Crypto Weather Forecast - #32 "What is still SAFU?"

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I am just telling the story about a little noob exploring the Big Bad Crypto-verse and mak... [more]

1 year ago

Topics: Crypto market, Inflation, Personal finance, Earn crypto, Matic, ...

This is not what I expected, I expected the fallout of FTX to start having an impact already. But so far I just see a market that is hesitant. Waiting for more bad news to drop out of the sky.

Hard Times

BlockFi is going down, several exchanges are drowning atm and more and more projects seem to have funds stuck in FTX.

Today BlockFi told customers that their withdrawals are still paused, as in their own words they had a "significant" impact from the fallout of FTX’s demise.

Now how long would be reasonable to see this impact, it was not a couple of days.

Still, the bodies are clearly floating through the news channels showing all the exposure and highlighting the contagion.

More to Come

Genesis has paused its crypto lending business, citing “extreme market dislocation” caused by FTX's collapse.

Crypto exchange Gemini has also halted withdrawals from its Earn program

As said I expected Tuesday to be the day of the reckoning, but it was not so I am no longer allowed to guess.

But guess what I am holding my funds and a pile of fiat to buy the dip once it goes. And it seems to be going, slower than expected but going down never the less.

And what I also know is that I am not keeping my buys on any exchange for now.

But let's see where this is going, for now it´s going down as expected but much slower than I would have thought.

Still, that dump is coming and should be coming this week. This is the last leg down I have been calling for months.

Times they are changing

But how long would this damage take to repair?

Well, people forget quickly so I do not expect a permanent impact, I even expect that this will boost regulations and that regulations will only invite more users.

That doesn´t mean I like it, but it does mean that the next bull run is coming insight and will make me money!

Anything that is related to defi, or layer one and two solutions. Things like Matic, and OP seem to do very well. Just do not yet buy any alts that relate to centralized exchanges. Because none of those are SAFU:

And that will be the bottom and that makes this, the bottom line!

Thanks for the read and please hit that like button, it's one of the few free things in life!