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Succeeding the recent crypto market plunge, another big crash for cryptos is reported to happen soon in the upcoming days. Despite this, one of the reasons for the last market dip was the Terra-LUNA coin’s huge fall from the cliff. But at this time, the predicted bearish cycle might see some crypto networks counted for the market down. Namely, Celsius Network, Binance, and Tether USDT are under prediction.
In detail, there were speculations that Celsius Network was overexposed to Terra LUNA and UST. However, Alex Mashinsky, founder and CEO of Celsius, opposed the rumors and took to Twitter: “At Celsius network, we have stated several times publicly that we had minimal exposure to $LUNA and $UST.” He also asked to trust the network’s Twitter posts, instead of rumors.
At @CelsiusNetwork we have stated several times publicly that we had minimal exposure to $Luna and $UST
— Alex Mashinsky (@Mashinsky) May 19, 2022
I understand people who are trying to sell you competing services are spreading these rumors but you have to trust our @Twitter posts.
Significantly, Celsius’ exposure to Terra is not only the expected reason for its predicted downfall, but it includes a “suspected transaction,” as reported by YouTube Channel Chico Crypto. Celsius Network Wallet 5, a crypto wallet on Celsius, executed 560,000 transactions with a ton of volume. Also, it is suspicious that there are certain transactions of Ether sent to random wallets. Celsius Network Wallet 5 alone has processed more than 700 Ethereum, which is worth over $1.4 million.
Moreso, the YouTube channel reports say that there is peel chaining, a kind of money laundering on Celsius Network.
Meanwhile, Tether USDT is another blockchain network that is predicted to trigger the crypto crash. Earlier, the US Department of Justice probed Tether for bank fraud. Importantly, the federal prosecutors have been keeping eyes on Tether since 2018.
Finally, Binance is also probed by the justice department, saying that the firm has disclosed its partnership with two trading companies, a kind of insider trading.
In short, crypto analysts are predicting these three crypto networks to be the triggers of the forthcoming crypto downswing.
As of now, the global crypto market cap is $1.20 trillion, with a 1.85% decrease over the last day. More into it, Bitcoin trades at $28,871, a dip of 1.05% and Ethereum is at $1,767, with a 3.8% dip in the past 24 hours. Bitcoin is trading 60% down from its all-time high. For the past seven months, the coin has been sliding, reaching worse price values.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.