CELSIUS champions are adding more Collateral to avoid early liquidation.
If Bitcoin drops below the current liquidation price of $16,852, Celsius will likely go bankrupt so I'm afraid some whales are going to be quite tempted to cause the Celsius disaster to wipe out competitors... meanwhile a lot of people are going to suffer.
I have mixed feelings if this finally happens.
On the one hand I think there is a need for some purging in this space, I have always thought CELSIUS was pretty dark as to how it could sustain itself but on the other hand I know quite a few at HIVE who have relied on CELSIUS for acceptable ROI and that they must be having a pretty bad time these days, unfortunately it was too good to be true, a lesson that we can always apply on future occasions.
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At this point there are very few projects in crypto that really make sense.
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Possibly only Hive besides Bitcoin
Amazing how we are tagging along surviving this tough times on Hive, I just hope we keep developing and strengthening our defense because we are going to have the envy ones coming for us someday to test our resilience.
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Not a situation anyone wants to be especially not folks on Hive. It is sad how those tempting ROI is now getting people rekt.
On the other hand we need some purging in this space, lets start from scratch again I don't mind, the ones with real potential to succeed with succeed no mater what.
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Bitcoin's drop below 20K could look good for buying bottoms. But there are many projects that will face serious problems. If Bitcoin goes below 15K, unfortunately, a major collapse may come.
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I agree
I do have some funds there, so I hope they will keep on going. Luckily only a small percentage of my complete portfolio, so I can cope with the potential write off.
do you think bitcoin will go that low in the near future ?
nowadays there are many institutions experiencing losses or near to... so, it's realistic to think that those that are still in profit would sell some in order to enter later so... why not?
I suspect that whales want to buy bitcoins in the hardest hit areas about investors to make huge profits. It is a very complex issue.
Bitcoin is expected to reach $20,000, but if it falls more than that, it will be a big risk in terms of future investment.