We have never seen this before with bitcoin, because usually after each bitcoin having happens every four years supply cut in half theres a new bull run, leading to a new all time high. And although we may retest the old all time high in this case, that was 20k back in 2017, we have never dropped below in todays video. If you hold bitcoin. I want to talk about why we have an update on three eros capital. Their potential insolvency will talk celsius. Are they about to go bankrupt? What other companies are now being affected by this collapse and much more like always check the timestamps down below right now? Check the timestamps and lets jump in starting with bitcoin and ethereum bitcoin plunges below twenty thousand dollars as ethereum drops below 1k, and this is happening for two big reasons: the continuing plunge in traditional financial markets. We know this as well as panic about crypto lending platforms like celsius, hedge funds, like 3se, sent bitcoin into the teens for the first time in more than 18 months and lets start with three arrows capital. Just as a reminder, three ac one of the blue chip, hedge funds, in this space heavily respected, and they had this says 18, but i believe they had three billion dollars in crypto in assets under management and now theyre liquidating heavily. This is probably the most painful thing: ive ever seen: a multi billion dollar assets under management fund now transferring just 138 sushi to repay debt on exchanges.

They got liquidated on f in the chat for our fallen brothers, so we can look at some of the on chain activity for three hours capital and see they are depositing funds onto all these exchanges to sell to try and cover their debts. Now, as of yesterday, the founders of 3ac have given their first public interview. Three aeros capital confirms heavy losses from lunas collapse, exploring potential options, so the companys co founders said that theyre looking into the possibility of asset sales and a rescue by another firm and by the way this is being reported. This interview was directly from the wall street journal beleaguered cryptocurrency fund 3ac confirmed friday. It had suffered heavy losses in the recent market downturn. Instead, it had hired legal and financial advisors to figure a way out. We are committed to working things out in finding an equitable solution for all our constituents. The fund has over three billion dollars worth of crypto currents had that much worth of crypto under management back in april, and now, of course, they have a lot of debt. Three ac is exploring options, including asset sales and a rescue by another firm, in hopes to reach a settlement with creditors. For example, 3ac owes at least 6 million to crypto exchange bitmex, and we will talk about bitmex and other companies in a second, but how this cascading effect of companies collapsing started in the first place was all because of luna davies, a co founder, said: 3ac invested Over 200 million dollars in lunar tokens as part of a 1 billion raise by lfg back in february, an amount that is now essentially worthless since the terra ecosystem imploded in mid may, the terra luna situation caught us very much off guard.

He said, and now to cover their losses and prevent more liquidations. If they can, they are selling. 3Ac was additionally known as one of the largest holders of grayscale bitcoin trust gbtc, as well as staked ether, st eth tokens thats a one to one backing. So basically ethereum, both of which have seen steep declines recently. So how does this affect you and me as crypto holders plain and simple? We have to hold through this suppression. It is not quote: unquote a natural sell off at least not all of it. It is because of this black swan like event of crypto companies near insolvency and theyre forced to sell lets, keep moving, but i do want to hear from you type a one down in the chat if you have started dcang at these prices type a two in The chat, if youre, still waiting one for yes, two for no, let me know down below dr seuss and next up before we get to celsius. What other auxiliary companies are now being affected by this bitmex and others exiting three arrows capital amid three ac insolvency fears. So as three aeros capital struggles, its lenders have started liquidating. The firms, positions and portfolio companies are distancing themselves. The ripple effect continues on tuesday. It emerged that three ac had begun selling off assets, including 40 million dollars worth of its lido staked aetherium s to eat. They sold that eth. Its also widely believed, although still unconfirmed, that 3ac has been trying to keep a 264 million avi loan, as well as keep a 35 million dollar compound loan from going into liquidation.

And of course, companies are affected. Bitmex on friday confirmed that they have liquidated three arrows capital positions this week, as well as the users of finblocks affected as well staking platform finblocks, which counts three arrows, as an investor has reduced customer withdrawal limits. So, even though these customers did nothing wrong and three arrows capital was just an investor in finblocks. Now these customers are having trouble accessing their own money. Users are allowed to withdraw up to 500 of their assets per day with a monthly cap of just 1500 of their own assets. So in summation give me your thoughts on the market right now down below again one if youve started dcaing two, if you think, were going much lower and you have not started yet for me, its a one for bitcoin. Specifically, i just bought some bitcoin at around 20k a few days ago, and if we keep dipping, i will keep buying thats my toxic trait, just because im a long term believer. I still tend to believe that bitcoin dominance is going at least to 50, probably even 55, so ive not touched the alt coins yet, but i do think it is a great time to start dca ing into bitcoin. For me, at least, and next up what about celsius are they going bankrupt? Will they get up get bought out by nexo? What is the current update? Well were still waiting on one. There has not been a new update in the last two days.

The minute i do get one i know celsius affects millions of users. The minute i get an update. I will make a video. I will bring it to you, but i thought this clip of mashinsky celsius. Ceo peter schiff, was very interesting. Mashinsky savaged by peter schiff. Back in november 2021., this is about a 90 second clip. You got to give peter credit. He was 100 right watch this margin, payment, bitcoin pays dividends. Peter bitcoin pays dividend price sales. How does bitcoin give us because we earn yield? How do you earn yield on bitcoin? What do you do to generate income on that bill? Im happy to spend an hour with you, yeah youre trading. It youve got to be taking tremendous amount of risk. The bitcoin itself doesnt generate any yield. It does just like any other asset can generate yield gold. No, but what earnings? What earnings does the bitcoin generate? Gold generates five and a half percent at celsius yield token. What are you doing to generate that youve got? You must be taking tremendous risk to generate those returns. Of course you are okay, youre, not you know. Of course you must be right. You cant im, not im, not im, not giving financial advice im just explaining that this is uh interest rates, its an amazing opportunity for people to unbank themselves right take advantage of this. You know you know who also had an amazing opportunity, bernie uh um, and take a look and see what happened.

Okay. Gentlemen. Very interesting. Give me your thoughts down below, but that is the video. My name is austin. Like always see you tomorrow appreciate you. I will be at a dodgers game me and my bro later today, dodgers against the cleveland guardians were originally from ohio. Now were out here in la perfect ball game, so uh ill see.