Luna and UST next? Crypto market is now preparing for another earthquake after Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Avalanche and Polkadot Price Crash

Bitcoin, Ethereum and crypto prices have been left reeling from the collapse of the TerraUSD (UST) stablecoin and its backer Luna this week – although Luna shocked some by organizing a sudden rally.

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Bitcoin price is down 25% over the past month, dragging down other major cryptocurrencies including ethereum, BNB, XRP XRP, solana, cardano, avalanche and polkadot, with concerns about “shock treatment” from The Federal Reserve that throws its weight on the cryptocurrency and stock markets.

Now, traders are anxiously watching the price of cryptocurrency lender Celsius cryptocurrency, which has collapsed nearly 70% over the past month as panicked sellers dump the coin – forcing Celsius CEO Alex Mashinsky to reassure the market.

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Bitcoin, Ethereum and cryptocurrency prices have taken a huge hit in recent weeks, putting those… [+] Providing crypto-related services under pressure.

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Mashinsky wrote on Twitter in response to rumors that Celsisus, which allows investors to earn interest on their crypto holdings as well as use them as collateral for loans, “is all safe.” “Despite the extreme volatility in the market, Percentage has not incurred any major losses and all funds are safe.”

Celsius revealed in its weekly transparency report that it recorded outflows of $1.1 billion between May 6 and May 12, which Mashinsky described in his Friday photo report as a “difficult week” in which “the percentage point took a big hit.” But Mashinsky told viewers that “anyone who wanted to withdraw money was able to do it.”

Earlier, Mashinsky defended cel in a YouTube interview with InvestAnswers. “[Cel’’s] not connected [to the business]“We don’t protect the descendant’s token,” Mashinsky said, “he has his own life.” If too many people appear to sell and not enough people appear to buy, the sale price will fall. In the recent pullback, cel has almost behaved as a stable currency despite the downturn, but that just means there aren’t enough buyers for sellers.”

In the past year, with the collapse of the broader bitcoin and cryptocurrency market after China expelled miners and traders, the torrent price has remained stable.

Explaining the “unique self-correcting mechanism” of cel, Mashinsky explained how Celsius supports the cryptocurrency by buying more of it each week to meet demand.

“Our flywheel is more users bringing in more assets, which means more revenue, which means we have to buy more cell. So when we earn that revenue on bitcoin, ethereum, etc., and these people choose to earn and sell, [Celsius] You should buy more cel tokens”.

This week, blockchain analysis by The Block revealed that Celsius has invested $500 million in Terra’s high-throughput protocol Anchor in recent months, and was able to pull it off before the complete collapse of Luna, UST, and the terra ecosystem.

Meanwhile, the Financial Times reported that Celsius cut its USDT borrowings ahead of recent market volatility, halving it to 500 million in recent months, citing an anonymous source.

Tether USDT, by far the largest stablecoin that is generally seen as the grease that keeps the crypto market turning, faced heavy scrutiny last week as it struggled to maintain its peg to the US dollar.

Tether’s circulating supply has fallen to around $75 billion, down from $83 billion earlier this week according to CoinMarketCap data, indicating that the company was hit by about $8 billion in redemptions over the course of the week.

The recent volatility of bitcoin and cryptocurrency prices has been blamed on the Federal Reserve’s aggressive rate hike program in an effort to bring down runaway inflation – with market analysts expecting more pain for both stocks and cryptocurrencies.

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The Celsius coin has collapsed almost 90% since this time last year, and it’s down a lot… [+] Harder than the price of Bitcoin, Ethereum and other major cryptocurrencies.

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“The cryptocurrency market is a small market,” Mashinsky said, speaking on InvestAnswers YouTube channel. “It’s basically tied to the stock market…the stock market is tied to the Fed and whatever the Fed does, the stock market is going to react in a positive or negative way.”

Mashinsky warned that high inflation, which has been driving the Fed in recent months, along with the Cboe Volatility Index, or VIX, are the “first dominos,” indicating market volatility.

“I have no idea if [bitcoin] The price will go up or down, Cory Klepsten, CEO of bitcoin buying app Swan Bitcoin, said in a Telegram message.

“Bitcoin looks cheap to me at these levels, but it is always cheap to me. Overall, the high volatility is great for exchange volumes, including Swan. We have seen high buying levels, three to four times higher than normal, since it began The collapse of Luna LUNA and UST a week ago.”

Mashinsky and Celsius did not respond to a request for comment when contacted.

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