The Crypto Collapse Just Got Worse | BEWARE
This is a string of bankruptcies. We have seen in the crypto market first, it was three hours capital. Now it is voyager digital, and these are no means. Small companies and were gon na continue to see struggles among crypto lenders and crypto brokerages. So the other day, voyager digital filed for chapter 11 bankruptcy – and they said that right now they have about 1.3 billion dollars worth of crypto on their platform, 110 million dollars in cash and the 350 million dollars it holds in an fbo for benefit of account for Customers, in addition to this, they said that they have 650 million dollars that three arrows capital owes them. So many of the reasons why we are seeing a lot of trouble in the crypto space is that many of these crypto companies are connected. Some of these hedge funds invest into lending platforms and then, if they get in trouble and they go bankrupt, well then voyager digital, for example, wont get their money back, and that is exactly what were seeing happen here. Three arrows capital had 650 million dollars that it had borrowed uh in voyager digital and because three hours capital went bankrupt. Well, now, theyre not going to be able to pay back thats 650 million dollars. So now voyager digital is in trouble, and this is going to continue to happen in the crypto space over the coming weeks and months, as were continuing to see more customers, withdraw their funds from crypto lending platforms and were seeing with all the interconnection that they have.
That theyre, just like a domino effect, one falling and collapsing and having a bankrupt, is impacting another. I want to quickly interrupt todays video to bring you a word from our channel partner. Fair desk. Fair desk is one of our longest term sponsors on the channel and they are a cryptocurrency exchange that offers up to 125 x leverage. This is the platform where i have currently been doing a lot of my leveraged trading as of recently, because they have a very simple and easy to use platform that really provides investors with access to the global crypto markets. Some of the features that i personally enjoy and use the most on fair desk are three things. First, is that they have a simple mobile app with great charting features. If you like technical analysis, the second is that they also offer leveraged trading on dozens of the top trading cryptocurrencies, and the third is that they have easy access to short or long any of your favorite cryptos. If you sign up for fairtest today using the link in the description, you can get up to a 600 bonus when you deposit, 100 or more so, if youre interested in trading crypto, specifically with leverage, i definitely think you should check out fair desk. Remember. Leverage trading is high risk high reward, but i think this platform is definitely worth checking out. Anyways lets get back to the program, so the big question right now is that people are concerned that bitcoin is going to continue to fall.
Could bitcoin go to zero? How low is this going to go because of everything happening with these massive institutions, lenders and hedge funds, and really the answer to that? Is that were not going to see bitcoin go to zero because, ultimately, were continuing to see bitcoin whale accounts accumulating were looking at the data right now, and things are actually looking pretty decent were seeing that holders are continuing to accumulate bitcoin at a very steady rate. Wales have been stacking bitcoin over the last couple of months. We saw that last month, 140 000 bitcoin were stacked added to positions by whale accounts that is wallets with over 1 000. bitcoin and right now, wales own over 8.69 million bitcoin. So about almost 50 of the total active supply total circulating supply of bitcoin. In addition, this were not only seeing whale accounts, but were also seeing that shrimps accounts with less than one bitcoin have been increasing at a faster rate, how much bitcoin theyre holding than we have ever seen before. We are seeing small players – small retail investors, buying more bitcoin than they ever have really since march of 2020, when we saw that massive dip in the market during the whole pandemic and that whole entire crisis. This is the only time that we have seen accounts with less than one bitcoin buying, as much as they are right now so were seeing is that shrimps have been adding about 36 to 37 000 bitcoin per month, and this is because were seeing a lot of Small investors, retail investors, taking this time as an opportunity to pay potentially accumulate one whole bitcoin, because the goal for many people is to be able to own one bitcoin at some point in time and with prices significantly lower things.
Discounted 50, 60, 70 even 80. From all time highs, a lot of these retail investors are taking advantage of that and thats. Why i dont think bitcoin is going to drop very much more from where it currently is next thing that i want to talk about is also going to be with. These will uh these less than one bitcoin accounts, so called shrimp accounts. What were seeing is that these accounts have reached an all time high. These wallets are now at 873, 000 um wallets that own less than that own, more than one bitcoin so were seeing. Is that people who own less than one bitcoin have been buying and buying and buying over the last couple of months when prices are down and now were seeing that new people are entering the market? People who own less than one bitcoin are just doubling down. Adding more – and this is another good sign for the market that were seeing more and more people owning one bitcoin, just meaning that more people are heavily invested into bitcoin, more people believe in it long term and were seeing this by the sheer numbers. Um of wallet addresses that own more than one bitcoin. Now i want to quickly talk about whats been going on with cardano, because a lot of exciting stuff has happened. So cardano was crowned junes most developed project across the entire crypto market. We have seen that cardano is leading up to its vaso hard fork at the end of july 2022 and were seeing that on chain.
Statistics show that cardinal had 13 000 three github comments in june, basically meaning that developers are actively building on cardanos ecosystem. More than any other blockchain out there, so this is a very promising sign for cardano, as were seeing, the market fall were seeing. A lot of chaos going on were still seeing. Developers double down and building on cardano and its not just with wallet addresses its. Not just with github comments and developer activity were also seeing that every single statistic really for cardano has increased were seeing. The number of wallets for the month of june increased by almost 2 percent to 3.42 million delegated wallets increased by 0.7 to 1.17 million were seeing transactions increase 5.44, which is one of the most important statistics because were seeing that people are actually using cardanos, blockchain and All of these different statistics are showing us that, regardless of market conditions, cardano is seeing an actual use. We see people develop on it and it has more real world utility than other projects out there, which has been one of the main goals of charles hoskinson over the last couple of years. He says they dont have to be the first to get something done, but they want to make sure they do it right. They want to make sure that developers are continuing to build on it. They want to make sure the ecosystem is continuing to be fueled. Continuing to grow, despite whats, going on all around with the market last couple things i want to go over is going to be with binance and institutions, because there is some other good news.
Binance has officially eliminated some bitcoin trading fees for 13 of its bitcoin trading pairs. So now, if you want to trade, busd um to bitcoin usdt, to bitcoin usdc to bitcoin and a number of other stable coins, they have completely eliminated trading fees, and this is because they said theyre always striving to provide the most competitive fees in the industry and With binance being the largest cryptocurrency exchange by far, this is something that we like to see. We like to see continued innovation, continued growth and not just stagnation. We like to see that the biggest the best exchanges are continuing to make improvements, and now is the time to be doing so, because we are seeing that a lot of people are still wanting to buy bitcoin, especially smaller accounts during this market downturn. So seeing them reduce trading fees, slash them all together for a number of trading pairs. That is something pretty exciting, and last thing i want to go over is going to be with merchants. A new study just came out that showed 85 percent of merchants see crypto payments as a way to reach new customers. So this was a study done by payments and bitpay who studied um businesses with annual income of over 1 billion dollars. So theyre looking at pretty large businesses and they said that 85 of these businesses are currently adopting crypto payments to find and gain new customers, and they also said all these businesses said that 82 82 of these businesses said that um they are using crypto and they, Like crypto, because of the elimination of middlemen and because of lower transaction fees, so regardless of what is going on, the market were seeing that the technology is benefiting businesses.