We have some urgent updates to talk about in the crypto market today. So some big things are happening in the next 24 hours and I want to talk about them. So, we have a lot to cover. I’m going to do an update on the Luna Classic burn as well where is that up to. We’re going to talk about these other big things that are happening very soon.
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I want to kick it off with this article right here and you can see a little bit of frost or a lot of frost is running through the crypto market right now. You can see crypto.com lays off 260 employees. Everyone is blaming Matt Damon right now. So, Matt Damon is copying a lot of blame. I think this is a bit of a tongue-in-cheek joke but to some degree. You are aware right now, that there is a bit of frost in the crypto market right now. There are some important things to know about right now. That includes exactly what is going on with Celsius. I want to give you a critical update about this as well. t says right here from their Twitter account Celsius is working as quickly as possible and will share information and when it becomes appropriate acting in the interest of our community remains our top priority. They’ve also said right here Celsius is working around the clock for our community. It’s all hands on decks. There’ll be no twitter spaces this week. I’m not sure if this is an update but they have changed their Twitter profile to one eight six hold now and I’m not sure if that was a joke.
I’m not sure if it’s the best time for Celsius to be joking around because people right now and you know it, I know it. You kind of you cannot actually withdraw swap or transfer anything currently on Celsius. So, people have their crypto locked up on this. There are some other important things to know about right here, so this is creating a lot of fud in the cryptocurrency market. We’ll talk about the fear and greed index towards the end. But it is at extreme fear at the moment, so number seven on the charts so extremely frosty. There is a bit of fun regarding Celsius where whether it’s going to survive, or whether it won’t survive. There is a loan apparently, so Celsius has been taking out loans with other players in the crypto space. You can see this one they have a 234-million-dollar loan that’s a stable coin die and so apparently Celsius owes 231 million. They’ve put up collateral of 23 000 bitcoin and the liquidation price is around 14 000. So, my understanding is if bitcoin drops to around 14 000, they’ll get liquidated and a lot of the collateral will have to be sold. We have some very tumultuous things happening in the crypto market, but my key takeaway right now is. Celsius is probably scrambling to figure out all this liquidity so right now. They probably know if they open up the doors for withdrawals not everyone can withdraw their crypto.
That’s a problem. They’re trying to solve right now interesting though the Celsius price. The cryptocurrency has actually shot up 127 in the last 24 hours. That is really interesting, so crazy things happening in the crypto space right there. There is a bit of a crypto winter there is a bit of a crypto frost right now but what you do in the crypto market, especially, if you’re a cryptocurrency or investor take your time to continue, to build, to research. You can see what the Binance CO says right here. They are continuing to build throughout this crypto winter and this goes for all cryptocurrency exchanges. You just continue to build, so when it’s frosty continue to develop out the ecosystems continue to develop products and services. CZ of Binance says some climbing ahead not the first time won’t be the last. We will get there on top of that he’s also tweeted out some more integration. So, some more real-world adoption partnerships between Binance and other companies out there about ride-hailing. So, ride-hailing ride-sharing services potentially with finance – that is pretty cool. So, that’s what we want generally with cryptocurrency. We want that real-world adoption and it’s great to see good cryptos continue to build in the space. So, if you’re holding any altcoin right now. Question is what do they continue to what are they continuing to build right now they’re building out the ecosystem that is what you need to pay attention to and we have some critical things that are happening today.
The S P 500 has been a bit rocky in the last week or so and what is important today is the big day of the fed decision. So, what exactly the federal reserve is going to do with their rate hike. You can see Jim Cramer calling for a monster rate. So, there is this big battle with the federal reserve. It does need to bring inflation under control and people are speculating. There potentially be a 75 basis point rate hike is it just going to be a 50 basis point rate hike or could it be less. We’re going to find out in the next 24 hours, generally. The higher this potential, the more bearish. It will be for both the stock market and cryptocurrencies because there is a bit of correlation between cryptos and stocks at the moment. If it’s 50 basis points maybe it will be bullish for the stock prices and the crypto prices but we’re just going to find out. What’s going to happen and that is going to happen extremely soon in the crypto space.
On top of that I want to give you an update about the Luna Classic burn update. So, where are we up to with this, we’re nearly crossed over 1 billion for Luna Classic. Luna Classic has nearly crossed the 1 billion thresholds. There is still a lot of interest in getting this burn tax implemented right now, so you can see the tweet from happy caddy crypto and it is important that the burning tax does get implemented for Luna Classic from what I understand this hasn’t been implemented yet. I do think the burning tax is what is required to get this Luna to burn numbers up. So, this needs to go from once it crosses 1 billion it would then need to go up into the trillions for some good price action for Luna Classic. So, that is what needs to happen with Luna Classic right now. On top of that people are speculating is the bottom.
Some people saying fifteen thousand sixteen thousand other people are saying right now. Possibly, there is a good hold-up of bitcoin around the 20 and 21 000 level and that seems to be true currently in the market. So, crypto bitcoin has been holding up well above 20 000 right now. You can see in the last seven days, this is where the big slide in bitcoin’s price has went. It’s went from around thirty thousand dollars, it did drop down to that low of around getting in the twenty thousand dollar range just. Currently, it’s hovering around the 21 22 000 level, so it is holding above the 20 000 level. I do think the 20 000 level is the critical kind of support line for bitcoin right now.
I do think the fed’s decision today is definitely going to impact the cryptocurrency market. So, if it’s a bullish decision we could see some bullish bounces in bitcoin price, but again if it’s a bearish decision. The interest rates get increased quite a lot. You could potentially see a bit of a decrease in the price of a bitcoin. So, it could potentially go either way depending on the fed decision today, but again with cryptocurrencies and bitcoin, it is a long-term journey as well. So, what was just seeing in the last couple of months is some short-term volatility. But where will bitcoin be in three years five years 10 years from now that is the question people need to ask themselves because if you do look at this graph right now. You go back 10 years from now. You’re sitting around 100 or so and it’s sitting at 21 000, so that is the big driver in bitcoin, and if we do take a look at the crypto bubbles chart today. Some cryptos are up some cryptos are down, so XCN has fallen a lot HNT is up, TTT is up so a mixed day. Crypto’s holding relatively steady in the crypto market today and it will be interesting to see where the rest of the cryptos go in the next 24 hours.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/p-_ixuSHDUo