95 percent are going to that yeah, there's also entertainment for watching companies that do. Ladies and gents. This here has to be some of the craziest times that we're going through with bitcoin, currently falling below 30 000 and luna now being worth a penny down from just a hundred dollars about a month ago, ust or tara. Luna stable coin is now worth 37 cents.

Today now the scariest news from this week just came out today as usdt, the world's largest stable coin by market cap lost its peg momentarily, creating doubts and more fun in the market sentiment. Now, in today's video we'll discuss the new developments on tara luna and the usdt's pegging, as well as other major headlines in the market today and if you are liking, these daily market updates be sure to like this video down below subscribe. If you have not done so already and with that being said, let's hop into the computer, see what's going on in the market for today, so the crypto market cap today sitting at 1.22, a trillion dollars are down about 7.16 over the last day, and i think It's safe to say: we are currently approaching previous crash levels where we began to see a low back in the end of july, at sitting at 1.2 trillion dollars for the overall global crypto market cap before we had that lift off here. Taking a look at bitcoin here on the charts, we actually went ahead and broke past the 30 000 level once again and today, at the start of filming this video we're sitting at 28, 368 or down about 5.4 percent for the price action of bitcoin.

Now, that's not even the worst part. Bitcoin did even touch at a certain point: twenty six thousand six hundred forty one dollars and across different exchanges we even saw the twenty five thousand dollar level getting tested. Taking a look at the last seven days, you'll notice, this incremental decline, we've had within the market for the price of bitcoin, but if we do zoom in to at least the last day, we may be seeing our bounce right here now with today's dip reaching down Below that 26 000 level bitcoin went ahead and reached a price level that we actually haven't seen since december of 2020.. Now to make matters even worse.

The cpi for april otherwise known as the consumer price index, was expected to show that the us economy had already gone through an inflation peak which would probably have smoothed the market for a while, but instead this actually sparked even more fear, uncertainty and doubt within the Markets, what all this means is that the us inflation eased modestly from the fastest pace in four decades last month, so bringing it forward to where we are now. The cpi index for the month of april has actually risen to about 8.3 from the time of last year, down from the 8.5 pace in march, which was the fastest rate that we saw since december of 1981.. So what all this means is, while inflation seems to be slowing down just about 0.2 percent, a lot of investors are still freaking out and the markets continue to go lower. Now.

Bearish investors may also think that the fed will consider raising rates at a 75 basis points, and even though they weren't considering this before about a few weeks ago, it seems like, with the current state of the market, it is still on the table. On the other hand, if you are a bit more optimistic bullish, investors are now highlighting that inflation is cooling down and they are using it as an excuse for a much needed oversold rally. If we do take a look at the facts, the print reflects the first slowdown since august and a sign that the country is past. The peak inflation rate.

Now, while the crypto markets have plummeted to an all-time low in 2022, and most of the investors in this space seem to be using this opportunity to either buy up the dip or to be looking for other opportunities in other equity markets, things seem to be a Little bit more shaken up still now, i do want to mention that, although the activity we're seeing within the last few weeks have had a huge major impact within across all markets, as the selling continues we're going to continue to see which tokens are going to be Able to recover quick and what some of those buying opportunities may open up towards now taking a look at the crypto fear and greed index today, we're sitting on a 12 within the overall market and if we take a look at other assets, not including bitcoin. Even if we take a look at ethereum right now, it actually did tumble a lot. It is down almost double what bitcoin is currently down today, sitting at nineteen hundred dollars that wasn't even worst of it. I don't know about you, but i have not been sleeping.

Well, this week, at all, i've been waking up like three to five a.m, which is not unusual for me, like i haven't gotten good sleep in the past few weeks, but it was getting better until you know the crash this week started happening. I woke up in the middle of the night here on the east coast. I saw the price early in the morning of ethereum even sliding towards 1800 to 1700, but this dip actually went up pretty quick and we recently saw it climbing up to 1900, where currently, that's where we're sitting at now now in the list of all the top 10 most purchased tokens within 24 hours. Ethereum is still in the lead consistently at number one with the stable coins, usdt, also known as tether and usdc in second and third place.

