We are going to be going through a little conspiracy theory going around in the crypto market surrounding Celsius and some other big players. We are also going to go over the recent price action and where I think we’re going to go next. And with that said, if you are afraid of losing your money or you just don’t know how to trade, register at Jet-Bot copy trading platform. It is an official broker of the Binance exchange platform that will bring you a crypto passive income.
Moving on from that, we do have the crypto bubbles. As we can see here, green across the board looking very nice. We got Apecoin up to 16%. We have 1INCH up to 23%.
1INCH is actually a really good exchange, especially right now because they do not hold your private keys so much like what we see with Celsius, where they hold your private keys and they can essentially turn off your access to your crypto. 1INCH is a DEX aggregator, and they don’t hold your private keys. You connect to this through something like Metamask, where you hold your private keys and you can trade here. What 1INCH does is it finds the best fees out there in the cryptocurrency market. Definitely something to look into with 1INCH for sure one of the best exchanges that I personally use in the decentralized world. We do have a bunch of other coins up a lot right now, and the market is looking quite green, but not something we would have expected in a relief rally right now.
As you can see, we are still very much below the 200WMA, which is a sign of us definitely being in a bear market here. It’s very rare that we stay below these marks, so hopefully we can get back above them very soon. We are basically interacting with the old all-time high here, and like I’ve been saying to you, there is no support basically between where we are now and that 14k region. It is the very first line.
Another bounce that I would see if we do lose where we are right now would be that $14k and we’re basically just going to have to wait to see what happens slowly. Dollar cost averaging is all I’m doing right now in bitcoin.
We have fear and greed right now, and we are around 9, the same as yesterday but less scared. I was a six the other day, less scared today, but definitely still very fearful out there in the market right now. With a one trillion dollar market cap and an increase of 3.79% today, bitcoin is up, old coins are up nicely, and one thing that’s quite interesting recently is that even though we see bitcoin come down. And with that said, we didn’t see too much blood in the old coins, which could signal a bottom, but we don’t know yet. All right, we really don’t know yet. We got liquidations in at about 183 million, so not too bad today.
Moving on to the news today, we have a $20 million bounty offer to whistleblowers with evidence of a Celsius crypto liquidation conspiracy. So basically, Celsius, with a bunch of other large venture capitals, committed to saving the peg, not selling it, but then basically, Celsius jumped the gun. They actually sold off their UST to protect their holders and their community. They sold to protect their community but basically ruined the other people who were in agreement that they wouldn’t sell those large whales in the market.
If you do remember, Do Kwon actually came out and said that he was close to announcing a recovery plan for us. So this may actually be the straw that broke the camel’s back. Do Kwon was expecting this plan to go through. Celsius jumped the gun and basically threw everyone underneath the bus. Now that is not confirmed at all. This is definitely just a conspiracy, but this points into the reason why what we’ve been talking about again recently is the whale games. Right whales attacking each other in an attempt to exterminate people.
With that said, we do have a Celsius liquidation price sitting in and around the $14k mark right now. So if it does get that low, there would be intense cell pressure right then because Celsius would be liquidated. This would be very bad for the market and that $14k is sitting right at that point where I think we may lead next. So this might not be good for the short term of bitcoin and crypto as a whole because, of course, bitcoin leads this, but in my opinion, this is all short-term noise right now. It all depends.
If I see bitcoin at $14,000, I’m going to see that as an opportunity. If I saw it back at three thousand dollars, like we had two and a half years ago, I believe that this was an opportunity. In my opinion, for me to put money in that I’m okay losing because I believe that it’ll be worth significantly more in the next five to ten years, so that’s the opportunity I’m seeing.
We also have this other tweet from Lark Davis:
Every other time on this chart, when we reach this lower blue area, it’s been an amazing time to absolutely stack the crap out of your bitcoin holdings. I will continue to do this. I’ve been stacking my SATs. I will continue to do that.
Moving on to the news today, after Coinbase and Crypto.com Bybit now lays off employees in a mid-market pullback. The only reason why I’m talking about this is because, remember, even the big boys are feeling the pain right now in this market. Everyone is in this together. Nobody turned the top perfectly, so remember, don’t beat yourself up about missing it.
Also, South Korea blocks Terra’s employees from leaving the country amid their investigation. So this is getting deeper and deeper. Hopefully, we will find out some proper info regarding what Do Kwon was up to behind the scenes. That would be very interesting.
We do also have pro shares launching and short bitcoin ETF this week. I wanted to talk about this specifically because pro shares actually launched their long bitcoin ETF in October 2021. If we head back to the bitcoin chart, we can see that they were in around 20 gain.
So then after that, everyone who was in that got absolutely wrecked. Right. So they’re launching now down here when the market is already in euphoria. This spot, this future ETF, would have been amazing down here, but no, they released it in pure euphoria. They’re doing the exact opposite. They’re releasing a short ETF in complete fear. Everyone is the exact opposite. And yes, maybe they will manage to catch a nice little 20% drawdown, which would bring us to $16,400. And then maybe if the same thing plays out again, everyone who got into that will get absolutely wrecked again. So be very careful with this again. They’re just releasing these things to go with the market. They’re just following the trends.
We see so many people over on Twitter who are so bearish and who think you can bet anything on shorting and make loads of money. It’s super easy to describe exactly what it’s like in euphoria. With that said, please be careful with what’s going on right now. Okay, be very careful with what’s going on right now when the overall market thinks one way. It normally doesn’t play out like that, so please be careful when it comes to shorting and all of that sort of stuff.
With that said, we have some interesting information here at Marathon Digital that mines each BTC at a cost of $6,200. It’s quite interesting that they’re still making a massive profit even with bitcoin sitting around the $20K mark. So take that as you will. I think they’ll continue to mine bitcoin as we go forward. Hopefully, I did provide you with some value today.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/JW3uyHSddbU ]