We’re going to be going through the latest news about this new bankruptcy that’s hit the market. We’re going to be going over some Terra Luna news, and we’re also going to be going through everything else that you need to know to be fully up to date.
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So first of all, we had this news come out just recently that Voyager filed for bankruptcy, citing contagion in the crypto market and a three-arrow capital loan default. We’re also hearing that Etoro is lying off 100 workers and their SPAC deal has also been terminated. Of course, they’re not halting withdrawals or anything, but this keeps happening. The dominoes keep falling, and I posted this on twitter just recently. A voyager filing for bankruptcy is the latest in a domino to collapse for crypto. So ask yourself right now: who is next? Do you still have money on these platforms and why sort it out? Things will get better, but it’s not worth the risk. So this is my opinion as to what’s happening right now. It’s simply not worth the risk to hold your long-term holds on any of these exchanges. Just get it into cold storage.I personally use Ledger. You can even use a Meta mask. You can use whatever you want, but get off these exchanges. Would you rather use copy trading bots? So if the exchange that you use is the next domino to full, you’re not going to be sat there on your hands wondering whether or not you can get your crypto back, and that is the serious, serious warning I have for every one of you crypto investors. If you are new here, this is how you keep yourself safe. We’re going to get through this. Trust me. I think we’re going to get through this. We’ve seen this before. We are probably nearing the bottom. Maybe we still have another 50% drops from here. But we are nearing the bottom. We are seeing some clarity, but more exchanges may occur. So, keep yourself safe at all costs.
You can always just move your coins straight back onto the exchange when we get through this. Anyway, with that said as well, even the likes of Coinbase, in a SEC form 10-Q filed in May, disclosed that its bankruptcy proceedings over 250 billion in custodial fiat currencies and cryptocurrencies that it holds on behalf of its customers could potentially be included in the bankruptcy in a state. If you held your money on Coinbase, probably the largest exchange or the most well-known exchange, at least they could take your coins and use them when they file for bankruptcy. Anyway, please keep yourself safe.
Bitcoin right now is still just over $20,000.We’ve seen a few wicks go down and you know it just keeps doing the same thing over and over, repeating it. It’s pretty much exactly what we saw up here. Obviously, I’ve been saying this. For a while, we saw this trap door open, and if we don’t make any movements upwards, most likely we’re going to make the same downwards movement we saw here, so again, if you can’t hold through this volatility, make a decision based on knowing we are potentially going lower.
Can you handle the fact that maybe we do pump and you’ve sold your coins too early, or can you just hold this for me Dollar cost averaging?
There is the answer to the crypto bubbles, as we see here GMT.
For example, a coin that I’ve been speaking about basically goes up and down, and you can make the best of that situation by longing and shorting it in the market right now in a bear market. It’s better to go with the trend. So when shorting the market, of course you need to know exactly what you’re doing.
Now moving on, we’ve got the crypto greed and fear sitting at an 18, basically where we’ve been for the last week or so, at an 11 in extreme fear. So we are moving upwards from that, which is technically a good thing. If we move over to the coin market cap, you can see an increase of 2. It would be lovely to get back above that 1 trillion dollar market cap, but right now. I actually remember passing that back like two years ago, whenever it was, and it was such a monumental occasion. So it’d be lovely to get back past that,
But we are seeing Bitcoin, Ethereum, and some of these other coins making some nice movements over the last week. Solana is even up to 12%. If you are still holding coins for the long term, like I’ve said, their dollar cost averages throughout. This is what I’m personally doing. I think that’s going to see the highest rate of returns going forward. Because that’s simply what would have created the highest amount of returns in the last bear market, and remember, the projects that are still building during this winter, during this fearful market, are the ones that are most likely going to make it to the next Bull Run.
Now, with Terra Luna, we have Classic down today at 6.2% and we are having a few little bits and bobs come out here and there, nothing too substantial, although we have seen a new white paper come out from the terra rebels and the lunar rebels. One of those, Terra Rebels or Luna Rebels, one of those, they’ve released this emergency management and recovery of Luna Classic.
