This past weekend, history was made within the crypto world on saturday, terraform labs finally launched their new version of the terra blockchain tara 2.0 and, as of yesterday, bitcoin officially closed out its ninth weekly candle in a row for the first time ever with the stock market. Being closed for memorial day, i'm still here to give you guys an update on everything you need to know within the crypto market, because crypto is actually doing something a little weird. It looks like crypto's actually within the green today. Now today's video we're going to be going over dokwan's tara, 2.0 launch we're also going to be reviewing bitcoin's.

Recent price action also discuss some of the major headlines from this past weekend. If you are liking, these daily market updates be sure to like this video down below and subscribe. If you haven't done so already with all that being said, happy memorial day and let's hop into the computer and see what is going on in the market for today to kick off today's market update, let's start off with this pretty funny meme in 2009, bernie madoff Lost investors, 60 billion dollars. He was sentenced to 150 years in prison in 2022, dokwan lost investors, the same amount at 60 billion dollars after luna, collapsed zero dollars, and then he then uh.

Instead of going to prison, he created luna 2.0. Now i missed this uh. Pretty interesting times and a lot of people's first bear market, a lot of people are blaming the vibes of the community and we're seeing the same old memes coming up. I just want to say i'm here to get your head on straight.

Let's talk about. What's going on within this market, so, first of all, the global crypto market cap is actually up about 4.68 at 1.27 trillion dollars, and this is because bitcoin had a little bit of a bounce today in its price action sitting at 30, 658 bitcoin started out for The month of may trading at around 38 000 and reached highs of even 40 000 back on may 4th, but since then it's been declining at one point, dipping down below even 26 000. So, with tomorrow, being the last trading day of the month, i highly doubt bitcoin is going to be able to resume back to anywhere previous to the 40 000 level. So it looks like this month is going to end for the color red.

I will say news is not all that bad this morning, while the u.s stock market has been closed for trading in memorial day, celebrations, bitcoin has been igniting a bullish start for the week. In the past 24 hours, bitcoin has been up 4 curly trading at 30. 500, at the time of filming this video and the overall crypto market cap has increased by 60 billion dollars. Now, looking at the four-hour chart, we can see that bitcoin has made an incredible recovery from last thursday's flash crash of 28 000.

The price has broken through that key resistance level of 30 700 twice this morning, which is that top orange line, but it still hasn't been able to hold it just yet now this recent price recovery back over 30 thousand dollars is a 20 gain off from the Lows of mid-may bitcoin is also now trading well above the 50 and 100 ema on the four hour chart, which is an excellent sign for short-term price action. Just as a reminder, the 50 ema is going to be that blue line and the 100 ema is the purple line on your screen. The last time the four hour chart was above the 100 ema. This was back on may 5th.

Now today was also the first time since the end of march that bitcoin's a four hour. Rsi was above that overbought level indicating that we may see a correction sometime soon. The last time the rsi was at these levels. Bitcoin's price was back at around 47 000 and then what followed after that was a lot of volatility ahead now, if we pull it out to the daily chart, we see a completely different picture.

Bitcoin is now above the 20 moving average, which is that yellow line, but it's still far below the 50 moving average, which is the blue line. The rsi is still on the lower end of the scale, but currently it's showing a value of 46, which is indicating a much higher upside and that bitcoin still has the potential to move a daily close above. The 30 700 price level would show some vital signs of recovery, and potentially we could be seeing a bitcoin, a bottom that we experienced for the past few weeks and a little bit of a recovery. Now the question is: could that recovery be the start to the next bull market? That is uh? That is a question that a lot of people have.

I don't know if that is going to be the case. I think right now, if we do see any type of rally like i've, been mentioning for the past few weeks. Any rally we experience, i believe, could be a relief rally, meaning it is temporary before we continue down to another descent before once again, i do think at some point this year, we're gon na experience, another strong bull market rally within the crypto markets. Before that happens, these are usually the times where it seems like everything's, quiet market's, been in extreme fear for a pretty long time, and then, when everything seems doom and gloom, that's when we see that recovery happening now.