What this is showing is that many investors are still looking towards ethereum as the next viable asset, and this follows my thesis and investing strategy as well out of all the cryptos. Here you have to keep in mind that you can't just go around throwing the label that certain assets are blue chips when they're not there are many other cryptocurrencies that will not be able to survive a full-on blown bear market other than the ones that would be Considered the blue chip, which many investors are looking to be either bitcoin and just ethereum. The reason why these could survive other bear markets is because of the sole market cap and the amount of people invested into the tokens. When you have fewer and fewer people investing into tokens and they are selling off, then we see price getting driven even lower.

This is the reason why we see that all coin cycle happening it's because the flow of money demands where the amount of investors are placing their bets. I do also want to mention right now. The demand for stable coins is largely driven right now, by instability and within a fear in the market. This is pushing a lot of investors from taking their all coin purchases or whether it's ethereum bitcoin and then moving it into stable coins.

Now for the fact that we're seeing ethereum getting bought up really quick, it should still give you confidence that whales and institutional investors are not all just pulling their money out the market. Instead, there are still some that are doubling down and adding to their positions. Now it's not all bad news either. My fellow jung nation people check this out for the last 24 hours.

We actually had apecoin going up about 24 today, celo up, eight percent gate token up four percent ftx token up three percent - and you know that's in comparison to bitcoin still being down and getting wrecked in a market like this. This is why, on this channel, we preach the basic fundamentals. When the market goes down, when crypto falls entirely, there are going to be huge opportunities that open up, because there are some all coins that have not done anything wrong. They've been the good child, they've been walking their own path.

They've, been you know, skipping at their own pace, doing their thing, making developments having their upgrades doing good within the space, but then they're getting wrecked just because bitcoin and all the other equities are too. When we see that disparity in the market. When we see unfair price action pulling everything down, this is where one thing is created. That is that opportunity, and that is where you want to capitalize on that moment now i do want to mention this doesn't mean that you should be all inning into any asset, and now that apecoin's going up you fomo back into here, take the market with a Lot of precaution, i think a lot of people within the crypto space has really gotten used to the fact that you know we're making really good money over the past few months.

Over the past few years, we've seen a lot of millionaires coming out of nowhere, and this oftentimes makes people think the money that we're investing into the crypto market doesn't feel real. Does that ever happen to you guys where you know if you're going out to chipotle, you still, second guess adding the guac, but if you're investing into crypto, you have no problem, throwing in a couple hundred bones or buying a couple thousand dollars of a certain token And you don't really get affected by that the dollar the value has been decreasing. Inflation has been going up, it's been getting harder and harder for people to find right, investments that are yielding them a solid return. The big thing i want to note, at least in this video for anyone watching please respect your money.

Please respect the dollar, please respect your investment and don't take everything as a full-on gambling opportunity, just by being patient sitting on the sideline and waiting for some type of signal, whether you want further momentum or bullish action before you invest. That could still prove to be a lot more safer than to be aping in and trying to time the bottom every time. One quote that i continue to mention throughout the years is time in the market will supersede timing the market almost every time. What this means is, instead of trying to time the market, all the time have money in there, dollar cost average.

Don't look back. You'll save yourself stress compared to someone who's constantly. Looking at their portfolio 10 times a day, they got cheeto dust on their fingers. Heartburn coming up pepto-blismo on the side, you want to make sure when things get really scary, really hectic and you're feeling the stress coming about too it's okay to take a step back from the screens.

It's okay to not look at your portfolio and it's okay to be taking these temporary losses just because you didn't know when to sell previously, and just because you're, seeing some of the effects of that now doesn't mean you're, a bad trader or investor. I know a lot of people within the space who are amazing investors. They have a great track record and i don't want any of my viewers to feel like you guys are completely idiots just because you happen to have some bags in say, luna or one of their stable coins. All right.

So take a look at some more good news. In a strong bullish perspective, we actually got plan b, also known as 100 trillion who's, more infamous for his entire bitcoin super cycle theory. Stepping in actually talking about some more interesting data points on the technical analysis plan b wrote time for some opium. We've actually been in the thirty thousand to sixty thousand dollar range for about 1.5 years now, but the first time we were at 30 000 back in december 2020 bitcoin was overbought within weekly rsi of 90., the second time at 30 000, which was july 2021 and Bitcoin market was neutral with an rsi of 50 and now 30 000 bitcoin is oversold, like pete, covet fear back in march of 2020 with an rsi of 34..

