the internet enters conspiracy mode as luna goes into free fall below a dollar april cpi puts up a 40-year all-time high and the sec's chair dirty gary gensler accuses crypto exchanges of trading against their users my name is frank and this is your crypto nightly news wrap-up let's get it i would note that there was a report just this morning in the wall street journal that a stable coin known as terra usd experienced a run and had declined in value and i think that simply illustrates that this is a rapidly growing product and that there are risks to financial stability and we need a framework that's appropriate as a result of ust losing its peg to the dollar luna's founder dokwan has been taking emergency measures and promises his project to return to form but so far it's not going to plan not even a little bit the luna foundation was forced to sell their entire bitcoin holdings which consisted of well over 70 000 bitcoin the price of luna itself hovered around 80 just a few days ago unfortunately earlier this morning the price went into a free fall and crashed down below a dollar to about 74 cents despite suffering the most gut-wrenching dump of the ages tara states that they're not going anywhere and they're here to stay yet i beg the question what is behind the brutal breakdown rumors are circulating the internet stating that janet yellen hired citadel to break the peg some are even saying blackrock is involved too regardless of who the culprit truly is one thing is clear the fed just released a report that shows interest in creating a uscbdc and this example of ust losing its footing is their ground to stand on like bitcoin analyst dennis porter states mark my words the ust failure will be used as evidence by policymakers to regulate stable coins to death and champion cbdc's this is not good not looking good at all is there anything good about the markets today let's ask our guy frankie candles for a market watch thanks frank i swear you look familiar alright guys let's go ahead and do a little market watch here we've got bitcoin coming in at twenty eight thousand nine hundred and six dollars down about seven percent for the day down twenty seven percent on the week aetherium coming in at two thousand eighty one dollars down eleven percent on the day and 30 on the week let's go ahead and check our top losers as there are quite a few of them guys tara luna down 93 on the day 98 on the week absolute insanity phantom down 42 on the day gala down 40 on the day e cash down 40 on the day the graph down 37 on the day apecoin down 36 on the day and harmony down 35 on the day guys blood is in the streets i have a couple shorts going absolutely nuts right now i am expecting a bounce to come in at some point we can't go down forever without a little relief bounce it will happen the question is when if you guys want to keep up with the ta and what's happening on the charts you can follow me at frankie candles on youtube or at frankie underscore candles on all socials back to the news thanks frank the consumer price index numbers from april were released this morning and it's clear that the fed still has a long road ahead of them higher than expected the cpi marked an 8.3 gain from april last year just shy of its all-time high from 40 years ago since march saw an 8.5 percent rise april's 8.3 rise is what they're calling the first cooling in months although energy prices declined 2.7 with gas dropping 6.1 percent charles schwab strategist kathy jones stated we're starting to see energy pull back a bit but it's not enough the markets were hoping for a better number and it's not enough to rule out more fed tightening the fed still has five meetings left this year and the next one begins on june 14th we already know they plan on hiking the interest rates at every meeting here on out but with ongoing supply chain issues little reassurance with inflation and with the house passing a 40 billion dollar bill to aid ukraine it's hard to think the hawkish approach won't continue moving forward dirty gary gensler is at it again the guy has no chill if you're new to the channel he's the bald guy who runs the sec and he wants to make your life trading crypto a living hell first of all he's doing anything and everything he can to delay his inevitable loss of the xrp lawsuit that's a whole story in itself but instead of taking the l and staying in his place he doubles down and continues to be the voice of government overreach he recently told bloomberg that all entities trading crypto fall under the regulator's scope and therefore need to register with it not only is he saying that crypto exchanges are evading rules he's literally accusing crypto exchanges of trading against their users his exact quote is in fact they are trading against their customers often because they're market marking against their customers if you're going to make a claim like that you need real evidence to back it up with this of course he took another shot at the big three stablecoins usdt usdc and busd criticizing each one of the three big ones were founded by the trading platforms to facilitate trading on those platforms and potentially avoid aml and kyc you know they're coming after stablecoins and they're going to use what happened to luna's ust to do it it's completely unfair to cite what happened with ust as an example because none of the big three are algorithmic stable coins that's all i got be blessed frankie candles out [Music] you