This is an in-depth white paper, which is great to see all of the reasons why this is happening and what they plan to do, which is awesome to see, and I do think that there is an opportunity to make money here. I think that, given the market situation, it’s more likely that there’s going to be blood in the market. It’s more likely that we’re going to have violent swings with this Terra Classic, but I love to see a community come together with a coin. We’ve seen it a number of different times on a number of different coins, and getting in on those coins super early and holding them into a bull market has made people millions. So, this is an opportunity here, but of course this could go to absolute zero, so know that going in and of course none of this is financial advice. I personally hold a small amount of Luna Classic myself.
Now for a little bit more news, we have pay bolt announcing that they’re giving a special place to Luna Classic in the default token list on PayPal and also in their Web3 crypto payment gateway.
There is just a little bit of news around Terra Classic. I’m tying into what I said right at the start. We have the possibility of losing $20 million of client funds in a Luna short bet, so they bet against Luna now and they lost their clients’ money. So with these platforms, we never know what they’re doing behind the scenes.
Lastly, on the Terra Luna side, we’ve got Korea and us agreeing to share investigation. They are on terror, so they’re honing in on Terraform labs and everyone behind this, and hopefully we will find out very soon what really happened. I think that’s going to be very interesting indeed.
Moving on, I did want to quickly check this wallet before we jump into the news. I sometimes go back and I check this wallet. This is the third largest wallet that doesn’t seem to be an exchange wallet, and we can see that they make absolutely incredible decisions. They’re basically long-term holders or long-term accumulators, but similar to what I do, they take profits and they wait, so we can see here they sold 500 Bitcoins at $30,000.They already sold 500 Bitcoin and they’ve been steadily accumulating day by day just building that position back up and we can see them rinse and repeat this process over and over again. Of course, they’re not always right, but this is a very interesting and very logical way to build your own portfolios. When there is euphoria in the market, you can take profits, and you can rebuy when the market goes down. Of course, you have to understand the risks of missing out on your positions, but this is how you build your portfolios using market volatility. There’s a lot of interesting stuff there now.
Let’s mash through the news today. We’ve got Shiba Inu plans to launch Stablecoin and Reward Token, interesting stuff. Let me know, with all of this stuff going on, would you trust a Shiba Inu Stablecoin? I’m not too sure myself, but the world’s first short Bitcoin ETF’s exposure exploded by 300% in just days. So remember when we spoke about this? The ProShares short Bitcoin ETF has started to trade now and it has eclipsed others in inflows. With this said, I want to remind you guys that the majority is normally wrong.
Okay, so if we take Bitcoin and what’s happened in the past right here, this ETF, the long ETF, was opened near the top of the market. It made people some money for a few weeks, and then everyone got wrecked. Now we’re seeing the exact opposite play out. The majority is not normally right when it comes to this. That’s just simply how it is. If the majority was normally right, the majority would be rich. That’s how I see it, and seeing this sort of thing happening actually makes me feel quite bullish. Now this doesn’t mean that this is going to be bullish in the short term, but when the majority thinks one way, like shorting the market, we can see on Twitter that the majority of people are shorting the market the right way when the majority thinks in one way normally. It’s wrong. Normally, they could be incorrect. This time they could be all right. We could make loads of millionaires from shorting the market. Who knows, maybe next up we’ve got Elon Musk accepting Dogecoin for the boring company on its Las Vegas transit system loop. I wanted to have a look at this when I was in Vegas with my financial friend, but we went there and it was closed. Sadly, maybe one day I’ll get a chance to ride on this.
The most interesting thing is that we have Meta ready to double down on its NFT bets. They have a new head of Fintech and he has said that the media giant has no plans to steer away from its current focus strategy despite the recent sharp downturn in the market. Great stuff to see here with big companies still believing in the Metaverse, believing in NFTs and all of that sort of stuff.
Then, lastly, we have Boris Johnson’s political woes, inadvertently setting back UK regulation. Look at his face. This is both good and bad news. I personally think that regulation is a good thing for the cryptocurrency market, but maybe not such a good thing when we’re in this mist of extreme fear. So maybe this is good news. The can will get kicked down the road. We can get some stability back in the market. Then they can come in and smash up some regulations and completely smash down the market again, giving us some good opportunities on the dollar cost average. With that said, I do hope that I’ve brought you up to date with everything to do with crypto in today’s market.
[This article is a transcription of a video made by Conor Kenny]
[Original video: https://youtu.be/odYmmcPEjvo]