10 sats \ 3 replies \ @BeefCurtin 19 Jun 2022 \ on: Cascading Liquidations Send Bitcoin Below $18,000 As Daisy-Chained Margin Call Contagion Sparks Record Selling. bitcoin
I think its safe to say almost everyone on any platform with a loan is getting collateral called right now. A lot of these loan services didn't even exist at price points lower than 25k. Most came online within the past 2 years. I have a loan that is going to get called soon but its not a big loan vs my holdings. I think the silver lining is even when it gets liquidated I can buy it back over a short span of time. I don't think we'll see a price recovery soon unless an event happens that decouples Bitcoins price. That said after reading around it appears the on-chain metrics disagree. As Clemente says you have to ask yourself: "Is this time different?"
Never risk more than you're willing to lose! I am not going to be hurt by getting the collateral I have posted liquidated but I am seeing so many stories of people losing everything and that's frightening. The current sentiment I am seeing across the board is extreme panic and I have not seen panic like this ever in Bitcoin.
I think considering loan platforms are blowing up or showing signs of collapsing, it is not a good idea to post more collateral. Way better to just be liquidated if you are confident you can buy it back within the next few months.
I had 4 BTC liquidated by Nexo today, just barely touched the LTV :-( I "sold" even though I never would have dreamed of selling if it was up to me / if I was willing to post more collateral. But I'll buy them back soon...
I believe a good chunk of the downward pressure was likely from people in similar situations to mine -- bitcoin hyper bulls who got forced to sell.
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God damn!!
Have some ascii porn. Good luck!
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lol
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