EddieJayonCrypto
1 Jul 22
• The Celsius saga continues with $2B supposedly unaccounted for• Genesis Trading had an exposure to Three Arrows Capital that was in the hundreds of millions• El Salvador's President has some big brass and snatches up more BTC on the dip• BlockFi's situation is till dire, but they have 2 suitors no...
• The Celsius saga continues with $2B supposedly unaccounted for• Genesis Trading had an exposure to Three Arrows Capital that was in the hundreds of millions• El Salvador's President has some big brass and snatches up more BTC on the dip• BlockFi's situation is till dire, but they have 2 suitors nowThe market is down. The stock market is down. Inflation is still a problem. Here is what is on my mind today.1. Let's start with the hot mess of a situation for Celsius. So far, we are not seeing an end. It has been reported there is $2B unaccounted for. Supposedly, this was identified during due diligence by FTX. Suffice it to say there are going to be ongoing ramifications for what I see as a massive implosion. Again, I point to greed and mismanagement. I still don't see a way back for them. Now you know why companies are only interested in the assets. 2. The reach of the Three Arrows Capital debacle is just as far reaching. Genesis Trading has exposure in the hundreds of millions. Even with the exposure, the CEO of Digital Currency Group (parent of Genesis), Michael Moro, reiterated the company has handled the exposure and is carrying on. 3. El Salvador ran out and bought some more BTC, to the tune of 80. President Nayib Bukele's got some serious faith. I think he may lose his seat in the future, but history will show him as a visionary that truly cares about his country's future. For a country with a small bank account $1.5M is a lot to spend. 4. We all know BlockFi is in serious trouble and that FTX has given them a $250M lifeline. We also know FTX is vying to snatch the holdings for a steal at $25M. Supposedly, Ledn (don't ask me how to pronounce that) is also interested in snatching BlockFi. Either way, you can expect that company to no longer be an independent firm for much longer.