The DeFi Chronicle: The Crypto Markets Are on Life Support. What Now?
Celsius freezes users’ funds one month after UST crashes. BTC and ETH are bleeding, and Alts are getting destroyed. What happens next?
Today is one of those days I didn’t want to get out of bed. Instead, I got up to Bitcoin dropping by over 10% from when I fell asleep, and altcoins are getting treated like a young male model on his first day in a high-security prison. Trying to find positive news is more challenging than eating a healthy meal at Mcdonald’s, and no one can tell us when or if the pain will end. “Do I sell everything? Do I buy the dip? Do I curse Alex Mashinsky’s name because my funds are locked, and I can do neither? What happened?” These are all thoughts that people in crypto may be contending with today. And while I (and no one else) can answer these questions for you, here are my thoughts worth about the same as everyone else’s.
Checking the score
A little over one month ago, DeFi investors could earn 18.5% APY on a “stablecoin”. Everyone in crypto knows Terra crumbled, and billions of value evaporated over a few days. And whether you invested in Luna, UST, or other algorithmic stablecoins, this impacted your portfolio. Yesterday, Celsius laid the death hammer on trust…
