Mr. Magkaisa (OP)
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June 22, 2022, 01:13:40 PM Last edit: June 22, 2022, 01:40:05 PM by Mr. Magkaisa Merited by BitcoinPanther (1) |
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On this topic we will talk a lot, first why did the crypto market collapse? what are the factors here? and let's also talk about the topic of Do Kwon terra luna issue in binance. And what was also the problem with celcius crypto lending? those are the things we will discuss one by one. Do Kwon of Terra Luna So far, LUNA does not seem to be in a good position, especially since there are reports of some investigations saying that the founder, Do Kwon, cashed out a lot of money even before the big drop in its price in the market. Around 80M $ in 33 months and in total of 2.7B $ and according to Do Kwon it is not true and he did not get such a large amount, besides that he is also under investigation in Korea even in the U.S. SEC, and another problem is the dissolution of Terra form branch branches in Korea before the cash out happens, supposedly an exit scam allegedly. But according to Do Kwon, it was just a coincidence and it had been planned for a long time. And they are now relocated to Singapore. And it also seems that Do Kwon's plan for the revival plan in LUNA did not succeed. Because it still does not return to its previous value. If we look, there are so many problems in space. And another of these is the problem of Celsius Network users, and this is that they prevent customer withdrawals and transfers to stabilize liquidity in the network. They did this since many users withdrew their crypto because of the situation that crypto is collapsing and also because of other markets. And because of this, their native token CEL dropped quickly by 50%, and because of its rapid collapse, many also played here and that FOMO for a while and pumped for a while, But it is also undeniable that the factor is also big its the collapse of the crypto market because many users are unable to release their assets. These 10B worth of customer crypto assets in this company could go into bankruptcy because of the action they took. Now for those of you who don't understand the Celsius Network what has been its big impact on what's happening now, It's like a bank where you can put your crypto assets and you can lock them in, and eventually, it will grow, same with a traditional bank which always has a higher interest here in celsius. And at some point with a high APY versus its competitors, it’s a way for investors to be safe possibly just by holding their crypto assets here in celsius. But right now we can't say it's safe because it's not accessible because users can't release their crypto assets. And the collapse of space also had a big impact on the Celsius Network. Although celsius guarantees high rates for stablecoins like UST. So when it crashed (LUNA) and also affected Celsius. and also one of the falls in celsius is due to LIDO finance. Cashing out 2.7B$ from LUNARefference: https://cointelegraph.com/news/do-kwon-dismisses-allegation-of-cashing-out-2-7b-from-terra-luna-ustLuna Investigation under South KoreaReferrence: https://www.fool.com/the-ascent/cryptocurrency/articles/south-korea-launches-investigation-into-lunas-parent-company/Terra Luna Investigation under by U.S at SECReferrence: https://www.benzinga.com/markets/cryptocurrency/22/05/27155124/sec-is-already-investigating-terras-stablecoin-ust-reportOne of the reason of crashing Celsius Network is Lido FinanceReferrence: https://www.theblock.co/post/148642/lido-finance-refuses-to-support-terras-new-blockchain Will there be still a chance now for the users to recover their losses after what happened to this bad circumstances in LUNA or in the collapses of the cryptocurrency in the market?
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BitcoinPanther
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June 22, 2022, 01:37:56 PM |
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Will there be still a chance now for the users to recover their losses after what happened to this bad circumstances in LUNA or in the collapses of the cryptocurrency in the market?
I do not think that there will be any chance to recover their losses on this two projects. Luna is already doomed. It losses its investors trust and the founder is on verge of getting jailed. While Celsius, have incompetend financial managers, I am afraid to say that it will take a very long time before the holder of this projects recover their losses but that is in a condition that Celsius developers find a capable financial manager that can lead the project to financial recovery. That being said, I don't think that this two is the reason why cryptocurrency is crashing . The market is already in bear trend, so cryptocurrency prices going down is a normal thing or maybe this event make things worst. instead of worrying this kind of things, I believe we should put our effort on researching which project can give us the most profit when the crypto market transitioned to Bull trend.
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Morningstarr
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June 22, 2022, 02:07:08 PM |
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The bitcoin began to fall due to the diversion that was built at the top, but unfortunately, there was an uproar in Kazakhstan and due to prolonged power outages, the bitcoin could not maintain its support because the country is a major source of mining. At the same time, there were reports of a ban on bitcoins from China, but the war between Russia and Ukraine has exacerbated the falling price of bitcoins. These are all things related to the economy, not a conspiracy.
