We have some urgent crypto news to talk about in the market today. Still going to be talking about some important news about Tether. What do you guys need to know about this cryptocurrency? We’re going to be talking about Celsius. We’re going to be talking about KEVIN O’LEARY as well. What is he saying about the crypto market and some other critical news? You need to be aware of the market today.
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One of the big ones I want to kick off with today and I have warned about this in the past. But it’s very important to pay attention to this. You can see the article here from vice news and that Tether is claiming there is a coordinated conspiracy trying to take them down. So, is that true? But let’s learn a little bit more about this article in a blog post titled Tether condemns false rumors about its commercial paper holdings. The firm denies rumors that 85 of its holdings are commercial papers, a type of short-term debt in China and Asia that are being traded at a 30% discount. Tether goes on to claim that these rumors are part of a coordinated attempt to generate profits from a failing Tether. If we jump to Tether’s own blog post. It does say here Tether can report that its current portfolio of commercial paper has since been further reduced to 11 billion and will be 8.4 billion by the end of June 2022. This will gradually decrease to zero without any occurrences of losses or commercial papers expiring and will be rolled into US treasuries with a short maturity. So, that is the article coming out of vice news, but at the same time you. Also have articles coming out of the New York Times and they’re saying potentially Tether could wreck the crypto market to give you my objective point of view about the situation.
Tether doesn’t actually provide much insight into exactly what the commercial paper is. They still hold is okay so that is important to understand so we don’t even actually know what the commercial paper is that they actually hold and my simple strategy and i’m only talking for myself because of that and I don’t know what the commercial paper is for Tether I actually choose not to hold many tethers, so you can see right here. We have the market cap of Tether. It is decreasing significantly since May 2022. The market caps actually went from 83 billion dollars and it is down to around 68 billion. So, that’s a massive reduction of market cap, so what you can do in the scenario is anytime. There is fud and look at this Fudd regarding Tether. In my opinion, there isn’t that much transparency regarding the commercial paper. What would I choose to do in the crypto market? I would choose not to hold Tether. It’s that simple there are better alternatives out there such as USDC, such as BUSD. You can see it with BUSD. They’re very transparent about it. They have a website up here and they are audited by the NEW YORK attorney general and it’s 100 fiat backed. So, the chances of BUSD going bust are a lot less because they are backed by fiat Tether to some degree. This is backed by commercial paper that’s what they say, but we don’t know what that commercial paper is so you know if Tether was to go bust what could happen if you’re holding Tether you could unpeg and you’d be holding a crypto that could be worth less than one dollar. So, that’s not what you want on a stable coin.
So, just keep that in mind. If you’re trading around cryptos USDC and BUSD. What I choose and we also have some big updates about Celsius and it does look like there are going to be unlikely fund bailouts regarding Celsius. So, they did have some big investors in Celsius. If you, who do not know, what Celsius is – it’s a centralized investment platform where people could deposit crypto and get yields on that. But since then there has been. There has been frozen withdrawals on the website. You cannot actually withdraw your crypto right now and a lot of the people who invested into Celsius are some of the seed round investors. They are not going to provide extra money that is what this article is basically saying for a bailout right here but apparently, there are other options up.
So, could there possibly be a restructuring of other options, including possibly rival company Nexo potentially acquiring Tether as we’re acquiring Celsius as well? So, they may potentially acquire Celsius. They are some of the options so that is what’s happening with Celsius right now and we also have a big update from Kevin O’Leary. So, here’s a wealthy investor from shark tank and he says more pain is ahead for the crypto industry as some of the investors rush for the exit. A lot of fun coming out of Mr. O’Leary today. He actually says right here there’s not nearly enough fear and loathing with many crypto companies out there Celsius is too small a player. They’re not going to impact much of anything for regulated crypto companies like the ones I’m affiliated with to make real change and maybe even get the crypto space to start working better with regulation and with proper policy.
We need to go to Xero so that is a massive statement coming out of Kevin O’Leary but I’ll have to say – I don’t think the crypto industry is going to zero. It is a lot more mature than where it was back in. There’s been a ton more investment in cryptos, and a lot more companies coming into the market. Even though we are having some hiccups with Celsius, so I definitely don’t think crypto is going to zero. But what I will agree with Kevin O’Leary is. I do believe there is going to be more volatility in the crypto market so more volatility is definitely what I think is coming up in the future. I also wanted to point out your attention right here. FBI warns of cryptocurrency scammers on LinkedIn and the fraudulent activity is significant and absolutely.
So, if you’re ever in the market for new cryptocurrencies and they do list their LinkedIn profiles one of the most important steps to undertaking the crypto market is to basically vet that crypto profile. On LinkedIn are actually real and they’re not fake so red flags can happen if you have a cryptocurrency with fake LinkedIn profiles. I’ve seen it happen before and that is just something important to watch out for in the market today.
Also on top of that the other thing we need to pay attention to is the s p 500 what’s happening with the US economy is what is happening with Russia and Ukraine as well. So, what’s happening with Putin, what’s happening with Ukraine because we are seeing basically a bunch of volatility in the CR, in the stock market, in the world economy with supply chains. There’s a big butting of heads right now between Putin and some of the western economies. So, the US alliance basically butting heads right now. Putin is allying with China and some other countries and you are seeing some polar opposite worlds coming into play.
There are real impacts on the economy right now but what we do want to see is we do want to see a strong stock market. The reason I say that is because there is a correlation between cryptocurrency and stocks. We want to see the stock market go up. So, I do think there are still some big macroeconomic drivers impacting the cryptocurrency market. If we get some peace in Eastern Europe, tensions around the world decrease.
There’s more trade and more positive trade around the world. I think that’s gonna be good for the crypto market and we also have to keep an eye out on inflation and what the central banks around the world do and guys with that. Let’s check out the crypto prices today so I’ve got the crypto bubbles chart today. Some winners, some losers in the market. Waves are up 8.9, STX is up 7.4, HNT right there, XDC, Bitcoin cash up five point three percent, and if you do jump over to coin gecko right now. You can see the crypto prices, so bitcoin, what’s important to understand is it is hovering around the twenty-thousand-dollar level. I do think it is still correlating pretty significantly to the stock market next week.
What happens to the stock market, if the stock market is bullish. I reckon we’ll see crypto prices go up if the stock market gets more jitters and more sell-offs. Potentially you could see some dips in the crypto prices. So, that is important to watch out for as well. Bitcoin is down a bit today a lot of the other cryptos, they’re going to be down in the market today. But again I do think there are going to be good cryptos out there with some good potential ones. You want to be looking out for those ones with good utility, good prospects of growth, good prospects of adoption and that are solving some real-world problems. We’re also with good leaders, so you need a good leader at the top of your cryptocurrency. But I do think there are still lots of gems out there and possibly you may be holding some crypto gems in the market. If you have a gem drop it down below, always interested to learn about your gems, but that is a massive update on the crypto market for today.
This article is a transcription of a video made by BiBoy Crypto
Original video: https://youtu.be/OgeRXsfs3H8