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DeFi liquidations cause BTC panic

DeFi liquidations cause BTC panic

Sats O'Clock
June 15, 2022

Wake Up! It's Sats O'Clock.

Good morning. It's June 15, 2022.

Bitcoin is hovering around $20K at the time of writing.

Amid lots of fear, cheap sats are there for the taking.

Bukele is unfazed by the dip.

You’re telling me we should buy more #BTC?
— Nayib Bukele (@nayibbukele)
7:59 PM • Jun 14, 2022

Max Keiser with a very interesting statement on Michael Saylor gettting ready to deploy $500M to buy the dip.

.@MicroStrategy has room on the balance sheet to buy another $500M in #Bitcoin
I’m hearing the board has given @saylor the green light to back up the truck and buy size
He’s chilling on his yacht at present but will make a decision soon.
— Max Keiser: Bitcoin Pioneer 🇸🇻🌋🧡 (@maxkeiser)
1:59 AM • Jun 15, 2022

A reminder that MSTR's liquidation price is NOT $21K but actually $3K.

3/ Saylor’s @MicroStrategy balance sheet is relatively unimpaired. As it stands he doesn’t get a margin call unless #BTC trades under $3K
He’s got room to another 20,000 #BTC
Having just blown up the hard-forks, and DeFi, he knows capital will flow into pristine Bitcoin
— Max Keiser: Bitcoin Pioneer 🇸🇻🌋🧡 (@maxkeiser)
2:58 AM • Jun 15, 2022

If you understand the thread, then you will realize the capitulation of worthless projects will result in more money coming to Bitcoin.

Greg Foss compares CDS rates to the crypto crash.

Sovereign CDS spreads have moved materially wider.
Hence, the implied value of #btc has increased.
Yet the price has decreased due to #shitcoin contagion.
Hmmm, I like cheap default insurance with NO counterparty risk and no time decay. How “aboot” you eh?
— Greg FOSS - Free Open... 🇨🇦 (@FossGregfoss)
10:03 AM • Jun 14, 2022

Ontop of Celsius, Singapore based crypto fund 3AC may also get liquidated.

Three Arrows Capital crypto hedge fund may be insolvent
June 14, 2022
web3isgoinggreat.com/?id=three-arro…
— web3 is going just great (@web3isgreat)
1:45 AM • Jun 15, 2022

Meanwhile Jack Dorsey is continuing to build upon the Bitcoin network.

💥BREAKING: Jack Dorsey’s TBD is building #Bitcoin Lightning Network infrastructure.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive)
3:39 PM • Jun 14, 2022

A more serious take on why Celsius and 3AC going out is not bad for Bitcoin in the long run.

it shouldn’t cause you to worry. it should cause you to rejoice.
this is a miniature financial crisis caused by freezing lines of unbacked and financialised credit.
also, both unbacked and financialised credit are fucking retarded and won’t exist on a bitcoin standard.
— allen farrington (@allenf32)
6:13 AM • Jun 15, 2022

This will be a running theme for the next few weeks.

Everyone I know is removing all of their Bitcoin from exchanges.
Everyone.
In-laws, colleagues, even normie friends for the first time ever. Literal Bitcoin bank run.
Feels like some exchanges are about to blow up.
— System 丰☂🔑⚡️🌋 (@aPerfect_System)
2:45 AM • Jun 15, 2022

If you missed it...

Lyn with a friendly reminder.

Good morning.
— Lyn Alden (@LynAldenContact)
2:25 PM • Jun 14, 2022

MEME OF THE DAY

Some dark humour (expand to view something horrible).

Not the green candle you were expecting
— Jessica (@jessicahodlr)
5:14 PM • Jun 14, 2022

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