CRAZINESS OVER THE WEEKEND
Bitcoin hits rock bottom (?), Celsius’ haters, and Musk going to the court
Coo! It’s Crypto Owl, the one who brings you the extra quality crypto news everyday and let’s take a look at what happened throughout the weekend, shall we?
For Today’s Menu:
⏳ Estimated reading time: 3 minutes & 18 seconds
🫒 SPANISH TAPAS:
Bitcoin drops lower than the ground
More spicy news about Celsius story
Is Elon Musk in trouble?
🍇 JUICY BERRIES: Top 6 Crypto News around the web
BITCOIN DROPS LOWER THAN THE GROUND
Okay, so there is no secret that crypto is bouncing on the trampoline. Up and down… up and down. But this time Bitcoin slipped, fell on the ground, hit its head, and started to cry. Bitcoin also was holding Ether’s hand and dragged it down together.
What am I talking about?
Well, this Saturday, Bitcoin reached ~ $17,700, and Ether ~$890. That’s.. Just sad. Painful. A horror movie for many who were trading on risky margins.
But! Good news is that both cryptocurrencies are feeling better now (20th of June): Bitcoin’s price is ~$20,580 and Ether’s - around $1,120.
What happened?
Nothing new, actually: super high inflation, 75 bps hike from the FED, all this Celsius situation, and so on… This is a particularly dark year (so far) for all crypto believers out there.
But could this drastic drop be a sign of slow crypto death ahead of us? Some say that it is, but as always there are two camps here and there are many people who still remain hopeful and believe in a much brighter crypto future (there are people who are actually betting that Bitcoin would reach $100k in a year or even $1M in 10 years). Fingers crossed!
Also, this situation now seems like a textbook dead cat bounce we can all learn from. Last week (16th of June) the crypto market showed tiny signs of recovery (and we were all super excited about that) as Bitcoin jumped back to almost $23k. However, naturally there were also people who remained skeptical given that we’re still in the early bear market territory. And this sudden crash just proved that we are not out of the woods yet.
MORE DETAILS ON THE CELSIUS STORY
As days go by, more and more spicy details reach us about Celsius and what has actually been going on. I know, this whole story is already quite twisted, but it's not everyday we come across such intricate drama, so lets see it through together!
What happened this time?
There is a guy named Cory Klippsten. He is founder and CEO of Swan Bitcoin - platform that helps automate Bitcoin buying + it also works as a savings account.
I know, there are always two sides to every story, but from what I found, it doesn't look like Cory was a big fan of Celsius. In fact, in the last 30 days alone, Celsius got hundreds of negative tweets. And one of those negative tweeters was Cory, of course.
Why is it relevant? Well, about a month before Celsius started to crash, Cory tweeted that he “heard Celsius could be in huge trouble”. Later, he started to encourage people to withdraw their funds from Celsius. And even went so far to promise one year memberships in Swan Bitcoin for anyone who listened to him. Quite a gorilla marketing campaign, I would say.
So he has clearly tried to steal (or should I say, to save?) Celsius users.
Cory Klipstein even collaborated with Mike Alfred, co-founder and CEO of Digital Assets Data. Both men spread a lot of extremely angry tweets about Celsius. I’ll just show.
Or this one:
And there was so much more…
But I feel like you got the point. Of course it is not clear how effective these tweets were, but as I’ve checked Cory’s and Mike’s Twitter profiles, there were quite a number of people who were agreeing with them. Haters gonna hate, right?
All of this keeps me wondering - was it a legitimate alarm by Cory or was it a coordinated move that went alongside Alameda (FTX) playbook? What do you think?
IS ELON MUSK IN TROUBLE?
In 2020, Elon Musk tweeted: “One word: DOGE” and it caused the meme coin’s price to skyrocket almost to the moon. More tweets were appearing from time to time, so it really made people believe in Dogecoin, because, well, Elon Musk himself promoted it.
But now, as a full story is playing out, Dogecoin actually caused Elon Musk to get sued. To be more precise, to get a $258B lawsuit. Ouch. (though for Elon maybe not so much...)
So who did this to Elon?
Suit was filed by Keith Johnson, Dogecoin investor. Allegation is for Musk running a pyramid scheme through the Dogecoin cryptocurrency. According to Johnson, Musk used his wealth as CEO of Tesla and SpaceX to promote Dogecoin to raise its price, before letting it drop drastically (from $0.74, which was the highest point, to $0.06).
“The fall” Johnson is talking about, started when, back in May 2021 Musk hosted Saturday Night Live as a “cryptocurrency expert”. That time Musk couldn't explain what the Dogecoin is, and lastly agreed with the host that the whole thing is a “hustle”. This made the Dogecoin price crash. Keith wasn’t happy, he was fuming!
Nonetheless, after the accusations, on Sunday (19th of June), Elon tweeted that he will “keep supporting Dogecoin”.
Hmmm, this “love-hate” situation is kinda weird. But, I guess, let it be. Just be careful with investing in meme coins as their value seems to be affected so easily even by a simple tweet.
JUICY BERRIES
LAVA CAKE
💜Did you like this article?💜
With your feedback, we can improve the newsletter. Click on a link to vote:
Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your own research and act responsibly with your profits.