So the past couple of weeks has been some of the worst in the history of crypto, as the broader cryptocurrency and traditional financial markets have plunged into bear market territory, traders are now anticipating the effects of what will come from today's federal reserve minutes with a deeper Look at monetary policy tightening and view of the economy from fed officials, so in today's video, we'll cover the current state of the crypto market, tie that in with the us economy and also go over the latest updates with regards to the tara luna project. 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 and with that being said, let's hop into the computer and see what's happening in the market. For today, all right, not much has changed with the global crypto market cap, we're still sitting at 1.26 trillion dollars and if we take a look at the crypto, fear and greed index, give this a little bit of a refresh in the market.

We're going to be sitting at an 11 or still a lot of extreme fear for the markets of today. Now, on top of that, financial markets throughout today are continuing to experience their worst stretch of losses in the most recent history. Yesterday, the nasdaq had dropped. Two percent, the s p 500 fell another one percent and the biggest loser in the market was actually snapchat's.

Parent company called snap inc with their stock price dropping over 40 percent. Now, even with the dip in the market, bitcoin is currently sitting at 29, 626 or up about 0.84 or in the last week up about 2.41, and we actually experienced a lot of losses within the top 10 all coins. Yesterday too, now, on top of that, we also received some more bearish data reports. According to bloomberg, the sales of new u.s homes actually plummeted in april by the most in nearly nine years, resulting from the combination of high prices and also the increase in mortgage rates.

On top of that, a different data report also covered how bitcoin is over 60 percent down from its all-time high, getting stuck down below 30 thousand dollars and 15 of the top 30 cryptocurrencies have now dropped by over 80 percent from its previous all-time high. We also have coindesk stating that crypto fund assets under management fell to the lowest since july of 2021 last week because of the recent price crash in cryptocurrencies and equities markets that have been driven down by the u.s federal reserve move to reduce its balance sheet. Starting next month now, one of the reasons why everything is going down and we're seeing such bearish sentiment at this moment. It's because the federal government has yet to outline what inflation would need to look like for them to take their foot off the rate hike gas pedal.

Instead, the fed has been reiterating their goal quote: to see clear and convincing evidence. Inflation is coming down towards two percent target now just doing a quick recap. Let me say, ladies and gents, these past couple months have definitely been pretty ruthless for the markets and there have been many consecutive weeks of red candles. That's been going on between bitcoin nasdaq s, p, 500 and, as you guys know it all has been looking pretty much the same.

The question that comes up is brian. Can we expect to see any type of good news then? Could we at least expect to see bitcoin coming down to the 20 000 25 000 level, so some of us can start buying this dip? I think when it comes to at least making these market updates, i will say the most boring times are when bitcoin and most all coins do absolutely nothing, and i would say, since the whole terra luna crash, not much has been going on with the market. It has been very quiet, a lot of activity. A lot of engagement has been dropping down in the overall market.

We've seen this in terms of engagement on social media, i'm seeing this across youtube, but i'm also seeing this even within other markets such as the nft market, where even openc had some of their lowest record volume happen. Yesterday, now with bitcoin and the us markets correlations still remaining strong, let's see what several analysts are saying about, how this process could play out and what this means for us investors, so famous billionaire investor and hedge fund manager, bill ackman suggested that quote the only way To stop today's raging, inflation is with aggressive monetary tightening or a collapse in the economy. Crypto trader and twitter user rect capital offered further insight into the price levels to keep an eye on for a good entry point posting the following charts, showing that bitcoins relative to its 200 week moving average, quoting historically bitcoin, tends to bottom at or below the 200 Moving average, otherwise known as the orange line and the 200 moving average tends to offer opportunities with outsized roi for bitcoin investors should bitcoin, indeed reached the 200 moving average support. It would be wise to then pay attention now.

