The recent CPI figures published in the US last week Friday (8.6%) trigged a new downtrend in the equity market due to the fear that the Fed will be more aggressive with raising interest rate in the coming 3 months. As a result, Bitcoin fall from 30K to 28K from Friday afternoon to Saturday morning.
During the weekend, a new event started playing out involving a company called @CelsiusNetwork which is one of the largest players in the crypto lending space, with more than $8 billion lent out to clients and almost $12 billion in assets under management as of May 2022. Celsius announced last night that they are pausing all withdrawals from their platform, triggering the rumors that the company has become insolvent. It is important to mention that Celsius has not yet declared insolvent and they may be solvent and currently just trying to ensure enough liquidity and will open withdrawals at a later stage. In any case, with the latest Celsius saga, we are experiencing the “perfect storm” in the #crypto world that haven’t seen before. The market tumbles today once again with Bitcoin going as low as 22.7k at the time of writing.
The recent price crash, may be the much-anticipated crypto market capitulation event where Bitcoin and the rest of the crypto market will finally find a real support level and can start heading back north right after.
In the @Diamondpigs land, all our active strategies (Jinhua, Duroc, and Pennywell) have closed their small positions and experienced a very minor loss during the weekend. The Berkshire index fund (Top 10 coins) has been suffering the most with more than 20% loss since last Friday.
As Bitcoin broke south, we can expect many good trading opportunities for our active strategies such as Hereford, Jinhua, Duroc and Pennywell. Join us and create a free account in 2 minutes to explore Diamond Pigs dashboard and our strategies’ performance