With quarter two ending last week the us. Markets wrapped up the worst first half half of the year since the 1970s and closed out. One of the most volatile in crypto's history. Now.

Unfortunately. The beginning of quarter. Three hasn't been so great either in today's video. We'll be giving you a real honest raw update on the status of the crypto lending.

Platform. Celsius covers. Some of the most recent victims of the liquidation and insolvency crisis that has also affected some of the largest crypto landing platforms in the market. I know a lot of people are still wondering what the heck is going on within these markets.

We are still within a strong correction. We are still seeing some pain and right now a lot of people are looking for the answer. Let's talk about what's going on before we get started if you guys are appreciating these daily market updates and you had a good 4th of july hopefully you had a good one don't forget to drop a like down below subscribe to the channel. If you haven't done so already let's hop into the computer and see what's happening in the market.

For today all right so this tuesday. As recession fears are continuing to weigh in on both the retail and institutional investors alike. We saw the s p 500 and the dow jones going ahead and dropping about. 15 while the nasdaq also dropped 16.

Pretty much what's happening is that investors are anticipating a gloomy june's job report. This is getting released this friday as many companies are firing employees even more rescinding job offers and also cutting labor costs while the us. Markets were closed yesterday for the 4th of july holiday. The european markets took a pretty strong hit with the euro sliding to a 20 year low against the us.

Dollar now the reason for this here is because the us. Dollar is strengthening as a risk adverse us investors seek a stronger safe haven. And on top of that we're also seeing record high inflation is soaring pretty much throughout the continent. Now going into the global crypto market for today.

We are sitting at 884 billion dollars or a point five one percent decrease over the last day. The total global crypto market cap volume is sitting at just about 57 billion dollars or slight increase of 22 percent taking a look at the price action of bitcoin. Pretty much what we talked about in last update on friday. Bitcoin still struggling to fight to break that twenty thousand dollar level on top of that for the last seven days they're down about five percent.

We're seeing ethereum sitting at about eleven hundred dollars for today still hovering at about the same loss that bitcoin is at taking a look at the general all coins within the market. We're down about point one to two percent. Some are down even five percent. But we do have some all coins like polygon.

Which is up about five percent. Too now closing in on some price action for bitcoin. We can see that on your screen. It is currently trading below.

Its 200 weekly moving average currently sitting at the 22 at 550 level. Where this price level will. Most likely have strong resistance. If bitcoin does break the 20 000.

Level. Once again. Now. The rsi on the weekly chart remains close to an all time low at the 26 level keep in mind for the past week.

Every candle. Within the four hour bitcoin chart. Has traded inside the price range of nineteen thousand dollars and twenty thousand dollars. There's also been a strong resistance level on the four hour chart.

Which is the 100 moving average or that purple line and the last time bitcoin consistently traded above that 100 moving average was back in march now in the past week. Bitcoin was able to touch this price level five times. But it still hasn't been able to hold it on the four hour chart. Bitcoin's rsi remains neutral at the 46 level.

And if we're taking a look at some of the short term price action even though things look boring for bitcoin. We're seeing a completely different story taking a fold within other markets now last week. We had the first debut of the short bitcoin etf in the us now what reached those historic highs was the amount of shorting volume. We actually saw so according to some data institutional investors went ahead and loaded up on a record 51 million dollars worth of investment products offering exposure to shorting the price of bitcoin last week.

According to data from coinshare there was 64 million dollars worth of inflows for digital asset products. Between june 27th and july 1st with bitcoin short funds. Representing 80 of that figure. Now that is an extraordinary amount.

And it just shows that people are still pretty bearish within the market. The simple terms is this if you think the stock market and most traditional markets are going to continue to go down in price. Then obviously crypto. Which is still highly correlated to that asset is going to be trailing along too unless we get any type of real reason to see the stock market having some type of relief.

Then we should also expect to see crypto taking that bit of a hit as well now best case scenario out of all this is stocks go down. But crypto is able to hold and while everything goes down within this market everything and crypto's getting dragged along with it the biggest thing to note is to stay strong to have that positive mindset amidst these challenging times right now with bitcoin shorting reaching that current all time historic high. We can also note that the current market sentiment is pretty low too taking a look at the crypto fear and greed index. Although today we're sitting at 19.

A little bit of an improvement compared to what we saw last week. All investors right now look like they may be taking advantage of some opportunities. I know over the weekend we did see a bit more volatility we saw some volatility yesterday happening within the price action of bitcoin we pulled the charts out to the last seven days just even these ups and downs is times. Where people can still maximize on being able to trade enter positions and still make money within this bear market now if you aren't a risk taker and you're trying to play a bit more conservatively.

I will say just take this time to continue educating yourself on investing fundamentals technicals or anything that is able to help you generate money during these times also it's worth noting that you also want to make sure that you're able to move your money around on the safer platforms. Especially in a bear. Market. Where we're continuing to get more news that certain exchanges are not allowing people to withdraw their money i also wanted to know one of my favorite quotes within investing into the market and it's the idea that bull markets will make you money.

But bear markets will make you very very rich. There. Will be a time ladies and gents where we're coming out of this bearish time where we're able to see the market recover. And it's during those times.

Where the moves you make now are going to pay off dividends keep in mind. It's really during these times. Where we're building that resilience of all these new investors coming in now first things first let's talk about what's going on with celsius. I have some of my own money still locked up in there.

