We have some important cryptocurrency news to talk about in the market today. So, I want to be talking to you about Celsius going bankrupt. What does it mean for your crypto portfolio? We’re going to be talking about CZ of Binance’s plan to melt the crypto winter away and we’re also going to be doing an update on Luna classic. We’re also gonna do an update on the crypto prices and where can the crypto prices go in the future. What does it mean for your crypto portfolio?
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The first big news we have of today is embattled crypto Orlando Celsius files for bankruptcy protection in the USA right now. Unfortunately, Celsius has filed for bankruptcy protection in the USA. They’ve named a number of different reasons right here but what does this actually mean for Celsius depositors what does it mean it actually means they’re going to go through a bit of a restructure at the moment. They’re actually going to do a financial restructuring of Celsius; they have filed for bankruptcy protection. They’re going to continue to operate; they still have 167 million dollars cash on hand. They’re going to have new leadership with this crypto platform and they’ve got some new advisors. Basically, they will be looking to restructure the company and they’re trying to maximize you know credit to value in Celsius through the restructuring event. So, it’s actually not fully over for Celsius, even though they have filed for bankruptcy.
It’s actually going to continue to operate there have been other platforms that havgonent bankrupt and actually redeemed creditors in the past. So, if you want to look into mount Gox Bitfinex. You can but that was an interesting update right there. It’s a good reminder though in the crypto space, so definitely not great for Celsius depositors currently um but there is reward and risk in the crypto market and you always have to be cognizant of that risk as well we also have Cesar Binance and he has led off an absolute twitter storm about inflation in the USA. Inflation is the talk of the town. He said right here read multiple times that 80 of USD in circulation were printed in the last two years if that is correct a 9.1 percent inflation is magically low how did they manage to do that. Now if we do take a look at the m1 money supply you guys can see this thing basically moon, so if this was a crypto, who could crypto buy?
But, unfortunately, it’s the money supply the m1 money supply in the united states and this thing just keeps going up so you know they have a massive increase in the supply of money in the USA. A lot of the time this is actually just you know fueling inflation and uh he’s also said right here. If our elementary school math’s was taught correctly we should be seeing a 500 inflation, no 80 a new 5x of the original supply so one key takeaway. I do want to say is you know generally where money supply does go up you’re going to get lots of inflation. You can see it in the graph clearly and what is CZ plan to melt away the crypto winter. What can he control he can actually control the Binance coin so if you guys don’t know b and b coin it’s actually one of the highest ranked cryptos out there number fifth on the market and uh you know it’s holding up pretty well in this crypto winter but it is going to be a long term journey for the finance coin and uh how are they going to melt away the crypto winter they’re going to do it through burning up the cryptocurrency so the one guy who loves burns of kryptos is actually sees out of binance and you guys can see the amount of bnb coin burnt and it’s just insane so the 20th burn 444 million usd worth right there.
that’s one way to uh fight away the crypto winter the crypto frost and uh you know seaside is uh basically burning away the money right there so any crypto that can formulate a burn burn up the supply that is good to see in the crypto market and that’s bullish for your crypto so the more cryptos that do burns the better it is the reduction supply it’s deflationary unlike this m1 money supply which is inflationary so it’s going up right now on top of that let’s do a quick update on the lunar burner numbers so I did do an update before on the channel but quickly to recap you guys where are we up to we need a blockchain implementation of the burn first. We know Cesar Binance we just spoke about it he is bullish about burns in the cryptocurrency market he loves burns he wants to see the luna classic development team put that on the chain first once that is on chain. Then he is going to consider a 1.2 burn and he loves his burn, so all that needs to happen right now is we need to see the lunar classic team put that 1.2 burn asap onto the crypto, and then after that we’re going to get considered by finance for a 1.2 burn of their volume on the centralized exchange and that’s going to be massive. So, if that gets pulled off watch out for Luna classic that is going to be very interesting, and not many cryptos out there actually get the eye of Caesar. So, this guy’s worth what 10 billion dollars lots of money and very rarely does he actually respond to individual cryptocurrencies often of the time. He just doesn’t have the time doesn’t catch their attention, but Luna classic community it is catching the attention of Cesar. We are going to stay on top of that in the future. If we do take a look at the crypto prices today, what are they doing we had an inflation report come out yesterday.
It was 9.1 percent the crypto market has actually held up pretty well and if we have a look at the prices right now you guys can see most of the cryptos are actually in the green today. So, Uni swap is up ar is up Avax is up a lot of the cryptos are going back up in price bitcoin sitting around the 20 000 level the other cryptos actually up a bit in the last 24 hours so a little bit of green in the market which is great to see if they can maintain this price level I’d be happy with that in the immediate term. If it drops down I’m not too worried either. I am in crypto for the long run and if we do actually take a look at the bitcoin price right now. You can see right now it is sitting very steady within the 20k range, so we are seeing a little bit of snake-like volatility.
But, it is kind of centering around that 20k level, so I do feel it is actually good it is holding up at this 20k level. I think the panic sets in and crypto when bitcoin starts to drop below 18 17k. There were lots of predictions for you know 10k sub-bitcoin. It’s good that hasn’t happened yet. I think there is still a massive difference between this crypto dip and the 2018-2017 one because you have to remember right now. These price levels, in my opinion, are supported by a lot more investment in crypto. So, the crypto market is way bigger right now. There are more people in there are more institutions in there, there’s more big money right now and I think people understand. You can make money in the crypto market.
I do not think it is going away for a long period of time the only thing that we have to kind of watch out for right now. So, if you want your crypto prices to go up your bitcoin price to go up your old coins to go up we need to see some good macro drivers. So, I do speak about this a bit on the channel. Macro drivers are like bullish signals out of the broader economy, so the US economy needs to get strong. You need some good politicians leading. The US economy needs to see inflation decrease, we need to see peace between nations as well as get the supply chains on charts so right now you are seeing some macro drivers that are unsettling the markets. I think once the markets do get settled the crypto prices will be bullish in the future. I’m a believer they’ll be bullish in the future and just like the good times in the crypto market you know they don’t always last forever neither will the bad times either so the crypto frost. I believe that one day will melt away just like Caesar Binance is burning away that BNB coin. The good times will return in the future and that is what we’re holding out.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/1ZRN_lKpNzM