You don’t hear from Crypto Brew over the weekend, and look what happens to the markets 👀
A nice 5% dip. Time to SLURRPP that dip.
GM.
Here are today’s market moves:
Here's what you need to know:
Why is the Luna Foundation Guard hoarding Bitcoin? 💰
Before that, let me give you some info:
- The Luna Foundation Guard has continued to stack Bitcoin, purchasing an additional 4,130 BTC
- The recent purchase brings the total to 39,897.98 Bitcoin owned by the Luna Foundation Guard (LFG)
- This amount translates to roughly $1.7 billion, with $8.3 billion worth of Bitcoin left to purchase to hit the $10 billion target
Now, to answer the main question…
Luna is the token that backs the Terra ecosystem and their stablecoin is TerraUSD (USDT).
Luna was created to fulfill what Bitcoin originally set out to be: a peer-to-peer electronic cash system. To achieve that, Terra deploys a system of stablecoins.
BUT!!
People think $LUNA, $USDT and the entire Terra ecosystem are fake/rigged and also 👇
So the LFG thinks that purchasing BTC (a volatile asset) will stabilize their currency ($Luna). They plan to buy $10 Billion worth of BTC.
The BTC purchases are to build a stronger reserve which will only get used if UST/Luna starts dropping excessively. That's when people will be able to swap UST for BTC (instead of $Luna), and this will give $Luna a breather and will help stop USDT getting de-pegged from the US dollar.
Think of BTC like Luna's big brother. For most normal battles, Luna is enough to handle. But when shit hits the fan, Luna calls on big brother BTC to help out.
There’s only 21 million Bitcoins for 7.8 billion people 😱
Here’s Satoshi back in 2010, explaining how Bitcoin will work IF IT GETS HUGE 😏
Since everyone is finding bugs on OpenSea, this scammer played smart…
I’m not going to link the Tweet but will attach a screenshot for you guys since it’s super risky.
So, a clever scammer created a fake website that mimics revoke.cash, called revoke.site, and then used a verified Twitter account to tweet about a "huge OpenSea issue" that they claimed resulted in the loss of a pricey NFT.
Hoping that people would panic and try to use the site to revoke permissions, in reality the website runs a script to determine the highest value assets, and then prompts the user to "revoke" permissions for those assets—when in reality, it sets approval for those assets to be transferred to the scammer's wallet.
The wallet had received 13 NFTs, and flipped eight of them for a total profit of 4.9 ETH (~$16,000).
Check this out
Jake Paul and Floyd Mayweather promoted this NFT project which turned out to be a big rug pull 👇
Did you hear?
Wendy’s has filed 6 trademark applications for NFTs and the metaverse.
Over 20 Bitcoin ATMs were installed daily around the world in March 2022.
Crypto trading volume in India has gone down as much as 72% in some exchanges since the new tax law came into effect on April 1.
Crypto lingo of the day
This is the way:
A way to commend socially positive behaviour:
"She never shilled her project"
"This is the way"
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