We look for gold in every single aspect of our lives and we always find it now. Today, we are back for another. Daily market update were going to talk more about the terra luna situation. Right after i uploaded my video yesterday, they started to halt the blockchain, the all of the validators voted and halted the blockchain um, and were also going to talk about hbar xrp, all of our glorious uh coins that are still pumping out good and bullish news. Despite uh, some other layer ones having some problems here now before we start make sure you follow me on twitter. This is my username right. There now lets get straight into it right here. The market has had us a tiny little relief recovery bounce right here. Uh bitcoin did bounce back up to 30k right, as we can see, bitcoin is back above this 30 dollar line um. It looks like its about to start battling uh to stay above thirty thousand uh, but we did have a small little recovery – bounce uh yesterday night, okay, so i like i like to see that and a lot of altcoins i mean look at the all coins. Big recovery on a lot of these all coins, like 43 on gala 35 on mana gmt amp, some of the biggest ones today um then we still have luna were going to talk a little bit about luna, again uh, because it it does theres some valuable lessons.

Uh coming out of this right, h, bar algo, h, h, bar, is up 11.1 percent. Al goes up as well. Basically, every every altcoin except the uh luna stuff is, is uh up today. As for bitcoin im, im thinking were going to stay flat and continue to battle this 29 dollar. Thirty thousand dollar thing um. If we take a look at the terra ecosystem right here, i wanted to show you guys, because theres, a lot of projects that are built on terra tarot was a layer. One right and and people even thought that that was a tarot was a contender of all the other layer, ones um, but it is now at zero dollars and theyre printing the supply to oblivion. So if you look at the supply, it is theyre printing, like theyre, literally printing trillions of tara right here, um and thats. Why were at 0.0001 literally looks like shiba inu it? It actually just looks like a rug pull coin right in the middle of like like meme coin season, right um, the stable coin is still at 21 cents. Tethers peg has been slipping a tiny bit, causing a little bit of worries um, but not its not too bad right. It did have this one slip right here on the 11th of may uh, but its it has been recovering from that. We have uh, do kwan whos the whole. Basically, the culprit. Behind this entire thing. Um people are invading his house.

Okay, dont, do this. This is horrible. Okay, do not do this yeah, even though what do kwan do. Kwan has caused people to lose millions of dollars. Um theres, even people, you know doing basically like contemplating doing bad things to themself uh because of this, which is not good at all um but yeah his house was invaded. He asked police for emergency protection, so crazy stuff going on like this space can get crazy. This crypto space can get crazy um. We also so this. This whole thing is like was caused kind of by anchor protocol as well. Like anchor protocol played a big uh piece in this, and i will admit i have made a video in the past about anchor protocol and their 20 apy, like a lot of people made this this same exact video of how you could get 20 apy on your Stable coin, but that stable coin is now 21 cents, so that really fell through theres still 1.8 billion dollars of ust um total value locked right. There yield reserve has 117 um. So i mean this is insane dude and the reason i bring that up is because celsius just pulled half a billion dollars out of anchor protocol amid the tara chaos. So everything is going, um, chaotic right now, okay and theres. I am not buying luna. I am not buying luna okay im, not im im, not buying luna uh. You can do that if you want right, but you you basically are just throwing money away at this point, theyre printing, this to oblivion.

Maybe you can catch some kind of short, like pumps. In here, even though this is literally flatlined, um, yeah and also one thing i want to talk about – is how the volume has been so high these past few days, um like i think this has been in these past couple days here. This has been some of the highest volume weve ever seen in crypto, like top 10 highest volume days, weve ever seen in crypto, so thats thats kind of peculiar that thats happening right now. I think a lot of people are entering right now, if you ever wanted. The opportunity to enter well, it was yesterday that was the best but theres still some coins that are down well. Basically, everything is still down right. Everything is still down, but yesterday was the best possible uh entry, because we have now had this small recovery bounce here. So lets talk a little bit about whats happening with twitter. Elon musks twitter deal is temporarily on hold pending details supporting a calculation that spam fake accounts do indeed represent less than five percent of users. So a lot of people – and he says hes – still committed to the acquisition right. So this deal is on pause. The deal is on pause and uh people think hes trying to renegotiate the price um because of this right because of the real user base, and we also got uh peter schiff right here saying it looks like i was right all along you never actually intended to Buy twitter, you were bluffing the entire time.

How many twitter shares did you sell before tweeting this announcement? Um its interesting people think that elon like still needs money or something like and that hes selling and dumping twitter shares for money, like is that i dont know if thats, what peters saying there but dude the deal is still on pause. So, moving on, we have this absolute moronic behavior by crypto.com im. Sorry crypto.com! I do. The exchange is decent, its good, its good ive used it before i dont use it over finance or anything else, but they have do. Crypto.Com is reversing profitable, luna trades. So, on may 12th, if you made a profitable luna trade, your your thing is getting reversed. They can just reverse your trade. How does that even work? Dude, like isnt this decentralized like whats whats going on here, you can just reverse my trade and theyre, claiming users were quoted at an incorrect price um. This is horrible, all impacted trades for buy and sell will be reversed and the affected users will be credited 10 dollars in cro, for the inconvenience cost really what if my trade was thousands of dollars, this is horrible. Dude like why do they keep crucifying themselves? You, like you, change the rewards, then you do some dumb stuff like this come on dude, crazy. Now here is the number one explanation or not not the number one, but a good explanation of whats happened. This guy is called uh whats his name again.

