The current economic. Conditions several analysts have made bold predictions that the odds of the the us. Economy falling into recession by next year are now greater than 50 rising prices combined with a hawkish federal reserve and a generally slowing economy are significant risks facing the nation's economy today so in this video. We'll be covering the inflation projection for june and we'll also be talking about what this means for the crypto and traditional markets on top of that we're getting some more surprising news that another exchange may be on the list of one of the other few that are not allowing people to withdraw their funds now and miss this bear market time there's definitely a lot going on within these markets and the best thing that you can do is to stay informed and to stay prepared and that's what we're gonna do on this channel.

Here so sit back relax let's get started with today's. Video so earlier today the us. Stocks dropped this morning and led a sharp loss in the tech sector as investors are now anticipating the beginning of earning sessions and high inflation data to come out later this week. In response to that the nasdaq went ahead and dropped two percent while both the s.

P. 500 and dow jones also dropped over one percent the june. Us consumer price index readout is due this wednesday 8. 30 am eastern time on july 13th.

And the inflation is expected to be even higher year over. Year now keep in. Mind the previous. Inflation number was at 86.

And the median forecast for june is looking to be at point eight percent even closer to that nine percent mark. Now just as a warning to anyone who is still invested into the crypto markets. The higher the inflation is and the more it diverges from those already high expectations the more risk assets tend to react in anticipation of a reaction from policy makers now if inflation comes out to be even higher say it does come out to be more than nine percent. I do expect a dramatic sell off to happen within the crypto and traditional assets and dramatic drop off could result from bitcoin to even going from where it is right now above 20 000 to falling down below 19 000.

Or even the mid 18 000. Once again now this time i don't believe the fed will raise the interest rates by more than 75 basis points. Even if the inflation does come out to be a higher reading at over nine percent taking a look at the global crypto market cap. We are going down a little bit in value.

We are sitting at a 915 billion dollars today taking a look at the crypto fear and greed index give this a little bit of a refresher. We're seeing the market bounce back a little bit. We're way more in the red just in the past few weeks. Sitting at a 12 and a 14.

But today seeing a little bit of that fear pulling back into the market sitting at a 22. Today. Now bitcoin sitting at 20 541 dollars. Today ethereum's sitting at eleven hundred dollars.

And many all coins still struggling to find any type of positive growth. Today is going to be a much more flat day within the market now the past four hour chart for bitcoin. We actually saw bitcoin dropping about seven percent over the weekend after it failed to break through that 200 exponential moving average resistance level. The rsi at that time went from being overbought on friday of sitting at 75 to 38 as of this morning as it nears even more oversold territory once again now the weekly chart bitcoin weekly candles have also rallied 15 but it's still holding resistance at the 200 moving average for about three weeks.

Now. Which is going to be that purple line you see on your screen. Now if we take a look into a d5 llama. For today and just try to get a gauge of how much money is still locked into a lot of these.

D5. Protocols you'll notice that ever since we had the major market dip. We had the big liquidations and then we also had tara luna going down. We've been sliding a lot since we had those huge all time highs even back in december now looks like if we close in on the last few weeks.

You'll notice that it looks like we are airing on the more you know greener side of recovery. Seeing some more money going back into the crypto. D5 products. But i will say this does not mean the market is going to re enter some type of bullish boom.

Anytime soon. It is just showing that we are consolidating right now and many people are still looking left and right to see what the moves are gonna happen next now going into the first headline for today let's talk about what in the world is happening with celsius. So basically guys just to give you a little bit of a recap less than a month. After a positive withdrawals for customers talking about celsius.

Here. The crypto lender has put a new law firm in charge of its restructuring process in our most recent update. We also talked about how celsius was almost set up to be a ponzi pyramid scheme. Where people ought to keep putting in money and we even have some of their employees coming out and saying look.

This was pretty sketchy. All along well it looks like celsius is still trying to fight a lot of the headwinds that they're going through right now and they went ahead and hired some new lawyers kirkland and lslp which is the same firm that assisted voyager digital with its bankruptcy filing last week good news is that celsius though has been winding down its debts to d5 lending. Protocols having just paid off to 20 million dollars in usdc on ave now the. D5 tracking platform zapper goes ahead and shows us that celsius is still owing hit my face with the mic still showing us that there's approximately 130 million dollars in usdc and 82 500 in ren to ave and about 85 million dollars in die to the compound protocol and last.

But not least. We actually have a total debt round number of 215 million dollars. So they are chipping away. They are shoveling the dookie as one would say.

But it looks like they still have a long ways to go and i don't know for sure if after they even pay off these debts. If a company like this is gonna allow for customers to still withdraw their money. I know at the second. I get the chance to my money is coming off celsius.

I am never putting it within their exchange once again and i'm sticking with a lot of my own blue chip aaa high tier exchanges now currently although celsius has not filed for bankruptcy just yet this new update. I'm pairing up with kirkland and ellis llp. Could also indicate a shift in overall strategy. And they also might be possibly moving towards filing a bankruptcy.

