- The Seek
- Posts
- What is happening with Bitcoin Nowadays?
What is happening with Bitcoin Nowadays?
The Seek
June 29, 2022
** If this is not in your Primary Inbox then move it to Primary. Click Here to Learn How **
Ughhh, Bitcoin crashed to $17,000, what happened this time? Bitcoin fell due to the collapse of Celcius, the want to be decentralized bank. Last week they froze everyone's assets that are held within Celcius, equating to $8 billion of locked-up assets. Now, this does not mean all assets are lost however I doubt that they can have a comeback.
Wait but Goldman Sachs wants Ceclius to go Bankrupt? Goldman Sachs' leading investing group stated they are waiting to buy Celcius assets once it goes bankrupt. This could be construed as a positive as it could lead to more institutions buying in. This is creating a lot of bullish sentiment and makes me feel like crypto will eventually become massively adopted.
Oh lordy, so Coinbase and other exchanges could become the next Celcius? Yes, Coinbase CEO officially stated that if their company does go bankrupt you will lose all your assets and funds. Now we are talking about one of the biggest crypto exchanges failing. The likelihood of this happening is very minimal. If you think your crypto exchange has this risk you may want to transfer your funds elsewhere.
Ok, buddy, I don't care about any of this, I am only here to see where the crypto market is going next? Fine, we are looking very green for this week and possibly next week. But do not get fooled. We have seen Bitcoin and the NASDAQ prices follow one another for a long time now. This being said the NASDAQ looks very bearish for the next few months. We are most likely seeing a dead cat bounce about to play out. But if you are playing long-term I suspect the market to be down for a while. I think the earliest we could see anything happen would be in September/October.