Now the question here follows because we are currently oversold: could we be seeing another opportunity to the upside? I think right now, that's what a lot of investors are anticipating for and in the meantime, let's talk about the reason why the market is actually going down. So, while the price of both luna and ust have been diminishing, terraform labs, a team behind the terra ecosystem went ahead and outlined three emergency measures aimed at saving luna and its native stablecoin ust from collapse. So the three measures include this number. One is going to be burning.

The remaining ust in the community pool the community pool is basically a special fund designed for funding different projects built on top of the tara blockchain and any community member can pretty much come in and create a governance proposal to spend the tokens in that community pool Right now, the circulating supply of usc is actually still 12.12 billion dollars and, according to data from coin market cap, the burning of these tokens from this pool would move and reduce the supply by roughly eight percent. Now the second measure, in order to bring the peg back up and try to restore some balance within the entire market, is by burning any additional ust that still exists on ethereum. This second measure would seek to bridge back 371 million ust from ethereum to terra and burn that as well, and this would reduce the overall usc supply by just another three percent. Now the third emergency measure at saving luna would be to stake 240 million dollars worth of luna to protect the project from another governance attack.

Now keep in mind, we actually got some more recent developments of a governance attack being very inevitable and then tara, luna, taking some precautions for that as well. Now validators for the terra blockchain have decided to officially halt network activity on thursday in a move designed to protect and prevent those governance attacks. Now, most recently, about 53 minutes ago, from the time of filming this video terra blockchain went ahead and resumed block production and delegations were now disabled that the chain is live with. The new code, merge and validators could check the discord announcements for the latest patch notes.

This is coming in from a response tweet that we had earlier today, stating terra validators have decided to halt the terror chain to prevent governance attacks following severe luna inflation and a significantly reduced cost of attack. Now, with all that being said, we're pretty much just seeing a condensed version of the actions that look very plausible in trying to recover tara, luna and their price action. Now, i'll be completely honest, i just don't know if this crypto here will still be able to have a recovery with luna currently sitting at literally one cent down another 98 in the last 24 hours. It really seems like it's completely finished at this point, for anyone who wants to buy in and just imagines like this 100x upside, where you know, if you invest one dollar, it could potentially be worth 10 100 or even a million dollars in the future.

I think, even though, based on the math that probability adds up, i do think it is very, very unlikely for it to actually happen. You know i could be wrong. I've been wrong many times before i don't have a prediction globe. I just don't know how much it would be worthwhile in investing into terra luna.

At this point on the off chance, though, if you aren't just investing a dollar - and it goes from currently one cent to one dollar - you can still find yourself making some outsize returns and all by just investing a dollar which i'm sure a lot of you guys Can still afford on the more bullish side, there are still many people who are quote unquote, lunatics, which is what the i don't know. I find it funny, but it's what the tara luna community calls himself and they still have high conviction that things are going to work out. Do quan has not, you know, run off with everyone's money and he's you know getting plastic surgery and getting a name change. There are still many people who believe in the project and believe within the next upcoming month.

They'll still be able to regain themselves at the time being, it looks like tara. Luna's fate is sealed, but you know i could be wrong and i don't think it always hurts to put in a dollar or two into this and see. Maybe if it does take off just keep in mind whenever you are doing that this is not investing. This right now is gambling and you're, hoping that a company like this does recover, but you know another important catalyst that i want to talk about.

That goes into many people's trading philosophy is community and right now, tara luna. I don't know if they're a leader for this community, i don't know if do kwan would be a good representation of someone who could carry out a successful project in the future. We're getting all these tweets coming about where he's calling people poor, who you know, brought up these concerns before in the past, he talked about how much he would find entertainment uh in an interview that he did with another chess master, and it's just it's really hard To like the guy i'll say that as a fellow korean right, i should be supporting my own kind. No, it's really hard for me to like this guy support him in any type of way, and i really do not agree with his uh.