Ladies and gents, real, quick, ethereum recovered out of the eighteen hundred dollar hole back at nineteen hundred fourteen dollars today or up six percent. We also have bmb up three percent. If we go into the top 24-hour winners, we actually have some all coins that have made pretty significant movements. We got wave up 42 helium up 23 ave is also up 15 and then we're seeing gmt back on the scale for 14 gains, not too many biggest losers within the top 100 all coins for today.

So, within the crypto market at least, this monday hasn't been too bad at all, going to the crypto fear and greed index. If we give this a little bit of a refresher, it's going to show us a 10 on the scale here. If we wait for the next update, which is going to be in about six hours, we will see a little bit better sentiment just because of this one green day. Now, i'm a strong believer that crypto is still still very sentiment based what this means is.

It's all about emotions. The crypto market historically has tend to go up when a lot of investors tend to think it's going to go up even higher, and we just get that natural greed within the market. Green and fomo is the indicator for a natural bull run and i think within crypto. It is going to be sentiment based for another few years.

On the other hand, i do hope that we are able to experience a decoupling effect within sentiment based growth, meaning crypto will be able to have sustained growth, even regardless of how people feel about the asset. Now, in terms of the first major headline that i wanted to cover, let's talk about tara luna, so terraform labs early saturday launched a new version of the terra blockchain called tara 2.0 with freshly minted luna tokens believe it or not. Roughly 12 hours later, luna's actually tanked around 70 of its initial value. According to coin market cap, it peaked at 19.54 on saturday, but it's currently trading now at 6 and 51 cents on different exchanges like buy bit.

We saw the price get as high as 30 dollars, but for now it has been relatively flat and it seems to have followed the exact trajectory that i expect to happen before this weekend started now. The time filming this video luna is currently trading across 13 different exchanges. Now, following up on that news, binance said it's not going to launch luna training until tomorrow may 31st. Some people in the community have also predicted further bloodshed once the binance drop goes live and they also pointed out that binance has 15.7 million liquid luna, which will be available to users on tuesday now out of 1 billion luna tokens, only 21 million were air dropped And added to the circulating supply back on saturday and the rest of the tokens will be continued to airdrop in phases.

The luna 2.0 crash suggests a lack of faith in dokkuns, a revamp moving forward with many investors indicating on twitter that they are instead looking to recover a small portion of their previously lost capital and wipe their hands clean of the project. Now, shortly after the launch, binance ceo cz went ahead and tweeted credibility is the ultimate currency. I believe cc is right here, and we even mentioned this shortly after dokwan's announcement of his revival plan where luna had lost the trust of the entire crypto community. It's pretty much impossible, in my opinion, for a comeback to happen, but crypto's always surprising, even though it's a, let me just say, 99 failure rate.

I just think it is very unlikely that we could see luna recovering back to anywhere where it was before. The revival plan also received many support from the terror community, and now we can see that these investors were also trying to just regain some of their losses instead of believing in dokwan's dream now looks like the entire luna situation is coming to a conclusion: korean prosecutors Summon all terraform lab staff in ust collapse and do kwan's failure has now jeopardized the entire terraforms labs itself. So, following saturday's launch, the south korean government continued investigating terraform labs by reportedly summoning subpoenas to all of its employees. One unnamed employee, known to have been involved in the initial development of the terra blockchain in 2019, has reportedly already testified, so this employee is said to have told prosecutors that there were concerns about usc's design from some within terraforms labs.

Now the authorities also believe quan was aware of the shortcomings and are looking into the case to check for signs of intentional price manipulation and whether the tokens went through proper listing procedures. So my thoughts on all this is that if terraform labs executives neglected, usc's design flaws, we could probably hear about this during the employee testimonies. I wouldn't be surprised at all either if the terraforms labs law team that resigned a few weeks ago saw this coming and departed just at the right time. It seems like right now, there's still a lot of information out and it looks like the feds.