The current price of the 200 week moving average for bitcoin is that 22 000 and many traders, even including rec capital, believe that this price level will be bitcoin's bottom for this current market crash. Now, at the time filming this video with bitcoin really not doing much pulling it to the last one month, we're just seeing a slow, steady decline. But since i would say about the 9th of may, it has just been within this consolidation pattern here: real, quick, uh terror usd did get a little bit of a pump back in the market up about eight cents from its one dollar peg. We also have stacks about up nine percent ceiling about seven percent.

If we go into some of the biggest losers, bitcoin gold is down again, six percent kda is down, four percent, kucoin's token is down four percent, and it looks like solana is right. Under the 50 resistance level, once again, sitting at 48 they're down about four percent as well now going into the topic of the video just want to swing right into it. Tara luna had a new announcement with regards to do quan, announcing that he's going to plan to rebirth the tara blockchain once it gets approved and the crypto community realizes that ust and luna can possibly recover. So what ended up happening out of all of this is that dokuan he's becoming a lot more active on twitter and he suggested launching a new network creating luna 2.0 tokens.

This happened after a week-long governance vote where dokwan's proposal has officially passed and the new blockchain will be called terra, whereas the current version of the chain will be named: tara classic. So surprisingly, enough 65 of voters approved the proposal and only 13 opposed to the fork and voted no with veto. Now 20 of the voters formally declined to vote either for or again so they just abstain from it. But based on the details provided on the proposal, tara 2.0 is actually scheduled to go, live on friday may 27th, which could make the luna 2.0 tokens available for trading.

So that is going to happen within the next two days. I know a lot of people are wondering, then brian is tara luna going to be a viable investment i'll talk about more after i go over some additional news with regards to this proposal. The main details that you need to know if we do get this type of update is that the new terra blockchain will exist without the ust token, and this new blockchain is gon na airdrop luna 2.0 tokens proportionally to existing stakeholders of the network at a pre-decided Percentage now, while the sentiment is still down significantly for tara luna and its entire project, it looks like we do have some announcements from other large exchanges, quoting from binance. They are working closely with the terror team on the recovery plan to help impacted users on binance's platform we also had hit btc exchange, also went ahead going on twitter to announce that tara's new chain token luna will be available on its platform in two days.

May 27, this friday as well and then coinbase back on may 28th, also announced that they would be discontinuing support for their existing terror chain and are not planning to support the new terror chain at all. The sentiment is mixed. We have some supporting this and trying to help other users, while other exchanges, like coinbase, looks like they're packing their hands up and saying. We don't want any more trouble with this type of project at all.

Now, while all this is happening, korean police officials urges cryptocurrency exchanges to freeze tara's asset, so, while do kwan is promoting a fully new revived plan to fork tarot with a new token, excluding tara, usd dokwan right now is actually facing a lot of trouble. This includes legal action in south korea, so south korea shout out to my people. Their officials will meet with the nation's top crypto exchanges today on may 25th and according to the south korean media police authorities want to freeze lfg's assets and investigate the loss of user funds in the massive tara meltdown. Now these platforms aren't mandated by law to carry out the police request, but they may comply with the south korean authorities.

Now, on top of that, in response to the entire crash that we witnessed just a few weeks back with regards to tara luna, investors have now launched a full lawsuit against dokwan and daniel shin, who is also one of the people responsible for the ust token sometime Earlier this month, we had also covered that a mysterious luna investor went as far as going to dokwan's home and talking to his wife about trying to get a little bit of conversations in so south korea law enforcement officials are trying to identify who that person was. This week and he voluntarily surrendered himself at the seoul police station. According to a bbc news report, a streamer who goes by chancers was the desperate man who ended up knocking on dokwan's door because he had lost 2.4 million dollars. Following the crash he quoted in that news interview i felt like i was going to die.