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hugeblack
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June 22, 2022, 03:42:36 PM |
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We cannot say that the recent collapse was caused by Luna’s problem only, but rather the market was saturated with liquidity and the investors’ need for that liquidity, so they seemed to withdraw it in a crazy way, especially since a lot of this money was pumped at lower price levels than today, and therefore all of them are profits despite the small value of these profits.
In short Luna makes bad things worst.
Celsius will not be the last, as some companies and platforms will start to realize some losses, which means that it is time to withdraw your money from them.
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Lagduf
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June 22, 2022, 03:48:40 PM |
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Despite those news and there might be another reason like so many whales were also taking so many loans from the various defi platforms and these are bringing so many defi into the critical situation where it has no liquidity as the liquidity and then this is putting so many defi users have no chance other than getting locked by the developers of defi. Celcius has been giving a lot of less and recently solend and various defi platforms have been facing the same problem too
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RussianEnglishTranslation
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June 22, 2022, 05:23:03 PM |
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I think BTC crashed due to market manipulation. The only thing I can do as a shrimp is to watch out for whale splashes and accumulate when they dump the market, like they have right now. I'm currently buying more ENJ and ICP and I plan on buying more HBAR if it falls below .05.
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dlightag
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June 22, 2022, 08:13:02 PM |
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Actually Luna coin we recover it value, just a matter of time, which can take three to four years from now and nothing is impossible in cryptocurrency market, the team and developer has to burn a certain number of Luna coins for a quick recovery. Therefore Luna coin is in a good position to buy.
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EmmaGod
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June 22, 2022, 08:28:04 PM |
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It's rather unfortunate that despite everything, nothing can be done about the losses that aroused as a result of the dubious impact of Luna. It's obvious that they're on investigations, but the issue may persist for a very long time and it's majorly an avenue for government to benefit from the issue.
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Desmong
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June 22, 2022, 10:22:55 PM |
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Whether the crypto market goes up or down it is normal for price to go and down and the crypto market is trying to establish that. The market can not always go bullish forever, it had to retrace and create a downward trend too. That is the law of price action. The market must balance itself to market sure that everything is in equilibrium to avoid too much bull or too much bear. The market will so go up back soon.
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poodle63
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June 22, 2022, 10:39:16 PM |
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Luna crash is definitely the main reason that triggered the massive correction that we just have right now. At the moment of disaster, so many altcoins actually just gets a massive correction and this results in more than 50% loss of value instantly. This happened in the middle of the bearish market where bitcoin and most of the altcoins that gots affected also already incurred massive value downtrend. Actually Luna coin we recover it value, just a matter of time, which can take three to four years from now and nothing is impossible in cryptocurrency market, the team and developer has to burn a certain number of Luna coins for a quick recovery. Therefore Luna coin is in a good position to buy.
Luna foundation already running out of their reserve I doubt they could ever do something meaningful without the money, the fork is like their last effort.
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X-ray
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June 23, 2022, 03:40:37 AM |
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LUNA was not the main reason why cryptocurrency is crashing but bitcoin does it. I meant if luna was making the situation even worst as so many people were taking short rather try to long the market. This means if the short will create panic sell that will be also pressing whole of crypto to go down to the dip. The bearish trend has been occuring since last year and i think that if those were not the correct reason to trigger the bearish trend. So far bitcoin is the thing that was creating bearish trend
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mindrust
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June 23, 2022, 03:49:38 AM |
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Interest rates go up, assets goes down. Every other excuse is just noise. Of course terra luna, sec etc are affecting the prices too but not as much as the rising interest rates. Cheap money is no more and till it comes back, bitcoin won’t go up or make a new ATH. Don’t worry though, Powell will eventually have to lower the rates because otherwise the dollar will become too strong against everything.
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bittraffic
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June 23, 2022, 03:59:04 AM |
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LUNA was not the main reason why cryptocurrency is crashing but bitcoin does it. I meant if luna was making the situation even worst as so many people were taking short rather try to long the market. This means if the short will create panic sell that will be also pressing whole of crypto to go down to the dip. The bearish trend has been occuring since last year and i think that if those were not the correct reason to trigger the bearish trend. So far bitcoin is the thing that was creating bearish trend
The bull run was over and the bear cycle started and LUNA crash adds the pressure to sell. And there are several other issues that sounds like fud which always comes up every time there is a bear market. The prices dive bit lower. Its more of a manipulation when it happens every time which articles come out like energy efficiency and then there is also regulations discussion by law makers.
