin after dropping to as low as 26 000.