Another One Bites the Dust (Crypto)

ANOTHER Crypto lender stops customers withdrawing their money: Hong Kong based Babel finance blames ‘unusual liquidity pressures’ amid fears Bitcoin crash has only just begun

Babel Finance has frozen withdrawals of cryptocurrency during the latest crash

Babel said it is ‘facing unusual liquidity pressures’ after this week’s meltdown

The market dropped below $1 trillion on Monday for the first time in 18 months

Bitcoin is down 30 per cent this month - and 55 per cent in 2022 so far

https://www.dailymail.co.uk/news/article-10927091/ANOTHER-Cr…

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Does freezing withdrawals mean that the crypto can not be used to make purchases?

It has been more publicly known for a week now that roughly 65% of the hedge funds heavily into crypto were insolvent with the downturn.

Does freezing withdrawals mean that the crypto can not be used to make purchases?

If I owned any crypto, which I don’t, and I couldn’t withdraw it but could make purchases, why wouldn’t I just buy some USD with it?

Mike

That’s what I was wondering.

Follow up to my reply.

Of course you would have to find someone willing to accept your crypto in exchange for dollars or anything else with value.

If I owned any crypto, which I don’t, and I couldn’t withdraw it but could make purchases, why wouldn’t I just buy some USD with it?

Because you want to avoid tracking, money laundering controls, as the Sinaloa cartel capo.

Pete

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There is at least one crypto guru, I had never heard of him before this, who is saying the cryptos bottoming will happen well before the equities market bottoms.

In this instance looking at the nature of the volatility in each I agree with him.

There is at least one crypto guru, I had never heard of him before this, who is saying the cryptos bottoming will happen well before the equities market bottoms.

I love you man, but your guru is FOS. He has no idea when crypto or equities will bottom out and neither does anyone else.

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There is at least one crypto guru, I had never heard of him before this, who is saying the cryptos bottoming will happen well before the equities market bottoms.

Another way of saying that crypto will bankrupt before stocks do?

In the long run what counts is securities bouncing back, the rest is just pesky volatility.

The Captain

syke,

With me, I do not know his opinion on the whys, the only reason for the cryptos to bottom first is how volatile they are. The cryptos are already down more than the markets in general. In that light it is one very possible scenario.

I would not be surprised if this fall there was a global rally in cryptos while the equity markets in many countries continued to fall. The cryptos are odd bods.

saying the cryptos bottoming will happen well before the equities market bottoms.

One way that might happen is if the crypto all went to $0. :slight_smile:

leap: The cryptos are odd bods.

Yes. But they also toast. The only question is if they are burnt toast, or will merely be “eaten” rather than miserably thrown away.

david fb

If I owned any crypto, which I don’t, and I couldn’t withdraw it but could make purchases, why wouldn’t I just buy some USD with it?

If you own crypto AND you hold it in your own wallet, then if you can find a willing buyer and you and they can agree on a price, you can sell it in exchange for USD or anything else agreeable to the buyer (them) and seller (you).

BUT if you “own” crypto and allow a third-party to hold it for you, if that third-party “freezes” withdrawals, then you can’t do anything at all with that crypto. It’s [kind of] like if you store something in a bank safe deposit box, and the bank closes down for a month (or a year), you can’t get stuff out of that safe deposit box.

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