We have some critical updates to talk about in the crypto market today. So, I’ll be giving you a big update on exactly what is going on when you talk about some crypto bailouts inflation. Also what is happening in the US economy what’s happening with the digital dollar what is Jerome Powell up to and how is that going to impact the crypto market.
We have this really big update right here for a stock actually that has been involved in all this crypto contagion. That is happening right now and this one is called voyager digital. They have a 655-million-dollar loan default and the shares of this. That is involved in cryptocurrency has plummeted 53, so this is really big news and I’ve got the share price of uh voyage voyager digital right here. You can see this one is actually down 95 and that’s not a cryptocurrency that’s the stock right there so voyager digital is in the red massively. It said right here the company had expanded its operations and they offered loans to institutional borrowers. At the end of the March voyager had lent two billion dollars’ worth of crypto assets and on Wednesday voyager disclosed that. It has lent 655 million dollars to three arrows capital a hedge fund known for trading cryptos in the form of 15 250 bitcoin and 350 million dollars’ worth of USDC. Basically, they have requested repayments of this amount. They have loaned three arrows capital and it says right here neither of these amounts has been repaid and failure by three arrows to repay either requested amount by these specified dates will constitute an event of default.
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So, the cryptocurrency market right now, you know Celsius, we now have voyager. It’s in a world of pain right now. We do have bailouts coming out from a billionaire the owner of FTX crypto exchange right here Same Bank Man Freed. he is bailing out a lot of these uh companies, so BlockFire is getting a bailout voyagers getting a bailout. This is just something important to be aware of so some of these centralized lending platforms. Just be cautious. Always remember in crypto and also the stock market has a look at that. It does come with reward and risk. You have to always be out comfortable with those levels of risk and check out this post. I saw this one over on Reddit. It says right here it’s an advert actually. Let’s zoom up on this advert and have a look at the price of this house. You get a two-bedroom bathroom screened porch house with a carport for seven thousand four hundred and fifty dollars in total. this is the power of inflation, so that was a 1955 ad. The money printer has gone. The money supply has gone way up and houses right now are ridiculously overpriced. But one day in the not, so distant future maybe the weekly rental price will be up 7 000 a week with the amount of money printing going on. But I just wanted to point that one out to you very interesting advert right there. We also have some big fud coming out of China this time. China is trying its hardest to FUD bitcoin. They’re saying right here. Bitcoin is heading 2-0, so they’re trying to scare their citizens out of the crypto market because cryptocurrency is all about freedom.
We’re not so sure if the Chinese government likes that word too much. They’re trying to warn people the bitcoin price is headed to zero and what do I think of this. Overall, I think this is just a big amount of fun and this government obviously wants to control it exactly. What their citizens are up to and bitcoin. It you can send it around the world to your friends in different countries. Cryptocurrencies have lots of good ones out there and it is all about that digital freedom. So, you can send crypto to whoever. You want wherever you want and some cryptos do have privacy as well. It’s hard to trace who’s sending crypto to who, the Chinese government doesn’t like that, so I’ll just ignore that one. We also have a big update coming out of the president of El Salvador and he says right here: “I see that some people are worried or anxious about the bitcoin market price.
My advice stop looking at the graph and enjoy life.” If you invested in bitcoin your investment is safe and its value will immensely grow after the bear market patience is the key. You can see Peter shift down the bottom trying his best FUD right there. You have to remember you know cryptocurrency. It is a long-term journey. So, crypto’s like bitcoin does, it can take a long time to get those big returns in the crypto market and they are bringing out lots of innovation, so 21 million limited Bitcoin and that we also have a big update – this time coming out of us. They’re saying here a US lawmaker’s layout case for a digital dollar so this is really interesting for the digital dollar in the US. I’m just a bit cautious on these things because it will give the government in particular more powers. At the moment, if you’re using fiat cash you know the government can’t really trace what you’re using your fiat cash on if they go full digital.
They’ll have full overview of exactly what you’re spending your money on so uh you know these things do come with the cost of privacy as well so that is something to just be cautious about. But we’ll keep up to date whether this one goes through or not and we also have this massive update. This one is coming out of Jerome Powell who is probably the most important man in the financial markets right now, so he is setting the tone for what is happening with the global economy to some degree. He says right here the FED is strongly committed to inflation notes. Recession is a possibility, so he’s creating that specter of that fund that we’ve talked about in the background of all this. There is this big economic fund that I’ve been focusing on and he is kind of fighting the markets to some degree saying recession possibly could be coming. That’s not good so that’s going to rattle the stock market, that’s going to rattle cryptocurrencies to some degree. But we do know inflation is out of control. They are trying to tame inflation. There’s nothing worse than going to the shops and your money’s not going as far anymore because the government has basically been printing out tons and tons of money. He says right here he acknowledged a recession could happen. It’s certainly a possibility, it’s not our intended outcome at all. But, it’s certainly a possibility and frankly, the events of the last few months around the world have made it more difficult for us to achieve. What we want which is two percent inflation and still a strong labor market.
This is important, so if he does something w unexpected, it could rattle the crypto market. It could rattle the stock market and that’s not good so in the immediate term, we could experience more volatility in the crypto space. But you just have to factor that in so always be aware of this stuff. We also have an important update from CZ of Binance and he says right here. It’s always a building market built together to grow crypto adoption. So, absolutely. If you’re holding any type of crypto out there be it. Bitcoin what you want is more adoption and now if you’re holding any other altcoin like smaller altcoins. What you do want to see is you want to see the development of that crypto be it done by the community or the development team. The more products and services the quicker your crypto your alt coins can released onto the market the better and stronger cryptocurrency as a whole will be so some good updates from CZ right there.
Let’s check out the crypto prices today what is pumping? What gone down? And Matic is up 20 so congrats to MATIC holders their there, Sandbox is up 9.8 UNI swap is up a bit, Engine is up a bit and Adam’s is up a bit so a couple of winners on the market our waves is down a little bit and if we do take a look at bitcoin’s price we are seeing you know it’s staying relatively within the 20k band. We did see that drop down to around 17 000 back on Sunday. But it is kind of maintaining this 20 000 range it put it could possibly go down depending on the overall economic lood. But in the long run. I’d still think bitcoin and crypto have a big uh future. If we do have a look at the crypto prices today, you can see bitcoin is staying relatively steady within the last 24 hours and a lot of the other cryptos.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/eIS_qxcpW4Y