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Tony116
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June 23, 2022, 04:04:54 AM |
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Will there be still a chance now for the users to recover their losses after what happened to this bad circumstances in LUNA or in the collapses of the cryptocurrency in the market?
In terms of investment, users cannot recover losses with these two projects, Luna is truly dead, and there's no way for Luna to gain investor confidence. Legally, even if Dokwon and his teammates were found guilty and jailed, there would be no way for investors to recover their money. Governments always warn that investing in cryptocurrencies is very risky and we take full responsibility for participating and there will be no legal authority to protect us. Dokwon may have its assets confiscated, but it will be put into the national treasury instead of being returned to investors.
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South Park
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June 23, 2022, 06:00:23 AM |
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Actually Luna coin we recover it value, just a matter of time, which can take three to four years from now and nothing is impossible in cryptocurrency market, the team and developer has to burn a certain number of Luna coins for a quick recovery. Therefore Luna coin is in a good position to buy.
I will have to disagree with you here, it is only a matter of time for luna to disappear completely, you need to understand this is a matter of trust, no one which has watched the debacle of luna will want to invest in anything which has anything to do with it regardless of the promises of the developers, this means those people which are still holding their luna have become bagholders which will never recover any money they invested in the project, and while I am sorry for them it is time they face the reality and accept the facts.
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MadeMen
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June 23, 2022, 06:20:34 AM |
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There's is no doubt that these projects issues contributed significantly to the falling prices as the billions that were carted out affected the coin market cap and its multiplier effect coupled with the fear that is imminent on the market. One bad news has impact on the emotion of both those affected and Infact the market in general.
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inanilujimi
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June 23, 2022, 06:44:22 AM |
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There's is no doubt that these projects issues contributed significantly to the falling prices as the billions that were carted out affected the coin market cap and its multiplier effect coupled with the fear that is imminent on the market. One bad news has impact on the emotion of both those affected and Infact the market in general.
You're right, man, because crypto markets are actually connected to each other, even though it's time for the market to be corrected, but I never thought it could fall this far. but I believe sooner or later the market will recover even though the bad news continues to add up every day.
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tjtonmoy
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June 23, 2022, 07:09:05 AM |
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Actually Luna coin we recover it value, just a matter of time, which can take three to four years from now and nothing is impossible in cryptocurrency market, the team and developer has to burn a certain number of Luna coins for a quick recovery. Therefore Luna coin is in a good position to buy.
I don't think that will be the situation here. It's about trust. They have failed to maintain that. People will never go back to that scam again. What's done is done, and it has made a huge impact in the investor's mind. So leave the past and move on.
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yurez
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June 23, 2022, 07:10:25 AM |
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In short Luna makes bad things worst.
Yes, the problems started much earlier and Luna only intensified the fall of the crypto market. Investors lost their appetite for risk due to high inflation in the US and rising food prices. The crypto-currency market follows the American stock market and positive news is not expected there yet. The situation on the market is critical and most likely it is not the bottom yet.
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gunhell16
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June 23, 2022, 07:38:33 AM |
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Actually Luna coin we recover it value, just a matter of time, which can take three to four years from now and nothing is impossible in cryptocurrency market, the team and developer has to burn a certain number of Luna coins for a quick recovery. Therefore Luna coin is in a good position to buy.
I don't think that will be the situation here. It's about trust. They have failed to maintain that. People will never go back to that scam again. What's done is done, and it has made a huge impact in the investor's mind. So leave the past and move on. You're right to that matter dude, But We can't blame others who had already loss their profit in it. And I agreed also that the truet they've build before will be hard to gain it again. But if the Do Kwon will change again the total supply from Trillions of Luna coin or LUNC possible there is a chance anyhow to recover again the trust of their investors to invest again to their own native token once more, but if not, for sure LUNA will be a dead coin in the future I guess.
Will there be still a chance now for the users to recover their losses after what happened to this bad circumstances in LUNA or in the collapses of the cryptocurrency in the market?
In terms of investment, users cannot recover losses with these two projects, Luna is truly dead, and there's no way for Luna to gain investor confidence. Legally, even if Dokwon and his teammates were found guilty and jailed, there would be no way for investors to recover their money. Governments always warn that investing in cryptocurrencies is very risky and we take full responsibility for participating and there will be no legal authority to protect us. Dokwon may have its assets confiscated, but it will be put into the national treasury instead of being returned to investors. If that happened the luna's community investors and Do Kwon are both losser, though Do kwon will face the consequences of what He had done just recently and their users or investors crypto assets can't able to go back again to their own wallet, but justice has come to them something like that.
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