Breaking Crypto News (Etherum, Bitcoin, Cardano, Shiba Inu, Luna)

CRYPTO CORNER EPISODE 484

Market Analysis, Updates, News & Reviews

In today’s episode I discuss the latest hot topics in crypto:
►Ethereum’s Merge Could Happen as early as this August according to core developers of the network.
►Onchain Data Speaks of A possible trend reversal coming soon
►Mike Novogratz Talks About The Collapse of LUNA and UST
►Do Kwon – the founder of Terra, is Under Investigation On Ponzi Allegations
►Cardano Hits record numbers as it expands its userbase
►Shiba Completes Another huge token burn… but continues to lose market value at the same time.

☝These are my opinions, not financial advice, always DYOR.

Let’s dive into the hot topics today, starting with Ethereum’s Merge as we call it – the most anticipated event in Ethereum’s 7-year-old history.
We have news that August could potentially be the month when we see this upgrade happen, ideally before the “difficulty bomb” slows down the network.
The difficulty bomb is an intentional process embedded into Ethereum’s code that will eventually slow down the network. The dev team incorporated it for two main reasons – to encourage developers to push the proof of stake transition and make it harder for miners to remain on the proof of work chain following the event. There was much speculation as to whether we will see a portion of the mining community insisting on mining the POW version even after the event, so this was intended as a deterrent for such occurrence.
Although the difficulty bomb has been postponed several times in the past to make sure the network continues to function correctly, the team wants to avoid another delay this time and complete The Merge before the blockchain slows down.
It was supposed to happen next month, in June, but it got postponed to August, so now we have to hold a breath until then and hope that things go according to plan this time.
Vitalik Buterin also reiterated this stance during the ETH Shanghai Summit but also gave more room for potential hiccups, saying The Merge could be in September or October which is also my view – I just don’t think it’s quite ready yet, but there’s three months until August, so we’ll see.

In other news, I started this week with an episode where I shared with you several charts and on-chain data which gave me a bullish outlook on the crypto market – as I explained, most of the onchain data points to a possible bottom being reached already and we could be entering the recovery stage of the cycle. Maybe one last push on the downside to confirm lower support is coming soon, but overall, the end is near and today for the first time I see some publications picking up on this too.

Galaxy Digital CEO Mike Novogratz is breaking his silence more than a week after Terra (LUNA) collapsed wiping out billions of dollars. Novogratz says that the tightening of monetary policy by central banks contributed to the collapse of Terra (LUNA) and its stablecoin UST adding that this has reduced the confidence in (DeFi) and crypto markets in general.
He said “In Luna and UST alone, $40 billion of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and DeFi.”
And it’s true. I was doing research on a new algorithmic stablecoin last week which I was quite excited about and was going to feature it here as a potential big winner in the future but since the UST collapse no one wants to touch algo stablecoins right now, so I dropped this, I’m not interested.
It’s funny though, apparently Mike Novogratz got a tattoo of LUNA on his arm not long ago and was a prominent investor in the project, so not only he got a huge loss from this fiasco but he’ll have a constant reminder of this too.
According to his words, it will serve as a “constant reminder that venture investing requires humility.”
At the same time it came out that the founder of Terra Luna and UST – Do Kwon is now under investigation for possible Ponzi scheme charges in regards to the collapse of Terra and The prosecutors are scrutinizing Terraform Labs’ Anchor Protocol, which promised investors fixed 20% interest on UST deposits – which seemed unsustainable to many.
The plot thickens as legal documents as reported in the Cointelegraph apparently reveal the liquidation of two South Korean offices and the dissolution of the Terraform Labs Korea corporation in the days preceding the LUNA and UST collapse. Clearly there was an attempt at a money grab before the ship has sunk. Do Kwon successfully instigated the liquidation of two branches and an entire company in a matter of just days between 4-6th May.
While some people lost their lifetime savings and some even their lives in the aftermath of the Luna fiasco, it seems that others were still looking for profit from the events.

In other news, Cardano keeps expanding its userbase as well as its ecosystem. Many new applications are being launched on Cardano this year which amounts to roughly 70 new smart contracts per week and during the last 30 days there has been a steady inflow of around 2000 new wallets per day. Not bad for a bear market really – such activity is indicative of a very bullish sentiment for Cardano and once we get out of this bear market I won’t be surprised if Cardano leads the way to recovery.

And lastly, there have been a few token burns of Shiba Inu recently and the latest one is to the tune of 5.4 billion tokens but still, somehow these aren’t helping the price of Shiba at all. None of the recent token burns have moved the market value of Shiba upwards, I reported about these events – pretty much every time there’s a token burn of significance I talk about it and you might have noticed that none of the last three or even four token burns have helped save the token from dropping lower and lower.
Shiba is 53% down on the weekly chart – that’s half of its value lost in just 7 days. This is on top of the previous drops that have been going on since the start of the year. Ethereum whales keep accumulating the token in hope to recover unrealized losses but until the market turns direction I don’t see a recovery and even then, unless there’s some major upgrade or other bullish news for the project, I don’t think it can recover to previous highs, especially against Bitcoin – this is what matters to me anyway.

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The information contained in this article is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.

All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.

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