No let up in crypto slide as Celsius halt leaves investors 'panicking'

[andricv]

Source: Reuters

Cryptocurrencies tumbled afresh on Tuesday, with bitcoin and ether falling to new 18-month lows, after major cryptocurrency lending company Celsius Network's freezing of withdrawals delivered the latest jolt to investors in the asset-class.

Bitcoin fell as much as 7.2% to $20,816 its lowest since Dec. 2020, extending Monday's 15% plunge.

The world's largest cryptocurrency is down over 50% year to date and 28% since Friday.

No. 2 token ether lost as much as 10% to $1,075, its lowest since Jan 2021, and smaller tokens have taken even more of a battering.



Read more: https://www.reuters.com/technology/no-let-up-crypto-slide-celsius-halt-leaves-investors-panicking-2022-06-14/

[Tetrachloride]

1. Buy low, sell high. Then sell, sell, if you can

2 months ago. Nervous.

Today. Bank might be closed.

Tomorrow ?

[ColinC]

2. Yeah but we should totally shift our entire federal reserve to crypto

[Justice matters.]

8. Oh, and Social Security too.

[rpannier]

11. Wonder how the Mayor of New York is feeling about now?

For his sake, I hope he doesn't take his pension in crypto as well

[disndat]

19. How else

is the Mayor going to hide his shady deals?

[ColinC]

25. Um. Are you saying that Adams is taking his salary in Crypto?

Please tell me he isn't that stupid.

[rpannier]

26. here

https://www1.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-first-paycheck-cryptocurrency

[ColinC]

28. Sheeezus

Just wow...

[paleotn]

29. Womp womp.

[Oneironaut]

23. Waiting for this to completely crash so that I can invest.

[Oneironaut]

24. BTC seems to be rebounding today. Hmmm

[C Moon]

3. Just the word Crypto sounds related to death.

Coins found in King Tut's tomb.

[Xipe Totec]

15. Cleptocurrency nt

[paleotn]

30. The perfect name for it....

The favored medium of exchange for thieves, drug dealers, cybercriminals and assorted blaggards everywhere.

[Mr. Evil]

4. All Ponzi Schemes eventually sink.

The early birds get the worms. The late birds get the early birds shit.

[ColinC]

9. I think it's more of a lottery and less of a Ponzi scheme.

When people win, it resets to zero because they cash out. Then folks start buying crypto again (like tickets) and accumulating until the next jackpots are taken out.

[disndat]

20. Great analogy! nt.

[PSPS]

5. What? You mean a ponzi scheme won't make me rich?

Notice how it says, "freezing of withdrawals." Note that this applies only to those joining after the founding (i.e., not Alex, Aslihan and Rod.)

[NullTuples]

14. Sounds like Alex, Aslihan and Rod are going to be o-kay....

[Frasier Balzov]

6. Didn't Elon Musk buy a boatload of bitcoin last year?

And isn't he still obligated to buy Twitter stock at something like 30 percent above its current market value?

Man, when it rains it pours.

[oioioi]

12. Couldn't happen to a nicer fraud

It would be poetic justice if this dickhead crashes and burns - like his cars (and rockets) do.

[former9thward]

32. He has an out.

He can terminate the contract and pay a one billion dollar fee. However it would not cost him that. His Tesla stock is down quite a bit due to the market fearing he will have to sell a lot of his holdings to pay for Twitter. If he backs out of the Twitter deal the Tesla stock will likely go back up and Musk would gain far more than one billion.

[eppur_se_muova]

7. I believe William Gibson's phrase, "consensual hallucination", applies to cryptocurrency.

Although perhaps "Tulipmania" is a more familiar concept.

(Gibson actually used his term to refer to a full-immersion GUI interface to cyberspace. Still fictional, so far. Neural implants required.)

[rpannier]

10. I feel badly for people here (at DU) and anybody I know who bought crypto

and are watching it slide
Would love it if Elon Musk loses almost all of what he bought
Wish there was a way to decouple his loses from theirs

[Lettuce Be]

22. My nephew was rich, rich I tell you, until now ...

He was convinced by a friend whose dad is a broker that Bitcoin would go up to heaven, period. Nary a thought it could ever go down. No idea how much he had in Bitcoin but he's losing it all. Pretty sure he never thought to sell as it went down down down.

[Orrex]

13. You can still Boardwalk or Park Place with crypto, but not both.

[Deminpenn]

16. Earlier this year,

Dr Phil had 3 young cryptocurrency investors on his show along with a crypto skeptic. The young investors kept touting how rich they were while the skeptic kept warning it was a ponzi-type scheme and would eventually collapse or something to that effect. Wonder if those young investors are still so bullish?

[modrepub]

27. Never Take Investment Advice From A Young Broker/Trader

because they haven't been exposed to any severe market fluctuations. You really should be listening to brokers/traders who've been around the block many times. By being in the market for decades, they've demonstrated they've been through and survived severe market shocks.

To be honest, it's better to see what older established traders are buying and holding than listening to what they are saying.

[paleotn]

31. It is rare to see a 50+ year old trader blow up. Always the young guys it seems.

[wolfie001]

17. I read somewhere that....

....Canada's second largest pension fund is invested with this company.

[OnlinePoker]

18. I think the quotation marks should be around investors, not panicking

This was gambling, pure and simple.

[disndat]

21. I read Paul Krugman

on cryptocurrency. He said it is a Ponzi scheme like the
subprimes in the early 2000s. Mostly the attracting the vulnerables' money.