Just when you thought the crypto market couldn’t get any more volatile right now. We’ve been hit with some really big news and that is in the form of the Celsius cryptocurrency platform. So, what I’m going to do is give you a massive update about Celsius. What has happened here? What does this crypto platform do? And what has the company done with this cryptocurrency platform? So. some critical news about Celsius and I also want to give you a big update about the crypto market and the global economic market right now. So, we do have some critical information you do need to stay up to date with.
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Even despite all the doom and gloom guys, I want to just say I do think crypto does have a bright future. Even though, potentially, we may be looking at some decreases in prices. Currently, I do thofk in a multi-year horizon cryptocurrency. It’s not going away so cryptos like Bitcoin are good quality projects. They’re still going to be around in the future even on these tough days like today. So, give yourself a thumbs up, if you’re tuning in to this video on a tough day like this and as always not financial advice. But I hope you are enjoying the journey so far and I want to kick it off with this critical news about the Celsius network. How this impacts the overall cryptocurrency market and you can see right here. There has been a massive drop-off in the price of Celsius and this has happened rapidly as well in the last day or so because we do have some big news.
But just have a look at this one, so this one has gone from about 3.20 and currently, it’s trading at around 0.22, so around 22 cents. But if we do zoom in on this graph. You can see there’s been a huge amount of volatility with Celsius, you can see a massive sell-off right there. The price is actually recovering a little bit currently but to give you a bit of an update. So, what is some critical information you do need to know about this right now? So, Celsius to break it down was a platform or is a platform where you can earn yield on your cryptocurrency. So, APYs you could also borrow, you could swap cryptos around and they did offer some attractive APYs currently on Celsius. So, that did attract a lot of people to this platform over 1.7 million people have used Celsius in the past. That’s what they’re saying on their website and it is a popular platform and right now. It’s been hit with a ton of trouble in the crypto market and this is coming in the form of they have actually frozen withdrawals. They’ve frozen swaps, they have frozen transfers on their accounts currently.
So, we have this huge memo that has just been released and it says here is a memo to the Celsius community. We are writing with a very important message for our community. Due to extreme market conditions today, we are announcing that Celsius is pausing all withdrawal swaps and transfers between accounts. I just want to pause and just say that is huge. Those people who have cryptocurrency, unfortunately, on Celsius right now their decision about what they do with their crypto right now is getting taken out of their hands. Celsius has basically said no one is withdrawing from the platform anymore. There’s going to be no more swaps, there’s going to be no more transfers.
So, they have locked down this platform Celsius is completely locked down currently at the time of making this video and they have said it broadly. I won’t go through this whole memo, but it’s basically with the intention of asset protection and liquidity issues as well. So, potentially, it has Celsius run into some liquidity issues. People have been talking about Celsius staking for Ethereum 2.0, so when you stake with Ethereum 2.0. It locks it in for like a long period of time possibly multiple years, so if Celsius has done that with other people’s crypto that underlying crypto can you actually get it out. Can you actually get that Ethereum out? If you’ve deposited Ethereum into Celsius, can you actually get it out? If it’s locked into a long-term staking contract for Ethereum 2.0. So that is what I’ve seen over on Twitter that has been. What’s talked about currently and it definitely is unfortunate to see this happen. So, we have seen some collapses of some big d5 protocols in the past, so Terra Luna went from 116 down to basically less than one cent. Celsius there is a lot of fud surrounding this right now and so what’s going to happen with this. So, this memo has just put out a couple of hours ago very fresh I do think the next step for Celsius. So, if you have crypto on this platform right now. What would I be doing I’d be tuning in to exactly what they’re going to post over on Twitter. So, a lot of official comps do come out of Twitter.
The next one’s going to come out probably from Alex the CEO of the platform. He seems to do lots of Amas and so he’s probably gonna do an Ama probably an emergency Ama. I’m predicting very soon, so that’s what he needs to communicate to those people who have put their crypto onto Celsius to explain to them exactly what is happening right now with their cryptocurrency. So, hopefully, that can sort some things out right now on top of that. There is a lot of volatility happening in the crypto market, so this is kind of compounded by exactly what is happening with crypto right now. But again as I say crypto is a long-term journey, so after multiple years you have a long-term horizon in the crypto market. Nothing to be worried about. In my opinion, so there are good quality cryptos out there and I think a lot of them will have bright futures. But if we do bring out the crypto bubbles chart at the time of making this video. It’s a bit of a mostly red day on the crypto market today, so you can see some cryptos doing well. Luna Classic shout out to Luna classic and that Luna is actually up in this market right now which is great to see rest of the crypto market is relatively down. Mana is up a little bit, so there is a lot of volatility to give you a big-picture understanding of what is going on. So, there’s just a ton of global fund in the world economy, so I’m picking up this article from CNBC and they’re saying right here global food prices are soaring, and rice could be next. So. I would consider the flood levels to be the highest. I’ve probably never seen them on the channel since we’ve been on the journey here on the channel.
I reckon the flood levels are at the extreme high, but again time passes things will sort themselves out sometimes for the sun to shine. You have to endure a bit of a storm before that. So, there is a ton of fat out there with global food shortages and things like food prices inflation. But if we do take a look at the crypto market, currently you can see the Bitcoin price in particular and Bitcoin is a really important indicator for the rest of your crypto. So, if you’re holding any type of altcoin Ship, Luna Classic, Ethereum, Kidano, stuff like that what you do want to be paying attention to is Bitcoin. Bitcoin does impact the overall cryptocurrency market and you can see it right here. It actually did dip down to pretty low levels, so we hit the 25 000 level right here. It has kind of just rebounded just slightly in the last hour or so up to 26 000 and there is just a ton of fun. But, overall, I am going to endure this storm. But, overall, I’m staying in the crypto market, and let me know what you guys are doing in the crypto market right now. You can see a right here a big decrease in Bitcoin 5.6 percent in the last 24 hours and you know the fear is running red in the streets today, so definitely a fearful day what Warren Buffett says is sometimes when there’s lots of fear that is the time to possibly buy. But, as always make your own decisions not financial advice but that is typically what some of the great investors out there have done in the past, and guys that is a big wrap on the crypto market today.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/pginj4Efnas