Given that Celsius is limiting withdrawals and having liquidity issues / insolvency, along with CEL token tanking, is BlockFi and Gemini next? I think it could be likely, so I liquidated all my BlockFi funds. Storing em safely in a boring traditional bank while this recession goes on.
I believe so. And considering the recent crash of Luna, bank runs on crypto will keep going. The mirage of crypto and NFTs is fading fast. Just looking at all these defi loans if you follow the logic trail it's a worse ponzi scheme/fractional BS than banks and there's no protection/regulation
So is our cash safe in banks? I think the gov only insures like up to 250k? Really don’t want to run around opening up bunch of new accounts :(
Given the speed at which the crypto is dropping a bank account would yield less losses than crypto.
Where the hell are all the people looking to buy btc when it fell back to 30k. They lied!!!
Right now we're approaching the part of a economic crisis where cash is king. Liquidity over return.
And what do you recommend to do with said cash?
I'm not a financial advisor nor do i know whatever products are available in your country. It's up to you to find the right products that fit your saving quantity. I would just recommend to keep the above criteria into consiferation.
When you liquidated all your funds, is it the crypto assets or stablecoins or both?
EVERYTHING.
Tether will collapse within 4 weeks tops. It's "market cap" has been going down daily the past few weeks.
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Took all my funds off of Kucoin too. It feels like we are on the brink of something big.