IS CRYPTO GOING TO ZERO? – THREE ARROWS CAPITAL NEWS
We will take a look at some news today: 380, which is free, arrows capital um. I just consistently in the news a minute so well take a look at that and well look at the bitcoin price, which is theres dumped. This morning, with our day, i know this candle looks everything, but hell know me all the time from so its not too bad, but we have dropped down and um. If you look at this in tandem with uh, the nasdaq that dropped down the es, which is the s p, futures um thats down as well? And if you look at the dollar, it had a little bit of a pump there, which is starting to just drop off here on the lower time frame. If you look at this on the the 30 minute, you can see that it has a push up and it is slightly rejecting on that push up, bitcoin dropped and on this candle here, thats formed were starting to push back up on bitcoin, not too much, but As you can see, when the dollar pushed a bit upside, this was going down and when the dollars dropping to the downside, price is pushing up, and we have come into that. That area here, which is a little bit of a support area if youre looking to pass weve rejected office area twice and uses support, so i mean thats called the area that we need to monitor for anything um to bounce.
It needs to be from this area. If we start getting a few closures on the hourly time frame below here, we are going to go back down and test these 17k levels. For me personally, i always knew that we would really test this level, but i didnt think it happened. Quite as quick, i was still looking for relief bounce up here. Weve got so much open space or pay that or thinking right is it gon na be now that would push up and uh and and get a major relief bounce, but theres, not much going on in a mac is just is a ghost town and anything much Happening is getting aggressively sold often and bears are massively in control, so it is what is um if its something a nice stable, um amount, currently youre, probably not worried until it is what is for me. Ive started, like i said it on yesterdays video on previous videos. I have started to ladder into some altcoins, nothing too crazy, yet im not going overboard, im, not putting my entire net worth in im, just starting to trick a little amount into a market. I do know that it can go lower and, and every man in his dog is currently a genius and seems to think thats going down to 10 7 12. It may happen, it definitely may happen. I mean with whats going on across the globe with um economics. I mean the state of country.
Economics is a horrific macro outlook, yeah very, very bleak, but at some stage your market will relief bounce. This is not a relief bound so far. It is a little bit of a um, a lull in the battle id like to call it. I mean we may continue down. This is what exactly happened here. We had that little traded sideways for a while, and then we dropped to a downside and predominantly im. Guessing most people are expecting the same topic again chill out here for a bit and then were going to send it back down to to who knows, i mean 12, 13. 14. 15. um. I mean theres some levels down there. This is the big get you actually so its not too many levels, im actually monitored, but thats something about competing shopping. We do a very similar scenario to this. At some point, though, the market will get sucked the life out of shorts. Shots will build up aggressively that will only be one way to send them out up and that will liquidate all them shorts, whether thats now or in a few months time or whenever itll happen. It will happen at some stage and for now, um well just have to sit on his hands and start just uh methodically laddering in but in terms of analysis on bitcoin. Just go to this chart. Uh ive got some levels marked up below where ive got this region here, which is around 14k and then weve got that 85 drop.
If you um watch previous videos, ive mentioned that in previous cycles, bitcoin has dropped 85 percent from all time highs and if that did happen, youre looking at around the 10k bitcoin. Imagine if i did up and i would be throwing the kitchen sink at it, then um but lets wait and see so thats that, in terms of analysis of bitcoin, not much to talk about im not going to talk any buys or sales currently because were just Monitoring it to see what goes on and, unfortunately, with this state of vat um all coins are getting added. You can see bitcoins down three percent. It fails down four percent. I mean some old coins just getting that blade out ourselves down 11, but thats thats. Another coin im accumulating on the slow, but i say well talk about some news today and mainly i want to talk about free ac, which is free, arrows capital cryptohedron faces collapse after claims of a 650 million dollar default on loan to voyager bank. So about 650 million dollars that theyve defaulted on several things we can talk about on this aspect, also um. If we just read this section, 803hc um had been deeply invested in a number of troubled cryptocurrency projects: thats, not just troubled crypto thats, all of them. The vast majority of altcoins, between 80 and 95 down um and thats, not even in taking into consideration ontario, which went down about 99.9 percent, axiom finia a play touring game as well, which is another big um game fry asset that lost almost 700 million dollars to Due to a hack from north korea last year, so theres a lot of things going on 650 million dollars default thats.
