Bank of England Chief Takes Victory Lap as Crypto Crumbles | Crypto Craft

  • Bank of England Chief Takes Victory Lap as Crypto Crumbles

    From coindesk.com

    Bank of England Governor Andrew Bailey reiterated his stance on cryptocurrencies, stating that the asset class has "no intrinsic value." The longtime crypto skeptic was testifying in the U.K. Parliament the day after lending platform Celsius suspended transfers and withdrawals, helping to send bitcoin (BTC) and the rest of the cryptocurrency sector into a tailspin. "Crypto assets have no intrinsic value. This morning we have seen another blow-up in a crypto exchange," Bailey said. Bailey's comments followed Celsius's decision Sunday night to halt transfers and withdrawals, citing extreme market conditions. Celsius ... (full story)

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Trader#856C
Jun 13, 2022 6:34pm
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Doods acting like leverage had nothing to do with it. Its always the same driver. Once you financialize a market, it reacts when the fed makes moves. Thats what happened here. Crypto read like an old exzibit meme:

"I heard you like staking so I took your stake and put it inside another stake so you could stake while you staked"

Doesn't' sound like derivatives from 08 at all, no? If it has leverage, it trades with the Fed (rates), it it has lots of leverage, it eats shit first when the tide goes out. Easily foreseeable crash.

The good news is all the Joe Schmoe crypto geniusus are experiencing the demand destruction we need to get prices back in line. Thanks for being the first lamb on the block boys.
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Goat
Jun 14, 2022 3:31am
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Quoting Guest
Doods acting like leverage had nothing to do with it. Its always the same driver. Once you financialize a market, it reacts when the fed makes moves. Thats what happened here. Crypto read like an old exzibit meme: "I heard you like staking so I took your stake and put it inside another stake so you could stake while you staked" Doesn't' sound like derivatives from 08 at all, no? If it has leverage, it trades with the Fed (rates), it it has lots of leverage, it eats shit first when the tide goes out. Easily foreseeable crash. The good news...
Very interesting post, but where's the leverage in crypto?? I know the exchanges/brokers are giving traders leverage, but that's not enough volume to move a trillion dollar market.
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