Blockfi now gonesk, just emailed clients they’ve frozen everything. No liquidation yet from them so that will happen shortly.CoinSpot is on the edge aswell. Kucoin also in trouble. Saylor gets his next margin call at 13.5k and he keeps posting collateral NOT paying cash for calls which means he can’t close his position.At 15.5k plebs were buying alts meanwhile Big money was running away from a 8.5k price……
Genesis just went down. https://twitter.com/GenesisTrading/status/1592867198900768769?s=20&t=9zWCmAxESAKmAURSHeeb7w
Which has contagion to Gemini who also just went down. Apparently Saylor took a loan from Genesis but I can’t find the details on it.Now apparently Silvergate Bank have contagion to this mess and they are the ones who lend money to Saylor……. The guy who posts collateral to cover margin calls instead of selling BTC and using that money to pay the margin call……Saylor intends to use every single BTC as collateral to cover margin calls down to 3,500. If something were to cause discomfort to Silvergate they could advise Saylor to close his position in which case at a price of 13.5k he would become a disgruntled seller of 35k BTC to close. Wadda mess
bitcoin is literally one of the best investments in the last ten years, i believe it is factually the best in terms of ROI. You mean this current downtrend?
It is a classic ponzi scheme. Those who got in and out early made big money. Everyone else was duped.
Its after going up and down many times, its not a ponzi scheme. Crypto does have real world applications and is a natural advancement on cloud computing.This is an exchange issue, not a crypto issue.
Price cuts through all the bullshit. Once the etf went public, Bitcoin went down the toilet for good. Classic pump and dump.EVERYONE who bought this lost money:
Buy tulips.
Bitcoin has pumped and then dumped over 80% 3 times already. It's on it's 4th cycle now, it's pumped and now almost dumped 80%. A lot of money is waiting to buy it when does dump 80% plus. This will push the price up and then others start to FOMO in. Price eventually squeezes. It's just market dynamics now. Only new/unfavourable regulation stops another cycle.
Big money now sprinting away from Grayscale 👀 48% discount now. Big money isn’t interested at 8,700 right now.
Contagion. The worry is 3AC unwinding might end up taking down Greyscale. Also some less than convincing tweets from greyscale trying to reassure their clients
It's Grayscale. And how exactly is a "contagion" going to take down a company that ONLY makes money and has essentially no overhead (comparatively speaking)?You guys are falling for the trap.
Subsidiary of the same parent company needs a $1 billion liquidity injection by Monday and you're trying to tell us we should ignore this? What trap are we falling for here exactly?People asked Grayscale to show proof of reserve and their response was basically to say "no, it's a security risk".If people didn't like that answer then Grayscale have no one to blame, but themselves.
Yup, the coverups created huge contagion. Just like the GFC, when one broke it then triggered another 2-5 banks and so on.They probably raise the 1B and we rally. Then someone else wants to exit and we end up at 13k but now with whoever loaned the 1B to also be in trouble lol. Cathy Wood was the only big name to buy GBTC at 8,700 👀 I don’t believe the person who is calling for $12 oil is going to get the bottom bang on.
I’m still seeing “Crypto.com” ads on the financial networks. So, there’s still some institutional support for the industry.
They are a sponsor of Formula One, the Miami F1 race and the 'Overtake Award'.Most of the teams also have crypto sponsors:BinanceBybitFantomFlokiTezosVelasAnd till recently FTX sponsored Mercedes.
