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| CRYPTO V |
The bitcoin bulls are bashful instead of a cbdc the united kingdom confirms plans to regulate stable coin and the luna foundation guard looks to compensate their smallest holders my name is ben sure now the crypto news wrap up let's get it in bull fighting when a bull sees red it violently charges four with full force.
right now i can't say the same about the bulls in crypto normally in a downtrend there will be at least & one or two green candles on the way down am i right unfortunately now bitcoin has closed seven consecutive red candles for the first time in bitcoin's history for an indication on how the markets reacted to the fed increasing their interest rates the first of those seven red candles was printed shortly after the first interest hike.
it's been a slippery slope ever since they'll be continuing to raise the basis points at every one of the remaining five fed meetings this year it's not looking great for altcoins either as the tethered dominance despit the wobble has been green for seven weeks and bitcoin dominance has been over 44; since may 12th is the bulls fight to get back above the 30 000 level the conversation at the macro level will continue in switzerland.
at the world economic forum this upcoming weekend now a glimmer of hope in the short term is that we could be looking at an oversold rally as bitcoin long position spike 60 on bitfinex a glimmer of hope for the long term is that meta has adopted bitcoin since their own stable coin libra has faile for a deeper look in today's market let's pass it over to our guy frankie candles for a market watch thanks ben all right guys let's jump in and do a little market watch we've got bitcoin coming in at twenty nine thousand eight.
hundred and thirty nine dollars down about five percent for the day ethereum coming in at two thousand twenty two dollars down about five and a half percent for the day let's go ahead and check our top losers ust down 28 on the day 84 on the week absolutely murdered ar down about 20 on the day thor chain down about 15 on the day phantom down about 15 on the day an gala down about 14 on the day guys as far as bitcoin we're getting mixed signals there's some bearish signals.
popping up on the higher hourly time frames however the two hour is looking very very bullish so we are gettin mixed signals i can see this going either way maybe we get a short-term pump before those higher hourly time frames play out in a bearish way um or maybe we just start coming down now we'll have to see what happens if you guys want to follow me it's frankie candles on youtube or frankie underscore.
candles on all socials back to the news as always thanks frank the united kingdom is passing a new financial services and markets bill to strengthen their economy turns out that her majesty and her treasury isn't just bullish on crypto but on stable coins as well a spokesperson for the queen stated legislation to regulate stable coins where used as a means of payment will be part of the financial services.
and markets bill this legislation will make the uk the first country in history to legally greenlight stable coins the uk government has noted that they will only work with collateral backed stable coins like tether and usdc and not algorithmic stable coins like ust this has all come to light since uk chancellor rishi sunak stated back in april that he wants uk to become a global hub for crypto asset technology sunax sees what crypto is capable of and even tasks the royal mint to drop nfts by summertime story that broke today.
shows that the uk is serious about crypto they're moving right along with their plan since grayscale is listing a crypto etf they'll go live on the london stock exchange tomorrow to be clear the bloomberg grayscale future of finance index etf is not tied to the price of bitcoin but a basket of crypto asset companies such as coinbase robin hood and block inc cryptopotato.com points out this is the first time an american digital asset manager has launched a fund in europe he etf will be available in the uk.
germany and italy bullish news for the global adaptation of crypto and the future of finance after the massive shake-up last week the luna foundation guard did everything in their power to attempt to save the peg for their failed algorithmic stablecoin ust in the last ditch ever to save the peg they sold over 33 000 bitcoin for just over 1 billion ust fortunately their usd stablecoin that stood strong at a dollar not long ago is.
now trading for around five cents just nine days ago the lfg had over 80 000 bitcoin now there's only 313 left along with their dwindled bmba vax and ust holdings the remaining luna is staked by validators on their network although the method of distribution has yet to be determined the lfg decide to use the rest of their assets to compensate the remaining users of ust starting with the smallest holders first.
as noble as these efforts are doesn't make up for the flood of negative attention stable coins have received i the u.s the us government plans to regulate all stable coins by the end of the year algorithmic or not and it's much more likely we see a cbdc opposed to the uk's holistic approach that's all i got be blessed good boy out.
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