I it was like four thousand dollars of it during the peak of the bull market. I think it was like 12 to 20 000. It sucks seeing my celsius account going as low as it is but it sucks. Even more that the fact that i can't withdraw my money.

Yet now just to give you a bit of a recap on this entire situation back in early june. The cryptocurrency lending company. Celsius. Not the energy drink.

I know some of y'all. Confuse it sometimes. They froze. Its clients accounts.

Suspending. All withdrawal swaps and transfers on its platform due to what they proclaimed a liquidity crisis as the current crypto market continued to crash now since then wall street bank. Goldman sachs was looking to raise two billion dollars from investors to buy distressed assets from celsius. And this proposed deal here would allow investors to purchase the assets at potentially significant discounts.

If the cryptocurrency lender celsius continued to file for bankruptcy. Now last thursday. Celsius gave an update that they were exploring options to preserve and protect their assets. Now across four separate transactions.

Celsius has also repaid about 142 million dollars worth of die stable coins to maker and this is a significant reduction in their business liabilities. But they still owe maker about 82 million dollars in debt. Now pretty much what this means is all these loan repayments are coming through celsius pockets. They need to raise money they got to pay it off and once they're able to break even or at least get close to a floating zone.

Where they're not continuously losing money while everything is in the red that is when hopefully hopefully we're able to withdraw our money out of their platform and after that i really don't know what's gonna happen next. But i doubt many investors are gonna have confidence to continue using their. App now celsius's total investments in makers amounts to 18. Billion dollars.

Which led to a loss of 656 million dollars. According to defy explore data now along with this we got reports that celsius went ahead and laid off around 150 employees. Which amounts to about 20 of their staff. Now celsius has their own crypto token currently.

It is up about 28 in the past week trading at 93 cents. Now we've heard about major banks going through recessions and other market crashes getting large bailouts from both the government and the banks. But when we're talking about crypto. This is completely new territory that most of us have not experienced or seen.

Before now. If you wonder why maybe the celsius token is going up while their entire marketplace is going down. And it seems like it's crashing keep in mind whenever we see assets going up in value. This is often coming from a variety of factors.

But the biggest thing is possibly a short squeeze that is rallying up celsius as many shorts are continuing to close their positions. Not knowing. What's going to happen next now. I wouldn't recommend any guys to play around with the celsius token.

It is extremely risky and there's a lot of price manipulation. But i will say there is opportunity here just because we're seeing a lot of whales focusing in on this and finding that volatility to make up a little bit of cheddar change during this bearish time now next to celsius. This is probably one of the bigger pieces of breaking news vold. A singapore based cryptocurrency landing and exchange platform.

Went ahead and also halted its operations. Citing. That there's financial difficulty. Amidst volatile market conditions.

Now these operations. Include deposit withdrawals and trading and similar to what we saw with celsius vault. Which is a relatively minor exchange these guys were established back in 2018. They have 275 coins and they even offered pretty much the same variable that celsius did anywhere from 10 to even 12 or 13 apy on their crypto.

They halted their exchange. They're they're not allowing people to do what you're supposed to do with your exchange. And saying. If you have money with us.

Yes. Sir you're not gonna be able to get it out now. What's unbelievable about this is they were backed by some of the most credible vcs within the market and this included coinbase ventures. Pantera capital.

This is a vc firm that i'm highly interested in i would say i was gonna invest in them. I chose not to and they even had peter thiel's valor ventures involved too. So vauld went ahead. And stated that the company had faced withdrawals totaling.

197 million dollars since mid to june. Due to tara's implosion. Now out of all this the ceo of binance cz. Went ahead and lashed out a lot of these companies through a tweet.

He stated unpopular opinion careful when using platforms that require vc funding. They often don't have a real business model. Yet now that is some strong shade being thrown up by the largest crypto exchange worldwide. At this time.

My thoughts on this is that vauld claims that the mass withdrawals from their platform are strictly due to the market crash and celsius halting their operations. But i think there might be a more significant role behind the story. If you didn't know just about three weeks ago vault laid off 30 of their staff. Which is pretty much a red flag for any type of exchange the fact with that coupled with the overall market sentiment.

Any reasonable investor may be withdrawing those funds and i just think that there may be happening more than what we see if you guys are using any crypto exchange that offers you some type of apy even though we're living in a different time right now make sure you stay protected make sure to move your crypto into highly rated exchanges later this week. We're gonna be coming out with our own video on my top six favorite crypto exchanges and the ones that i think are the most secure during this time. But if you haven't done so already pick up a cold storage wallet device move your krypton to there and that is another way that you can protect yourself from any withdrawal holding your money going bankrupt and losing it all if you guys want to check out ledger. I have a link for that device linked down below.

In the description of this video and on top of that trying to go long on your crypto. And you're trying to figure out a way to invest without ever having to pay taxes or paying the full amount. There's a way there's a completely legal way and my partners over at i trust capital. Allow for you to get started as well so.

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And leaving your account funded for about 30 days. Now guys. That is gonna be the video for today be sure to follow me over on twitter and on instagram. If you haven't done so already and also please watch out for scammers.

If you guys do follow me there on top of that if you guys want to check out the discord of the patreon. The link for that will be down below in the description. As well as the secret code word for this video. Today's looking like it's gonna rain.

Let's comment down below puddles. If you guys made it all the way till the end. Thank you all so much again for watching this video. I know the news ain't good.

But i know things are gonna get better hold on tight stay protected guys. And i'll see y'all. Soon peace.