Tuesday, June 21
Bitcoin Dead 💀 ?
Crypto Fast Food 🍟
“Bitcoin Dead” hits ATH on Google
😂 Twitter Memes of the Week
Crypto Fast Fo🍟d
NFT.NYC Kicked OFF This WKND with the usual Hoopla, Fanfare, Oh and… an Angry Mob of NGMI-Haters looking to Torch The City because you know.. “Vitalik is the Anti-Christ” and “God Hates NFTs” 😳 🖼 🔥
NFT.NYC is basically the *new* Comic Con. It’s where Super Fans take over The Concrete Jungle and transform it into Ape City for a few days. Notable Celebs attending Ape Fest include.. Snoop Dog, Beeple and Jimmy Fallon.
WeChat, the Social Media App which developers turned into a Swiss Army Knife for the Chinese Economy, will be banning Bitcoin account-users following the diktats of the Chinese Communist Party. 🇨🇳
WeChat allows users to do everyday things like book hotels & flights, order food, pay your prostitution bill and chat with your bookie… the only thing you can’t do ? …make Winnie the Pooh jokes and buy Bitcoin. 🍯 💀
The Feds, hell bent on crushing the Economy, announced the biggest rate hike since 1994, raising rates by 75 bases points. Their logic? Let’s create rampant unemployment and make people feel so poor that us *muggles* stop buying cheap shit off Amazon. 🏓
Sorry, but we addicted to stuff 😎
» Me: “Hunny, how do we open an OnlyFans account?”
BlockFi secures $250M bailout from FTX to stop them from imploding into a dark star. BlockFi is a crypto exchange that, like Celsius, were offering mouth watering yields upwards of 15% to attract new users. 💸
Leaked documents now show that they lost $285M in the past two years and are now going through a disastrous liquidity crisis. They were one of the companies that liquidated the collateral on a loan from Singapore-based hedge fund Three Arrows Capital, according to ☞ Financial Times. 💰
“Bitcoin Dead” Hits ATH on Google Search
While NFT.NYC has been all the rage on Twitter, Bitcoin entered purgatory territory over the weekend as it dropped below $19k while ETH went under $900.
This marks the 455 time an article has been written proclaiming that Bitcoin is Dead. Bitcoin Dead has become something of a meme in the crypto community. 💀
Most noteworthy of all, “Bitcoin Dead” even hit an All Time High on Google Search! 🤣
Q: What’s driving the price down right now?
🤮 🥊
A: Liquidations and Buying Fatigue
$600M 🔥of crypto was sold due to liquidations
Q: Will prices drop further?
💸
A: Yes. Here are possible upcoming liquidations:
Celsius might dump ~$500M worth of Bitcoin if Bitcoin hits $13,602. You can follow the wallet here
Anon wallet holding ~$150M worth of ETH will be liquidated if ETH hits $895 — which on Sunday that account almost got 86’ed 😵 🔫
Anon wallet holding ~$170M worth of SOL will get liquidated if SOL hits $22.30.
Point? Big liquidations like these cause trigger further liquidations until all the leveraged in the system is whipped out.
In summary: DeFi has a lot of leverage (people borrowing) and smart money knows the pain points of every leveraged position (the margin call price) and because DeFi is more transparent than Casper The Ghost, things can get pretty ugly. Big liquidations cascade like dominos forcing diamond hand people to sell.
Point? Crypto is as volatile as Amber Heard. You don’t need 100x leverage to have a good time.
DISCLAIMER
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE. BLAH, BLAH, BLAH, BLAH…