Bankless

ROLLUP: Crypto Crash | Celsius Insolvent? | 3AC Su Zhu | Interest Rate Hike | Jack Dorsey Web5

11 snips
Jun 17, 2022
The discussion dives into the chaotic world of cryptocurrency amidst market downturns and the insolvency concerns surrounding Celsius and Three Arrows Capital. The hosts shed light on the resilience of decentralized finance compared to centralized systems. They also tackle the emotional toll on investors and the implications of rising interest rates on the financial landscape. Intriguingly, job cuts in the sector contrast with Binance's hiring spree. Lastly, they explore humorous takes on market volatility and Jack Dorsey's innovative Web5 initiative.
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INSIGHT

Market Crash

  • Bitcoin dropped $10,000 last week, a 30% loss.
  • Ether is down 38%, falling to a low of approximately $1,020.
INSIGHT

ETH/BTC Ratio Decline

  • The ETH/BTC ratio decreased by 12% due to ETH being used as collateral in DeFi.
  • Liquidation events cause ETH to be sold off, impacting the ratio.
INSIGHT

Crypto Market Cap Drop

  • The total crypto market cap fell below $1 trillion, a 70% drop in 217 days.
  • This drop is 40% faster than the 2018 bear market, which took 350 days for a similar decline.
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