A bunch of bad news but CryptoMarkets don't care (Yet?)

avatar

Hi HODLers,

Opening my news feed and the few news outlet I usually look at I was strucked to see that most news were quite doom in the cryptoworld BUT CryptoMarkets were still holding quite well and even gaining a few percents.

image.png

In addition, the ECB surprised financial markets with a 0.5% raise and when we remember what happened following the FED's rate hikes...

Latest bad news:

This hurts as Tesla and Elon have been what helped the Bitcoin rally a year ago and showed that it could be used as Treasury. I understand that Elon needs cash after having some issues in hi Chinese operations following strict COVID lockdowns BUT he is selling 3/4 of his Bitcoins and if he could not hold them, he should have bought less.
Positive: It shows that there is liquidity in the market for this sizeable trades. Also, this is behind us so less potential Sell pressure.
Negative: Undermines the support from Elon to Bitcoin

Typical cascade effect of 3AC and Celsius debacles as they stated:

"Our current exposure to crypto providers Babel and Celsius: $48 million and $5 million respectively."

They are actively in talks with Babel to work it out but in the meantime, customers are not able to access their funds...

Interesting that this comes a few weeks after we learned that Blockchain.com lent a few hundred million dollars to 3AC! (Which were lost). I hope Blockchain.com with these cuts will be able to survive but I would not be completely surprised to see this spiral out of control.

This is a bad news for the space as it reflects poorly on all of us and gives material for law enforcement and legislators to consider us as "thieves / tax evaders...".

That's a lot for today already. I am closing the News feed.

Stay safe out there!

Latest articles

Posted Using LeoFinance Beta

cryptocurrency crypto bitcoin leoalpha ethereum hive proofofbrain ctp leofinance
0
0
0.000
11 comments
avatar

Look, regarding TESLA we should be already happy that it already happened, it means that, most likely, Elon would not sell much more and so it is good.
I am completely sure that he will buy again tons of any shitcoin in order to pump the market and get a quick profit again, you will see...

0
0
0.000
Reply
avatar

I think if the economy and the supply issues fade, he will buy Bitcoin again in the future. He just prioritized the safety of his company to his love/belief in Bitcoin. Kinda makes sense.

Posted using LeoFinance Mobile

0
0
0.000
Reply
avatar

An interesting week in crypto. The lay-off trend is still going on. Even this situation indicates that crypto markets are getting ready for a long-lasting bear market imho

0
0
0.000
Reply
avatar

Markets seem focus on central banks lowering rates as soon as beginning of 2023. Interesting how markets became completely disconnected from the economy.

Posted using LeoFinance Mobile

0
0
0.000
Reply
avatar

It is impressive how there's all this FUD but the crypto market still held it's ground, relatively speaking.

0
0
0.000
Reply