So with what’s going on with the market? The market is, of course, down, so we are going to be going over exactly what’s happening. I made a little bit of profit using one of the strategies, and we’ll be going over a little bit of new updates when it comes to Luna. Moreover, the Binance exchange has approved Jet-Bot as a broker. This is one of the greatest platforms for staking your cryptocurrencies and earning passive income. Jet-Bot can protect your funds. You can connect your Binance account via API keys without having to deposit funds on the platform.
Head over to the crypto bubbles. Everything is down. The market is down:
Bitcoin is down to $27,400. Of course, right now is an opportunity to dollar cost average. If that’s something you want to do in something like bitcoin, that’s what I’m doing, but that doesn’t mean that you guys have to do that. You can wait for wherever you think is the bottom and start there if that’s what makes you happy. I don’t think I can time the bottom so slowly. Averaging into bitcoin is really all I’m doing right now, and of course, I spoke about yesterday that shorting the market with very small leverage 1x leverage.
There is actually an opportunity here if we are going to continue downwards. I made a nice little 6.1%. This was on Luna because I thought that it was going to continue to go down. This is one of the projects that has the potential to shore up, and I made a 6.1% return with a 1x leverage short. That’s how you can take advantage of leverage without getting too crazy and without really high liquidation risks. That’s how you can take advantage of things that you can spend time learning. That’s what I’m doing right now. I’m spending time learning. This is new to me. Shorting the market is something that’s new to me, and I’m going to spend this time learning how to do it.
That’s one of the good things about the market conditions that we’re in. If you take out the noise, we really have just been traveling sideways for around 30 days here, which means that the market isn’t crazy. You’re not missing out on any opportunities like you were over here. You have time to learn. You can learn how to research projects. You can learn how to short the market, long the market, trade the market, all of that sort of stuff at this time, and this is the perfect time for it. Even though it is like this, when the market is scared, there is still opportunity. That’s my opinion.
Anyway. Is the greed and fear sitting out of 14 today or is that updated? It is 14 today; it is extreme fear across the board. Of course, I think this is due to the 8.6% inflation hit for May. This is the fastest-rising consumer price index since December 1981. You know that the market and the overall economy are not looking too hot right now. This isn’t the time to be dumping loads of money into the market if, like me, dollar cost averaging is the way forward or waiting on the sidelines learning, keeping up to date with what’s going on, and the best advice that I can give myself, not even to you. Right, if I take what I learned from 2017 and the bear market that started after that, the only thing that I wish I did in those two years between 2018 and 2020 was pay more attention. I was there. I was buying projects here and there. I was paying attention here and there. I used to spend every day just paying attention, finding things, using the time to hone in on my skills, and if I had used that time way more actively, I could have done a lot better in this bull run, and that’s what I’m going to be doing this time round. I’m going to be staying around in the bear market, staying very much attached to what’s going on and making the best of that situation, and I think that is the opportunity that you guys have out there in the market.
On top of all of the fear that we’re seeing in the market, we also have the staked ETH prices slipping around five percent, so the price of Lido-staked ETH has slipped by 5% on the curve due to a large imbalance in the liquidity distribution within the pool. Lido says its stake is backed one to one with Ethereum. It says the price difference is due to the market, not the state of Lido itself. The disparity may be caused by withdrawals on the platform, the activity of large investors, or various other factors. So the market is also very scared about Ethereum. We’re seeing Ethereum drop 12% on the day to $1440 right now. This is another thing that’s worrying the market, as well as all the other news that we’re seeing adding to this huge drop.
We’ve seen today a seven percent decrease over the last day in the global cryptocurrency market cap. I don’t think it’s unlikely for us to drop below one trillion dollars. We did this a few months ago, maybe six or seven months ago, whenever it was seen that this was around the three trillion dollar mark. This is a massive collapse in the overall cryptocurrency market, but again, stay involved for the long term. That is the biggest opportunity that I see here in the cryptocurrency markets, but you are going to have to make that decision for yourselves. Staked Ethereum de-pegging is another factor that I do think is adding to what’s going on in the market.
Now we have Dan holding over on Twitter with a little bit of good news here. Almost 66% of bitcoin has not moved in over a year, a record high. Holders have never had more conviction. “This is bullish.” Of course, you must make your own decision, but 66% of all bitcoins have not moved in over a year. Very good stuff there in my opinion.
And another little tweet here from Crypto Rover: the balances of 10,000 bitcoin or more have been steadily increasing. The whales are accumulating in these times right now, and you can take that information as you will.
Now be talking about a little bit of Luna. There were about potentially 80 million per month that Do Kwon was taking out. Over the span of mere months, it’s alleged that 2.7 billion dollars, 33 times more than 80 million, were taken out by Do Kwon. This is a very in-depth tweet that you can read. I want to make this a quick update, but he does go through how this potentially happened. At the bottom, there is a call to action, and he simply says:
We did have an update from Do Kwon. Did he answer the call to action?
So why not answer the call to action and prove that all of the things that you’re being accused of are my questions right, because if you did have the answer and you hadn’t done anything wrong, it’d be pretty simple to simply prove it right. That’s my opinion. This is a quick market update for Sunday. Hopefully, I provided you with some valuable information.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/cI4PPFv1qHM ]