The Beginning of the End for Crypto: First Time EVER for Bitcoin

The Beginning of the End for Crypto: First Time EVER for Bitcoin

Huge news headlines are spanning the entire cryptocurrency market space which is why I think this is the beginning of the end for crypto and, of course, Bitcoin. We’re seeing the prices 70 percent down across the board at least. The news headlines continue to get more and more fearful for. So, I think that can only mean one thing all right. The pricing where we currently sit some of the first ever times for Bitcoin some of the majors.

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These extremely difficult times in the crypto market but, of course, when the markets are down at these low prices 70 off their highs provided. They are the beautiful cryptocurrencies that are going to make us all extremely wealthy in the years to come. Then these are the best times to be in the market. The best times always feel like the worst times and those great times at the highs are. The worst times don’t ever forget that. It is something that we need to repeat to ourselves over and over again and years on. I’ve been investing for 16 years. I still need to remind myself of that especially at the highs because a whole breed of new people will come to the markets at the new highs. They absolutely have to be in retail smart money VCS. All of the new people will come to the market at the highs as well. We have to remember that when this happens. It’s probably time to start getting a little more fearful and taking those profits.

Just make sure you have experience, have a plan, use stops, and stay protected. But what you want as a trader is volatility and that is what the markets are giving us now. They’re giving us volatility the stuff that traders dream of. They don’t want to see sideways boring markets. Now the massive headlines that everyone has read by now and I think are going to be part of the beginning of the end for crypto are things like Celsius. I won’t dive so much into this because it’s been mentioned so many times before. If you are with Celsius that your withdrawals have been paused the CEO says they’re working on something to get them unfrozen, of course, we all know of the rumors or at least some of the stories as well. Some of the facts that they have withdrawn hundreds of millions of dollars from the platform and now trying to figure out what to do this could be a bad thing for people to have crypto on Celsius. These guys have got their intel working webs all involved across the space along with our other guys here. These major hedge funds, three arrow capital wobbling a major crypto hedge fund is wobbling as 10 billion Caesar spate of liquidations. We know about liquidations and, basically, what I’m getting through here is that. 

There are liquidations on top of liquidation on top of liquidations and we’re seeing that across Twitter. The news headlines which is why I think these guys have probably already started to sell it’s more than likely they would have been selling through this first down leg from the march peak into that may low. They knew what was coming for their CC hedge funds and any other investments that they’ve made, they knew that it wasn’t going to go on forever. But they tried their absolute danger to give the visual as if it was going to happen just like a lot of new retail investors. These massive hedge funds and billionaires live in fantasy worlds as well. I bring that up and I’m not trying to have a go at anyone, but we often put a lot of people up on pedestals whether they’re vc funds that have billions of dollars like zoo here that managed the three arrows capital and talked a lot of smack about all other projects except the stuff. He was investing in. He had a lot of Terra Luna that obviously went to zero AVAX talked that up a lot that has obviously gone down 70 80 percent they’re also invested in gbtc or had some sort of play some role in that and obviously GBTC is also well and truly underneath the price of Bitcoin. 

So, that’s the Bitcoin that you can buy with grayscale and that’s at a discount 20 30 discount so they have done some extremely bad investments and have lost people hundreds of millions and potentially billions of dollars so these people that we put up on pedestals I don’t think is necessary. They don’t know everything just because they have billions. I think they just have more of the guts to go out and ask people for money to then invest it on their behalf. Then, of course, make risky decisions with all that money it spikes up you look like a hero in the short term for a year or two and then all of a sudden it all has to come unwound now. I’m not sure if Michael Saylor I would throw him into that boat as well. But, of course, he does have billions within this company and buying Bitcoin at all sorts of prices. He’s still got that long-term view for Bitcoin, but we’re throwing this into the basket of the margin calls on the liquidation. Mr. Sailor says here they won’t face any margin calls as long as their loan-to-value ratio remains below 50. Obviously, the speculation is that they potentially will get liquidated. But, I think we’re pretty sure to see that these guys will probably be in a lot of trouble three arrows capital. 

We’ve seen it from the CEO saying that they’re in communications with relevant parties and fully committed to working this out. It’s probably liquidation Celsius probably going down that same path as well because the money that a lot of these companies get, they then throw into other vehicles like Celsius and then Celsius throw them that money that they’ve received into other vehicles and they’re all just pissing in each other’s pocket making that few percent that they then pass on to us as the customers of any of these sorts of apps and eventually it all comes tumbling down. Someone else who got caught up in the tumbling down of Luna is Mike Novogratz galaxy digital but he also writes here in crypto winter intensified in July. He thinks that two-thirds of crypto hedge funds will go out of business. I mean it looks pretty straightforward now but it is definitely something that happens time and time again. Lesson is let’s not put these people on pedestals. Any of these guys who’ve got hundreds of millions, if not billions, because at the end of the day they can be heroes at the beginning and then afterwards someone’s got to be left holding the bags.

They have become the dumb money also into the dumb money space is Tron. Dao is pulling out 2.5 billion TRX from Binances. The USDD slips further from the peg, so Tron is an old crypto from the previous bull market and really continuing to try and keep face here. But they’ve created their own USD stable coins similar to what happened with Luna and UST and, of course, they look like they’re going through the same fate again USDT. However, so US dollar Tether is still holding in there the price. The peg is still holding up relatively well considering all the fud that continues to come out for Tether. In this case, people are pulling 1.6 billion out of Tether this week and that, of course, is just showing the drop in the holdings of Tether itself. Sure, we can see here, there’s nearly 70 billion in circulating supply, but the peg still relatively stable at one dollar and Tether has been around an extremely long time and gone through a lot of ups and downs bear markets, bull markets and continues to survive yet. Again they are one of the trusted stable coins as much as it sounds crazy being centralized. But they’ve been around a long time now. If the Aussies someone else that is trusted Swiftx.

There are no guarantees across anything in cryptocurrency. We should know that by now. But it is good when a company has gone through a bear market or even built in a bear market survived the bull and then we’re coming back to a bear. They’re the sort of things that I look for. I also look for the fear and greed index. This is that extreme fear it’s nine today yesterday was seven day before was seven again and then eight. We’ve been at single digits now for four days this has probably been one of the most extreme times in the fear and greed index. Of course, it’s showing on the Bitcoin price, we’re down at 20 300 bucks today. Yesterday we were looking at the possibility of a trap in crypto and for Bitcoin, we saw a tiny update after several days down. You can see here red – this was a lower high lower low. So that is a red day for me, but this red day actually went high. I had a slightly higher than the previous day. So that put a stop to our 7 to 10-day rule down, but the market then closed down lower. Although, I thought we might have seen slightly higher prices rather than just the top here at nearly 23 000 I thought maybe on this rally. We haven’t broken down from that low yet of twenty thousand and seventy bucks. But I thought this rally might have the possibility to come up and test about 24-25-26k’s, but we’ll leave it around 24 25k just as a test before potentially seeing a little more downside. 

This article is a transcription of a video made by Jasson Pizzino

Original video: https://youtu.be/q_b-jvvPuII