BITCOIN Collapse & CRYPTO Bans (THIS Will Get You Through The Bear Market!)
My conviction on developing a long term mindset strengthens my name is ben. This is your nightly. Crypto news wrap up. Lets, get it just a few months ago. The headlines surrounding the argentina crypto narrative were bullish for the big picture. Their native currency was failing due to surging 20 year, high inflation, so the citizens of argentina saw bitcoin as a solution to keep their purchasing power above water. Unfortunately, for the people their government was neck deep in debt and owed the international monetary fund or the imf ‘ billion dollars. Last thursday, argentina central bank released a statement that bans their financial institutions from offering any crypto related services. Hmm central banks statement reads: the measure ordered by the board of directors of the bcra, seeks to mitigate the risks associated with operations with these assets that could be generated for users of financial services and the financial system as a whole. What they really mean in laymans terms that they are strong, arming their citizens into using a failed currency, because, if they put their money in bitcoin, instead of a 50 inflated peso, their problems would worsen what a load of baloney its a shame. Because days before that, the two largest private banks in argentina announced that they would let their customers buy bitcoin, ethereum and other crypto assets. What a coincidence so much for argentinas, crypto, adoption momentum, the sierra luna foundation and their community face some serious adversity, as a consequent of bitcoins latest plunge below support levels.
The sudden drop in the price of bitcoin caused the market to panic. As a result, terra stablecoin ust d pegged from the dollar due to the unexpected outflow of liquidity. Cryptoexplained.Com reports, the algorithmic stablecoin, saw increased cell pressure on may 7th, as more than 300 million dollars on ust was sold via curb finance. As of now, the ust is valued at 98 cents and has fallen 200 basis points. The luna foundation guard are taking serious measures to protect the peg of their stablecoin to defend the peg. The lfg had to issue 1.5 billion dollars worth of bitcoin. They purchased at 47k for 33 000 for bitcoin series of tweets from the lfg. In order to proactively defend the stability of ust. They stated they would loan 750 million dollars worth of btc to otc trading firms to help protect the peg and they would loan 750 million dollars in ust to accumulate bitcoin as murray conditions, normalize thats one way to spend 1.5 billion as a result of the stable Coins price drop, swapping ust on curve finance has been limited to btc trading pairs. Swissborg has suspended ust withdrawals due to maintenance for exchanges for ust, as well as adding a risk warning ust calling the asset volatile, hopefully do kwan and the gang get this under control. Before they lose their hard earned, credibility on that note lets pass it over to our ta guy frankie candles for a market update thanks ben all.
Right guys lets jump in and do a little market watch here, as today has been not such a good day for crypto uh bitcoin, coming in at 30, 336 down 10 on the day 21 on the week, aetherium coming in at 22.50 down 10 on the day, 21 on the week, uh guys lets go ahead and take a look at our top losers: tara, luna down 47 on the day, lido dow down 27 on the day, amp down 22 on the day, eight coin, down 22 on the day, gmt down 20. Absolutely insane guys its a red day in the markets, guys i cant say this came as a surprise. We have been keeping a look out for this uh. You know on my channel and on the morning stream for bit boy crypto. We were expecting this downward price action for sure how low can we go? We are getting very close to those summer lows at about 28 29 k so well have to see what happens if you guys are interested in making money on these dumps. Shorting bitcoin definitely check me out on youtube at frankie candles or at frankie underscore candles on all socials back to the news. All right thanks, frank, now own a minute to get real with everyone these times when things go blood in the streets, bearish well, theyre, here right now, arent they! These are the moments that will define you as an investor, despite btc being at a 10 month low and that will probably get much worse.
There are still positive things to focus on for the big picture. More countries and people are adopting crypto cash. App has brought 10 million new users to crypto, cardano whales are buying, nfts are coming to facebook and instagram, the metaverse is coming and every top celebrity has their foot in the door. The night is darkest before the dawn and when it all turns around youll be grateful. You took a long term approach and dollar cost averaged in during the bear market.