The first thing also notice as well. If we just take a quick look at this, genesis faces hundreds of millions in losses and free ac exposure, swamps, crypto lenders, so genesis is in exchange in the us and that again, um theyve been talking about them. Losing funding genesis which own digital currency group. Also, the owner of coindesk issued a following statement, as we already stated on june 7, if we mitigated our losses with a large counterparty who failed to meet a margin, call on us, so thats, three ac, we sold clutter hedged. Our downside and moved on. Our business continues to operate normally and we are meeting all of our clients needs theres, not been anything from freehc um for a while. If we just take a look at um lets, see if we can find my twitter free hour of capital is so my level kit sues, um, whoops, uh twitter tells you see where we go so free arrows capital uh. This is his page here there you go thats. The last thing thats come from and were on the process of communicating with relevant parties, im fully committed to working this out june 15th. So youre talking two to three weeks ago now and nothing from them since makes you wonder whats going on doesnt it but thats the news, mainly that wants to cover 650 million dollar default and then weve got genesis, saying that theyve been margin called by vac. So its a crazy time for cryptocurrency theres been a lot going on.
Weve. Had the lunar crash when the collapse of ust and luna itself, which is kind of trying to come back to life, with luna, classic and ustc ustc gear, which is using um that classic version of a stable coin, i think thatll collapse too. To be honest, um platforms, like nexo weve, had a lot of food block. Five had a lot of fun. I think theyve been propped up by alameda too, or no sorry ftx, which is basically the same thing and yeah its a crazy time. But at some stage you will see some light at the end of a tunnel itll just take that piece of news of one single piece of news which may start to to pull us back to the upside. In my opinion, i still think crypto is about hedge against the traditional finance system, which its tough, really i mean you see, you want to buy crypto, but when you see a dollar balance dying off and youre thinking, ive done my right thing for me long term. Its still one of the best um counter counterpart is to your traditional fiat um model, which i think at some stage will be taking over whether thats, with bitcoin im kind of not sure i think bitcoin is just. I dont know its too slow and too clunky for me, something like i dont know. The reserve rights uh, even at l run network summarizes its a very capable network. Weve got not many people like it, i mean i dont hold it but xrp the um.
The capabilities of that network is second to none its pretty much on power with visa, so i think that technology can be used at some stage and and the era of digital finance is coming since covid most people. These days i mean how often do you have cash unless youre a contractor in the building trade, you just foreigners or whatever or its hard? I mean um to not get paid in cash in those type of roles, but for me personally, i rarely see cash now when, if youre working in office, if youve got that type of job, where you get money paid into your bank and you use your phone Dont you contactless payments for everything and eventually that we are using now um contactless payments, which is still backed by gold. I think at some stage we will be backed by a digital asset who knows for underlying us. It could be bitcoin at some time, but i think were still a long way from it and and seeing the state of the market. Now whats happened um over the last six months. It does put a little bit of a fear of people, but this has happened. Multiple times before, probably not weve, probably not had this macro um weight on his shoulder. As we have now, i mean watching the the nasdaq and the s p 500 swing in the same way as bitcoin is a little bit counter intuitive, but for now we just have to take it for what is, but again some thoughts on me on the market.
Today, a little bit of analysis on bitcoin but analysis is it looks basically that is the analysis. We need to bounce on this level here and around 9 300 or we are going to revisit 1700 and if we dont bounce on that, then you look at 14 to 15k, but for now lets just keep his eyes on it. Try not to get his heads in too much of a chat im not being usually what i do is a bitcoin video in the morning and then some price analysis, if youre doing an altcoin in the afternoon, but theres not much point.