Probably unfortunately
Who said earlier in the thread or the other one 500 for ETH? Looking very likely
The rates on defi apps are crazy. 50% for usdt and 30% for usdc these are very risky for that apr right now, even if they are high these are apr rates. Could be a short happening on these and borrowing is based on a depegging. You wouldn’t want to have serious money locked in these borrowing/liquidity pools.
Last chance to buy at 17k
There have to be a good number of large investment funds in serious bother given the current prices, there's a bit of a snowball effect taking place for sure. There's going to be a lot more downward momentum with margin calls being made and funds cutting their losses. Wouldn't rule out a fall well below $10k.
I'll be holding out from buying more for a while yet.
To be fair, I wouldn't attribute that to only their bitcoin losses. To me, I'd think that their bitcoin debacle would be more worrying in terms of being an indicator that there are fu$king eejits running the show there.
The outstanding duration of that bond is probably 15 or 16 years. So the shift in the curve over the last year or so will have accounted for a chunk of that fall. Obviously there has also been a massive jump in credit spread. There was obviously a fair spread there anyway at issuance with that coupon. They are dollarised as well so they don't have as much room for manoeuver.............but the dollar gives them some chance at stability.
How will it affect ye crypto gurus? Only you can answer that. El Salvador adopting bitcoin was heralded as a big thing by ye at the time. So if it goes tits up for them, you can't really say it wouldn't be significant.
I found this a useful read to understand the Bitcoin drop -
Right, some 170$m borrow on Solana is close to liquidation so Sol decided to have a "vote" to take over the account. Wow. I presume the vote was dominated by a tiny majority.
"Decentralized" until their money is on the line.
You've already been wrong three times in the last few days (You're hinting that once it went below $17k, $18k etc that it would never reach those amounts again). 🙄 You're basically just here to troll. 😉
Saw that. Similar to Ethereum forking to steal back money after a theft.
"enjoy being poor, bra"
it's a ponzi scheme, and a poor one at that. crypto is not fit for purpose as a currency - here's a summary for you while you ponder your losses:
Letter in Support of Responsible Fintech Policy (concerned.tech)
In terms of the crypto market crashing, I think we'll see BTC bottom out around $12-14k over the next year as the recession sets in. I believe a lot of the rapid growth over the last few years were as a result of institutional investments and now that their collective wealth is taking a hit on the stock markets many are beginning to liquidate, leaving behind mostly their day trading divisions and retail investors.
Hopefully this crash will weed out those crytpos that are nothing more than a scam as there are quite a few who have active development on the blockchain and I view investments in these just as I would in speculative products in the stock market. There is at least some substance there and there is a potential of success. I don't view regulation as a bad thing and if it stops Elon Musk from pumping a variety of currencies (BTC included) and burning many, many retail investors in doing so then this can only be a good thing. Basically, a bear market will allow the technologies to mature as there's less drive for speculation and a quick buck, the communities that stick around and innovate will be hugely successful.
Hopefully but we said all this stuff in the last bear
On a greedy level, I just hope this develops into a very long and deep bear where I can pick up some coins and then sell them at a stupid profit IF there is another bull.
"weed out the scams"
Yeah.. right.
Crash + regulation would certainly reign the $hitcoin market in. If the only place willing to list the worst of the worst is defi then that'll take the sting out of it. If the likes of Binance, Coinbase are required by law to have a higher bar for entry then less people are exposed to the rug pull space.
I suspect there wouldn't be many crypto projects left if global regulators decided to take it seriously. I doubt even Binance would pass a basic audit, let alone manage to be compliant with standard market regulation. How many crypto companies aside from exchanges actually make positive net revenue from their project? I can't think of any.
It's really best not to look too closely at crypto, better just to let it have it's rollercoaster cycles, which is the whole attraction in the first place.
FTX looking to buy BlockFi for 25 million dollars. That’s down 99% on their last valuation - $4.5 billion! The Block also reported that they walked away from Celsius when they saw the 2 billion hole on their books.
Get the feeling all the money has left the market and the vultures are scavenging for scraps.
The tidal wave started when the Russian Oligarchs started to move their fortunes out of crypto in March, seeking to invest in property in the Middle East and elsewhere.
Isint that the opposite of what happened
Yeah but sure it's ideal when it stays around the same level for a while because that shows it is gaining stability. It is also ideal when it shoots up rapidly as that shows that it is the money of the future. And it is also ideal when it crashes rapidly because then it means you can get a deal buying it "cheap". ............ or something like that anyways.
Hate to quote myself, but FTX is in serious trouble. Get your bit and sh1t coins off the exchanges, or sell them into cash if you can.
They have already started: https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/
Give it five years and it will be a very different place.
What makes you say FTX is in trouble?
FTX seem to be buying up other players at the moment. They seem fine
Article for anyone interested. They talk to a few people who lost a lot of money
“eventually using his credit card to make an initial investment of €2,500 (£2,200) in a range of cryptocurrencies. The value of Roy’s portfolio climbed to €8,000, then €100,000, then €525,000.”
Are we supposed to feel sorry for this guy? He didn’t cash anything out, even to pay off the initial investment. That just plain stupid greed. This stuff doesn’t crash that fast. The whole Luna thing played out over three days from the depegging and Doge/Shib is like watching an old person fall over.
You're not supposed to do anything. It's an article. With information in it about amateur investors who confused "luck" with some kind of knowledge. They were apparently up a large chunk and then crashed. No harm to read for people who might be concentrated and not understand the risk. The Taleb paper which is mentioned in that article is one that I've posted links to here a few times previously and encouraged people to read it.
In my experience, around two-thirds of crypto investors are utterly clueless and will always get burned. I can get through to about a third of them (friends, colleagues, etc) and at least explain the basics, to put in what they can only afford to lose, that gains are only realised when cashing out, not to buy when it's all green and in the news, etc, etc - all the elementary stuff.
No doubt, there'll be another new wave of chumps in another few years, ready for the next "hype cycle" whatever form that will take.
Nobody should invest "everything" in anything. Though the article is a crypto piece, however the issues are not specific to crypto. People who invested everything in the housing market lost everything during the housing crash, same with any and all other crashes.
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