I lost a lot of money in a short period of time. Around 2.4 million dollars of my cryptocurrency was wiped out, and here in korea i was in the top one percent of my finances, but thanks to the crash, i am now in trouble now, after arresting this individual, once he turned himself in the police were able to Finish their investigation into the trespasser and the case is not gon na head to prosecutors, but it is just wrapping up and it looks like we are hearing the extent that many investors are going because they have lost so much money. So i'm actually curious to hear whether or not you guys lost money viewers of this channel for the terra luna token, if you did comment down below how much it has been and what your plans are moving forward in the future, are you still bullish on the Project are you still in support of this new proposal for tara luna to have a different part of their project expanding or have you given up? Have you just told yourself, i'm scrapping my losses that money. If it's gone, it's gone for good, even right now, with the project rebirth, terra network, that they're trying to launch for me personally, i'm not getting my hopes up at all.

I do not want to expect that a project who had this much of a catastrophic downside to ever have a strong recovery in the future. Now this doesn't mean that tara luna is doomed and gloomed forever. It's just for me. There are much better projects out here without all this drama without all this fuss, because i believe one of the biggest lessons to note is that, when an event like this takes place, it doesn't mean that it cannot happen once again in the future.

Just like history tends to repeat itself in good situations. History tends to repeat itself in bad scenarios as well, and i do believe that there is always a possibility. We could see either a similar project having another collapse or even tara, luna melting down once again. Right now, it's still too early to tell just because even with the proposal that we have, it doesn't seem to be clear on what their initiative or their objective is.

But it looks like right now, they're just trying to soften the blow and get a little bit of favor back from the public of crypto investor eyes. Now. Last but not least, i wanted to cover one really interesting headline, and this is the fact that ftx, the second largest crypto derivatives exchange, went ahead and reportedly kicked off in acquisition. Talks with at least three brokerage startups.

So cnbc right now is reporting that ftx has been speaking with weibull, public.com and apex clearing. Now all three companies are registered brokerages within the financial industry regulatory authority where they can buy and sell securities such as stocks on their own or clients. Behalf now, wewontpublic.com are also registered as investment advisors, and they can provide securities investment advice to clients. If any of these reports are accurate, it could definitely signify that ftx is making another serious push into the stock trading market and their objective in trying to rule and dominate the entire financial market is coming to fruition.

Now this isn't the first time ftx has made headlines about this. A lot has actually been happening. First of all, back in last august, the us-based arm of ftx or ftx.us, the one that i sponsor promote a lot announced that it had agreed to acquire derivatives, firm, ledger x. Now, on top of that, just last week, sam bakeman freed also disclosed in an sac filing sec filing my jungies that he upped his stake in robin hood for 7.6.

Now, the time of filming this video all parties, even including ftx, has not made an official statement on this, but my intuition, the bones in my elbows. They are telling me that right now, ftx is going to make an acquisition, and it's just a matter of time who they decide to partner up with now that article segues pretty well to our normal sponsorship, which is going to be ftx. If you guys do want to check them out, if you guys are, you know, liking all the updates, they're making and seeing these acquisitions happen, don't forget to check out the link down below in the description where, using that you can find yourself earning a hundred dollars. Just by signing up using kojung with the link down below for anyone who doesn't know ftx is one of the largest cryptocurrency exchanges.

We mention it. Quite often they offer you some of the lowest fees where you can get up to 80 percent. Less fees in comparison to some of their competitors, i've been using ftx throughout this market dip. I've been loving their platform.

If you guys also want to check it out, link is down below alright. On top of that, don't forget to check out the links down below in the description where you can also find my twitter and my instagram. If you do follow me, watch out for impersonators and scammers as well. On top of that, i also have an exclusive discord group where you can get access to my buy and sell alerts.

Technical analysis from some of our best advisors, as well as an access of community of like-minded individuals. And if you want to check that out, link down below for the patreon as well now the secret code word for today is going to be submarine. If you guys are watching this all day at the end, comment down below submarine. Thank you all so much for viewing this video and i'll see y'all soon.

Peace.