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Topic
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Merits 1 from 1 user
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
becoin
on 14/06/2022, 11:48:47 UTC
⭐ Merited by JayJuanGee (1)
So, BTCitcoin fell to 20K as some were hoping for. But what was the reason for that. From what I've read in https://www.zerohedge.com/markets/great-celsius-implosion-what-went-wrong-and-how-much-more-will-bitcoin-drop it is another imploding "blockchain" company.

tl;dr. Celsius may have started as an arbitrage platform giving yield for those fools lending their BTC and shitcoins. But as the arbitrage dissapeared 6 months ago, they simply became a ponzi risking their client assets by making enourmous shorts. They had more than enough BTCitcoins to stop any increase in the price, liquidating practically 100% of the longs. But their problem is that what they do is perfectly visible by everyone. People started to realize slowly they've been scammed just like bitconnect.

 Now their margin call is at 16.8k (used to be 18.3K yesterday) as seen in https://oasis.app/25977#Overview. How much collateral BTC they will be able to add is unknown. Now we have a proof that all this downard pressure in the last 6 months was caused partially by this ponzi, who could give yields in BTC only if the price was falling. So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.
Massive liquidation if Bitcoin prices fall below $16,852.58?

Yes, sell all your bitcoins while still >20k and buy them back at 10k.

With regards to Celsius, I don't see the logic here. If they trade against their customers and sell customers' bitcoins to suppress price, they must hold gigantic short possition which is not possible to close on the market without causing dramatic rise in price. So, they want to confiscate customer bitcoins by liquidating customer long positions at 16k. Is that the case?