I always forget brian uh, oh yeah, jeremy, alaire and hes, the co founder and ceo of circle – and this is a three minute clip were gon na play about like two minutes of it or maybe the whole thing. But this is very valuable to hear his perspective on stable coins and what just happened here. We go yeah well so, specifically with terra and really what you saw was a system that was designed uh a system that tried to incentivize people to create whats called an algorithmic, stable coin, to be able to mint one of these. But the incentive was really a subsidy on a on a yield, so get 20 yield seems risk free, thats anchored for buying this token, in order to create these stable coins. That could then pay them 20 interest. But when you look beneath the surface and i think any reasonable person who looked beneath the surface saw that this was a bit of a house of cards, and so those subsidized yields were going to run out. I think, as soon as you saw some contraction in the market uh all the underlying assets that supported this, we started to see those flow out and see price pressure and in a in a system like this, its very vulnerable to the classic death spiral. And that is very much uh. What we saw happen now and thats, in contrast, obviously to a regulated, fully reserved dollar, digital currency or stable coin, like usdc uh, which is always held with cash, and you know three month, us government, treasury bonds and u.

s government treasury bonds. Like you see, this is what they want to push thats, why its uh uh, really, i think, uh considered kind of the gold standard in uh in this space of stable coins. So the question therefore is: do we need more regulation and because i i think you you go online and you look at some of these people who are buying this and send some cases mincing this, who i dont think understood the risks that were involved and half The time you talked to some of the leaders of these projects – and you couldnt even get a straight answer frankly about what was actually backing these. These coins, yeah and even more amazing, is that i think, a lot of highly intelligent people. Uh highly intelligent people who are very deep in this market uh, i think, believed a lot of the hype, so i think theres a lot of self reflection that needs to go on for uh for quite a few people. In the space specific to the question of regulation, we have always felt that there needs to be a regulatory framework around stable coins thats. Why, when we launch usdc four years ago, we launched it under a regulatory framework, both federal and state uh, that ensured that consumer protection was in place that there was always a 100 percent reserve thats the money transmission statutes of the u.s. Our view is that there needs to be more uh, and so you know uh last year, as we know of course, hes pushing for more regulation right thats.

That is circle right. There circle is sold out to the government completely um, and the reason i used anders right here is because anders says i believe him. If one usd stablecoin will make it, it should be usdc, but i think the biggest threat to usdc should be a usd cbdc difference between a cbdc and a stablecoin. Is that a cbdc is a direct claim on the central bank. While a stablecoin is a claim on a third party, thats facts, okay, but i think that you know circle and coinbase are banks basically like theyre gon na become like banks um, and maybe they can? Maybe this can compete with the the us cbdc, like i dont know, if its a threat to it, i dont know if its a threat to it. I think um yeah, i dont, know thats interesting. I think usdc is already the the us cbdc, like i dont, know its pretty crazy. Now we also have uh these few clips right here, and this is like just super good stuff right here. Uh hold on were gon na rewind. That back here we go. Uh hold on wait: uh isnt there, one more! No! Here we go 54. Second clip this guy basically says that the majority of ripple customers are now moving towards using crypto for cross border payments and, of course that will be xrp. So what take a look at this clip? This is recent. By the way, too, you know ive been with ripple for three years, and you know we.

We have something called ripple net, which is a cross border payments network um were also working on other initiatives. We have a central bank digital currency solution, but in terms of the of the use of crypto um xrp, which is the crypto that we tend to use, uh is used on a regular basis, and it is, you know, billions of dollars being transacted the whole time Using that, as a as a what we call a bridge currency, so between one one, you know fiat currency and another um. The the network enables connectivity fiat to fear, but also increasingly – and i would say, the majority of our customers now are moving towards um using crypto for cross border, its cheaper, its faster theres, no need to pre fund accounts, like you have in the traditional correspondent banking Model so the majority he says the majority right and this this counts, like you have in the traditional course look at their reactions right so, like you got a head on out of this guy, this guy moves his head and that guys stone cold face the whole Time, um, so basically this i mean this is recent right. This is april 19 of 2022 james wallace at cbdcs in africa workshop um. So this means that theyre, just in the process of moving to xrp right now notice, he also says uh. We tend to use xrp thats, the cr. He says thats, the cryptocurrency we tend to use.

I think liquidity hub is going to enable any maybe any crypto to be a bridge currency, because any crypto is already a bridge currency right, basically, its all like these are already sort of bridge currencies, um and thats. Why people argue like why cant usdc just take the role of xrp weve covered that a million times how it has to be uh? It has to be like not owned by a country, not the whole worlds. Not gon na want to use um a us stablecoin right; they need something thats owned by nobody, and that is xrp. Now the final little piece of mainstream news right here is: we have bitcoin to the sky. The emirates airline is uh is accepting bitcoin payments uh pretty crazy right there, so you could pay for your flights in uh in bitcoin and theyre launching nft collectibles, so that is all weve got for the daily market. Update market is still basically in shambles. Despite all this green today, a lot of these coins are still uh way down, but all i want to say is im sending mega positive energy to everybody um. Once again, if this market does pump up again like big im, gon na be selling more right, ive been selling since november thats, what people dont understand, right and ive been transparent in all of that, like advocating for taking profits this entire time uh. The key in this market is to take profits. You dont actually make money.

If you take profits or sorry, you dont actually make money. If you dont take profits, the act of making money in crypto equals taking profits.