Hello lions and especially HODLers,
For long time Cryptocurrency afficionados, we know how to hold and most of us probably have not been shaken by this dip.
It also reminds us how leverage or under-collaterized loans can wipe out your entire wealth.
After a crazy 48-72 hours, the market seems to have stabilized and we are seeing a bounce on most of the cryptocurrencies.
Bitcoin is now back over 42k and therefore c.40k seems like a good support for the moment.
Sometimes you just have to take a breather !
Massive leverage and under-collaterized loans killed us !
This was really what amplified the dump as many people got liquidated
For the first time we also had massive some loans being liquidated. This is new as DeFi wasn't around 3-4 years ago!
Interesting article on the subject: DeFi Liquidations Up 14-Fold in Broad Crypto Sell-Off
Bitcoin (BTC) Liquidation Levels
This just showed that the market is quite wiped out on both side and therefore beware.
What's most important is what did you make of this opportunity? Are you one of the smart ones that had crazy low Buy orders?
Did you see the dip coming and were expecting it?
Which coins did you scoop on the way down?
I personally bought some:
- Bogged.Finance,
- Thorchain ($RUNE),
- Ethereum ($ETH),
- SafeMoon for fun (I know this is a kind of Ponzi),
- BNB of course,
- Some $CUB that I threw in the Dens waiting for the Kingdoms announcement
Also, I used Revolut to get some quick orders right at the bottom and was not pleased with the fees they charged... 1.5% ! Seriously? So a total of 3% for a full trade?
This is the first and last time I use them even if I made a lot of $$$.
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