Similar to what voyager did as well now before we talk about the next headline talk about today's sponsor real quick. I trust capital. So we've been covering a lot on this channel about i trust capital. But if you guys didn't know.

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Using my link down below. And leaving your account funded for 30 days be sure to check out the link. If you guys want to get started down below and on to what's going on with coinbase all right so according to twitter. We've been getting multiple reports of individuals not being able to withdraw their funds from coin basis.

Starting just about a few days ago. Now it looks like this isn't a massive issue and it's only targeting just a few select amount of people. But the question that might come up amidst. These crazy times is should we be worried is this the beginning of coinbase not allowing people to withdraw or is this just some issues that a few people are having now.

According to this one user. They said in this tweet. Why are you holding my funds for withdrawal for three weeks. It's not a large sum either.

It's been cleared from my banks two weeks ago released my funds and i'm transferring all my tokens to another exchange on top of that we also had another user who talked about initially his issues with just showing up his deposit and it wasn't coming up on the app. But then later when he was trying to withdraw it shows that he is still unable to do that coinbase responded in a tweet. Saying here are some resources to offer more contacts coinbase allows you to trade in good faith. It looks kind of like a copy and paste.

Answer that we got from them big thing i want to note here is there is no official announcement that coinbase has halted any type of withdrawals when we have celsius voyager and a lot of these other exchanges going down. I know a lot of you guys tend to get worried. I would say in this instance. I don't think.

This is going to be a massive issue right now but just to be safe and to have your precautions. A lot of people are moving their funds over into cold storage wallets. If you guys have not yet gotten one or set. One of those up make sure to check out the link down below in the description or watch.

One of my other videos just reviewing a ledger device right now in the meantime. I don't think this is anything to freak out about i was trying to find more isolated incidents and keep in mind coinbase. Support is pretty active. Here.

So whenever someone has an issue. They're usually reaching out here first in order to get an answer and a lot of this is obviously made public. So while we're seeing some accounts having issues. I wouldn't freak out just yet now on top of that we also got more reports from coinflex.

A story that we've been covering over the past week or two talking about them beginning their arbitration against 84 million dollars in delinquent customer funds so the crypto trading platform coinflex has detailed its strategy to combat the company's current liquidity crisis. Which has also prevented users from withdrawing their funds for almost three weeks now now just in case. You don't know what an arbitration is this is just a way to resolve disputes outside the judiciary courts now the dispute is decided by one or more persons and the decision here is legally binding on both sides and enforceable in the courts. Now pretty much.

What's going on is we have one individual or a whale. Known as roger ver's margins position and right now. He's getting told. Like hey you need to start covering this soon or we're going to be escalating this to the next step and if he's able to cover it they will have the funds to allow the rest of their customers to start withdrawing their funds.

A common element that we've been seeing across the crypto industry is a lot of these exchanges withdrawing customer funds not allowing people to take their money out and just a variety of different customer service issues that seem to be coming up. We're seeing this with coinbase. We're seeing this obviously with celsius voyager even some of these other lower tier exchanges now although this sucks for anyone who is using these exchanges and you may have a bunch of your money locked in please keep in mind if you're using your own cold storage wallet or you're using some of the other exchanges that are more higher tier. They have more volume you shouldn't have to worry about this during a bear market cycle.

Now today's update. Just reminds me of a funny tweet that i saw over the weekend. This individual stated just woke up from a nine month coma. I hear crypto is in a bear market.

Luckily my stable coins are safely earning yield on anchor while my ethereum stacks up on celsius and my chain link is protected from an impermanent loss on banker. Now. I think. It's still good to see that the crypto twitter.

World has a sense of humor. Even amidst these very boring and some really difficult times. I just want to say like even when the market continues to move sideways. Even if things don't look good crypto is here to stay crypto is going to continue to innovate.

It's going to continue to move forward. And this is why even though when things are going down just keep in mind everything is going down too a lot of negative news. But look when things do recover because they will because bear markets are a cycle. Usually a short lived cycle.

Things will resume back to where they were once again and these are still times. Where huge opportunities are created make sure you guys are staying diligent within this space. Make sure you guys continue to keep that faith because we will get through this and amongst these bad times. I know for sure that you guys are going to be the ones that are going to be looking back.

And realizing you made a good decision sticking around through the tough and the thin does that make english. I don't know anyways if you guys did enjoy. Today's market update be sure to like this video down below subscribe. If you still haven't done so already i would love for you guys to be a part of the junk nation.

Don't forget to check out the links down below. In the description. Once again follow me over on twitter and on instagram and if you do follow me on any social media. Please be careful of any scammers uh impersonating.

Me as well in the meantime. If you guys have made it to the end of this video. Please comment down below the secret code word for today. And that is going to be dry comment down below drive.

You guys made it all the way to the end have an amazing week and i'll see y'all tomorrow peace.