What Made Crypto To Crash, Celsius, LUNA and other reasons !!

Hello, Well you've come to find out what caused the crypto crash? I Have compiled a list of explanations for the crash, and some suggestions for minimizing the latest cryptocurrency damage. Let’s dive in.

This week has been a difficult week for cryptocurrency traders, so let's take a look at some of the more fascinating subjects and headlines from the week:

• Crash in the cryptocurrency market.

• Celsius

• Suggestions on how to be stable in this bearish trend.

What is the reason for the crypto market to collapse?

This would be the cryptocurrency industry's second major collapse in less than a few months. Considering the prevailing strong negative perception, a recovery is doubtful. 

The crypto market's sell-off intensified on Tuesday, with Bitcoin and Ether hitting fresh 18-month lows.

Altcoin prices are 72% down from their all-time high, according to the leading cryptocurrency indicator.

The founder of Dogecoin jokingly said that it will take 4 years to recover from the bear market.

Let us look at the reasons, what caused the crypto market to crash? Is there any hope for buyers!

• The stETH cryptocurrency is no longer linked to Ether. According to CoinMarketCap statistics, stETH is currently trading at $1,037, while Ether is selling at $1098.  Positions that borrowed Ether using stETH are being liquidated following the de peg of stETH. 

The above occurrence has triggered frantic fleeing in the crypto market, notably Ethereum.

• Celsius Network, one of the best cryptocurrency financing services, has halted withdrawals faced with unexpected marketplace dynamics, while Binance, a prominent cryptocurrency exchange, momentarily halted Bitcoin withdrawals on Monday, claiming technical concerns.

Over the last week, many crypto companies, including BlockFi, Crypto.com, Gemini, and Coinbase, reportedly declared terminations or recruitment bans.

• Luna's crash in May 2022 can be another reason for FUD in the market, where LUNA crashed from its all time high of $120 to almost nothing (99%).

For more information on LUNA and LUNC check out my latest article - Quick Updates

What is Celsius? Why did Celsius pause all crypto withdrawals?

Celsius is a cryptocurrency lending platform that allows users to take out loans against their coins or deposit and earn interest as the platform lends their coins to other users.

It functions similarly to a bank, except instead of cash, it uses cryptocurrency.

According to a Financial Times story, on May 17, the value of assets stored with Celsius was less than $12 billion, compared to almost $24 billion in December 2021.

But Why did Celsius pause all crypto withdrawals?

On the 13th of June 2022 Celsius announced:

"Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations."

Aside from the dangers connected with cryptocurrency market fluctuation, using a network like Celsius requires crypto owners to surrender custody of their assets to the service.

How can you be stable or earn in this bear market?

Many investors are unsure what to do during a bear market. As previously said, the bear market is down 72 %, and many investors have lost millions of dollars.

Here are some tips to keep your profits consistent throughout this negative phase.

• Hold -Yes you heard it right, the key factor where the majority of investors are stable on their income is because of the holding of Cryptocurrencies which is also dubbed as staking.

Since 2010, this has increased the possibility of regaining your losses if you are patient and if you don't panic at the time of bear market.

• Participate in ICOs - Smart investors will not miss a chance to join a promising ICO. Traders realized that purchasing coins and tokens at extremely cheap rates in crowdsales may make them extremely wealthy in the future. 

How about entering the trending markets like Move to Earn and Web3 Play to Earn?

1. Move to Earn ICOs: Basically said, Move to Make is a method via which users may earn money by moving. The game uses Sensor technologies and GPS on the phone to track the movements and reward users.

The examples of Move to earn where you can join the presale are: MetaBlaze (MBLZ), and Entice Coin (NTIC).

2. Web3 Play to Earn ICOs: Individuals can earn cryptocurrencies while playing the game. This is a trending model which is taking the Web 3 industry by storm. 

I did not get any interesting P2E projects, however, GameInfinity is one that deserves to be included. The presale is now open, with 1 GAMEIN equaling $ 0.0027 and a listing price being $ 0.015. You can join the presale from here-

• Buy the Dip: Before you go and buy a dip ask yourself if you have enough cash if this trick goes wrong?. Buying the dip is a good approach, but it's a lot simpler when the market is rising.

A "buy the dip" approach, as it was last year, has paid off handsomely for investors: As after the epidemic in March 2022, the cryptocurrency market was bullish and returned 114% profit to its investors till Jan 2021.

Final Thoughts:

In the year 2022, the cryptocurrency bloodbath has wiped out millions. Turbulence and cryptocurrencies, to really be certain, go together. The sharp drop in crypto assets in 2022, on the other hand, has many people questioning if crypto is gone. Will cryptocurrency survive and rise again? What are your thoughts on this!