His mythology and his leadership, or the way he talks to people uh, calling them poor or anyone beneath him. I just i think it's really really trash now in addition to that, in response to all the allegations on the rumors on why luna collapsed in the first place, asset manager, blackrock and the hedge fund giant citadel also denied trading the trouble tara ust in separate emails Sent exclusively over to forbes now this was a huge rumor that was spreading around that they had borrowed a hundred thousand bitcoin and they, you know, laid a little trap door for dokwan to fall through. It indeed was false, and this is why rumors are something that are just known as rumors. We don't know if they're actually true until we get verification on that behalf now, following a tweet posted from gemini earlier today, they also denied making a 100 000 bitcoin loan to any large institutional counterparties.

Blackrock flat out said, quote: rumors that blackrock had a role in the collapse of ust are categorically false. Now the question that then comes up is: why did luna fall if it wasn't blackrock, if it wasn't citadel? What caused this? I personally believe it's because they had a lack of organization within the project and they were simply just way too overexposed into different asset markets for them to continue buying up bitcoin when bitcoin goes down, and then they have nothing else to fall back on. On top of their structure for money to continue going into these stable coins, where it is very unsustainable, they are burning cash. They are running out of money on a daily basis.

I can ultimately see the catalyst of bitcoin going down imploding from the inside out a project to this magnitude. Now, in terms of the next headline, something i wanted to cover was talking about tether usdt, showing signs of depending on exchanges as well. So if you didn't know, tether is the world's largest stablecoin and they broke below its one dollar peg thursday, a missed panic in the crypto market. Now, according to coinmarketcap.com, the stablecoin got as low as 95 cents, but since then it has recovered and it's trading at 99 cents.

Now the reason for the usdt, also going down in price, could be in relation to the overall sentiment within the crypto market. Also being really really bad as well, this also follows the entire ust tara stablecoin, which also went down, which may have triggered some other investors to look for safer avenues than their stable coins to park their money. In now, on a personal basis, i had a lot of my own money in usd stable coins, especially within tether, as soon as i saw d-packing like 0.996 cents. I knew even at that point, even though we've seen some variables happen before in the past.

No one ever thought luna's own stablecoin would go down in value that much and although usd tether is still not based on an algorithm, but they are based on reserves that they claim are fully backed. There is still always an opportunity within the space. That is why it's called the black swan event. It's because no one can expect it.

I did not want to take any chances if we did even see usc tether, going down to 90 cents, and then we saw another collapse if there was even a one percent chance of that happening, it doesn't hurt for me to move my money over from usd Tether over into usdc or even into usd based on what exchanges i use now, while this was happening, there were some traders who were exploiting this and actually finding arbitrage plays this pretty much just means when you find a less value in a certain market when usdt Was at 95 cents for a brief moment, you could buy that and then move it over immediately over into usdc and then, if you're able to make that arbitrage buy, you could still find yourself making about a five percent return back. Five percent almost guaranteed is not too bad within the space, especially when you know everything is burning down as well. So, additionally, in recent developments, tether has planned to move a billion usdt from tron to ethereum and avalanche. So this isn't gon na change.

The total supply of tether the company also said in a tweet now, although i haven't been able to find any official reasons for tether doing this, there are rumors right now that tron might be targeted similar to luna, and maybe that's why they did swap it for Erc erc20, just a few days back, the tron network launched usdd just like ust, which is still another stable coin. Justin sun, the tron founder, cited that tron or trx token can be the next target after luna and in order to avoid the dump, the tron dow reserve will be deploying two billion dollars to fight the price action. So personally, for me, i never expected we'd be going through the uh great stable coin wars, but it looks like that is the current worry that many of the larger whales have in terms of the next headline i wanted to cover. Coinbase went ahead and posted a net loss of 430 million dollars for quarter one 2022..

So not only are investors worried that crypto is going down, but then, when you move it over into a stable coin that might go down, but then, when you move that over into an exchange reserve, the exchanges are losing money too. It's like this whole thing going on right now, it's kind of nuts, so coinbase saw its shares dropped by more than 26. Yesterday, a day after the company released earnings that revealed a decline in user base and high expenses for the first quarter of 2022., shares in coinbase were trading at 53 per share at the time of research representing a drawdown of more than 70. Since the beginning of this year now, right now, coinbase is facing what i would call a double wombo combo from the anyone play super smash, bros.

Anyone we're pretty much getting a two-fold setback. Their expenses were higher than analysts thought and their revenue was actually lower than expected. Now, despite the bad earnings report, the ceo of coinbase brian armstrong said he has never been ever more bullish in this space. In a letter to shareholders, a coinbase addressed the broader market conditions that underpinned the quarter, noting that we believe these market conditions are not permanent and we remain focused on long term.

