The department of financial regulation. In vermont. Calling celsius. Deeply insolvent earlier this week.

The the lending platform was able to pay off its last. Defy loan yesterday and has debt free to decentralized finance lenders currently with their newly gained financial freedom. Celsius. Believe it or not decided to file for chapter 11.

Bankruptcy last night after all so in today's video. We'll be discussing everything you need to know about the celsius bankruptcy and how this affects us if you guys do appreciate. These daily market updates be sure to like this video down below and subscribe if you haven't done so already with that being said let's hop into the computer. And see what's happening in the market.

For today all right so the past several days has been pretty underwhelming for bitcoin. Which ended up losing. That twenty thousand dollar. Mark and dropped to a nine day low of eighteen thousand nine hundred dollars yesterday now the number of liquidated traders in the value of liquidation skyrocketed on a daily scale as bitcoin and the entire crypto market experienced enhanced volatility following the record breaking us.

Inflation data now the total value of all those liquidations is now over 225 million dollars in a single day following that cpi report something we haven't really talked about in a while is nfts and i will say the nft volume is looking to see a yearly low the blockchain analytic firm nansen. Published. An nft index report showing that june recorded the lowest nft volume figure of the calendar year measured per week across a monthly time frame. Now the nft space experienced a considerable depreciation back in june.

Where approximately 600 000. Ethereum in weekly trading volume had gone. Down now the previous month of may recorded around 13. Million in weekly ethereum volumes so obviously since then we've seen a huge huge decline within the market now while this figure.

Still only measures the total weekly volume on these six different nft marketplaces. Which include openc and many of the top ones like looks rare mints x2y2 ox and crypto punks. You also have to keep in mind a different metric indicates that first time nft buyers have still remained relatively consistent at the 5 000. User mark since march of last year.

Now this graph on your screen here shows heavy fluctuations in total buyers per month since the beginning of the year and we're going from 55 000. Returning monthly users in february to only 35 000. In may before rising once again to around 48 000. In june.

Now the nft space has been pretty quiet during this bear market and in my opinion. This is just because the value of nfts has still been considered to be much more speculative than other digital assets. And it's also because we've seen ethereum going down in value and just any time. We get a lot of shakiness happening with the currency itself.

Many of the nft projects seem to fail with that being said though it looks like there are certain blue chip nfts that are holding their value in comparison to many microchips or other smaller catalyst all coins that got completely wrecked now the big thing to know even during this time is that it looks like this bear market is not sparing any type of asset and most things are going down in value one could hear that report and say wow this sucks. But another person could hear that report like me. And say you know what well if everything's going down. It doesn't mean that nfts were always doomed for failure.

It's just in a time right now when most assets are going down. This is following the trend of everything else now going into bitcoin's price analysis for this video following the cpi report. There haven't really been any type of strong signs of a rebound or any type of good news at least for now with the price action for bitcoin. The price.

Has slowly been decreasing to retest the 18 000. Zone. And on the daily chart bitcoin is right now forming a continuation correction pattern. And it's looking like the price will break towards the downside now this does happen.

A strong possibility would be that bitcoin dropping below. This bear. Market low and into the range of 16 to 17 000. Is still on the table now in the meantime.

Guys you know not much else has been happening within the altcoin market ethereum's still sitting at 1100. We still do have the ethereum merge update. Coming out soon. We have a lot of the top projects.

Still down a significant amount even taking a look at solano. Which is even taking a look at solana. Which is at 34 or avalanche. At 18 polygon down at 64 cents.

I mean the deals that are opening up compared to some of the price action. We saw during the bull market is absolutely incredible with that being said. It's nothing to get excited about. But if you do plan on going long term with crypto.

I do think if you missed out on any of the entries. Before you're gonna be having an extended time now alright so something we mentioned earlier. We gotta talk about it in a bit more detail right now is celsius late last night cnbc reported that celsius is in the process of filing for chapter 11 bankruptcy. As the company's lawyers were already in conversations with the individual us state regulators.

Now this news here marks. The latest high profile crypto bankruptcy. Following. Voyager as many of the crypto prices continue to fall.

Celsius was one of the companies in the crypto lending space. Which was still one of the more prominent players with loans. Exceeding eight billion dollars to their clients. And almost 12 billion dollars in.

Assets under management celsius during the time had about 17. Million users. And the company did offer interest bearing accounts with yields as high as 17. Now while many individuals did say this sounds too good to be true many people continue to ignore that and buy into a lot of these interest.

Yielding programs. The first to crumble was not in traditional finance or some of these exchange offered loans but it came from the d5 platform. Anchor that's initially where we saw the collapse and i've been just hearing a lot of my friends in real life and either other creators on youtube having to lose money left and right and it seems like people are just dodging bullets like they're up in the matrix or something. I was gonna say anyways.

Fortunately enough for me. I didn't have hundreds of thousands of dollars locked into celsius. But i did have some money locked in here let me check if there's any type of update or if my money has completely disappeared. Yet okay well i mean my 4 500.

Is still locked in here. And yes. Even to me that is still a tremendous amount of money. I do not want to lose.

4 500. I still got to work for it and uh. Yeah can't get it out it sucks. This really does suck actually all right guys.

So you know hopefully. We're able to see some type of retribution happening and people are going to be able to get justice for what we saw with celsius during this time where we're in a recession. People need the money. Most it's just it's so terrible for us to see these type of stories continuing to happen earlier even during the bull run.

We talked so much about the importance of using different types of cold storage and owning the keys to your wallet and this is precisely the reason. Why it looks like this story. Which has been taking a while to unfold. We've been covering it pretty consistently over the past few weeks.

It's finally starting to wrap up and just like voyager. We're seeing another large exchange going bankrupt funny story too i actually met celsius back during the bitcoin conference. They had like 15 people at their booth. And you know things looked well i ended up getting like a free t shirt with them.

It's like one of my jammy t shirts and celsius is not a brand or company that we worked with luckily enough voyager is a company that i never worked with. But that doesn't mean that you won't ever be missing a bullet. No i don't think coinbase or ftx or some of these other exchanges would go down please just be careful during these times guys it don't have 99 of your net worth locked into one exchange at least make sure that you are diversified whether it's with exchanges that have fdic insurance that you can trust or make. Sure that your money is spread out among different accounts.

I know the savings account and even just having cash in a checkings account is really just eating itself up. It's burning a hole as we speak just because how high inflation still is but it is better to lose a little bit than to lose it all in an exchange that is going to go bankrupt all right guys. Unfortunately enough i mean still the news just hasn't been great amongst this time and you know i think the summer is going to still fly by we're going to be in august. Before you know we're going to be at the end of 2021 2021.

I'm tripping 2022 before we know it and hopefully we are able to get some better pieces of news or at least some type of movement happening back within these markets alright guys so if you have not yet done. So already make sure to follow me over on twitter and instagram link down below in the description. Don't forget to also comment down below the secret code. Word for today.

And that is going to be wolf comment down below wolf. If you guys made it watching it here and on top of that don't forget to check out the links down below. In the description and not much other than that and i will see y'all in the next. One.