Today, crypto prices are in the red as Luna. Foundation sells 3 billion worth of bitcoin plus Morgan Stanley says nfts. Could be the next trouble spot in crypto markets . We look at how crypto's energy usage is driving the push towards proof of stake.
Welcome to CNBC's crypto world. I'm Pippa Stevens reading across the board again for crypto prices bitcoin is down under the thirty thousand mark again. Ether dropped more than two percent to hover at just above two thousand dollars, and Tara's Luna token continues to flatline near zero as investors continue to flee the stable coin chaos That brings us to our first headline. He, Luna Foundation guard, says it sold three billion dollars worth of bitcoin last week in a last-ditch effort to save Terra used, or as it's also known, just as as of Monday, the Luna Foundation had just 313 bitcoin left in its reserve, worth about 9.3 million dollars, the foundation.
It would use its remaining 85 million crypto assets to compensate remaining users of use that have been caught up in an epic crash of stable coin prices over the past week. Now just is an algorithmic stable coin. Which relies on complex code instead of fiat currency to back its prices, and it's also tied up with Tara's Luna token. Which plummeted to zero in the stable coin, a sell-off holders of both ust and Luna have lost a total of 42 billion over the past week.
During the stable coin chaos, that's according to analytics firm elliptic. Morgan Stanley says investors should be watching the nft market, according to a recent research report. Coin Desk reports that Morgan Stanley analysts think that crypto's deep sell-off from the past few weeks hasn't been. Because of ongoing volatility in the stock market, rampant speculation coupled with limited real use demand has cost investors to flee.
The underlying use value of a bitcoin is to do ransomware or something like that, so one of the other risks that bitcoin has is that it could at some point be subject to a lot more regulation and the anonymity is also at risk. I think at some point. So, you know, investors in bitcoin should be aware of that, that is all for today, we are back again tomorrow, and we will see you then.
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