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I'm now completely convinced that this entire drawdown - which may have been started by API problems on Binance, but if it hadn't have been that it would have been something else - is all about liquidating bitcoin backed loans. It's a terrible incentive sitting out there in the market. A HUGE pot of bitcoin that is suddenly up for grabs at LOWER prices. And this world is full of rich people who want our coins. If you needed liquidity above $100k you had two options, sell or take a loan out. Of course there were lots of companies eager to sell you the dream of getting liquidity without selling your bitcoin, unfortunately that's all that is, a dream. We've been sold a lie that bitcoin is the best possible collateral because it's liquid 24/7! Well sure that makes it amazing...FOR THE LENDER! For the borrower it just puts a target on your back. You thought you were a hardcore hodler, but you just posted your coins for sale at $58k! And guess what? There are buyers who want that deal! We're going to go down until every reasonably accessible bitcoin being held as collateral is freed up and sold to someone that ain't one of us! If you avoided taking out a loan, congrats! If somehow you have some dry powder now, amazing, you deserve these cheap sats. If you're looking at liquidation even anywhere in the 50's, I'd consider cutting your losses and closing your loan with collateral. If you can get your margin call price into the 40's I would hope you would be safe, but who knows. There are no rules in a truly free market.

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I thought I could have it all. Nope. Liquidated at 65 then another loan again at 61. Loan seemed perfect... I thought I took it out near the bottom at the time with only blue skies ahead... boy was I wrong. Lesson learned the hard way. I should have listed to Odell and stayed humble and stacked sats
While not a loan against Bitcoin, in the past I borrowed against β€œthe next bitcoin” πŸ€ͺ I only had 15% LTV and thought I was safe… β€œNegative Redbird” It took less than a week before 100% of the borrowers were liquidated. Today, β€œthe next bitcoin” sits at $0.02 per token. Like I read in the comments from @Brisket β€œknow your number” A point of Bitcoin is to β€œmove closer” not chase more. I’m pointing the fingers right back at me because I’m a sinner too and have over leveraged in both crypto land and fiat world… Sometimes it’s necessary, after all that’s why we have assets and create liquidity layers…so that when life hits you up side the head (like your wife endures and botched surgery and your not sure what the next three years will look like) Yea…borrow against what you have. Give yourself runway! But if it’ll the borrowing is simple to get more of what you already have or want, then I don’t think that is healthy (let alone aligned with the Bible) Peace to those hurting right now. …Oh and Good Morning Nostriches! #GM #PV View quoted note β†’