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Crypto taking a beating


redstripe
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We are writing with a very important message for our community.

Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

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Swan Bitcoin Analyst Sam Callahan believes that, based on experience from previous bear markets, it’s possible that Bitcoin could drop more than 80% from its all-time high, as it did in December 2018 when it fell to just above $3,000. That would mean Bitcoin falling as low as $13,800 this cycle.

But Callahan also isn’t all that worried if it does.

“It's important to note that Bitcoin's investor base is very different and more sophisticated compared to previous bear markets,” Callahan said. “If Bitcoin dropped below $20,000, I think we would see substantial buying pressure at those discounted price levels because Bitcoin's long-term value proposition remains intact.”

https://decrypt.co/102952/what-happens-if-bitcoin-falls-below-20000

 

 

 

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41 minutes ago, mikeman said:

Supposedly the fed is poised to hike up to 10 times over the next couple years.

............perhaps why we may only see a 50 basis points rise today IMO(probably 75 though)

 

  • Wharton economist Jeremy Siegel said the Federal Reserve should raise interest rates by 100 basis points.
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1 minute ago, FISHHEAD said:

 

 

  • Wharton economist Jeremy Siegel said the Federal Reserve should raise interest rates by 100 basis points.

"The Fed needs to grab the narrative of inflation — it knows it was way too late," Siegel, a professor of finance at the Wharton School, told CNBC's "Squawk Box Asia" on Wednesday. "They've got to go forcefully right now."

Fed Chair Jerome Powell had previously committed to raise interest rates by 50 basis points in June, and then again by 50 basis points in July. Siegel said the US central bank should instead raise rates by 100 basis points immediately, without committing to another hike next month.

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