They will be going for these employees and i think, if they're able to cut the employees a deal instead of you know, trying to penalize and jeopardize people who may not have any type of real fault in the situation other than dokuan. Then you know we might be able to see some more stories like this coming unfolded. Now, in terms of the next headline, we actually got spacex to follow tesla in accepting doge payments for merch. So this past friday, elon musk can announce his plan to extend the payment option for a space exploration company spacex.

It's stated that tesla merchandise can be bought with doge and soon spacex merch as well the billionaire tweeted on friday, so historically anytime, elon musk tweeted anything pro doge. It always had an immediate and positive impact on dogecoin, and then we usually saw the market going up. The recent announcement back over this weekend had little to no a significant effect on the price. I will say there was a brief, very brief, 15 pump to about nine cents, but the price quickly came back down generally with the piece of news like that when we're in the most uber bullish market, where everything was just going crazy bitcoin was at its all-time High, if this came out anywhere near the snl time, i could have seen definitely another pump and could have even seen in another universe where dogecoin would have been able to hit that one dollar mark.

Now it is worth mentioning that dogecoin's credibility has grown mainly off the back of elon musk's tweets and statements about doge being a better payment method every day in comparison to something like bitcoin. Back in december 2021, elon musk announced that tesla would start accepting dogecoin for anyone who remembers for company merchandise, resulting in a 25 price increase back then for the meme coin. However, this recent pro doge statement, like we mentioned just, hasn't, really done anything crazy. All right guys so big thing to note.

Just for the upcoming month of june, i know, may was really disappointing april. We still had pretty significant amounts of opportunity within different markets, including even the nft scene. Right now, even though things seem to be more down more flat, just want to give the word out here that things are not always like this. I don't think right now could necessarily be the bottom, but you never know because crypto is so difficult to predict.

I know a lot of you are worried about the upcoming looming recession. A lot of the data doesn't look too good and even the markets have been going down. This is all normal within a market of what we experienced with all the money printing that has happened. I used this example before, but for anyone who missed it, i just want to reiterate it one more time back during the cove pandemic, when we had that two trillion dollar market cap and literally everyone who was getting into the market, was making money.

That was when i would say, the market got drunk, the market was drinking and it was just flat out drunk out of its mind. It was going up up and up, and i really think a lot of this money just came from all the stimulus people being at home wanting to invest, and it was just ultimate fomo at the time now that we've been able to consolidate what usually happens after A rough night of drinking, is you get a hangover, you usually get the market to correct, come back down and then shortly once you recover from that hangover, it's usually we get normal growth period, normal growth period, meaning we will see the price of bitcoin all coins. Starting to accumulate back up keep in mind, there are still some all coins right now that are at unbelievable prices, and i do hope that anyone investing into the crypto markets aren't just looking to buy in for short term gain. Make sure that when you are having any type of play within this field, any type of investing, i try to keep this philosophy for myself.

Look for long term growth. When you have a mindset, that's more focused on something that's going to be worthwhile for the next 2. 5. 10.

15. 20. 30 years. You're gon na be able to tolerate all of this volatility.

When it comes to investing, i know, gets tough. I know it sucks. Seeing money and based on the stats, almost everyone pretty much 99 of investors are going to be underwater at this point. For anyone who did buy in, i would say, even within the last six months to a year.

This is why there is an importance in taking profit, and this is something i mentioned time and time again before the market started. Going down just take profit take profit, take profit, take profit. I know a lot of our original viewers a lot of our subscribers. A lot of our og members did do that they took those profits in and a lot of people are trying to find that time to re-enter back in.

If you can't do that, just go long. Huddle look towards the future and i'm telling you we'll be able to get through this together now guys, like the usual. Thank you all so much again for watching this update. Hopefully we do get some more excitement happening within this week and to wrap this video up.

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Something i've been doing is just rewarding some of our top members with free cash. So, just by being in our group, even just doing a little bit of work being active, you can find yourself making some pretty good side cash. Just from the giveaways that i'm having when the market's down, i want to make sure that you guys are still getting fed. So that's just one way that i'm giving back to at least some of our most loyal members.

Now today is memorial day. So in honor of that type down below the secret code word for today, memorial comment that down below. Thank you all so much again for watching and until next time, peace.