EddieJayonCrypto
13 Jun 22
• Celsius drops like a hot rock and the crypto market follows• Ethereum hits another stumbling block and I'm happy about it• JPMorgan announces major DeFi plans during Consensus• Litecoin gets dropped by Binance and plummets over 12%• BlockFi and Crypto.com lay off 20% and 5% of staff, respectivelyT...
• Celsius drops like a hot rock and the crypto market follows• Ethereum hits another stumbling block and I'm happy about it• JPMorgan announces major DeFi plans during Consensus• Litecoin gets dropped by Binance and plummets over 12%• BlockFi and Crypto.com lay off 20% and 5% of staff, respectivelyThe stock market took a pummeling today and so did the crypto market and I expect more bad news to come. Here is what is on my mind today.1. Celsius started having issues and then they stopped just about all transactions after crashing over 50%. Just like Terra, I really don't think there is recovery after this. I want you to think about this: Nexo has offered to buy Celsius' remaining assets. Pretty bold move by the crypto lender and it tells me there is no return for Celsius. Watch out for regulators like Michael Hsu, the head of the Office of the Comptroller of the Currency (OCC). They are all great at telling people to be careful AFTER shit hits the fan. 2. After Celsius, the whole crypto market took a bath. The news about Ethereum having issues with the merge wasn't a big help either. That said, we did expect some sort of a drop. Sometimes things compound. So after the first delay was announced, they found something else that could delay the merge. More time for me to DCA! 3. Even with all of this bad news JPMorgan is still planning some big moves in the DeFi space. Tyrone Lobban, During Consensus, Head of Onyx Digital Assets at JPMorgan revealed institutional-level DeFi plans, including tokenizing US treasuries, money market fund shares that can all be used as collateral in DeFi pools. The only question I have is, where's the decentralized part? More research necessary. 4. Something people may have missed during Binance's hiccup with Bitcoin this morning, they dropped support for Litecoin (LTC). At the time LTC dropped 12%. Of course, once the whole market dropped like a box of rocks, LTC news just faded into the background. 5. BlockFi is laying off 20% of their workforce. Adding to the job market is Crypto.com who is laying off 260 of its staff. This equates to approximately 5% Further proof that some of these companies moved far too fast to grow. You can definitely see how some of these companies could go the way of many of their dotcom bust companies.