Brian armstrong also mentioned its recent nft market launch. As an area was focusing more on, and i can tell you it was very disappointing coinbase we thought was going to be the trigger to the next uh nft bull market super cycle. Something crazy like that, but not it was, it was definitely a flop. He did conclude his statement and in that address, he says, regardless of whether the market is up or it goes down they're going to continue to build, and you know i believe, even with that mindset, it's something that we should all carry as well.

The market's gon na go up the market's gon na go down, it happens. This is the way of life. We cannot always go up forever. We cannot just consolidate forever we're gon na get peaks and valleys, but regardless of what goes on, it's always important for us to continue building, continue to educate yourself and continue to find the projects that will take off for the next time we get the bull run.

Now guys just to drop a quick four cents, four and a half cents. Now it's just gon na keep raising every time on this channel. We make that joke. I know things look pretty bleak for the crypto markets, but i do want to say we are going to get through this and it is only natural for us to experience these type of dips too.

I have such a long-term mentality when it comes to these type of investments, and this is why it's so important for you to always be careful about the tools you use like leverage or using excess amounts of depths to fuel your own risk assets within the space. But also making sure that you are investing based on the principle that you can go long and you don't need to pull this money out tomorrow, because you invested money that you wouldn't need to see even amidst this time when it is hard to invest. Just follow that simple principle: warren buffett said it the best, and i know he hates crypto and everything or you know he's not a fan of bitcoin buy when everyone is fearful and sell. When others are greedy that principle right, there has carried a lot of success into many of the top investors and even right now you don't have to be going all in, but i do think when things clear up and we start seeing the sunlight at the end Of the tunnel, this is going to be when you're really going to be thinking yourself like hey, even when it was tough.

I was still able to dollar cost average into these bags and still find myself making a return when things begin to pick up now, guys that is going to be today's market update, make sure you guys stay tuned for what we have next, because man, these developments Are coming out like every day and just so much news is happening and certain cryptos are dumping. Pumping like this week was probably the busiest craziest no sleep week. I've had in a really long time now real quick before we end this video, if you guys, are looking to sign up for a crypto exchange and you're worried that some of them might be going bankrupt. Don't forget to check out our sponsor for today, which is going to be ftx.us with ftx.

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Now, if you guys want to get started check out the link down below in the description use code jung, and on top of that, if you do it, you will find yourself earning a hundred dollars after depositing a thousand dollars into the app. Also, on top of that, if you do trade crypto for every crypto that you trade, which is worth over ten dollars, you can find yourself earning free crypto as well. On top of that, if at any point in this video, you found value - and you want to help out this channel - the easiest free way to do - that is to drop a like down below this pushes out to others, and hopefully it gets people's mindsets right as Well, on top of that, you can also follow me over on twitter and on instagram. I've been posting pretty actively there.

So if you guys want to join my community and just get some of my thoughts or what i'm doing on a day-to-day basis, don't forget to check me out there. If you do follow me watch out for impersonators and scammers as well. One more thing: our discord has been popping off and we actually went ahead and did a full 850 giveaway to our members. We gave a lot of money away, i'm going to continue to give away money because any time the market goes down.

I want to make sure that my own community is taken care of, and i want to give back as much as i can. We are doing a giveaway within the community right now in order to qualify. All you have to do is be a member of the jungle. If you guys want to have a chance to join, we have a google form where you can get invited via a whitelist that we're going through applications for and the next time we do open spots i'll.

Let you guys know through my instagram and my twitter, or also at the end of these youtube videos as well. On top of that, if you do end up being able to secure a spot for the discord, you'll find yourself joining a very nice community. You get my buy and sell alerts, you get technical analysis from some of our best traders and on top of that, we're doing a lot of giveaways and just random fun stuff. So take my word for it.

It's been pretty sweet the past few weeks and i continue to strive to at least make it a better space for you guys now we always wrap this video up by doing a little keyword, a little secret word at the end. So i know if you guys are watching this till the end for this video. It is going to be ghost comment down below ghost, if you guys made it all the way to the end of this video. Thank you all so much again, like always, hang on in there take care and i'll talk to y'all soon, peace,.